Winnipeg Real Estate Market Report: December 2024

The Winnipeg real estate market ended 2024 with an extraordinary performance, setting records and continuing the momentum from November. December’s numbers showcased significant growth, solidifying the year as a strong one for buyers, sellers, and the local economy. Let’s break down the highlights and see what made December 2024 a standout month.

📈 December 2024 Market Performance: Breaking It Down

All MLS® Sales

Total MLS® sales for December 2024 reached 742, a 19% increase over December 2023. Although slightly 3% lower than the 5-year average, this performance still represented the third-best December on record for the Winnipeg market.

The surge in sales reflects strong buyer demand, driven by factors such as low interest rates and Winnipeg's continued appeal as an affordable and desirable city.

Active Listings

Winnipeg recorded 2,393 active MLS® listings in December, a sharp 19% drop from last year. This inventory reduction creates a tight market, meaning buyers have fewer options, but sellers can benefit from increased competition for their properties.

A declining inventory can sometimes lead to higher prices as buyers compete to secure homes.

Dollar Volume

The total MLS® dollar volume exceeded $272 million, up a remarkable 22% from December 2023. This jump underscores the robust activity across the market.

The dollar volume clearly indicates how much money is being invested in Winnipeg real estate, and December’s results showcase healthy market activity to close the year.

🏠 Performance by Property Type

Residential Detached

Residential-detached homes remain the backbone of Winnipeg’s housing market. There were 468 sales in December, up 15% from last year. The average price climbed to $423,908, a 4% increase year-over-year.

This steady growth reflects the ongoing demand for detached homes, which are often viewed as the dream property for many buyers. The combination of affordability and value makes Winnipeg an attractive place for families and individuals alike.

Condominiums

Condominium sales also performed well, with 120 units sold, an 18% increase from December 2023. The average price rose modestly to $272,728, up 1%.

Condos remain popular for first-time buyers and downsizers looking for low-maintenance living. They’re also more affordable than detached homes, making them an entry point into Winnipeg’s real estate market.

📊 Year-End 2024 Highlights

Total MLS® Sales

The year closed with an impressive 14,597 total MLS® sales, up 13% from 2023. This growth showcases the resilience and strength of Winnipeg’s real estate market despite broader economic challenges.

Total Listings

There were 22,858 total MLS® listings for the year, representing a 2% increase. This slight rise in listings provided more opportunities for buyers, but the demand still outpaced supply in many cases.

Dollar Volume

The total MLS® dollar volume for 2024 was over $5.5 billion, an incredible 20% increase year-over-year. This shows an increase in activity and a significant rise in property values across all sectors.

💬 Expert Insights

Daphne Shepherd, 2024-2025 President of the Winnipeg Regional Real Estate Board, summarized the year by highlighting the consistent double-digit growth in sales. According to Shepherd:

"December represents the eighth month in 2024, and the third consecutive month, when there were double-digit increases for total All MLS® sales for all property types."

This growth is a testament to Winnipeg’s dynamic real estate market, which offers opportunities for both buyers and sellers.

🌟 Outlook for Spring 2025

As we look ahead to Spring 2025, the Winnipeg real estate market is poised for another exciting season. Here’s why:

• Lower interest rates make borrowing more affordable, encouraging more buyers to enter the market.

• Strong demand will likely continue driving the surging activity we saw in the final months of 2024.

• Spring is traditionally the busiest season for real estate, as buyers and sellers take advantage of the warmer weather and increased inventory.

These factors will create a perfect storm for a seller’s market. Buyers should expect intense competition, while sellers can expect quick sales and strong offers.

Home Sellers:
✅ Prepare your home early to take advantage of the spring rush.
✅ Price your home competitively to attract motivated buyers.
✅ Expect bidding wars on well-priced properties.

Prospective Buyers:
✅ Get pre-approved for a mortgage to act quickly.
✅ Work closely with your real estate agent to find homes when they hit the market.
✅ Be ready to make swift decisions in a fast-moving market.

Spring 2025 is shaping up to be one of the strongest season in years, with favorable conditions for all parties involved.