The latest Winnipeg Regional Real Estate Board statistics show a market that is becoming more balanced than it was earlier in the year. Inventory is increasing, sales have risen above the 5-year average for the first time in 2026, and buyers are seeing more options.

However, well-priced and well-presented homes continue to attract significant attention, multiple offers remain common, and prices continue to trend upward.

The Winnipeg Regional Real Estate Board recently released its May 2026 statistics, and at first glance, the numbers might seem a little contradictory.

Sales are still below last year's pace.

Inventory is starting to increase.

Yet prices continue to rise.

So what is actually happening?

The answer depends entirely on which segment of the market you're looking at.

From where I sit, the market is behaving almost exactly as I would expect it to for this time of year.

And that's perhaps the most important takeaway.

The Headlines Don't Tell the Whole Story

The Board highlighted several important developments:

All MLS® sales were up above the 5-year average for the first time in 2026.
Active listings increased above both last year and the 5-year average.
Residential detached prices remain at record or near-record levels.
Condominium sales increased compared to last year.

Those are all important statistics. But statistics only tell part of the story.

What we're experiencing on the ground is that while inventory is improving, competition remains very much alive.

Multiple Offers Are Still the Norm

One of the most common questions I'm asked is: "Are bidding wars finally slowing down?"

The answer is yes... and no.

Earlier in the year it wasn't unusual to see 10, 15, or even 20 offers on a desirable property. Today, we're more commonly seeing 4 to 8 offers.

That may sound like a significant reduction, but let's put that into perspective:

Four competing buyers is still competition.
Eight competing buyers is still competition.

In fact, for most well-priced homes in Winnipeg, multiple offers remain the expectation rather than the exception.

The frenzy has cooled slightly. The competition has not.

Buyers Are Becoming More Selective

One change I have noticed is that buyers are applying a little more scrutiny than they were a year ago.

That doesn't mean they aren't buying. It means they're being more thoughtful about what they buy.

However, properties that are updated, renovated, staged, and move-in ready continue to command premiums. In fact, we are still seeing many renovated homes sell above where comparable sales would traditionally suggest they should.

The reality is simple: Buyers continue to pay for "pretty."

Presentation matters. Perhaps more than ever.

The Luxury Market Is Telling an Interesting Story

One area that continues to surprise people is the luxury market. There is a misconception that competition only exists in entry-level housing. That simply isn't what we're seeing.

Personally, I've experienced some extremely aggressive competition in the $750,000+ price range this spring. On more than one occasion, I have watched buyers compete hundreds of thousands of dollars above asking price. In some cases, between $200,000 and $350,000 above list price.

Why?

Because luxury buyers often arrive with substantial equity from an existing property.
Many are in a position to write unconditional offers.

When a truly exceptional property comes to market, competition can become very aggressive very quickly.

Affordability Continues To Drive Winnipeg

One thing that hasn't changed is Winnipeg's greatest advantage: Affordability

Compared to many major Canadian markets, Winnipeg remains exceptionally accessible. That affordability continues to attract:
local buyers
move-up buyers
downsizers
and outside investment
As a result, homes under $400,000 continue to be highly competitive. This has been true for years, and I don't see that changing anytime soon.

Condominiums are Benefiting from Market Pressure

The Board reported condominium sales increased in May. That doesn’t surprise me.

We've long observed what I call the "trickle-over effect." As detached homes become more expensive and more competitive, some buyers begin exploring alternatives.
Condominiums often become that alternative. Particularly:
townhouse-style condominiums
attached units
properties that provide a more home-like feel
We're also seeing many homeowners intentionally choose condominiums because they no longer want the maintenance responsibilities that come with detached homeownership. We're also seeing more downsizers intentionally choose condominium living as a lifestyle decision rather than a financial one.

More Inventory Does Not Mean a Slow Market

This is perhaps the biggest misconception consumers have right now.

Inventory has increased. That's true.
But increased inventory does not automatically mean a buyer's market. More inventory simply means buyers have more choices.
More inventory doesn't eliminate competition. It simply separates the homes that are prepared for the market from the ones that aren't.
The homes that are priced correctly and presented well are still attracting significant attention. The homes that aren't are sitting longer. That's not a weak market. That's a healthy market.

