In this episode we will give you the housing market stats for the past month, and talk about what interest rates are predicted to do over the next few years.
Intro to new podcast website:
I am very happy to announce a new home for Winnipeg’s #1 Real Estate Podcast. You can find it at boknows.homes/podcast
Whats so good about it? All episodes are in one place, with easy access to all major podcast players, as well as links to the podcast apps for ios and android. More importantly, if you go to this site on your mobile device, it will load with a little icon at the bottom of your screen that will allow you to send me a voicemail question about real estate. Try it out, and I will answer those questions in an upcoming podcast.
🇨🇦 Canadian Real Estate News 📰
In an article in Canadian Mortgage trends the Bank of Canada is signaling that low interest rates are likely here to stay for another 2-3 years. This announcement affects both fixed and variable rates, and fixed rates might be falling further. In a recent survey by BMO, 57% of first time buyers said they’ll choose a fixed rate. The article ends with some economists predicting that rates might remain low well beyond the 2023 mark.
The Winnipeg market report in a story format, easy to watch. a
🔦 Spotlight on Local Business 🏪
This winter, I believe a lot of people are going to forgo travelling, saving thousands of dollars in the process. Some will take that opportunity to put that money into their homes, in the form of renovations or upgrades.
Whether you want to simply improve your current home for your own benefits, or prepare for, what I believe will be a very hectic spring market, painting offers, in my opinion one of returns on your investment.
Painting your home’s interior SOUNDS like an easy diy project, but Ive seen them go very wrong. Unless you are an accomplished house painter, leave this to the pros.
Call my friend Rob White of urban Topcoat painting. Walls, ceilings, floors, …if it doesn’t move, he can paint it. I’m not charging for this shoutout, I am just recommending him because I’ve had a number of clients who used him and were very happy with the results.
Available listings are down roughly 40% over the same time last year, while sales are up 57%. That means a very hot sellers market, in nearly all price ranges from 200-500k.
👫 Answering Your Real Estate Questions ❓
How do buyers get the keys to their new home?
In Winnipeg, the key transfer is handled thru the lawyers. The seller gives a copy of the house key to their lawyer, who transfers it, under trust conditions, to the buyers lawyer. Once those conditions have been fulfilled, ie: the sellers lawyer has assurances that the money is there, the key will be released to the buyer
👪 🗯 Final Thoughts and Links 🖥
We’ve just heard how hectic Winnipeg’s market is. Over the next few months, here is what normally happens. Listings slow down, as does buyer activity. This is normally a good time to buy, but since listings are already low, there is no large selection of homes on the market for buyers to pick from.
After that, we will enter the spring market, which is traditionally a super hot sellers market to begin with. Will it be again in 2021? Or will there be an increase in forclosures and people needing to sell due to economic difficulties in the pandemic?
Next week we will take a look at the condo market in Winnipeg. How is it reacting to the pandemic, and could condos offer an alternative to shell shocked home buyers in Winnipeg?