Winnipeg Real Estate: 2024 Spotlight on Luxury

Affluent purchasers were strong out of the gate in Winnipeg’s luxury housing market, with sales up 19 per cent in the first two months of the year. Forty-three homes sold for over $750,000 between January and February of 2024, the most expensive of which topped $4 million, up from 36 sales during the same period last year.

While interest rates have proven challenging for many buyers, the downward trend in mortgage rates has provided some additional incentive for sidelined buyers to take advantage of lower housing values in advance of a Bank of Canada rate drop. Pent-up demand will likely play a significant role in the city housing market once rates fall, placing additional pressure on Winnipeg’s already tight inventory levels. Just 130 properties are currently listed for sale over $750,000.

Most high-end sales are occurring at entry-level price points, typically between $750,000 and $1 million. Most buyers are young professionals, but there are a growing number of multi-generational purchasers who are looking for larger homes that can accommodate several families. In the city’s older luxury enclaves, buyers are looking for dated properties with good bones that are ripe for renovation, allowing them to customize their homes and build value immediately.

Demand for infill product is on the upswing, with teardowns now occurring with greater frequency in Tuxedo and North River Heights, where older character homes situated on sprawling lot sizes are commonplace. While many buyers choose to work within the existing structure, custom home builders typically target homes that have been neglected and require a full gut. In some communities, builders are working with the city to sub-divide larger lots in line with the city’s commitment to increase density.

Depending on their price point, buyers are typically drawn to established communities in Tuxedo, North River Heights, and Victoria Crescent in Norberry, or newer communities in the south including South Pointe, Bridgwater and Sage Creek. These new developments, part of a 15-year development plan between local homebuilders and the Province of Manitoba, are now nearing completion. The average price for a new home in these sought-after communities is close to $1 million.

With affordability driving sales at the lower end of Winnipeg’s housing market, spillover is expected into higher price points in the months ahead. Many buyers are reluctant to place their homes up for sale too early, fearing that they will not be able to find their next home. Those on the fence are waiting patiently for the right listing to come along, and once it does, they will pounce.

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About the RE/MAX Network
As one of the leading global real estate franchisors, RE/MAX, LLC is a subsidiary of RE/MAX Holdings (NYSE: RMAX) with more than 140,000 agents in over 9,000 offices with a presence in more than 110 countries and territories. RE/MAX Canada refers to RE/MAX of Western Canada (1998), LLC, RE/MAX Ontario-Atlantic Canada, Inc., and RE/MAX Promotions, Inc., each of which are affiliates of RE/MAX, LLC. Nobody in the world sells more real estate than RE/MAX, as measured by residential transaction sides.

RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. RE/MAX agents have lived, worked and served in their local communities for decades, raising millions of dollars every year for Children’s Miracle Network Hospitals® and other charities. To learn more about RE/MAX, to search home listings or find an agent in your community, please visit remax.ca. For the latest news from RE/MAX Canada, please visit blog.remax.ca.

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