The Biggest Thing Consumers Miss

II've sold real estate through:

COVID
interest rate hikes
interest rate cuts
inventory shortages
recessionary concerns

And one thing stands out to me today: What we're seeing right now is remarkably normal.

Every spring, more sellers enter the market as the weather improves. Every spring, inventory increases. Every spring, buyers become more active. And every spring, competition intensifies.

The only true outlier in recent history was the COVID market. Frankly, that period belongs in its own category because very little about it was normal.

What we're seeing today is much closer to the long-term Winnipeg pattern. And that's actually good news. Because Winnipeg has historically been one of the most stable and predictable real estate markets in Canada.

Looking Ahead to Summer

As we move into the summer market, I expect:

Inventory to continue increasing modestly
Competition to remain strong on desirable properties
Multiple offers to remain common
Buyers to continue rewarding well-presented homes
Luxury properties to continue attracting strong interest

The market may feel slightly more balanced than it did a few months ago. But if you're waiting for competition to disappear entirely, I wouldn't count on it.

The Winnipeg market remains healthy, active, and remarkably resilient. And from my perspective, that's exactly what the latest numbers are telling us.

Markets don't need to be extreme to create opportunity. In many ways, balanced markets often create the best outcomes because buyers have options, sellers have demand, and expectations become more realistic.

Key Takeaways

May sales rose above the 5-year average for the first time in 2026.
Inventory is improving, giving buyers more options.
Multiple offers remain common on desirable homes.
Renovated and move-in-ready properties continue to command premiums.
Luxury homes are experiencing stronger competition than many buyers expect.
Condominiums are benefiting from affordability pressures and lifestyle changes.
The market is becoming more balanced, but it is far from slow.

Frequently Asked Questions About the Winnipeg Market

Is Winnipeg still a seller’s market in 2026?

Pretty much across the board, yes. While inventory has improved, well-priced homes continue to attract significant buyer interest and multiple offers. Even in the event where a bidding war is not present, we do tend to see these homes sell for close to list price and relatively quickly - two other indicators that we are in a seller’s market. The only properties that tend to be sitting right now are those that are in need of more substantial repair than a typical buyer is willing to take on, or have been overpriced.

Are bidding wars still happening?

Yes, yes, and more yes. While 10–20 offer situations have become less common than earlier in the year, many desirable homes still receive between 4 and 8 offers.

Are home prices still increasing?

Very much so. Residential detached home prices remain at or near record levels despite increasing inventory. These prices do continue to increase based on what we are seeing.

Is the luxury market slowing down?

No, not at all. Luxury properties continue to attract strong competition, particularly for exceptional homes that are well presented and priced appropriately. These are among some of the most competitive bidding wars that we have been involved in!

Are there opportunities for buyers right now?

Yes. There are always opportunities - but sometimes you do need to get creative. There are also less competitive markets to explore as well - especially in certain neighbourhoods and in the condo market, depending on the property type.

Why are condominium sales increasing?

As detached home prices rise, many buyers are turning to condominiums for affordability, lower maintenance, and lifestyle reasons. Also, we are seeing a lot more downsizing lately than we have in the past years. Maybe it’s just our team, but I have personally observed a higher proportion of our sellers wishing to move into a condominium as they are tired of the large yard.

Is now a good time to buy in Winnipeg?

That depends on your personal circumstances, but Winnipeg continues to offer strong affordability compared to many major Canadian markets and remains one of the country's most stable housing markets. I cannot see this changing anytime soon. For 5 decades, we have been one of the most stable markets in Canada!

Thinking about buying or selling your home in Winnipeg? I would be happy to discuss next steps with you!

Your Friend in Real EstaTe,

Jennifer Queen

Phone: (204) 797-7945
Email: Jennifer@QueenTeam.ca

About the Author

Jennifer Queen is the team lead of The Queen Team and has helped hundreds of Winnipeg buyers and sellers make confident real estate decisions through a combination of local market expertise, strategic advice, and real-world experience. By combining current market data with what is actually happening on the ground, Jennifer helps clients understand not just the numbers—but what those numbers mean for their next move.