As we move into the fall season, Winnipeg's real estate market shows dynamic shifts, with noticeable trends shaping buying and selling opportunities. Drawing on data from Winnipeg Real Estate News, this September 2024 update breaks down the latest market statistics, including pricing trends, inventory changes, and key takeaways for those looking to make a move this season.  Whether you’re a homeowner considering selling or a buyer eager to enter the market, this update will provide the insights you need to navigate Winnipeg’s current real estate landscape. Highlights Residential Detached Market: With 1,987 active listings and 884 sales, the average price for a detached home is $410,004, and the average size is 1,342 square feet. Condominium Market Trends: There are 469 active listings, with 174 sales. The average price for a condo is $277,334, and the average size is 1,058 square feet. Residential Attached Homes: There were 262 active listings and 79 sales of residential attached homes, with an average price of $360,739 and an average size of 1,329 square feet. Year-over-Year Regional Sales Growth: Across the MLS areas, average prices increased by 5% to $422,589, and sales increased by 9%. Steinbach had an 11% price increase, while Niverville/Ritchot saw a 26% growth in unit sales. Residential Attached - Inside vs. Outside Winnipeg: Sales of attached homes inside Winnipeg were up 12%, with an average price increase of 9% to $376,675. Outside Winnipeg, sales rose by 50%, though the average price dropped by 3% to $316,724. Winnipeg Regional Real Estate Board The Winnipeg Regional Real Estate Board, founded in 1903, is one of Canada's oldest. It serves over 2,400 licensed professionals in Winnipeg, offering resources to enhance professionalism and support industry growth. As a collective voice for residential and commercial REALTORS®, it is governed by an elected voluntary Board of Directors. It plays a key role in advancing the real estate industry while enriching local communities. WRREB's September Market Release Video The real estate market results for September 2024 saw increases in both MLS® sales and dollar volume compared to 2023 and September 2022. This video is hosted by 2024-2025 Winnipeg Regional Real Estate Board President Daphne Shepherd, who provides an overview of the latest trends in the region's real estate landscape. Residential Detached MLS Sales for September 2024 September MLS Sales 2024 The chart illustrates the September residential-detached MLS® sales fluctuations from 2015 to 2024. After reaching a peak in 2020, sales dipped in the following years, with 2023 marking a significant decline. However, 2024 shows a recovery, with sales bouncing back close to the levels seen before the pandemic. This rebound highlights a renewed buyer interest in the detached housing market in Winnipeg despite the variations seen in recent years. The overall trend over this period reflects the market's resilience, particularly following the disruptions of 2020 and 2021. Strong Sales and Price Growth in September 2024 Market Region Sales Sept 2024 The September 2024 market data shows notable growth across the Winnipeg Regional Real Estate Board’s residential-detached market. Prices have increased across all MLS® areas by 5%, with an average price of $422,589. Winnipeg saw a 6% rise in prices, while areas outside the city experienced a 5% increase. Sales have also surged significantly, with total unit sales up by 9%, led by Steinbach’s impressive 18% growth in unit sales. Niverville/Ritchot stood out with a 26% increase in unit sales, reflecting a strong demand in these regions. Overall, the year-to-date numbers indicate a robust housing market, with both prices and sales trending upward. Residential Attached Market Sees Mixed Trends in September 2024 Winnipeg Residential Attached Market for Sept 2024 In September 2024, the residential attached market showed a mixture of growth and declines across Winnipeg and surrounding areas. Active listings decreased by 9% compared to 2023, but sales jumped 20%, reaching 79 total transactions. Average prices also increased by 6%, now sitting at $360,739. Inside Winnipeg, sales were up 12%, while prices rose 9%. However, active listings outside Winnipeg dropped significantly by 22%, even as sales surged by 50%. Despite this growth in sales, the average price outside the city fell by 3%, highlighting some price softening in these regions. Residential Detached Market Shows Solid Price Growth in September 2024 Winnipeg Residential Detached  Market for Sept 2024 The September 2024 data for the residential-detached market reveals a strong performance in sales and prices despite a drop in active listings. Across the market, active listings were down by 9%, but sales rose by 9% to 884 units. The average price also saw a modest 3% increase, now at $410,004. Inside Winnipeg, active listings were down by 22%, but sales increased by 10%, with the average price rising by 5% to $432,925. In areas outside Winnipeg, sales grew by 9%, with the average price increasing by 1%, reaching $368,805. While listings remain tight, the steady rise in prices and sales indicates a resilient detached housing market. Steady Growth in September 2024 Condominium Market Winnipeg Condo Market for Sept 2024 In September 2024, the condominium market saw moderate gains in listings, sales, and prices. Active listings increased by 4%, and sales rose by 3%, totalling 174 units sold. The average price of a condominium reached $277,334, a 2% increase compared to last year. In Winnipeg, active listings climbed 11%, while sales improved by 7%, with the average price up by 1% to $276,399. Outside Winnipeg, active listings dropped by 17%, and sales decreased