Winnipeg Real Estate News Updates - September 2022
September 25, 2022 | Posted by: Ron Chan
Summer is officially over. In the bat of an eye the city of Winnipeg is all about pumpkin spiced lattes and getting ready to nestle into the cozy autumn season. But before any of that happens, it's time for a glance into the local real estate market. With the bustle of summer in the rearview, many residents are looking to buy a property. Is it a good time to do so? Is there anything that could impact your decision to invest now? Should you instead wait for 2023 to make a move? Let's have a look at current Winnipeg real estate news to find out.
Recent Developments in the Winnipeg Real Estate Market You Need to Know About as of September 2022
Bank of Canada Rate Hike / Announcement, and Impact on Mortgage Rates
The biggest real estate news story to come from September, was the Bank of Canada announcement regarding the overnight rate. On September 7/2022 the Bank announced a 75-basis point hike, increasing it to 3.25 percent. Further, they held steadfast in their commitment to quantitive tightening. Each action has had a respective impact on variable and fixed mortgage rates. This is encouraging buyers to act sooner (now) rather than later, because the Bank has given every indication that they will raise the overnight rate yet again before the annum comes to a close. View more on what this all means for you as a prospective buyer.
Winnipeg Housing Market Has Leveled Off
After consistently breaking records, the real estate market is hitting the brakes a bit as of September 2022. Entering September, there were 14% fewer sales year-over-year for August which is the largest cool down since the pandemic heat-up began in 2020. The Manitoba Real Estate Association reports that in the face of interest rate increases and historic levels of inflation, a level playing field for buyers and sellers is expected in the months ahead. That's good news for the former, as it may finally drive prices back down on single detached homes and condos alike. That said, low inventory levels persist so we do encourage you to beat the competition (other buyers) to scoop up your ideal home from the limited pool of available properties. 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.
An Opportunity for a Commercial Mortgage Downtown?
Have you been considering a commercial property mortgage in the greater Winnipeg area? It may be a VERY good time to do so in the struggling downtown district. The University of Winnipeg (via CBC News) reports that the significant progress made in downtown Winnipeg between 2005 and 2020 has been undone during the forced economic lockdowns of 2020-222. After having their livelihoods taken away, a number of businesses were forced to vacate. As a result certain parts of the downtown core are a shell of their former self. But do you know what vacant commercial spaces means? Affordable commercial spaces. As one of Winnipeg's top brokers for commercial mortgages, Ron Chan has prepared a number of guides (and related articles) that you can use to capitalize on this downtown opportunity:
- Should You Lease or Buy a Commercial Property in Winnipeg
- Advantages of a Mixed Residential Commercial Property Mortgage
- Why Use a Commercial Mortgage Broker
Get pre-approved on a residential or commercial Winnipeg today. Contact Ron Chan at 204.290.9950 to get access to lower unadvertised borrowing rates and more favorable mortgage terms.