Manitoba Quarterly Market Report: Q2 2024

In Q2 2024, Manitoba’s real estate market showed sales growth and price increases, supported by ongoing population growth, according to a recent Edge Realty Analytics report. 

Sales

Sales increased by 1.9% from quarter to quarter and by 9.8% from year to year, showing a strong upward movement in the market. 

Listings

New listings decreased by 0.7% from quarter to quarter, but increased by 2,3% year over year. This shows that there is a modest increase of new listings on the market.

Active listings dropped by 6.8% over the past year and 5.7% quarter-overquarter, indicating a tightening of the market.

Months of Inventory

The months of stock, which is a measure of how long it will take to sell existing houses on the market based on the current sales pace, decreased from 2,7 in Q1 2024 down to 2,6 in Q2 2024. This shows a tightening of the market, with fewer homes available in comparison to demand.

Sales-to-New Listings Ratio

The ratio increased by 67.6% from Q1 2024.

Prices are a little higher than usual.

Prices increased by 2.0% quarter-overquarter and 4.5% annually, reflecting the ongoing price appreciation on the market.

Construction

The number properties under construction has decreased by 10.8% over the last quarter and by 16.2% over the past year, indicating a decrease in new construction. 

Economic Indicators

Population Growth

The population growth was stable, with a 0.7% quarter-overquarter increase and a 2.8% year-overyear rise, supporting the continued demand for housing.

Unemployment Rate

The unemployment rate rose slightly from 5.0% in the first quarter of 2024 to 5.1% for the second quarter, indicating an increase in unemployment. However, for reference, this remains lower than Canada’s unemployment rate overall in June, which was 6.4%.

Mortgage Arrears

Mortgage arrears decreased slightly from 0.30% in Q1 2024 to 0.29% in Q2 2024, showing a minor improvement in homeowners’ financial stability.

Rentals

According to the July 2024 estimate Rentals.caRents for one-bedroom apartments and two-bedroom units increased in Winnipeg. The average rent of a one-bedroom flat increased by 2.0% from month to month, reaching $1,444, and by 11.1% over the past year. Rents for two-bedroom apartments increased even more dramatically, by 4.1% a month to $1,839, and by 11.4% a year.