Winnipeg’s housing market continues to evolve, with shifting trends in both renting and homeownership. We sat down with Kris Thorkelson, CEO of Thorwin Properties, to discuss the current landscape, the key differences between renters and buyers in 2025, and what the future might hold for the city’s real estate market.
How has Winnipeg’s real estate market changed in 2025 compared to past years?
The biggest shift is in affordability. Home prices have risen steadily over the past few years, and with higher interest rates, homeownership is becoming less accessible for many people. At the same time, rental demand has increased as more residents choose to rent rather than buy. We’re also seeing more young professionals and retirees opting for high-quality rental properties instead of committing to a mortgage.
What are the key differences between renters and buyers in Winnipeg right now?
The mindset is completely different. Buyers are thinking long-term and focused on equity growth, while renters are prioritizing flexibility, convenience, and affordability.
Homebuyers in 2025 are more selective due to rising costs. Many are waiting longer to purchase or are choosing smaller, more affordable homes. First-time buyers especially are looking for new financing options, government incentives, or joint ownership models to make it work.
On the rental side, we’re seeing more demand for well-managed, high-quality rental properties. Renters want modern amenities, maintenance-free living, and location flexibility without the burden of a mortgage or property taxes.
How have rising interest rates impacted the buyer market in Winnipeg?
Interest rates have had a major impact. Monthly mortgage payments are significantly higher now compared to just a few years ago. That’s pushing many would-be buyers into the rental market. Some homeowners who bought at lower rates a few years ago are also hesitant to sell because they would have to buy at a much higher borrowing cost.
This has tightened inventory, keeping home prices relatively high despite affordability concerns. People who might have bought in 2020 or 2021 are now renting longer while waiting for better conditions.
How does rental demand in 2025 compare to previous years?
Rental demand is stronger than ever, and it’s not just affordability driving it. More people are seeing renting as a lifestyle choice rather than just a temporary option. We’re seeing a rise in long-term renters who prefer high-quality, professionally managed properties.
A big trend is the demand for amenity-rich buildings—things like fitness centers, smart home features, and community spaces. Many renters want the experience of homeownership but without the financial or maintenance responsibilities.
Are there generational differences in renting vs. buying preferences?
Absolutely. Younger generations—Millennials and Gen Z—are more likely to rent longer. They value location, mobility, and financial flexibility. Many prefer to invest in experiences, travel, or their careers rather than tie up money in a home.
Older generations, particularly downsizing Boomers, are also fueling rental demand. Many are selling their homes and moving into rental properties that offer a simpler, maintenance-free lifestyle. This is a big shift from the traditional idea that homeownership is always the end goal.
Are there areas in Winnipeg where renting is more common than buying?
Yes. Downtown and high-density neighborhoods like Osborne Village, The Exchange District, and St. Boniface have strong rental markets. These areas attract students, young professionals, and retirees who want to be close to amenities and public transit.
In suburban areas, we still see higher homeownership rates, but rental demand is growing there as well. Townhouse and condo rentals are particularly popular among families who want more space but aren’t ready to buy.
What does the future look like for Winnipeg’s rental and buyer markets?
Over the next few years, we’ll likely see continued growth in the rental market. With affordability challenges persisting, many people will rent for longer periods, and demand for high-quality, well-managed rental properties will increase.
For homebuyers, the key factors will be interest rates, inventory, and government policy. If rates drop, we could see more buyers enter the market, but until then, many will remain renters by necessity.
One thing is clear: renting is no longer seen as a second-best option—it’s becoming a preferred lifestyle choice for many in Winnipeg.
Winnipeg’s real estate market is changing, and whether someone rents or buys depends on their financial situation, lifestyle needs, and long-term goals. As affordability shifts and housing trends evolve, both markets will continue to adapt in 2025 and beyond.
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