In May 2024, Manitoba’s real estate market continued its robust performance, recording 1,883 home sales through MLS® Systems—an increase of 14.5% from May 2023. This marks the second-highest May on record and positions the market 4.5% above the five-year average and 6.7% above the ten-year average for May.
From January to May 2024, 6,170 homes were sold, a 15.5% rise from the same period in 2023. This sustained growth reflects a trend that began last spring. The average price for homes sold in May 2024 was $371,224, up 3.6% year-over-year. The year-to-date average price also saw an increase, reaching $366,082, which is 6.5% higher than in the first five months of 2023.
On the supply side, new listings have been declining. May 2024 saw 2,608 new residential listings, a 6.3% decrease from the previous year and below both the five-year and ten-year averages for May by 3% and 9.1%, respectively. Active residential listings at the end of May numbered 3,803 units, down 4.4% from May 2023. These figures are slightly above the five-year average by 1.9% but significantly below the ten-year average by 18.9%.
The months of inventory—a measure of how long it would take to sell the current supply of homes at the current sales pace—stood at 2 months by the end of May 2024. This is down from 2.4 months in May 2023 and below the long-run average of 2.7 months, indicating a tighter market.
Overall, while demand remains strong, the declining trend in new listings and inventory suggests a potential tightening in the market moving forward, which could further impact prices and availability.
Winnipeg Rental Market
According to the CMHC’s January 2024 Rental Market Report, the purpose-built rental market had a vacancy rate of 1.8%. The average two-bedroom rate increased 4.4% to $1,427. It is important to note that two-bedroom units were exempt from rent increase regulations. In the condominium apartment market, the vacancy rate was 1.8%, and the average two-bedroom rent was $1,333.
The rental market tightened, particularly in suburban areas; average vacancy rates dropped and rents increased more sharply than the city average. While the market overall became more constrained, average rent growth remained moderate compared to other Prairie cities. Intensified competition in the rental market reduced availability for low-income families; vacancy rates in this most affordable segment fell to 1% and 2%.
Unemployment
In April, provincial employment rebounded with an increase of 0.4% following a decline in March. This growth was driven by gains in both full-time employment, which rose by 0.5%, and part-time employment, which increased by 0.2%. Over the year, from April 2023 to April 2024, total employment in Manitoba grew by 2.2%, or 15,000 jobs.
Despite these gains, Manitoba’s unemployment rate rose for the third consecutive month, reaching 5.1%, although it remains below the national average of 6.1%. The working population also increased to 703,300, up 0.4% since March.
Unemployment rates varied across regions:
Interlake: 4.9%
Parklands and North: 5.2%
South Central and North Central: 5.2%
Southeast: 4.6%
Southwest: 5.0%
Winnipeg: 5.3%