Mortgage News Winnipeg | Top 3 Stories from 2021
December 28, 2021 | Posted by: Ron Chan
At press, 2021 is pretty much in the books with NYE just days away. This marks a perfect time to look back at the top stories from the world of Winnipeg real estate and mortgage rates. But instead of our audience being those from within the industry, we dedicate this to YOU. After all, it’s you, a friend or family member that you’re searching for information about getting a mortgage. So without further adieu, here’s your year in review.
Top 3 Stories from 2021 Regarding Getting a Mortgage in Winnipeg That You Need to Know About
Mortgage Rates Hit All-Time Lows
This is by far the biggest news of the annum. In 2021, variable rate and fixed rate mortgages alike hit record lows. The former was spurred on by the fact that the Bank of Canada maintained the prime rate at just .25% throughout the entire year. With each Bank of Canada announcement in early 2021 the variable rate edged closer until it hit its record low in July at sub-1%. At the beginning of the year (January 31) the 5-year fixed rate also bottomed out at a mind-blowing 1.39%. The drop in the 5-year fixed rate was attributed to a variety of economic factors, but was egged on by the Bank of Canada's commitment in the bond market and maintenance of the quantitive easing program which kept fixed rates low even as the economy recovered from the economic lockdowns of 2020.
Winnipeg Homes Selling Out
With historically low mortgage rates leading the charge, desirable houses in Winnipeg flew off the proverbial shelf in 2021. As each month in the year passed, listings were snatched up at a record pace, blowing away home sales records in the process. While this makes for a great news story and incites confidence in economic recovery, it does have new buyers a little worried. Sure, there are still a good number of available condominiums on the local market, but single detached family homes are becoming space. It's a good thing that you (as a buyer) have Winnipeg's top broker Ron Chan on speed dial (204.290.9950). Ron specializes in increasing your buying power during times of low real estate inventory.
Homes Sell for Above Asking Price
This headline is music to the ears of sellers and investors. With historically low mortgage rates and a swath of buyers entering the market to snatch up properties and tighten the inventory, prices had only one direction to go - up. In fact, in some cases Winnipeg sellers were getting offers above asking price. It has been this way through much of 2021, and total value of homes sold increased yet again as the most recent month came to a close. If you are currently holding a property, or plan on investing, this is great to hear. But what if you're a buyer? Don't worry. The average price of a Winnipeg house is still affordable. According to WOWA, attached home prices currently sit at $334k while detached homes hover around $385k. Condos are highly attractive at just $243k.
Begin your new year by getting pre-approved for a mortgage in Canada's strongest real estate market. Contact Ron Chan today at 204.290.9950 to learn more.