If you’re buying or selling a home in Winnipeg, you’ve probably heard the buzz: “Bidding wars”, “multiple offers”, and homes selling over list price. But is that still happening in 2024–2025? The short answer: yes, but it depends. Let’s break down what’s really going on in Winnipeg’s real estate market and how you can navigate it confidently.
Are Bidding Wars Still Happening in Winnipeg?
Yes, but not across the board. The Winnipeg real estate market continues to see competitive offers in specific price ranges and neighbourhoods. Entry-level homes (typically under $450,000) in desirable areas often receive multiple offers—especially if they’re well-priced, staged, and move-in ready. Staged homes always show extra special! Some great tips on staging: The Impact of Home Staging on Real Estate Sales in Winnipeg.
High-demand areas like River Heights, St. Vital, North Kildonan, and parts of Bridgwater still see fast-paced action, particularly for homes with updated finishes, finished basements, garages, and strong curb appeal. If you are new to Winnipeg or are just looking for more info in to some of the areas be sure to check out Top 5 Neighbourhoods for First-Time Homebuyers in Winnipeg.
What’s Fueling the Bidding Wars?
Several factors contribute to homes selling over asking:
- Limited Inventory: Fewer listings mean more competition per property.
- Buyer Demand: First-time buyers, downsizers, and investors are all active in Winnipeg.
- Well-Priced Listings: Strategic pricing often attracts multiple offers and drives the final sale price up.
- Interest Rates: While rates have risen, many buyers are still keen to get in before further changes or rent increases.
How Much Over List Price Are Homes Selling?
It varies. In hot pockets of the city, it’s not unusual to see homes go $10,000–$40,000+ over asking, depending on the price range and property condition. However, not every home sells over list—pricing and presentation matter.
Well-marketed homes in the $300,000–$500,000 range are often the ones generating bidding wars. On the other hand, higher-end properties ($700,000+) may take longer to sell and sometimes require price adjustments.
Tips for Buyers: Competing in a Bidding War
- Get Pre-Approved: Have your mortgage pre-approval locked in. It gives you an edge when submitting an offer.
- Work with a Realtor: A skilled Winnipeg agent can help you structure a competitive offer and know when to walk away.
- Move Fast: Great homes don’t sit long. Be ready to view listings the day they hit the market.
- Consider Conditions: In a tight race, fewer conditions (while still protecting yourself) can make your offer stand out.
- Be Emotionally Ready: Not every offer will win—be patient and persistent.
Tips for Sellers: Capitalizing on Demand
- Price Smart: Don’t aim too high—pricing at or slightly below market value can attract more buyers and trigger multiple offers.
- Stage It Right: Clean, bright, and clutter-free homes sell faster and for more money.
- Market Strategically: Use professional photos, social media exposure, and a strong launch plan to create buzz.
- Plan for Offer Dates: In hot markets, setting a specific date for offers can give buyers time to prepare and increase competition.
Final Thoughts
Bidding wars are still very much alive in Winnipeg real estate, but they’re happening most often in certain price brackets and neighbourhoods. If you’re buying, preparation and the right strategy are key. If you’re selling, smart pricing and presentation can lead to incredible results.
Have questions about how to price your home or compete in a multiple-offer scenario? I’ve helped dozens of Winnipeg clients navigate these situations—and I’d be happy to help you too.