Portage la Prairie’s housing market faces intense pressure due to critically low inventory, driving competition and price surges—especially for south-side homes and rural acreages—according to local realtors Ryan Espey and Ashley Reid.
While the city core maintains balance, high demand and scarce listings fuel a seller’s advantage, with multiple offers becoming commonplace in coveted neighbourhoods.
Balanced city core, rural rush
Realtor Ryan Espey characterizes the urban market as steady but constrained.
"Within the city, I would call it a balanced market because you don’t have the elements that would sway it one way or another towards either a seller's or a buyer's market," he states, "There’s not enough inventory to truly make it a buyers market. So I would call it balanced at the moment."
He highlights a gap in mid-range homes, noting, "Between $300,000 and $500,000, there’s definitely a gap in the market."
For buyers, Espey advises flexibility: "The best time to buy is whenever you are ready to buy. You don’t see much fluctuation outside of seasonal trends."
Beyond city limits, however, demand skyrockets.
"The RM is a bit of an anomaly," Espey says. "A favourable acreage usually does not last very long. Every busy realtor in Portage probably has a client waiting for that exact right property just outside the city."
Inventory crisis underpins market
Both realtors pinpoint scarce listings as the core issue.
Reid states bluntly: "More houses for sale—we are lacking inventory. That’s the main reason pricing is being driven up."
She then goes on to describe a cycle she notices, "One house pops up, priced well; six or seven buyers want it. It goes over asking, it sells, and then we’re stagnant until the next one. If four or five comparable homes were listed together, it wouldn’t drive everyone to bid on one."
Rising construction costs since COVID have overall anchored prices towards an upward trend.
"You physically can’t build homes for less now," Reid explains. "I don’t see a bubble ready to pop because we can’t build houses cheaper anymore."
For first-time buyers, she suggests exploring community, organization, and government programs, citing the Manitoba Metis Federation’s support initiatives as an example, but stresses that, "We just need more houses to sell. That would limit multiple offers and give buyers real options."
Espey, however, remains optimistic in his take on things, stating, "The housing market in town is quite healthy and a fair environment no matter your position."
Yet with inventory shortages persisting, competition for Portage’s most sought-after properties shows no sign of cooling.