5 Reasons to Buy a Home in Winnipeg, Right Now!
March 5, 2020
Winnipeg is an affordable city for Canadians! In January, 78% of detached homes sold for under $399,999 while 85% of condos sold for under $300,0001. Catherine Shellenberg, president of WinnipegREALTORS® comments, “Lots of choice and options for buyers in 2020 and that will prevail in February and into the spring. This is in stark contrast to a number of other housing markets in the country where they are concerned about a housing supply shortage.”
Looking at capital cities across Canada, Winnipeg is one of the most affordable while still allowing residents to enjoy city living with a strong job market. Winnipeg has a diverse economy2 spanning multiple sectors including aerospace, agri-business, insurance, manufacturing and transportation. Big employers include the government and Boeing, while 14% work in the public sector2. Winnipeg is a great city to live, work and play in!
5 Reasons to Buy a Home in Winnipeg Today
Reasonable down payment
Winnipeg is the perfect location for first-time homebuyers! With the average condo price at just over $217,000, buyers can enter the market with a down payment in the $40,000-$50,000 range at 20% down. This is unheard of in many Canadian markets.
Low interest rates
The Canadian prime rate is at a low 3.95%. Looking at 1935 until now3, we can see that mortgage rates have historically been above 4% the last 85 years. In 1981, mortgage rates were a whopping 21%! Even though mortgage rates are not expected to rise soon, no one can truly predict what will happen. Now is a great time for homebuyers to take advantage of low interest rates and lock in a 5-year fixed rate.
Great city for investors
The overall vacancy rate is at a healthy 3.1%4 and has remained unchanged since 2018. Rent increased 3.5% over the past year to an average of $1,070 per month. A boost in supply has been met with demand, which means the rental market is stable in Winnipeg. The city is home to the University of Winnipeg, the Manitoba Institute of Trades and Technology, and Université de Saint-Boniface. As a result, Winnipeg is home to thousands of students contributing to rental market demand. Purchasing a rental property is a great way to enjoy home appreciation while someone else covers the mortgage and maintenance costs. It is also an excellent source of income once the home is close to being or is entirely paid off.
Popular city for immigrants
About 1 in 4 Winnipeggers is an immigrant, making Winnipeg a culturally diverse city that will likely continue to attract more immigrants, especially with Canada’s goals to increase immigration even more over the coming decades. Analysts are saying that Canada needs more immigration to offset the increasing aging population and our decreasing birth rate. It is likely Winnipeg will be a popular choice for newcomers to Canada. This will likely result in a semi-gradual increase in population which could raise home prices due to increased demand. Why not take advantage of amazing home prices right now?
The market is balanced
A seller’s market favours sellers which means prices are usually inflated and there is stiff competition amongst buyers. A buyer’s market favours buyers which means prices are usually lower and there is more to choose from, but it takes longer for sellers to sell their homes. And a balanced market? Well the conditions are great for both buyers and sellers, and really, that’s a win-win for everyone! If you’re looking to sell your current home AND buy a home, now is the perfect time to do so in Winnipeg. Did you know Purplebricks saved Manitoba home sellers over $6.5 million† in commission last year? Learn more!
There is next to no risk to buy a home in Winnipeg right now. Interest rates are near historic lows, the market is balanced, homes are affordable, and there is lots of product choice for buyers – what more could a homebuyer ask for?
Need help buying a home in Winnipeg? Purplebricks can help.
Find your perfect home by going to Purplebricks Home Listings and setting up alerts for homes that align with your wish list. By working with a Purplebricks REALTOR®, you can buy a home and get $2,000 cash back*! Call 1-855-557-2262 to get started or email us – we are open 7 days a week!