Manitoba Real Estate Market Update – July 2025
- Startritehomes.com
- Jul 22
- 3 min read
Updated: Jul 23
The Manitoba real estate market continues its rapid ascent in July 2025, with home prices hitting new records and inventory levels among the lowest in Canada. Fueled by rising population, steady employment growth, and relative affordability, the Manitoba real estate market now boasts the highest sale-to-new-listings ratio nationwide, placing sellers in a dominant position.
“Buyers are facing intense competition in nearly every market,” says Andrea Klassen, Chair of the Manitoba Real Estate Association. “Inventory is moving faster than we’ve seen in years, and prices continue to climb.”
Province-Wide Highlights
Metric | June 2025 Value | YoY Change |
Home Sales | 1,890 units | +0.4% YoY, +16.5% MoM |
Average Home Price | $410,233 (record high) | +10.5% YoY |
YTD Average Home Price | $395,498 | +8% YoY |
Active Listings | Down 13.3% YoY | Lowest in over a decade |
Months of Inventory | 1.7 months | Below 10-year average |
Sale-to-New-Listing Ratio | 70% | Highest in Canada |
“Manitoba's market shows the sharpest imbalance between demand and available homes,” notes RBC’s latest provincial outlook. “This isn’t just a Winnipeg trend—secondary cities are heating up fast.”
Winnipeg (CMA): Still Affordable, But Heating Up Fast
Average Home Price: $423,453 (+7.5% YoY)
Detached Homes: ~$389,800
Condos: $291,647 (+10% YoY)
Sales Volume: 1,671 homes sold in June (+6%)
Listings: New listings up 11%, but active inventory still tight
Neighbourhood Hotspots:
Waverley West
River Park South
Osborne Village
“Condos and attached homes are gaining traction fast,” says Leah Turner of the Winnipeg Regional Real Estate Board. “They’re increasingly attractive to both investors and first-time buyers.”
Winnipeg’s rental market is also firm: 1-bedroom average rent sits at $1,443 (May 2025), keeping upward pressure on entry-level ownership.
Brandon: Smaller Market, Big Gains
Average Price: $350,000–$370,000
Market Type: Seller’s market with consistent year-over-year appreciation
Inventory: Remains tight, with faster absorption
Brandon remains one of the most active mid-sized markets in Manitoba, supported by new construction and increasing commuter interest.
Steinbach: Quiet Leader in Price Growth
Average Detached Price: $395,000+
Hot Areas: La Salle (+45% YoY appreciation)
Sales & Price Trends: Among the province’s sharpest increases
Steinbach and surrounding areas are outpacing many larger centres in both price and sales volume. The area’s new builds and larger lot sizes continue to draw demand from both locals and transplants.
Winkler–Morden: Small City, Strong Fundamentals
Estimated Average Price: ~$340,000
Trend: Sales and inventory absorption are matching province-wide highs
Growth Drivers: Employment growth, expanding regional services, and relative affordability
Manitoba’s City Market Summary
Municipality | Avg. Price (2025) | YoY Price Growth | Market Status |
Winnipeg (CMA) | $423,453 | +7.5% | Tight, record prices |
Brandon | $350,000–$370,000 | +6–10% est. | Seller’s market |
Steinbach | $395,000+ | +10–20% | High-demand, tight |
Winkler/Morden | ~$340,000 | +7–10% est. | Seller’s market |
Market Drivers & Outlook for the Manitoba Real Estate Market
Population & Employment Growth
Winnipeg CMA, Steinbach, and Pembina Valley continue to attract residents, supporting high resale and rental demand.
Inventory Shortages
At just 1.7 months of supply, inventory remains historically low and market absorption is rapid
Relative Affordability
Despite price increases, Manitoba remains more affordable than Ontario and BC, appealing to first-time and move-up buyers.
Construction Lagging Behind Demand
New builds are underway in outer Winnipeg, Steinbach, and Brandon—but are insufficient to meet the pace of need.
Investor Interest
Multifamily and condo investments continue amidst rising rents and property values.
With rising prices, tight inventory, and historically strong sales, the Manitoba real estate market remains one of the most competitive in Canada. Secondary cities like Steinbach and Winkler are matching Winnipeg’s growth rates, offering high returns for homeowners and investors alike.
Whether you're looking to enter the market or sell at peak value, now is the time to make a strategic move in Manitoba.
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