Winnipeg Real Estate News Updates - October 2023
October 9, 2023 | Posted by: Ron Chan
It’s pumpkin spiced latte season in Winnipeg Manitoba. It’s also the final fiscal quarter of 2023, which infers that many households are preparing to make some fairly major decisions regarding their investments. Logically, real estate tops the list of key considerations, especially for those who have yet to buy their very first home. If you’re among those on the cusp of getting a mortgage, you’re wondering if you should move forward before the year comes to a close or wait until the dust of 2023 has settled. Below is a look at current Winnipeg real estate news for the month of October (thus far) that can help you make more informed decisions.
Recent Developments in the Winnipeg Real Estate Market You Need to Know About as of October 2023
Bank of Canada to Make Next Interest Rate Announcement on Oct 25
If the Bank of Canada is scheduled to make their next announcement regarding interest rates on October 25th, should we not have waited until then to release this Winnipeg real estate news report?
In last month’s release, we made a very clear statement regarding how new buyers and investors should stop waiting with bated breath on every Bank of Canada press release. Here’s what we stated:
“Winnipeg area buyers are growing tired of the flip-flopping noncommittal statements from the Bank of Canada. The time for waiting to make a decision about getting a mortgage as each Bank of Canada press release rolls out is over.”
Easier said than done, right? After all, aren’t buyers at the mercy of the prime interest rate given that variable rate mortgages are directly related to it? Furthermore, aren’t fixed rate borrowers beholden Bank of Canada activity in the bond market? Yes and no. The answer of “yes” applies to those who enter into a variable or fixed mortgage by visiting a lender on their own. They receive the advertised rate, take it or leave it. The answer of “no” applies to those who instead partner with a mortgage broker. A mortgage broker empowers these individuals, yourself included. A professional broker with long-established relationships with Canada’s big banks, credit unions, and alternative private lenders has access to both fixed and variable mortgage rates that are not being marketed to the general public. In addition, a broker can get you access to more favorable terms than advertised. View more on how you can take the power away from the Bank of Canada and place it into your own hands with the assistance of a mortgage broker. Call Winnipeg mortgage specialist Ron Chan at 204.290.9950 for a friendly conversation to discuss your options - no commitment necessary!
Winnipeg Real Estate Values Rising into Q4
In the first week of October, the Winnipeg Regional Real Estate Board (WRREB) reported that the average price of Winnipeg single-detached homes has risen by 4% year-over-year while condominium property values have increased by 2% over the same period. Don’t let this dissuade you from getting pre-approved on a mortgage in Q4 of 2023. You can mitigate the perceived pain of price increases by working with mortgage broker who can connect you to first-time buyer incentive programs that will reduce your downpayment requirements and/or monthly mortgage payments. Call Winnipeg mortgage specialist Ron Chan at 204.290.9950 to ask about programs that best apply to your current financial status.
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