Winnipeg Real Estate News Updates - August 2022
August 8, 2022 | Posted by: Ron Chan
We're passed the midpoint of summer here in our neck of Manitoba. While it's not quite time to get into 'Back to School' mode (a transition that continues to haunt us, even as adults) there may be other important decisions on your mind at the moment. Is home ownership one of them? If so, this Winnipeg real estate news update is for you. Let's review.
Recent Developments in the Winnipeg Real Estate Market You Need to Know About as of August 2022
Getting Ready for the Next Bank of Canada Mortgage Rate Announcement
You may not have Back-to-School on the mind, but as a prospective buyer you should ponder another big event which lands just after the Labour Day long weekend. That's right, the Bank of Canada is due to issue their next press release regarding their decision for the overnight rate target. If you recall from our July update, the Bank increased the prime rate by a full 1-percentage point. It was the largest overnight increase since 1998. While we asked clients and readers to put the move into perspective, there is a call-to-action to be heeded.
Experts predict that the Bank of Canada will once again hike the rate again on their September 7th update, albeit by a smaller percentage than last month's dramatic boost. The best case scenario (for buyers) would be to not move the prime rate at all, but that is highly unlikely. So while their next announcement may be considered a Winnipeg real estate news update for September, the action you need to take must occur right here in August of 2022. Variable mortgage and fixed rates remain affordable when paired with prices of Winnipeg real estate which are lower (for comparable metropolises) than the rest of Canada. Wait much longer, and you'll pay a larger downpayment and monthly mortgage payments.
Winnipeg Still Very Affordable, But...
As mentioned above, when compared against Canada's other major (and desirable) metropolises, Winnipeg real estate prices are extremely favorable. That said, we recently succeeded our crown as the most affordable market, as per RE/MAX Canada’s 2022 Housing Affordability Report. The report results were announced at the end of July. Brandon MB now owns the title, and is followed by Regina, Saskatchewan; St. John’s, Newfoundland and Labrador and Moncton, New Brunswick. Of course, you have no plans of moving to those locales. Subsequently, we encourage you to act quickly and get pre-approved on a mortgage while Winnipeg is still in the Top 10. Until new construction is completed (it's on the way) low inventory will drive values up. Get pre-approved on a Winnipeg mortgage and contact Ron Chan at 204.290.9950 to get access to lower unadvertised borrowing rates and more favorable mortgage terms.
