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Winnipeg Real Estate Market Update April 2021

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Photo by Serena | PhotographyOur Super-HotMarket: WHY?Real Estate TimesReal Estate TimesReal Estate TimesNews & Tips For Home Buyers, Sellers & OwnersWinnipegHousing Market ReportHousing Market ReportInside: Options forFirst Time BuyersActive HouseActive HouseActive House Listings InsideListings InsideListings Inside

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Photo by Serena | PhotographyOther HelpfulResourcesSeven of our most popular articles.1Monthly real estate market report forWinnipeg. Updated every month with thelatest sales and listing stats.HOUSING MARKET REPORT2Aside from the mortgage payment, buying ahome will cost in terms of legal fees, taxes,insurance and more. Here are the costs.CLOSING COSTS / HOME BUYERS3In-Depth guide for people who want to buya house or condo in Winnipeg. Step by stepinstructions and timeline.BUYING A HOME IN 20214Condos are not for everyone. But for theright person, it might be the perfect option. 6 situations where a condo is right for you.IS A CONDO PERFECT FOR YOU?5Preparation is key for getting top dollar foryour home. How to prepare your home forthe pictures that will go on the MLS.GET YOUR HOME READY FOR SALEREAD NOWREAD NOWREAD NOWREAD NOWREAD NOW6What other costs should you expect whenyou own a home? Insurance, taxes, utilities,and maintenance costs exlained.COST OF HOME OWNERSHIP7Are condo fees a complete waste of money? Many people think so, but let's take a closerlook at what condo fees actually pay for.CONDO FEES VS. HOUSE EXPENSESREAD NOWREAD NOW

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In 2005, after completing an exciting career as aPolice Officer for the City of Winnipeg, Bo joinedRE/MAX Performance Realty, Winnipeg’s largestand most successful Real Estate Brokerage.In 2006, wanting to learn how to better serve hishome buying clients, he earned the designation ofA.B.R.®, Accredited Buyer Representative. Overthe years, Bo developed a strong passion forworking with buyers and sellers of houses andcondos in Winnipeg. This passion helped him to be inducted into theRE/MAX Hall of Fame in 2010, awarded to agentswho have sold over $40 Million Dollars of realestate.In 2019, Bo received the RE/MAX LifetimeAchievement Award, presented to agents whohave sold over $120 Million Dollars worth ofhomes. By this time, Bo Kauffmann had helpedover 500 buyers and sellers of houses andcondominiums in Winnipeg.In 2020, again wanting to expand his knowledge and expertise, Bo became aCertified Luxury Home Marketing Specialist. “I love the additional tools, resources and access to international buyers that this Institute has given me.”"Mymissionis to helpyou turnyourdreams intoreality!"About the AuthorPhoto by Serena | Photography

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Welcome to our new and improvedWinnipeg Real Estate market reportin PDF Format.Hi, I’m Bo Kauffmann of REMAXperformance realty, and welcome tothe most unique real estate reportavailable today.New and Improved? Previously, thesegments were organized accordingto available listings, sold homes, andInventory levels. But if you’relooking at buying or selling a$300,000 dollar house, youprobably don’t care about how$750,000 homes are selling.So we’ve organizes the sections in away that makes sense.First up is an overview of thehousing market this month, andcomparing to previous time periods.Up next are houses under $250,000,entry level homes for first timebuyers in Winnipeg. The third segment focuses housesbetween $250K and $500K,Winnipegs most active far.Each price band is fully examinedand reported, with numbers ofavailable listings, solds over the pastmonth, inventory levels, averagedays on market and more.W H A T S T H I S A B O U T ?Why a PDF? It allows the reader tostay on a section he or she is mostinterested in (as opposed to avideo). Plus it affords the time toexamine the information moreclosely.It also allows us to embed the audiodescription of what you’re lookingat.Any ads you find are alsointeractive, meaning you can clickon certain spots and go directly tothe a d v e r t i s e r s internet sites.I only accept ads from trusted andreliable service providers.These reports are a labor of love,and I really would appreciate yourfeedback, and any suggestions youmight have of improving them.And please remember…. Bo KnowsReal Estate.

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Let’s start with an overview of the market as itis on April 1st.This is an appropriate date, as the current realestate market seems like an April fools joke onbuyers in Winnipeg.In my 16+ years in real estate, I’ve neverexperienced a buying frenzy to the extend it ishappening right now. You may have heardstories of homes selling for 50, 75 or even100,000 ABOVE list price. These stories aretrue.What we are witnessing is the result of severalfactors. First, the available listings are way down fromthe average.Going back over the previous 3 years, we cansee that around 1100 available houses for salein Winnipeg would be an average amount forApril 1st.Today, we have 615. That’s about half of thenormal numbersThe second factor is that SALES are actuallyhigher than normal, which goes againstconventional wisdom.W H A T ' S H A P P E N I N GI N O U R M A R K E T ?

