Spence, Winnipeg - September 2026 Real Estate Report

Spence, Winnipeg: Steady, Affordable, and Worth a Closer Look Right Now

The Vibe in Spence

If you live on one of these streets, here is the honest picture. Spence is not a neighbourhood where prices are exploding - but it is also not falling apart. It is holding steady, and for the right buyer or seller, that stability is actually useful information.

We sit in one of Winnipeg's more affordable pockets. Houses rank 165 out of 187 neighbourhoods on price, which means most of the city costs more than what we are paying here. That is not a knock - that is an opportunity, depending on which side of the transaction you are on.

Houses: The Real Numbers

If you have been watching the "For Sale" signs in Spence, here is what is actually happening on the house side of things.

• Average HonestDoor Price: $213,353 - up a hair (0.06%) from last period
• Average sale price: $308,900
• Current average list price: $314,900
• Price per square foot: $191
• Sale-to-list ratio: 98.09% - buyers are paying just under asking
• Average days on market: 52 days
• Estimated monthly rent: $1,157
• Rental yield: 6.09% - that is a strong return
• Airbnb estimate: $57 to $58 per night
• Transactions in 2026: 10 total

That 52-day average is worth noting. Properties here are not flying off the shelf. Days-on-market ranks 45 out of 71 comparable neighbourhoods, which puts us in the slower-selling category. That means sellers need to price sharp and present well. Buyers, on the other hand, have a bit of breathing room to think.

The 6.09% rental yield is the number that should get investors' attention. That is a genuinely solid return. If you are holding a house in Spence as a rental, the math is working in your favour.

Condos: A Different Story

The condo picture in Spence is a bit more complicated. The average HonestDoor Price sits at $1,452,440 - but it has dipped 2.27% from the previous period. The 3-month moving average is also trending down, sitting at $1,491,584 compared to the current predicted value of $1,486,211.

• Average HonestDoor Price: $1,452,440 - down 2.27%
• Predicted market value: $1,486,211
• Estimated monthly rent: $5,056 to $5,126
• Rental yield: 2.77% - moderate
• Airbnb estimate: $251 per night / roughly $255 monthly
• Airbnb rank in Winnipeg: 77 out of all neighbourhoods - that is actually competitive

The 2.77% rental yield on condos is noticeably lower than what houses are producing. If rental income is your goal, the house side of Spence is doing more of the heavy lifting right now. The condo Airbnb rank of 77 in Winnipeg is worth a look though - short-term rental potential here is stronger than most of the city.

The Neighbourhood Leaderboard

Here is where Spence sits on the Winnipeg leaderboard right now, and being straight with you matters here.

• House growth rank: 137 out of 191 - below average for the city
• Condo growth rank: 118 out of 175 - also below average
• House price rank: 165 out of 187 - among the most affordable in Winnipeg
• House days-on-market rank: 45 out of 71 - on the slower side

Compare that to our neighbours. Colony's HonestDoor Price for houses is $500,450 - more than double what we see in Spence. Central Park sits at $266,831. Portage Ellice comes in at $201,736, which is actually cheaper than us. We are sandwiched in a range, and that context matters when you are deciding whether to sell or stay.

The Secret Sauce: Why Your HonestDoor Price Matters More Than Your Tax Assessment

Here is something most Spence homeowners do not think about until it is too late. Your city tax assessment is a snapshot from the past. It does not update in real time, and it does not reflect what a buyer would actually pay for your home today.

The HonestDoor Price is a real-world check. It pulls current market data and gives you a live estimate - not a number that was calculated a year or two ago when the market looked different. Right now, house values in Spence have shifted by -0.45% recently. That is a small move, but it is a move your tax assessment will not show you until long after it matters.

If you are making any financial decision tied to your home - refinancing, selling, buying out a partner, settling an estate - the HonestDoor Price gives you the number that reflects today, not last year.

So What Does This Mean If You Are Thinking About Selling This Summer?

Straight talk: Spence is a buyers' market right now. The 98.09% sale-to-list ratio means sellers are getting close to asking, but not over. The 52-day average on market means you need patience and a realistic price from day one.

If you price at $314,900 and expect a bidding war, you will be disappointed. If you price smart, present the property well, and lean into the rental yield story for investor buyers, you have a real shot at a clean sale before summer ends.

The affordability angle is your friend here. With a price rank of 165 out of 187 neighbourhoods, Spence is genuinely one of the more accessible entry points into Winnipeg homeownership. That is a selling point worth putting front and centre in your listing.

Bottom line - Spence is taking a breather on growth, but the fundamentals for rental income are strong, the price is right for first-time buyers, and knowing your actual HonestDoor Price right now puts you ahead of anyone still relying on a stale city assessment.

This 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.