The Reiss Report: Condo Real Estate Blog - March 2026

Article from Volume 13, Issue Number 1, 2026

The Reiss Report: Condo Real Estate Blog - March 2026

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

A cut above the rest

The local market performed well as the five Bank of Canada rate cuts in 2024 (e.g., two at .50 per cent) were followed by three more in 2025, bringing the overnight lending rate by year's end down from 5.0 per cent in 2024 to 2.25 per cent now. These rate cuts helped Winnipeg reaffirm its reputation as one of the most affordable and steady real estate markets in the country.

As a result, 2025 delivered the Winnipeg Regional Real Estate Board’s second-strongest MLS® sales year in its history, with over $6 billion in dollar volume. For the first time, the average MLS® sales price eclipsed $400,000.

It is, however, a double-edged sword for condominiums. Why? More favourable mortgage affordability enabled the two higher-priced MLS® property types – residential-detached and residential-attached – to record greater year-over-year sales and market share. Most notable is residential-attached, with its impressive 17 per cent rise in sales activity in 2025 over 2024.

Condominium sales remained neutral compared to 2024, though the 2,199 sales transacted on the MLS® are second only to 2021, when 2,567 sales were recorded.

Buyers showed, if attainable, that they are willing to pay more for space, as both residential-detached and residential-attached MLS® property type sales both had average square footages of over 1,300 square feet, where condos hovered around 1,000 square feet. Trade-offs are happening.

Here are the condominium highlights for the fourth quarter and 2025.

October

171 sales down 8 per cent over five-year average
Average price of $297,428 up 12 per cent
Average continuous days on market of less than two weeks for 10 sales over $500,000

November

Close to one out of two sales from $150,000 -$299,999
Average continuous days on market for six sales over $500,000 were only 10 days
The 129 sales represented nearly one-third of the entire inventory

December

129 sales were 8 per cent above the 119 last December and 13 per cent above the five-year average of 115
72 per cent of condominiums went for less than the list price
Most active price range was the $100,000-$199,999 price range with 48 sales, and it represented 37 per cent of total sales
Close behind at 35 per cent was the $200,000-$299,999 price range

Condominiums made up 17 per cent of total MLS® sales

4th Quarter Results

MLS® condo sales of 420 were 11 per cent below the 483 seen in Q4 2024 and 4 per cent below the five-year average of 445.
The average sales price of $277,755 for a condominium was 5 per cent above the $263,913 through Q4 2024 and 6 per cent above the five-year average of $261,615.

Year-End 2025 Summary

Annual condominium MLS® sales of 2,199 were statistically even with 2024’s 2,192.
The annual condominium average sales price of $281,927 was up 3 per cent over 2024’s $274,142
Annual condominium listings entered in 2025 were 3,175, 2 per cent higher than 2024’s 3,098
Annual dollar volume of over $619M was 3 per cent higher than 2024’s over $600M
The sales-to-listings ratio for 2025 was 69 per cent, a drop from 71 per cent in 2024
24 per cent of all sales went for above list price compared to 20 per cent in 2024
Another 16 per cent sold at list price, 2 percentage points higher than 2024
Lord Roberts/Riverview nearly perfect in 2025 with 34 sales out of 35 listings
Osborne Village again dominant sales leader in Winnipeg with 168 sales, while outside Winnipeg, Morden/Winkler led with 81 sales
Tied for second in Winnipeg sales were Waverley West and the downtown, with 104 sales, while outside Winnipeg, Steinbach and the RM of Ritchot (e.g., Niverville) had 54 sales

Consistency and a stable condominium market, with modest rises in average sale prices, characterize our local market. Contrast this reassuring pattern with the volatility of other condominium markets in the country, which in 2025 suffered sizable drops in sales activity and even price decreases.

2026 holds promise for more of the same steady-as-she-goes momentum. Let’s not dismiss, however, the challenge and competition from the other two main MLS® property types, which were largely responsible for less condominium sales activity than the market fundamentals would suggest.

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

Go Back