Manitoba’s real estate landscape continues to evolve. Since late 2024, when the market was characterized by rapid price gains, strong sales activity, and tightening inventories, current data indicate that these trends have not only continued but have intensified. Sales remain robust, with inventory levels contracting further, and average home prices climbing from roughly $374,500 in late 2024 to about $390,000.
Total Residential Market
Sales
During January 2025, approximately 1,000 residential properties were sold through MLS® Systems across the province. This figure represents an estimated 17% increase compared to January 2024. Although sales remain slightly below the five‐year average for the month, they continue to exceed levels observed over the past decade.
Listings
For the same period, new residential listings across Manitoba increased marginally by about 0.5% year-over-year, reaching roughly 1,360 new units.
However, the total active listings declined by approximately 15% compared to January 2024, with about 2,850 units on the market as of January 31, 2025. This reduction compresses the months-of-inventory metric to nearly 2.5 months (how long it would take to sell current listings at the current pace of sales) well below historical norms, and indicative of a tightening market province-wide.
Prices
The average price of homes sold across Manitoba in January 2025 climbed to approximately $390,000, a 12% increase over January 2024 figures.
Winnipeg Rental Market
Winnipeg’s rental market remains dynamic even as the provincial sales market strengthens. For January 2025, the median rent across all property types was approximately $1,600 per month, for a modest 3% increase over January 2024.
One-bedroom units are averaging near $1,380, with two-bedroom units sitting at about $1,750.
Studio apartments remain the most affordable option at roughly $1,050 per month.
For larger properties, detached houses in Winnipeg command an average rent of about $1,920 per month, while four-bedroom homes earn approximately $2,500 per month, for an increase of around 7% compared to the previous year.
Winnipeg remains competitive in the rental market, compared to national averages; according to Rentals.ca’s February 2025 Rent Report, the national average asking rent for a two-bedroom apartment in Canada is $2,258 per month.
Provincial Employment Trends
Healthy labour market conditions are a positive sign for Manitoba’s overall market resilience. According to the Manitoba Bureau of Statistics, for January 2025, the province’s labour force is estimated at approximately 731,100 persons, for an increase of 0.3% month-over-month. The unemployment rate stood at around 6.1%, a drop of 0.1 points month-over-month. This remains lower than the Canadian unemployment rate, which was 6.6% in January 2025. Furthermore, the Manitoba government also announced that 2,000 new jobs were added in January 2025.