Spence, Winnipeg - October 2026 Real Estate Report
Spence, Winnipeg: What's Actually Happening With Home Prices Right Now
If you own a place in Spence and you haven't checked your HonestDoor Price lately, this is your nudge. The market here is moving - not dramatically, but enough that the number on your last tax assessment is probably not the number you should be quoting at a backyard barbecue.
The Vibe: Houses vs. Condos in Spence
We're seeing two pretty different stories playing out depending on what you own here, so let's break it down.
Houses - Taking a Breather
The house market in Spence is cooling off. One property sold last month - down 50% from the month before - and the average sale price came in at $115,000, which is down 18.9% month-over-month. That's a notable dip. Buyers are paying about 96 cents on the dollar of list price, which tells us sellers are negotiating. If you're pricing your home like it's a hot market, you'll be disappointed.
- Average HonestDoor Price: $213,015
- Recent sale price average: $115,000
- Price per square foot: $128
- Average days on market: 57 days
- Sale-to-list ratio: 96.04%
- Estimated monthly rent: $1,155
- Rental yield: 6.09% - that's a strong return for landlords
- Neighbourhood growth rank: 27 out of 191 in Winnipeg
That growth rank is worth pausing on. Out of 191 comparable neighbourhoods tracked across Winnipeg, Spence houses sit at 27th for value growth. That puts us in the top tier of the city's leaderboard - even while short-term sale prices dip. The long game still looks decent here.
One more thing: houses in Spence are actually selling faster than nearby Central Park (57 days vs. 58 days). It's a slim margin, but it tells us demand hasn't completely walked out the door.
Condos - A Different Animal
The condo picture in Spence is more complicated. The average HonestDoor Price sits at $1,496,054 - up 3% from the previous period - but the predicted market value has been drifting down from the 3-month moving average of $1,474,972. Values have shifted by -2.27% recently, and the growth rank sits at 126 out of 175 neighbourhoods. That puts condo owners in below-average territory on the Winnipeg leaderboard right now.
- Average HonestDoor Price: $1,496,054
- Predicted market value: $1,452,440
- Estimated monthly rent: $5,167
- Rental yield: 2.79%
- Airbnb estimate: $257 per night
- Growth rank: 126 out of 175 in Winnipeg
For context, nearby Central Park condos are averaging an HonestDoor Price of $2,704,705, while Portage Ellice sits at $719,475. Spence condos are sitting in the middle of that range. If you're a condo owner here, the rental yield of 2.79% is moderate - it covers costs but it's not a windfall.
The Secret Sauce: Why Your HonestDoor Price Matters More Than Your Tax Assessment
Here's the thing about city assessments - they're snapshots from the past. By the time that paper lands in your mailbox, the market has already moved. The HonestDoor Price is updated in real time, pulling from actual transaction data and current market signals. For Spence houses, that means the difference between a stale government number and a live estimate of $213,015 could be the difference between leaving money on the table or pricing your home right.
With 12 property transactions recorded in Spence in 2026 so far, there's real data feeding that number - not guesswork. Think of the HonestDoor Price as the real-world check that your assessment simply can't give you.
The So What - Thinking About Selling This Summer?
If you own a house in Spence and you're thinking about listing this summer, here's the honest take. The market is softer right now. One sale, a 57-day average sit time, and buyers paying below list price - that's not a seller's paradise. But the neighbourhood growth rank of 27 out of 191 says the fundamentals are solid. Price it right from day one. Overpricing in this market means sitting, and sitting means price cuts later.
For condo owners, patience might be the play. Values are drifting down slightly from recent highs, and the growth rank isn't doing you any favours right now. If you don't have to sell this summer, watching the next couple of months of data makes sense.
Either way - check your HonestDoor Price before you do anything else. It's the most current number you've got, and in a market that's shifting, current is everything.
spence | winnipeg | october 2026This information is all based on our opinions based on the information available to us. Everyone's situation may be different and you should reach out to us for more personalized information.