Winnipeg Mortgage and Real Estate News Updates - June 2018
June 13, 2018 | Posted by: Ron Chan
The summer of 2018 is here and with it some interesting news updates that those of you considering a mortgage in Winnipeg may want to know about. As the city’s premier mortgage broker, I make it my job to keep my ear to the ground so that I can help my valued clients identify opportunities before others realize them. Let’s take a look at some recent developments in the Greater Winnipeg area that may impact your decision about where and when to enter into a mortgage.
3 Current (June 2018) Events Around Winnipeg That You Need to Know About
1. Tuxedo is Growing
The residential suburb of Tuxedo is growing. Old Tuxedo, a longstanding bastion of Winnipeg’s wealthy may have a higher average house price that its counterparts, but new development along the corridor is making this area not only more attractive, but attainable.
Here at the onset of the summer of 2018, construction is underway on the Hyatt House Winnipeg Southwest, a six-story, 135-room hotel in the in the Seasons of Tuxedo area that is just a 5 to 10-minute walk from the Outlet Collection Winnipeg. The modern hotel will be ready to accept guests by the mid-summer of 2019. Hyatt is banking on the bustling commercial area of south Winnipeg to become even more so, and with residents adopting the live-work-play lifestyle, you can expect people from all over the city and province to look to Tuxedo Park and South Tuxedo as a place to call home. Because of this (or vice versa?) residential multi-family developments are popping up, with new properties such as Oxbow and Oxbow 2 of Tuxedo Point being one of many opportunities ready to accept the growing population.
If you’re looking to enter into a mortgage in a live-work-play (and shop) zone then this recent Hyatt news is one of many more indicators that Tuxedo may be a perfect fit for you and your household.
2. Local Investment Booms Commercial and Residential Real Estate
Winnipeg may be seen as a “fly over” province by some outsiders, but that hasn’t stopped local investors from betting on their beloved city and province. And that investment is paying off big dividends, giving outsiders pause over their past decisions.
But one group, Toronto-based Slate Asset Management, which manages a pair of publicly traded Real Estate Investment Trusts (REITs), has been working with Winnipeg-based firms to discuss the city’s commercial real estate market. The conclusion was made clear by this simple assertion:
“All agreed Winnipeg has often been off the radar of outside investors, but those who have paid attention have been rewarded with steady yields and growth.” (Joel Schlesinger, Real Estate News Exchange)
While the growth in the commercial sector has been moderate but certainly steady, the panel addressed above was quite vocal about the multi-residential sector being as hot as can be over the five past years, and showing no signs of slowing down. The latter, of course, will only spark further commercial interest even more. If you’re considering a commercial mortgage in Winnipeg, the time to strike is now before competition puts a strain on the supply and drives up your borrowing requirement. View more on getting a commercial mortgage in Winnipeg.
3. Industrial Growth as Indicator for Strong Economic Growth
While I focus on residential and commercial mortgage developments here on this blog, a recent development in the St. James industrial sector is well worth mentioning. Montreal based PRO Real Estate Investment Trust is acquiring six industrial buildings and an over 2-acre parcel of land in Winnipeg. The over $27-million acquisition will be financed by a near $19 million initial mortgage with a five-year term and four percent interest rate. A spokesperson for PRO-REIT noted how vacancy rates in the Winnipeg industrial real estate sector are declining and rents are rising, which is why they have taken action now. Among the occupants Canada Goose, which holds a lease through 2025 with two additional five-year options.
What does all of this movement in the industrial sector have to do with you, someone who is considering a mortgage in Winnipeg? Well, as you know, when confidence boosts in the trifecta sectors (commercial, residential, and industrial) your real estate investment becomes a very wise one. Industrial growth is an important economic indicator and this latest news proves that Winnipeg is a Canadian force to be reckoned with. You’ve chosen the right place to invest in.
Stay tuned as I continue to deliver updates on Winnipeg mortgage and real estate news. If you are ready to start a conversation about your own mortgage, I encourage you to contact me today at 204.290.9950 or complete the form found here.