Manitoba Real Estate Market 2026: Prices, Forecast & Housing Trends

The Manitoba real estate market 2026 remains seller-leaning in Winnipeg and several regional centres, with moderate price growth and constrained inventory driving competition. While new listings have increased year-over-year, supply levels remain below long-term averages, supporting stable pricing across most segments.

Based on the most recent provincial and Winnipeg Regional Real Estate Board (WRREB) statistics (January 2026), Manitoba remains structurally tighter than many Canadian markets, particularly in Winnipeg and surrounding communities.

For buyers, sellers, and investors, 2026 is shaping up to be a year defined less by volatility and more by persistent supply constraints and measured price growth.

Manitoba Real Estate Market 2026: Quick Snapshot

• Provincial average sale price (Jan 2026): $373,802 (+6.5% YoY)

• Properties sold (Jan 2026): 605 (+19.1% YoY)

• New listings (Jan 2026): 1,176 (+14% YoY)

• Winnipeg detached average price: $431,079 (+4% YoY)

• Winnipeg condo average price: $275,515 (+10% YoY)

• Winnipeg rental vacancy rate: 2.8% (CMHC®)

MLS® and REALTOR® are trademarks owned by The Canadian Real Estate Association (CREA).

Is Manitoba a Buyer or Seller Market in 2026?

As of early 2026, Manitoba remains primarily a seller-leaning market, particularly in Winnipeg’s detached and entry-level segments.

Inventory has improved modestly compared to tighter periods in prior years, but demand continues to absorb available homes efficiently. Well-priced properties in desirable neighbourhoods are still transacting quickly.

Buyers may experience slightly improved selection; however, negotiating leverage remains limited in competitive price bands.

Manitoba Home Prices in 2026

Provincial Housing Market Overview

The provincial average sale price of $373,802 reflects steady appreciation rather than speculative growth. Manitoba closed 2025 with an annual average near $390,000, providing pricing stability entering 2026.

Compared to Ontario and British Columbia, Manitoba continues to offer stronger affordability for detached homes, supporting first-time buyer participation and interprovincial migration interest.

Winnipeg Real Estate Market 2026

Winnipeg remains the anchor of the Manitoba real estate market 2026.

January 2026 Highlights:

• Detached homes: $431,079 average

• Condominiums: $275,515 average

• Active listings: Lower year-over-year

Condominiums are showing stronger percentage growth, reflecting affordability pressures and entry-level demand.

Neighbourhoods such as Waverley West, River Park South, and Osborne Village continue to see active buyer interest, particularly among move-up buyers and investors.

Secondary Markets: Brandon, Steinbach & Pembina Valley

Brandon Real Estate Market 2026

Brandon remains one of Manitoba’s most stable mid-sized housing markets.

• 2025 average house price: approximately $355,000

• Balanced-to-seller market conditions

• Supported by regional employment and post-secondary institutions

Price growth is typically moderate and fundamentals-driven.

Steinbach & Southeast Manitoba

Steinbach continues to benefit from:

• Population growth in southeastern Manitoba

• Ongoing residential development

• Larger lot sizes relative to Winnipeg

Demand has remained consistent, particularly for detached homes in newer subdivisions.

Winkler–Morden & Pembina Valley

The Pembina Valley region remains economically stable, supported by manufacturing, agriculture, and regional service industries. Entry-level housing absorption remains consistent.

Rental Market Conditions in 2026

Rental fundamentals remain constructive:

• Winnipeg vacancy rate: 2.8%

• 1-Bedroom average rent: ~$1,232

• 2-Bedroom average rent: ~$1,571

  
  

When vacancy rates remain below equilibrium levels, rental stability can support both investor demand and first-time buyer transitions.

What Is Driving the 2026 Manitoba Real Estate Market?

1. Relative Affordability Within Canada

Compared to Ontario and British Columbia, Manitoba remains significantly more accessible for detached housing, drawing attention from both local buyers and interprovincial movers.

2. Inventory Constraints

Even with increased new listings, many markets remain below long-term inventory averages. Limited supply continues to support pricing.

3. Rental Market Stability

Low vacancy and steady rents maintain upward pressure on ownership demand.

4. Construction Lag

New construction activity is present but has not yet materially shifted overall supply-demand balance.

Manitoba Real Estate Market Forecast 2026

Based on current data trends:

• Price growth is expected to remain moderate.

• Inventory increases may ease extreme competition but are unlikely to create oversupply.

• Condominium segments may continue outperforming detached homes in percentage growth due to affordability thresholds.

  
  

Downside risks include economic contraction, mortgage rate volatility, or employment softening. Current data does not indicate structural market distress.

Should You Buy or Sell in 2026?

For Sellers: Well-priced properties in strong neighbourhoods continue to transact efficiently, particularly detached homes under median price levels.

For Buyers: Increased listings provide slightly more selection than prior years, but negotiation leverage remains limited in high-demand segments.

For Investors: Rental fundamentals remain constructive; however, conservative underwriting remains essential in a higher-rate environment.

Key Takeaways

• Provincial prices remain stable-to-rising

• Winnipeg inventory remains constrained

• Secondary markets show fundamentals-driven demand

• Rental vacancy supports housing stability

• Manitoba remains relatively affordable within Canada

The Manitoba real estate market 2026 reflects structural supply limitations rather than speculative overheating. Market decisions should be guided by region-specific data and long-term strategy.

Frequently Asked Questions

Will Manitoba home prices drop in 2026?

Current data indicates moderate growth rather than decline. A significant drop would likely require economic contraction or sustained inventory expansion.

Is Winnipeg a buyer’s market in 2026?

As of early 2026, Winnipeg remains seller-leaning in most segments due to constrained inventory.

What is the average home price in Manitoba right now?

The provincial average sale price in January 2026 was $373,802.

Is Manitoba still affordable compared to other provinces?

Yes. Manitoba remains more affordable than Ontario and British Columbia for detached housing.

This article is for informational purposes only and does not constitute financial, legal, or investment advice. All data sourced from provincial real estate board releases and CMHC® rental market reporting. MLS® and REALTOR® are registered trademarks of The Canadian Real Estate Association (CREA).