The Reiss Report: Condo Real Estate Blog - Fall 2025

Article from Volume 12, Issue Number 4, 2025

The Reiss Report: Condo Real Estate Blog - Fall 2025

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

Third quarter condo prices continue moving up

Winnipeg condo prices continued their upward momentum in the third quarter of 2025, with September’s average sale price of $297,213 nearly matching the all-time record set in May, when it was $297,864. Sales activity was also impressive — particularly in July, which saw 238 transactions, a 12 per cent increase over July 2024.

Monthly highlights

July

238 sales, up 9 per cent over the five-year average.
One in four condos sold for $150,000 to $199,999.
Average days on market: just four weeks.

August

25 per cent of condos sold above list price, with another 16 per cent selling at list price.
41 per cent of sales ranged from $150,000 to $249,999.
84 per cent of new listings sold within one month.

September

The September average sale price was a record $297,213, which was 11 per cent above the five-year average.
17 sales were above $500,000 — double the total in September 2024, including one at $1,325,000.
There were more than 200 sales, up 9 per cent from the five-year average of 184.
Active listings: 438, 9 per cent below the five-year average of 483.

Year-to-date highlights

The share of above-list sales rose from 21 to 25 per cent, while below-list sales dropped from 66 to 59 per cent year over year.
Of 1,771 total condo sales, 1,483 (84 per cent) were in Winnipeg and 288 (16 per cent) were outside the city — virtually in line with the five-year average.
Sales-to-listings conversion: 68 per cent, second only to 70 per cent in 2022.

Average condo price:

Winnipeg: $279,455
Outside Winnipeg: $300,776
Overall market region: $282,992 (up 2 per cent over 2024)

Most active areas:

Osborne Village: 136 sales
Downtown and Waverley West: 81 sales each
Morden/Winkler (outside Winnipeg): 61 sales
Niverville/Ritchot: 47 sales

Top performing price to sales ratios: Crescentwood/North River Heights (119 per cent) and East St. Paul (125 per cent).

Market overview

These results confirm a solid condo market characterized by sustained demand, rising prices and a strong listing-to-sales conversion rate. Buyer interest remains high across a wide range of price points, and inventory continues to tighten. With just over two months of supply at quarter-end — compared to the four months typical of a balanced market — conditions clearly favour sellers.

Affordability has also improved, supported by the Bank of Canada’s September mortgage rate cut to 2.5 per cent (down from 4.25 per cent a year earlier) and a potential further 0.25 per cent reduction expected by late October.

At the end of September, CREA’s Home Price Index benchmark for apartment-style condos in the region stood at $239,000, up from $228,000 a year earlier — well within reach for many qualified buyers.

Outlook

All indicators point to continued stability and confidence in the condo market through the year-end. With strong demand, limited supply and improving affordability, there’s every reason to expect 2025 to finish on a positive note.

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