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Photo by Serena | PhotographyWhy Is This Happening?Over the past 3 years , an average number of around 550-600 houses would sell during the month of March.This year, we sold a confirmed 922 with another 124 aspending and most likely to close……meaning that sales areUP 80% over last year.The result is obvious: an increasing number of buyers vyingfor a decreased number of available homes. Hardest hit will be the first time home buyers. If you’relooking for a 300K home in a popular area, you may be outof luck for now. Houses which are listed at 280, sell for300, 320 , 350…..often without ANY conditions. If you’re putting 5% down, that’s a VERY toughenvironment to compete in. We’ll take a look at your options in an article on pages 14-15.

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The following section shows the salesand listing stats for Winnipeg housesunder $250,000These are entry-level houses, great forfirst time buyers in Winnipeg.H O U S E S U N D E R$ 2 5 0 , 0 0 0

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Lets take a look at available houses priced under $250,000Currently, April 1st, there are 144 active listings, whichcompared fairly evenly to the 135 listings on March 1st thisyear.But compare to last year, same time. April 1st, 2020 we had314 active listings available in the under $250K range.And while available listings are down, sales are the same overlast month, and last year same time period.During March this year, we sold 161 homes, with another 37showing as "Pending", for a total of 198 possible sales.Compare that against the 127 houses sold in February thisyear, and the 135 sold in March of 2020.This means the inventory drops from 77 days last year to 22days this year. Photo by Serena | Photography

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Photo by Serena | Photography

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Active House ListingsListings byREMAX perfomance realtyWorking with qualified Clients. Call Me Now: (204) 333-2202

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Yes, one of your first steps should be to find agreat agent. One who can connect you with allthe necessary professionals to help you in yourhome search.F I N D A G R E A T R E A L T O R ®Go with a reputable lender who is willing toanswer your questions and has the time andexpertise to help you. Low rates are great, butnot necessarily the most important factor.G E T P R E - A P P R O V E DYour agent will set up a search according toyour parameters and financial abilities. Look athomes which fall into those categories. Ask your REALTOR® for honest feedback oneach home you see.L O O K A T H O M E SSee your lawyer, mortgage lender andinsurance broker. DON'T change your creditrating before possession. Look forward to thebig day. P R E P A R E F O R P O S S E S S I O N D A T EH O M E B U Y I NG T I M EL I N EYou will need at least 5% for down payment,plus approx. 3% for closing costs. What areclosing costs? Click the button below.S A V E F O R D O W N P A Y M E N TAn experienced REALTOR® will be able toguide you, and help you craft the best offeraccording to the market conditions. M A K E A N O F F E R

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Options for first time buyersWe’ve talked about the currentmarket conditions, which make itvery hard for first time home buyerswho have 5% down and a budget ofaround 300K.So what options do they have rightnow?Wait it out? Many agents, myselfamong them, feel that this crazymarket is short lived. Inventory willstart to rise, and thereby lighteningthe stress on buyers,…. We THINK.But even if this happens, what willthe market look like? Will pricesactually come down, or just plateauat a higher level? And where willinterest rates be? Economists fear that the 2 trilliondollar economic package passed bythe U.S. will drive interest rateshigher. Plus the Bank of Canada mayalso step in to cool off this housingmarket.So waiting it out might not be thebest option.O P TI O N S F O RF I RS T T I M EB U YE R S

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Improve your credit?Yes, having thebest credit score possible isimportant. Even more important isthe ability to put down more than5%, and perhaps get into a positionof making an offer withoutconditions. This is scary, but if done right, canbe very effective. In order to compete against otherbidders, a buyer is advised to maketheir offer as clean as possible…. O P T I O N S F O R F I R S TT I M E B U Y E R SCondo fees are sometimes a turnoff, but they are not the boogey-man many people think they are.The other benefit of condos is thatthe home inspection is practicallybuilt in. Under the newcondominium act, condos musthave a ‘reserve fund study’ doneevery 5 years. So the buyer hassome level of assurance of whatthey are buying into.Condos also offer many of thesame benefits as house ownershipand should be considered byWinnipeg’s first time home buyer.No home inspection, no financecondition, no ‘subject to the sale of…’clause.These can be risky, and should not beattempted unless you have to abilityto back them up. Also, not everyhome should be purchased withoutan inspection…. So proceed with care.Are condos an option? Yes, they could be. Similar to houses,apartment or townhouse style condosare seeing an increase in interestfrom buyers, but not nearly at thesame level.Bidding wars on condos are rare, andwhile getting an updated 300K houseis difficult, you can find a gorgeouscondo in the low 200’s.

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The following section shows the sales andlisting stats for Winnipeg houses between$250,000 & $500,000.This is Winnipeg's most active price rangefor houses, where the average price for adetached house is around $350,000.H O U S E S B E T W E E N$ 2 5 0 , 0 0 0 - $ 5 0 0 , 0 0 0

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Let's take a look at available houses bet. $250,000 & $500,000This is Winnipeg's most active price range, by far.Currently, April 1st, there are 273 active listings, which is morethan there were on March 1st, but it is WAY down from a yearago, when 602 houses were available.And while available listings are down, sales are actually up overlast month, AND last year.During March this year, we sold 586 homes, with another 62showing as "Pending", for a total of 648 possible sales.That's quite a bit higher over the previous month (396) and overMarch of last year as well (397)This means the inventory drops from 57 days last year to to ameager 13 days this year. Very tough market for buyers inWinnipeg. Photo by Serena | Photography

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Photo by Serena | Photography

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