Waterfront Homes Near Winnipeg - Advice on Getting a Mortgage
August 8, 2019 | Posted by: Ron Chan
Now that we’re thick in the middle of the summer the time is right to discuss a prospect that’s on the minds of many Winnipeg buyers - a waterfront home. Whether looking for a house along the Red River or the near 25,000 square-kilometer body of water that it pours into (Lake Winnipeg) the opportunity is an enticing one. As you ponder trading in your carport for a boat slip there are a few things to consider. Let’s dive in.
Four Things You Need to Know When Considering a Waterfront Mortgage in the Greater Winnipeg Area
It’s Unbelievably Affordable at the Moment
If you’ve been keeping up on Winnipeg mortgage rate news this summer then you already know what’s happening. With the Bank of Canada holding it’s prime rate steady all year long, buyers are enjoying 5-year fixed rates as low as 2.64 percent (qualified buyers) and even common rates as low as 2.89 percent (for higher risk buyers). Heck, the fixed rate is below the variable rate - that is extremely rare in Canada! They (the Bank of Canada) are doing this to stimulate the economy, but all you need to know is that it will finally make the goal of owning a waterfront home a VERY viable one.
Waterfront Can Be a Condo Too
Even with the low fixed rates, the prospect of owning a waterfront home may still seem too far fetched for your monthly budget, but don’t give up on the dream quite yet. Why not consider a condo instead? The Red River, which is ripe with all sorts of recreational opportunity, has condo properties with waterfront views that will allow your vision to become a reality. View more on why you may consider a condominium mortgage over a house. That said, a house be more viable than you think. Keep reading.
Waterfront = Short Term Rental Revenue = Mortgage Payments
One of the great things about owning a waterfront home in Winnipeg is that it is primed for the short term rental (STR) market. People from all over the world flock to Winnipeg to soak up the recreation and scenery that the rivers, lakes, and other bodies of water in the area afford. Better yet - they are willing to pay top dollar for accommodation access. With one week or even a premium weekend rental you may be able to cover your entire month’s mortgage. Of course, it helps to have a helping hand in attracting interest, which is why we have provided tips to increasing occupancy rates for your new Winnipeg STR here.
Get On Board With a Broker Who Has Waterfront Connections
With mortgage rates for waterfront homes near an all-time low, a favorable inventory on deck, and the opportunity to have others (STR renters) pay off a portion of your mortgage, it may seem like the pieces of the puzzle have all fallen into place. They pretty much have, but there’s one more step that will get you closer to getting your toes wet - connecting with the right mortgage broker. That broker, is Ron Chan.
Ron is a BIG lover of boating and water sports, and understands your ravenous need to own a dream home match your passion. More importantly, Ron can connect you to lenders offering the lowest (and unadvertised) mortgage rates. In addition, Ron has deep connections with Realtors and agents that have an inventory of waterfront vacation (or permanent) homes in the Greater Winnipeg area. Ron will help you tie it all together, but it starts with you and one simple phone call to 204.290.9950.