Winnipeg Real Estate News Updates - December 2021
December 21, 2021 | Posted by: Ron Chan
A special news delivery this December...
We're just days away from Christmas, which means it's time for a special delivery - your monthly Winnipeg real estate news update! OK, we know that's not exactly exciting for most, but for those in the market for a new home it most certainly can be. If you're considering buying a home during the Holiday season (this year) here's what you need to know.
Recent Developments in the Winnipeg Real Estate Market You Need to Know About as of December 2021
The Bank of Canada Commits to Keeping the Rate Steady
On December 8th, the Bank of Canada made their final announcement of 2021. As expected, they have committed to keeping the overnight rate steady, at .25 percent. Fans of variable rate mortgages can rest easy this Christmas Eve, as the .25% rate ensures that variable rate mortgages will remain very low. How low? We're seeing advertised rates around the 1.6% range from most major lenders (RBC, etc.). And that's without the assist from a trusted mortgage broker! For access to lower unadvertised rates that are Boxing Day worthy, contact Ron Chan today at 204.290.9950. View more about the most recent Bank of Canada announcement right here.
November Home Sales Break Records
The data from last month is in, and it looks like Winnipeg and Manitoba are following up a record breaking October with another history-making month. The Manitoba Real Estate Association (MREA) reports that in November the province experienced a 7 percent increase in home sales and a 13.5 percent increase in total dollar value of properties sold. Few expected 2020's records to be broken as we wind down the final quarter of 2021, but alas it happened. This is despite a tightening inventory and the subsequent increases in prices that come along with it. People from all over the province and country are looking towards Winnipeg and Manitoba as a hot spot for real estate investment. Will this Polar Express ever slow down? It just might, as inventory gets tighter and home prices rise further. For this reason we do encourage you to act now, before the fiscal year arrives at its conclusion. At the very least get pre-approved on a mortgage before the Holiday season comes to an end. Call Winnipeg mortgage broker and specialist Ron Chan today at 204.290.9950.
Other current Holiday season mortgage articles you may be interested in: