If you're a young professional or have a family, you don't have to look further than Winnipeg for world-class attractions, diverse neighbourhoods offering multicultural communities and cuisines from around the world.
The quality of life here is great and the cost of living low. That’s why every year, thousands of new Winnipeggers move to our city. Housing affordability is just one of the many reasons why Winnipeg attracts newcomers. We have residential real estate properties that suit every budget.
Andrea Tiopo, Winnipeg Real Estate Agent, shared her insights with Economic Development Winnipeg on just how affordable the Winnipeg real estate market really is.
“There are tons of options for real estate here. Anywhere from $300,000 to $500,000, you get a more bang for your buck here for sure. So, when it comes to square footage, number of bedrooms, bathrooms, that can get you very far with that budget,” says Tiopo.
House in Winnipeg vs. Vancouver and Toronto
To give you better visuals of what the Winnipeg real estate market has to offer, we compared two houses in Winnipeg with a house in Vancouver and a condo apartment in Toronto (we couldn’t find a detached home within this price range). The first set of houses has a listing price of $400,000 while the second set was listed at $1.7M (listings as of October 2022).
Winnipeg: $400k house
Photos: Realtor.ca | Sutton Group - Kilkenny Real Estate
Located in Heritage Park in a family-friendly neighbourhood in the northwest part of the city, this bungalow has a newly remodeled kitchen, luxury vinyl plank flooring, quartz countertops, stainless-steel appliances and a finished basement. The house is close to schools, shopping, public transportation, parks and other community amenities.
- Distance from downtown: 20 minutes
- Floor space: 1570 square feet
- Land size: 8814 square feet
- Bedrooms: 4
- Bathrooms: 3
Toronto: $400k condominium
This two-bedroom condo apartment in Toronto includes two bedrooms and a balcony. It is located in The Westway Kingsview Village, which is a 35-minute drive from downtown. Keep in mind, during rush hour, the drive can take up to an hour.
- Distance from downtown: 35 minutes
- Floor space: 790 square feet
- Land size: N/A
- Bedrooms: 2
- Bathrooms: 1
Winnipeg: $1.7M house
Photos courtesy of Andrea Tiopo Group
This contemporary and sophisticated two-storey house is in Tuxedo, a prestigious and sought-after area in the southwest part of the city. It was recently fully renovated and is 18 minutes away from downtown, with access to community clubs, grocery stores and parks.
The main floor features an open concept, a gourmet kitchen and plenty of space for entertaining guests. On the second floor you’ll find the master bedroom and a spa-like ensuite with steam shower, double sinks, custom shower and a large tub. It also has a finished basement with a large rec room, and a pool and a hot tub in the backyard.
- Distance from downtown: 18 minutes
- Floor space: 3,287 square feet, 4800 square feet of living space
- Land size: 11,050 square feet
- Bedrooms: 5
- Bathrooms: 4
Vancouver: $1.7M house
Photos: Realtor.ca | Royal Pacific Realty (Kingsway) Ltd.
Twenty-three minutes away from downtown Vancouver, you’ll find this partially renovated two-storey home in South Vancouver.
- Distance from downtown: 21 minutes
- Floor space: 3194 square feet
- Land size: 4,065 square feet
- Bedrooms: 7
- Bathrooms: 3
The verdict: Homes are more affordable in Winnipeg
There’s no denying it, Winnipeg real estate properties offers better value for homeowners compared to larger cities.
“If you’re looking at a $1.5M home in say Vancouver, you’re looking at a smaller two-bedroom condo or a home that requires a ton of work,” says Tiopo. “Whereas here in Winnipeg, we’re looking at a 2,000 to 3,000 square feet home that has beautiful finishes, landscaped yards and in a good neighbourhood. And so, when we’re comparing apples to apples, you can see the difference in how far your dollar can get you in Winnipeg.”
With average home prices at $1,155,300 in Greater Vancouver and $1,110,700 in Greater Toronto as of September 2022, many people living in those areas are now considering moving to cities that are better on their budgets—cities like Winnipeg.
“I have tons of clients that are reaching out to me from bigger cities like Vancouver and Toronto that are looking to Winnipeg because of its affordability. Over the last couple of years, during the pandemic, they were beat out by the housing prices. And with having to compete with multiple offers, they were just not able to then become a homeowner.”
This is where the Winnipeg advantage comes in. The average house price in Winnipeg is lower at $339,900 (as of September 2022) compared to Vancouver and Toronto, where the average prices are more than 200% higher.
“Winnipeg’s average house price has remained well below that of Calgary, Ottawa, Greater Toronto and Greater Vancouver over the January 2005 to September 2022 period,” says Economic Development Winnipeg’s Senior Economist, Chris Ferris. “This is attractive since shelter is the largest component of the Consumer Price Index.”
The Consumer Price Index measures what consumers spend their money on. So, whether it’s buying or renting a home, the cost of shelter can affect quality of life and it’s a major factor in people’s lives and decisions.
Winnipeg’s real estate advantage: A stable economy
On top of a wide choice of affordable housing, Ferris explains some of the other advantages to moving to Winnipeg.
“Manitoba’s GDP growth rate is one of the most stable of all the provinces,” Ferris stated.
He says Winnipeg’s stable economic growth is thanks to our province’s ‘diversified portfolio of industries’, which means there’s not one dominant industry in Manitoba that can quickly drive down our economy. Our GDP comes from a variety of different sectors including agribusiness, biosciences, advanced manufacturing and creative industries.
In Winnipeg, you can build so much more than just a career in a stable economy.
“Start looking at places like Winnipeg to start building those dreams of becoming a homeowner and start building equity,” says Tiopo.
Learn more about living in Winnipeg at liveinwinnipeg.com.