Winnipeg Housing Market Forecast 2024

Many individuals and families eagerly await what will happen with the Winnipeg housing market in 2024. We live in a very divided time in society. The cost of living has gone through the roof, with groceries and every other necessity increasing in price month after month. Some are struggling with the costs of goods; others are fighting to pay their mortgage with the high rates, while others have been sitting on the sidelines waiting for the right time to buy their new home.

A 2024 Canadian housing forecast doesn't cut it, as each province will be different. Let's see the 2024 prediction for the Canadian housing market.

The Canadian Housing Market 2024

BMO and TD expect housing prices to continue dropping into the new year, led by BC and Ontario. With a burst in housing supply in these markets and many people moving rurally and/or to other provinces, the Ontario and BC markets have declined.

Most forecasts expect the market to hit bottom early in the year and prices to rise again to finish the year with an increase in housing prices.

The Manitoba Housing Market

The Manitoba market has followed the other provinces, where prices have decreased since summer, except on a smaller scale. Pricing drops have not been as significant as in Ontario and BC.

Even without looking at the statistics, you can see the housing market cooling off in Winnipeg and all over Manitoba. In Manitoba, it is standard for the market to slow down once summer and fall are over. Most people would buy and sell when it's warm rather than in the harsh winter. Of course, there are times when individuals don't have a choice and must sell or buy a home. But aside from major housing market shifts, we always see a slowdown once the weather takes a turn.

In Manitoba, we can expect to see the same as other provinces. Early 2024 may see a slight price decline, but that should turn around and end the year with increased prices.

For the year, Winnipeg has seen a 4% decrease in the average home price, going from $419,596 in 2022 to $402,956 in 2023.

Winnipeg Interest Rates

When rates are low, the demand for real estate is high; when rates are high, you can expect the opposite.

Rates have decreased since the 1980s, reaching an unbelievable low in 2021 when the housing market went ballistic. Since then, no one knows what to expect; it has put fear in almost everyone. Mortgage rates often increase to help slow down inflation. The cost of goods also rose due to supply chain issues during COVID-19. We have finally slowed inflation, which could lead to decreased interest rates.

Although no one can be certain about what interest rates will do in 2024, most banks and lenders predict that we could see a slight drop in interest rates in 2024.

What Does It All Mean For The Winnipeg Housing Market?

First, we see an influx of new Canadians in Winnipeg and all over Canada. That increases housing demand, whether it's buying or renting.

Second, brokerages (and I see it myself with my clients) expect people to buy. There are a large number of individuals and families sitting and waiting to buy. They are looking for some indicator to give them the green light. In 2021, we had some historically low-interest rates, and now that they've shot up, people have backed off. Many fear rates will increase and don't want to be caught with a higher rate in five years like many are seeing now. They want to be confident and see some indicator that will get them to relax and feel comfortable about their decision. A slight drop in rates is what many people need to continue their home search, and there's a good chance we will see that.

The downside of a rate drop and increased buyers means housing prices rise and competition for available houses increases. That is why many people are already searching for their new home.

2024 Winnipeg Housing Market Questions

Will the housing market crash in 2024 in Canada?

The housing market will not crash in Canada in 2024, and it would be rare to see it again in our lifetime. The Canadian government has many steps in place to prevent a market crash. However, there is always the chance of a minor pricing correction in the market. But the long-term forecast does not show any signs of slowing down. We may see a slight dip, but prices will bounce back shortly after.

What are the housing market predictions for next five years in Canada?

It's something only some people want to hear, but Canada has such a high demand for housing that prices will continue to rise over the next five years and beyond.

Should I buy a house in 2024?

The old saying goes, "Time in the market is better than trying to time the market." That means entering the market at the absolute lowest point is almost impossible. People often regret trying to wait and time the market. Like the stock market, people have missed out on double-digit gains while waiting and trying to time the market.

What's most popular neighbourhood in Winnipeg right now?

Bonavista is one of Winnipeg's fastest growing neighborhoods. With a large parcel of land and many people wanting to be in the south, Bonavista is hot right now. You can also expect to pay slightly less, compared to Sage Creek, as you are a little further away from all the amenities that Sage Creek offers.