By Jeremy Davis
February 2025’s real estate market performance saw increases to All MLS® sales and dollar volume when compared to last February with All MLS® sales falling below the 5-year average. All MLS® active listings were down from February 2024 but up from the 5-year average. Residential detached, condominium, and residential attached homes saw double digit increases to MLS® sales over 2024 while only residential detached homes fell below the 5-year average. All three of these property types saw increases to dollar volumes and average prices over last year and the 5-year average.
“February 2025 is now the single month with the highest residential detached average price ever recorded, surpassing the previous record of May 2022 by just over $3,000,” said Daphne Shepherd, 2024-2025 President of the Winnipeg Regional Real Estate Board. “February represents the seventh consecutive month in which the All MLS® sales total was that month’s third best result on record and the eighth consecutive month with All MLS® sales increases over the previous year.”
February saw All MLS® sales of 885 up 11% over February 2024, and 2% below the 5-year average. Active MLS® listings of 2,787 were down 15% from last February and total MLS® dollar volume of over $348 million was up 27% from February 2024. Residential detached MLS® sales of 550 were up 11% while the average price of $458,064 was up 14% when compared to February 2024. Condominium MLS® sales of 156 were up 19% and the average price of $274,036 was up 2% over last February.
Residential detached homes in February saw MLS® sales of 550 which is 11% above the 494 seen last February and 5% below the 5-year average of 577. Residential detached homes saw active MLS® listings of 1,172 which is down 19% from the 1,449 seen last February and 1% above the 5-year average of 1,157. The average price of $458,064 for a residential detached home rose 14% over last February’s $400,204 and is up 13% over the 5-year average of $404,553.
For February, Waverley West was the neighbourhood in Winnipeg which saw the most residential detached homes sold, with St. James coming in second. Outside Winnipeg, the Steinbach area had the most residential detached homes sold while the second most was in the Morden/Winkler area.
The most active price range was $600,000-$699,999 which saw 69 MLS® sales representing 13% of all residential detached MLS® sales in February. The $350,000-$374,999 price range was the second most active with 46 MLS® sales representing 8% of all residential detached MLS® sales in February.
There were 16 residential detached homes sold over $1 million in February, with the highest priced at almost $3 million. February 2024 had 8 residential detached homes sell for over $1 million.
MLS® sales of 156 for condominiums in February were 19% above the 131 seen last February and 5% above the 5-year average of 148. Active MLS® listings of 346 for condominiums were 20% below the 433 seen last February and 12% below the 5-year average of 394. The average price of $274,036 for a condominium in February was 2% above last February’s $267,808 and 5% above the 5-year average of $260,531.
For February, Osborne Village was the neighbourhood in Winnipeg which saw the most condominium MLS® sales, followed by a tie for the second most in Downtown and Waverley West.
The most active price range for condominiums was the $175,000-$199,999 range with 20 MLS® sales which represents 13% of all condominium MLS® sales in February. The $200,000-$224,999 was the second most active with 14 MLS® sales in February, representing 9% of all condominium MLS® sales.
There was one condominium sold in February for over $2.2 million.
“Despite recent increases to average prices, the Winnipeg Regional Real Estate Board’s market region continues to be one of the most affordable real estate markets in Canada, and that’s good news for those looking to realize the dream of homeownership,” said Marina R. James, CEO of the Winnipeg Regional Real Estate Board. “REALTORS® are your go-to source for the most up-to-date market statistics, trends and market conditions in each MLS® area. Whether you need advice on buying a new property, insights into the current market, or ideas on how to renovate your current home to get the best price in a sale, REALTORS® are there to help you get through the process.”
Jeremy Davis is the Winnipeg Regional Real Estate Board’s Director External Relations & Market Intelligence.