Manitoba’s Residential Market: Q2 2025 Maintains Steady Growth

Manitoba’s housing market showed resilience in Q2 2025, with sales and prices continuing to rise despite softer conditions seen in several other provinces. Data from Edge Realty Analytics indicates a balanced environment supported by low inventory, strong absorption rates, and improving labour market conditions.

Sales Activity Holds Firm

After a small quarter-over-quarter (q/q) decline of 2.2% in Q1 2025, home sales in Manitoba turned positive in Q2, rising 1.1% q/q and 6.3% year-over-year (y/y). This contrasted with provinces such as British Columbia and Ontario, where sales declined across multiple quarters.

Listings Continue to Tighten

New listings dipped slightly in Q2, down 0.4% q/q and 2.2% y/y, following only a marginal increase in Q1. Active listings also declined, falling 1.4% q/q and 13.9% y/y, marking a continued tightening in supply. This tightening contrasted with the elevated inventory conditions seen in British Columbia, Ontario, and some Atlantic provinces.

Prices Show Strong Gains

One of the most notable trends was the rise in prices. The Home Price Index (HPI) in Manitoba rose 2.8% q/q and 7.9% y/y in Q2, building on the 2.4% q/q and 9.3% y/y gains in Q1. Price momentum in Manitoba is among the strongest in the country, outpacing Saskatchewan’s 7.7% annual increase and running opposite to declines seen in both Ontario and British Columbia over the same period.

Supply-Demand Balance Remains Tight

Months of inventory held steady at 2.2 in both Q1 and Q2, highlighting a competitive market. The sales-to-new listings ratio also rose slightly from 72.3% to 73.3%, placing Manitoba in seller’s market territory. This is in contrast to British Columbia’s low 40% range and Ontario’s mid-30% levels, both indicative of buyer’s market conditions.

Construction Activity Rebounds

After a modest 1.4% q/q increase in Q1, dwellings under construction jumped 8.9% q/q in Q2, with an 11.8% y/y rise. 

With stable sales growth, tight supply, and healthy price appreciation, Manitoba entered the second half of 2025 on a stronger footing than several other provinces.