Millennials of Winnipeg - What You Need to Know About Getting a Mortgage

June 20, 2018 | Posted by:

Millennials of Winnipeg Getting a Mortgage

So you’re a millennial, born somewhere between 1981 and 1996, and aged 22 to 37, which puts you in a pretty broad category, perhaps too much so for any supposed expert to draw a firm conclusion about your generation. However, one category that seems to apply, is first time home buyer. Yes, even those that land in the latter half of the age range are often looking at a first home purchase. Times are different, and not everyone has it all figured out by the time they’re 30 anymore (not that any of us every really have). 

As a first time home buyer, you have a lot of questions and concerns. You hear a lot of stories about what may or may not be realistic given your station in life, which can at times put an unnecessary hurdle in your path. Today, I’m here to clear that path so that you can make a more informed choice about entering into a mortgage.

Four Things the Millennial Generation Needs to Know Before Getting a Mortgage in Winnipeg Manitoba

1. How to Figure Out if You’re Ready for a Mortgage

Indecision can prevent you from taking advantage of an opportunity that’s staring you right in the grill. Simply put, you’re not sure you’re ready for a mortgage. It doesn’t help when your generation is being told that there will be no retirement fund for when you retire and that you should lower your expectations. Put all that negative hype aside and make a more educated choice.

So how do you know if you’re ready for a mortgage? For one, recognizing that you have enough for a downpayment. There’s a good chance that you will realize that you do once you find out that the 20 percent downpayment “rule” is actually a myth. You also want to calculate what you need for your monthly mortgage payments, and these mortgage calculators will help with that. View my four-item list of practical ways to determine if you’re ready for a mortgage, and this not so typical but no less true list of other ways to determine your mortgage readiness, which includes living under the thumb of a bad landlord, and more.

2. Getting Started with a Condo

While a single detached family home is a highly attainable option for higher or dual income millennials of Winnipeg, a condominium often makes the most sense for first time homebuyers, and not just because it is often the most affordable option. A multi-residential condo affords your busy generation with less property upkeep to be concerned with, and provides a sense of community that your highly social group appreciates. That being said, there is more to consider, including varying mortgage rates, how condo fees can inflate your monthly budgetary needs, the risks and nuances of buying a condo currently under development, and the communal responsibilities of taking up residence in a multi residential complex. View more on the five things you need to consider before buying a condo.

3. Take Advantage of the Services Available to You

You get hit with blanketed statements about your generation all of the time. For instance, you’re now being labelled as bad tippers, but contrary to opinion, this doesn’t mean you’re a pessimistic generation. Instead, you just demand better service, and rightfully so. Well, one area where you can truly take advantage of a service that truly serves your best interests, is with respect to mortgage brokerage. 

Big banks are currently marketing mortgage rates that serve their own financial concerns, not yours, so don’t even think about going to them directly. Instead, you need a non-bias party, or should I say a party that is biased on your behalf to deliver rates that the banks honestly prefer you didn’t know about. Only a licensed mortgage broker with years of professional experience will have well-established ties with lenders, ties that allow access to discounted bulk rates with immediate savings that are passed down to you. These rates will not be advertised by local banks, and are only afforded to brokers that bring banks enough business to score the discounts you need to make a mortgage more viable. 

But it doesn’t stop there.

A professional mortgage broker has close connections with all sorts of businesses and services providers that can be a part of the first time home buyer experience, from accountants, architects, appraisers, builders, interior designers, interior decorators, lawyers, and more. With a broker, you gain immediate access to all of these connections, your proverbial pick of the litter to choose from. And there’s no need to tip for any of it.

4. Forget What They Say, You Can Have it All…in Winnipeg at Least

You’re often told that you can’t have it all, that you’re a recession baby (not a boomer) and should thus make concessions in life. This may be true in some of Canada’s other metropolises, but not in Winnipeg. Young people are moving to Winnipeg at a rapid rate due to a more consistent real estate market, a more diversified (and thus sustainable) economy, and because it has some great attainable communities to live in, communities that put you at the heart of all your heart desires.

One example is found in Tuxedo, once a region deemed for the old money of Winnipeg. Thanks to new commercial and affordable modern condo development in Tuxedo Park and South Tuxedo, new homeowners (you) can now find yourself enjoying the “live work play” life in one of the most upstanding communities in the greater Winnipeg area. Yes millennials, like your forefathers and foremothers, you can have it all too. Don’t let the pessimists tell you any different.


While the ship may have sailed on my own millennial status (missed by this much) I’m in tune to your generation unlike any other mortgage broker in the area. Let me help with what is one of the most exciting decisions (and moments) of your life, alleviating the stress that others unrightfully placed upon you. Contact me today at 204.290.9950 to start with a friendly noncommittal conversation.

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