Winnipeg Real Estate Market Outlook 2025: What Buyers and Sellers Need to Know

The Winnipeg Real Estate Market in 2025: A Resilient, Rising Giant in the Prairies

It’s been a fascinating ride for Winnipeg’s real estate market over the past few years, and 2025 is shaping up to be no different. For those of us who live and work here—especially in the mortgage space—the story unfolding right now is both exciting and encouraging. Against the backdrop of economic uncertainty across the country, rising interest rates, and growing concerns about affordability in major cities like Toronto and Vancouver, Winnipeg is emerging as one of Canada’s most stable and accessible real estate markets. And the numbers coming out of the Winnipeg Regional Real Estate Board (WRREB) paint a compelling picture.

Let’s start with the headline: The average home price in Winnipeg rose to $363,200 in February 2025. That’s an 8.2% increase year-over-year and a steady 1.1% bump from January. But this isn’t just a story of across-the-board growth; it’s one of evolution. Single-family homes now average $382,900—up nearly 9% compared to last year. Townhouses and multiplexes have surged even higher, posting a 9.5% annual increase to an average of $329,700. Even month-over-month, prices across most categories continue to tick upward. It’s a clear signal: demand is strong, and supply is still trying to keep up.

The real standout, though, is the detached home segment. February 2025 marked an all-time high for detached home prices, averaging $458,064—a 14% jump compared to the same month last year. That kind of leap is remarkable, and it's not just limited to Winnipeg proper. Surrounding regions are booming, too. In West St. Paul, sales exploded by an incredible 271%, with average prices pushing past $627,000. Steinbach saw a 15% increase in sales. And in the broader outskirts, average prices now hover around $476,600, up 23% from 2024. There’s no denying it: Winnipeg and its surrounding communities are no longer flying under the national radar.

But what’s driving this growth?

Part of it is Winnipeg’s unique affordability advantage. Even with the recent price increases, the city remains one of the most accessible major markets in Canada. For many first-time buyers and investors priced out of other cities, Winnipeg represents a rare sweet spot: a strong job market, cultural richness, and—importantly—affordable housing. While prices are rising, they’re doing so at a pace that still leaves room for opportunity. And with the average rent in the city at $1,604 (up just 2% year-over-year), the cost of living here remains manageable.

In February alone, 1,581 properties changed hands across the city—nearly double January’s total and a staggering 140% higher than a year ago. This wave of buyer activity isn’t just anecdotal; it’s statistical. New listings are up as well, increasing by over 51% year-over-year. While more inventory is hitting the market, it’s being absorbed quickly. The sales-to-new-listings ratio (SNLR) sits at 66%, placing Winnipeg firmly in seller’s market territory.

As a mortgage broker in this city, I’ve seen this momentum firsthand. Buyers are entering the market with urgency and confidence, many getting pre-approved early to lock in competitive rates before further interest rate fluctuations. Speaking of rates, today’s lowest 5-year fixed rate in Winnipeg sits at 3.64%, making homeownership not only attainable but still relatively affordable—even with stress test qualifications in place.

The rental market tells another important part of the story. Rent prices have increased modestly, but they haven’t spiked like we’ve seen in other Canadian cities. Bachelor units rose the most, up 9% to $1,045, while one-bedrooms climbed to $1,409 (a 6% increase). Two- and three-bedroom units held steady year-over-year, showing Winnipeg’s relatively stable rental environment. That’s great news for tenants and investors alike. For landlords, it means reliable cash flow. For tenants, it signals relative affordability and less volatility.

As we look forward through 2025, there are several key themes worth watching. One is interest rates. With the Bank of Canada’s policy rate currently at 2.75%, and fixed and variable mortgages being qualified at around 5.64% and 5.95% respectively, affordability is still within reach—but small rate shifts can make a big impact. Every 0.25% rate change affects monthly mortgage payments by roughly $13.57 for every $100,000 borrowed. For homebuyers, this underscores the importance of working with a trusted mortgage professional who can help navigate both fixed and variable options strategically.

The second theme is timing. With home prices climbing month after month, those waiting for a market cooldown may find themselves paying more down the road. The adage "date the rate, marry the home" rings true here. Rates can change, but the opportunity to purchase a home in a steadily appreciating market like Winnipeg is something to strongly consider.

Third, and perhaps most importantly, is the resilience of our local economy. Winnipeg’s real estate story isn’t just about interest rates and supply and demand. It’s also about people putting down roots, communities expanding, and the quiet confidence of a city that continues to grow without the wild volatility seen elsewhere.

So, what does this mean for buyers and sellers in Winnipeg right now?

If you’re a buyer, especially a first-time buyer, it’s a good time to get serious. Affordability is still on your side compared to other major markets, and price appreciation is giving you a solid shot at long-term value. But with competition increasing and interest rates always in flux, preparation is key. Get pre-approved, know your budget, and work with a mortgage expert who can help you structure your financing to fit both your short-term needs and long-term goals.

If you’re selling, the market is clearly in your favour. Properties are moving quickly, and price growth is delivering strong returns. However, strategic pricing and solid marketing still make a difference—especially with more listings hitting the market. Don’t just list. Plan your sale with intention.

And if you’re an investor? Winnipeg offers that rare combination of value, stability, and growth potential. Whether it’s rental property, multi-unit dwellings, or a long-term flip, there’s real opportunity here.

As always, if you’re thinking of buying, refinancing, or just exploring your options in today’s dynamic housing landscape, I’m here to help. As a Winnipeg-based mortgage broker, my job isn’t just to find you a rate—it’s to help you see the bigger picture, make smart decisions, and turn your real estate goals into reality.

Winnipeg is growing. Prices are climbing. And the future is looking strong. Whether you're stepping into the market for the first time or making your next big move, there’s no better time to get informed and act strategically.