What is a ‘turn-key home’? It’s the most desirable kind of property right now, says realtor

Realtors say the bidding wars will continue to be common as Winnipeg’s housing market struggles to match the supply. Alex Karpa reports.

WINNIPEG – The state of Winnipeg’s housing market is “somewhat tumultuous” in the eyes of one local realtor.

Billy Kimacovich says many houses are continuing to sell at high prices, which is making it difficult for buyers.

“We have certain locations and housing price points that still are commanding a lot of attention and breaking barriers in terms of price points, price ranges and historical research,” said Kimacovich, who is a sales associate with RE/MAX Executives Realty.

“Those houses, primarily, are turn-key homes.”

Turn-key homes are move-in ready properties that require no immediate renovations, repairs or upgrades.

“Those seem to be getting the most attention,” he said. “If there is something on the market that requires some repairs or some upgrades, there are opportunities out there for buyers. There are just not that many buyers that want to do that or are scared to do that.”

Kimacovich has been selling homes for more than two decades, and says he’s been seeing a lot of buyers frustrated with the current market.

“What I do see now, at the end of June, is some buyer fatigue,” he said. “There’s some buyers of mine, for example, who have worked hard to find a home and it’s still not in their possession, and it can be discouraging.”

Market balancing?

While Winnipeg has largely been a seller’s market over the past year, industry leaders are beginning to see the market move toward a more balanced environment.

Dan O’Brien, president of the Winnipeg Regional Real Estate Board (WRREB), noted that inventory levels are improving, giving buyers more options.

“We are seeing a little bit more selection, more choice in most neighbourhoods,” O’Brien said. “So, buyers aren’t limited. They can often see many properties within their price range.”

Average prices for detached homes in Winnipeg reached a new record last month.

The WRREB released its monthly market analysis, which shows the month of May had its highest-ever average price for detached homes, coming in at an average of $477,313.

O’Brien says sales in Winnipeg have been “brisk,” and the average price for a home has increased in 15 of the last 17 months.

Overall sales reached 1,707, down by four per cent compared to May 2025, but were one per cent above the five-year average, according to the real estate board’s analysis.

The Canada Mortgage and Housing Corporation (CMHC) says there is a lot of uncertainty in the housing market across the country, which is causing potential buyers to hold off on making purchase decisions.

“Easing rental market conditions are also playing a role, as increased supply and reduced demand offer renter-households better options outside the ownership market,” said Aled ab lorwerth, the deputy chief economist for the CMHC.

“The picture is uneven across the country, so while the housing market in the Prairies remains relatively strong, there is concern over short-term condominium market conditions in Toronto and Vancouver,” he said. “To restore affordability over the long term, we still have a need for strong housing supply that responds to Canadians’ needs.”

Winnipeg ranks 10th among affordable cities: report

Lethbridge, Alta., topped the list of Royal LePage’s most affordable cities in Canada. Saint John, N.B., Thunder Bay, Ont., and Red Deer, Alta., rounded out the top five, with larger cities including Edmonton, Winnipeg, Windsor-Essex, Ont., further down the list.

“As housing affordability challenges persist in the country’s largest urban centres, more buyers are widening their search and seriously evaluating markets they may never have considered just a few years ago,” said Phil Soper, president and CEO of Royal LePage.

Winnipeg realtor Jesse Carlson says people who have left Winnipeg previously are being drawn back to the city and its surrounding area, because of affordability.

“While you have to save a little bit more for that down payment, it continues to be a very positive thing here in Winnipeg,” said Carlson, who works with Royal LePage Prime Real Estate.

Carlson says Winnipeg continues to see bidding wars, resulting in higher prices for homes, and expects that to continue.

“We have high demand in Winnipeg,” he said. “Our city is growing. We’re close to a million (people), but our inventory is low.”

Kimacovich says as frustrating as finding a home can be, it’s important for buyers to remain patient.

“This is not an easy thing to accomplish, and it takes education on the part of your realtor, and it takes patience and flexibility to adjust to what’s in front of you,” he said.

“What’s meant to be, will be.”