While we’re all pretty tired of the news, such as it is, homeowners in Winnipeg are paying close attention to real estate market updates. This is especially true for those who are sitting on an older property in poor condition and/or in a less desirable neighborhood. As we enter the summer season there are some market updates that you need to know about. On the surface the news isn’t that great, but we’re here to provide a solution. Keep reading.
How Current Events in the Winnipeg Real Estate Market Impact Sellers of Old Homes and What You Can Do About It
Mortgage Rates Hitting All-Time Lows
In early June mortgage rates went into a tailspin, falling to record lows in some instances. A fall in the 5-year fixed mortgage rate was most notable, dropping to just one 1.99%:
“We now have a five year fixed rate at 1.99 percent – that’s the lowest it’s even been in Canadian history” (James Laird, RateHub)
Variable rates also came tumbling down this month, with HSBC advertising a 5-year variable rate of only 1.75 percent.
All of this is great for buyers and real estate investors. However, this is terrible for owners of undesirable properties. With such low mortgage rates, buyers/investors have significantly increased purchasing power. They can now afford more desirable properties, which effectively takes their eyes off of yours.
Bank of Canada to Hold Overnight Rate
The Bank of Canada is making its next overnight rate announcement on July 15. You don’t need to wait for our next Winnipeg real estate market news update to find out what’s going to happen. Financial experts and mortgage specialists across Canada have already declared that the BoC will not budge the overnight rate:
““There is virtually no chance the Bank can increase its benchmark interest rate in the foreseeable future” (Justin Thouin, CEO of LowestRates Canada)
Once again, this is music to the ears of buyers and investors, as not only do they have greater purchasing power today, they will enjoy it for months to come. Sellers waiting out the storm have a much longer haul than they expected, especially those holding on to houses in disrepair.
Winnipeg Home Prices Remain Among Lowest in Canada
In June, the average cost of a home in Winnipeg Manitoba came in at approximately $276,900. This price tag is one of the lowest of large cities in all of Canada. Only Regina ($261,200) and Saskatoon ($289,100) were able to best our central city, but you don’t exactly see buyers/investors clamoring to scoop up properties in Saskatchewan. This news update hammers home the point about real estate purchasing power in Winnipeg. It is, and will continue to be, the most affordable place to buy a desirable property among all of the major metropolises in Canada. This leaves sellers of old, rundown, and unattractive homes in a real rut.
On the surface, it seems as if you are stuck for options. The good news, is that you’re reading this news here on the website of 5 Day Cash Offer. We will buy your old house today, for fair market value, despite the age and condition. Better yet, you will receive cash in hand within the week. All you need to do is tap a few digits on your phone and you’re on the way to the most lucrative sale possible for your property. Call 204.222.0022 today.