Getting a Mortgage in Winnipeg – What You Need to Know

March 6, 2018 | Posted by:

Getting a Mortgage in Winnipeg

Whether a long time Winnipeg resident, newly arrived, or planning a big move to the 'Gateway to the West', you’re in the market for a new home. You’re off to a great start because you’re in the right place. Conditions are indeed quite favorable at the moment. That being said, you don’t want to enter into a new mortgage without doing some homework first. That’s where I come in. I'm truly honored to serve as the great city’s mortgage ambassador for households and investors alike. So, before you take the next step towards securing that all-important loan, have a good look at the following. 

4 Things You Need to be Aware of Now That You’re Considering a Mortgage in Winnipeg Manitoba

1. Economic State of Affairs and When to Act

Our neighbors to the west (Alberta and Saskatchewan) are getting a lot of press with respect to rebounding from economic trauma, while some choose to downplay the consistency of Manitoba's economy. It's true that media does love drama, and so the good news for you, is that Winnipeg remains quite isolated from it all. The reason, is that we have strong economic diversity. For one, you've got the manufacturing sector, which has recently been given a 4% growth projection. Then there is the agricultural sector which remains to be a strong performer for the province, with the almighty potato to thank for much of it. There is a strong tech sector on the rise in the city, and tourism is returning to form with five new hotel projects slated for development over next few years. Retail sales (a strong indicator of consumer confidence) is projected to rise from 3.7% in 2017 to 4.5% in 2018 and 2019 alike. This diversity continues to drive a sustainable economic model, with no singular reliance on one given sector. With Winnipeg being central to all of these Manitoban industries the economic forecast is in great shape. And thanks to all of the above, unemployment levels are expected to be the lowest they've been in at least five years. If you're looking for a great time to get in on the market with a goal of reaping future rewards, the time to act, is now.

2. Property Prices in Winnipeg Will Rise with Foreign Interest

When I stated “act now” above, I meant it. The cat is out of the bag, with the Financial Post hinting that Winnipeg may be the next hot spot for foreign buyers. These parties have been turned off by the impact of the foreign buyer tax which has hit hardest in previously favored markets of Vancouver and Toronto. When the full wave of these buyers arrive they will drive up the prices of Winnipeg real estate, and the mortgages of those acting after the fact. Have you seen what happened in the aforementioned Vancouver? Now imagine those who got in on the market early. Simply put, they cleaned up. You can do so too, in your home city, but you will need to act here in 2018 to truly capitalize on what may be a once in a lifetime opportunity.

3. Where to Buy Within

To be honest, there is no bad place to buy in Winnipeg these days. However, some spots may suit your purchase needs. For instance, those seeking a pure income property will want to look to the hottest trend in real estate for inspriation. The trend of 'live, work and play' residential developments are popping up all over the country, and Winnipeg is in on the action. The St. James/CF Polo Park mall area, which is minutes from downtown and the Winnipeg airport, has long served as a prime example, but there are retail properties such as Grant Park Festival and the Shops of Kildonan Mall which have nearby residential developments that you may be interested in.

Family units seeking a home and investment may look to Charleswood, which offers an idyllic ‘small town in a big city’ vibe, and includes a favorable mix of older country-style homes and brand-new builds to keep the otherwise fast rising prices in check. On the outer edge of Charleswood, you've got the community of Westdale, which also offers a unique buy-in opportunity. Westdale has seen some pretty amazing new housing developments over recent years, while the proximity to lower income zones has kept the prices from escalating. With many predicting gentrification of the outer lower income zones, Westdale may be prime for investment, but only if you make your move soon. Then there’s North Hill Park, which is an established yet continually growing community of higher end custom homes for executives and double-income families alike.

Simply put, there's an opportunity for anyone looking to enter into a mortgage in Winnipeg, whatever the goals may be. Contact me for more advice on where you feel your investment best fits in.

4. A Broker Will Better Manage the Big Banks for You

With big media pushing economic uncertainty in Canada, banks are marketing mortgage rates that solve their own financial concerns, not yours. Simply put, don’t go to them directly. You need to bring in a non-bias party, or should I say a party that is biased on your behalf. No household or investor should seek a home loan in Winnipeg (or anywhere in Manitoba) without a broker. As a licensed broker with years of professional experience, I have well-established ties with lenders. These relationships have allowed me access to discounted bulk rates with immediate savings that are passed down to you. These rates will not be advertised by local banks. Learn more about why you need to use a broker, and proceed to follow-up with me, Ron Chan at your earliest convenience.

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