The Reiss Report: Condo Real Estate Blog - Summer 2025

Article from Volume 12, Issue Number 3, 2025

The Reiss Report: Condo Real Estate Blog - Summer 2025

By Alan Reiss | Other articles by Alan Reiss | Regular Column

Condo prices set record highs in second quarter of 2025

By Alan Reiss

True to form, the second quarter, or what is usually referred to as the spring market, picked up the pace in 2025. Nowhere was this more apparent than in higher prices due to increased demand with limited supply. This resulted in condos achieving their highest average sales price ever in May at close to $300,000 and the highest average too for second quarter 2025.

Spring market 2025 overview

The second quarter of 2025 saw increased demand and limited supply, leading to higher prices.

April:
- Sales surpassed 200 units.
- Average price: $274,483, down slightly from March 2025 and 4 per cent from April 2024.
May:
- Sales: 232, 9 per cent below the five-year average of 255.
- Average price: $297,864, the highest ever monthly condo average, 10 per cent above the five-year average.
June:
- Sales: 227, 10 per cent above June 2024 and 1 per cent below the five-year average.
- Average price: $291,647, 8 per cent above the five-year average.

Listings and inventory

Seller’s market conditions persisted, with two months of supply. (Four months of supply is a balanced market.)

More than 50 per cent of listings sold in April and May.
June saw a 20 per cent increase in new listings as compared to June 2024, when there were 339 new listings.
There was a total July inventory of more than 500, compared with 400 in April.

Price range trends

May: 13 sales above $500,000, 32 between $400,000 and $499,999.
June: 11 sales above $500,000, 28 between $400,000 and $499,999.
There was a shift away from lower-end sales:
- May 2024: Approximately 30 per cent of sales were less than $200,000.
- May 2025: Approximately 24 per cent of sales were less than $200,000.

Year-to-date 2025 condo market highlights

Above list price sales:
- More than 28 per cent of sales in May and June were above list price.
- Year-to-date average: 24 per cent of sales were above list, which was up 4 per cent from 2024.
Average year-to-date sale price: $280,707, which was 6 per cent above the five-year average.
Listing-to-sale conversion rate: 64 per cent (67 per cent in June).
Listings: 1,754, which was equal to the five-year average and up 5 per cent from 2024.
Sales: 1,129, which was up 1 per cent from 2024, 3 per cent below the five-year average.
Detached homes outperformed condos in sales conversion, possibly due to low mortgage rates attracting first-time buyers to houses.

Top condo selling areas

Winnipeg:
- Osborne Village: top selling condo area.
- Downtown Winnipeg: second place.
Outside Winnipeg:
- Morden/Winkler: most sales.
- Niverville/Ritchot: second.

Seller tips for the third quarter of 2025

Know your condo’s unique selling points

Highlight features such as amenities (pool, gym, concierge), location benefits and recent renovations that set your unit apart from others.

Price It right

Work with a realtor or appraiser to set a realistic asking price based on comparable sales and market conditions to attract serious buyers.

Stage for maximum appeal

Declutter, clean thoroughly and stage the condo to make it look spacious, modern and move-in ready. Small touches such as fresh flowers and neutral décor help.

Understand the condo rules

Be prepared for buyer questions about pet policies, condo fees, parking and restrictions. They can be deal breakers.

Gather important documents

Have recent condo board meeting minutes, status certificate, financial statements and bylaws ready to show transparency and build trust.

Market aggressively

Use professional photos, virtual tours and multiple online platforms to showcase the condo and generate interest quickly.

Alan Reiss has been a professional member of CCI Manitoba for 15 years. He’s a gold sponsor of CCI Manitoba and has been one of its directors since 2020. Alan is a very active director of CCI Manitoba, serving on six of its committees. He is also a REALTOR® and condo specialist with RE/MAX PROFESSIONALS.

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