Winnipeg Real Estate News Updates - Summer 2019
August 12, 2019 | Posted by: Ron Chan
We spend a lot of time discussing mortgage rate news regarding the greater Winnipeg area, most recently here, but we also like to keep buyers informed about developments directly related to local real estate. After all, it certainly applies to your impending mortgage in some shape or form. Let’s take a look at some very important current events in the local real estate market, and how they may impact your mortgage decisions.
Two Recent Developments in the Winnipeg Real Estate Market You Need to Know About
Winnipeg’s SHED About to Get Bigger
For the uninitiated, SHED stands for Winnipeg’s sports, hospitality, and entertainment district. This summer, the addition of another new high-rise for downtown Winnipeg’s SHED was announced. One of Winnipeg’s largest financial firms, Wawanesa Insurance, will build a 19-story office building to deliver a tally of five high-rises that are anchored by the True North Square. This final piece of the puzzle will complete approximately 1.5 million square feet of mixed office, residential, and commercial space.
How does this apply to you? For one, if you’re looking for a home in a live/work/play environment this has a direct impact. The news is also relevant to current and prospective professionals in the sports, hospitality, entertainment, and financial industry. If your place of business or employment is located in the downtown core what could be more convenient than finding a home in or near Winnipeg’s SHED? The district will only continue to grow in the years and decades to come so residential investment here is looking better than ever.
Record Breaking Month for Home Sales
Last month’s Winnipeg Realtors report was glowing, citing that the real estate market of the Winnipeg Metro Region set a new dollar-volume record for the month of July. There was a total of well over $430 million in sales, which marked a 10 percent year-over-year increase, breaking the record set back in 2018. Year-to-date sales experienced a four percent gain, while dollar volume to date boasted a more than five percent increase from 2018. The dollar volume increase for both condominiums and single detached homes was attributed to higher price ranges, which speaks volumes for prospective residential investors who are looking to increase their wealth with real estate. Year over year increases are expected to continue.
We know what some of you may be thinking. This news is great for pure investors, but what about singles, young couples, and family households? Doesn’t the increase in pricing hurt one’s chances of buying-in? Typically, yes. But this is Winnipeg we’re talking about. According to recent data, condos in prime communities are priced under $238,000. The price of a detached bungalow home is set below $290,000 and the average cost of a two-story home in Winnipeg at the onset of summer was just over $337,000. Try finding deals like this in other major metropolises throughout Canada. It ain’t gonna happen, as despite investment increases, home prices in Winnipeg continue to sit far below the national average. Simply put, both pure investors and first time buyers are faced with an amazing opportunity.
Both of the big updates above require quick action on your part if you want to reap the benefits. That action begins with a broker who will help you secure the best possible mortgage rates, and can assist with everything else connected to the mortgage process, which includes connecting you to preferred Realtors and agents. Get the ball rolling with a friendly noncommittal conversation and contact Ron Chan today at 204.290.9950.