Winnipeg Real Estate News Updates - April 2021
April 12, 2021 | Posted by:
Spring is in full swing which means it’s time for a news update regarding mortgages and real estate in the greater Winnipeg area. Whether considering a first home mortgage, a second home investment, or even a commercial purchase you’ll want to read ahead.
Recent Developments in the Winnipeg Real Estate Market You Need to Know About as of April 2021
Greatest Number of Home Sales in History - Act Now!
The numbers from March are in, and the Winnipeg Regional Real Estate Board (WRREB) has released their data on last month’s volume. The 1,975 home sales in March was the highest monthly total ever. Not for a “pandemic year”, but for ALL time.
If you’re an investor this is amazing news. The Winnipeg market continues to be the hottest in all of Canada, and so any investment mortgage that you enter into today will very likely pay dividends in the very near future.
If you’re a new home buyer, you still have cause for celebration as the prices of homes, in the hottest real estate market, are still extremely affordable when compared to all other major cities in Canada. The WRREB reports that average single detached home prices in Winnipeg are at $370,000, while average condominium prices are just $241,000. Try finding these prices in the country’s other major cities! However, you will want to act fast. Not only is inventory tightening, the first quarter of 2021 shows that values have grown by 16%. While that rate will surely come down a bit, by waiting much longer you will likely pay more for the same home in six months or a year from now than what you would pay today. By acting now, you still buy-in at a relatively much lower cost. Plus, you make a highly lucrative real estate investment in the process. It’s a win-win!
But again, do make a move and get pre-approved for a mortgage this month, or the next. Variable rates and 5-year fixed rates are still favorable, and the Bank of Canada isn’t budging on the overnight rate, but rates are (fixed) and will (variable) gradually trend upwards as the economy rebounds.
Huge Opportunity for Commercial Mortgages Too
While the inventory on homes is getting tight, commercial spaces are available as some businesses have had to shudder their doors due to the forced economic lockdowns of 2020-21. Then there’s the fact that business borrowing rates are extremely low. As a result, those interested in a commercial mortgage in Winnipeg enjoy a historically-prime position to secure their own office, retail, or manufacturing space. Get started on a commercial mortgage today.
To quote the WRREB’s VP of External Relations and Market Intelligence, Peter Squire 'We are in uncharted territory” and in a very good way when it comes to Winnipeg real estate. You don’t want to become one of those who watch from the sidelines and kick themselves in five or even just two-years from now. The opportunity cost is simply to great. The great news, is that all you need to do to get the ball rolling on a pre-approval is to call Ron Chan at 204.290.9950. Let’s have a friendly, noncommittal, conversation.