by 13%, but the average price saw a 5% increase, reaching $282,211. These numbers reflect a stable and growing condo market in Winnipeg, though there is some softening activity outside the city areas. Winnipeg Real Estate Market Insights Across Property Types The Winnipeg real estate market in September 2024 clearly shows the price and size dynamics across various property types, including condominiums, residential attached, and residential detached homes. These insights give an overview of the average prices and sizes for different property types, helping buyers and sellers understand the market's state. Below is a summary of key statistics for each category. Residential Attached Market Insights Residential Attached Insights - 2024 YTD and 2024 September The Winnipeg residential attached market remains active with solid performance across year-to-date and monthly sales, showing slight but notable differences in price and size. Year-to-Date 2024 Average Price: $363,622 Average Size: 1,311 sq. ft. Insight: Year-to-date sales highlight solid pricing and moderate square footage, reflecting overall stability in the market. September 2024 Average Price: $360,739 Average Size: 1,329 sq. ft. Insight: The September snapshot shows a slight decrease in average price compared to the year-to-date average, but a small increase in the average home size. Residential Detached Market Insights Residential Detached  Insights - 2024 YTD and 2024 September The residential-detached market in Winnipeg continues to exhibit solid pricing and home size averages, with slight variations between year-to-date and monthly data. Year-to-Date 2024 Average Price: $422,589 Average Size: 1,371 sq. ft. Insight: The year-to-date average price and size show a strong market with high demand for spacious homes. September 2024 Average Price: $410,004 Average Size: 1,342 sq. ft. Insight: While prices dipped slightly in September, home sizes remained close to the year-to-date averages, reflecting stable buyer interest. Condominium Market Insights Condominium  Insights - 2024 YTD and 2024 September The condominium market in Winnipeg maintained consistent pricing and square footage averages between year-to-date figures and September's monthly data. Year-to-Date 2024 Average Price: $277,196 Average Size: 1,052 sq. ft. Insight: The year-to-date data reflects steady pricing and moderate home sizes, showing a balanced condo market for 2024. September 2024 Average Price: $277,334 Average Size: 1,058 sq. ft. Insight: In September, prices remained virtually unchanged from the year-to-date average, while home sizes slightly increased, indicating stable demand. Summary The Winnipeg real estate market remained stable in September 2024 across various property types, with minor variations between monthly and year-to-date data. Residential attached homes had an average year-to-date price of $363,622, slightly higher than September's average of $360,739, and home sizes showed a small increase in the same period. Residential detached homes maintained strength, with a year-to-date average price of $422,589 and a slightly lower September average of $410,004, while home sizes stayed close. The condominium market was particularly consistent, with year-to-date and September average prices nearly identical at around $277,000, and home sizes increasing slightly in September. Overall, these insights indicate a stable and resilient market, with steady demand across all property types in Winnipeg. For more detailed market statistics and updates, visit Winnipeg Regional Real Estate News.              

Securing a loan approval for a mortgage in Winnipeg involves a series of steps and considerations to ensure you meet the lender's requirements and get the best possible terms. Here's a comprehensive guide to navigating the mortgage approval process.  Understand Your Financial Situation - Review credit score, income, and debt-to-income ratio. Determine Your Budget - Calculate affordability and save for a suitable down payment. Choose the Right Mortgage - Decide between fixed/variable rates, mortgage term, and amortization. Gather Necessary Documentation - Collect ID, income proof, asset documents, and credit report. Get Pre-Approved - Apply for pre-approval to estimate borrowing capacity. Apply for a Mortgage - Choose a lender, submit your application and documents. Mortgage Underwriting - Underwriters review your credit, financials, and risk profile. Conditional Approval - Meet additional requirements like appraisals or insurance if needed. Final Approval and Closing - Complete final paperwork and pay closing costs to secure mortgage. Post-Approval - Set up payment schedule and review mortgage terms regularly. 10 Steps to Getting Pre-approved for a Mortgage in Manitoba 1. Understand Your Financial Situation Credit Score: Check your credit score before applying. A higher score generally improves your chances of getting a mortgage with favourable terms. In Canada, scores above 650 are considered good, but higher scores can offer better rates. Credit Card Debt: Reduce your amount owing prior to application to improve your credit score and balance your debt-to-income ratio. Income and Employment: Ensure you have stable and sufficient income. Lenders typically require proof of employment and income, such as recent pay stubs, two years of tax returns, or a letter from your employer. Debt-to-Income Ratio: Calculate your debt-to-income ratio (DTI), which is the percentage of your gross monthly income (your pay before taxes and other deductions are taken out) that goes towards paying your monthly debt payments. Lenders use this ratio to assess your ability to manage mortgage payments alongside other debts, this determines your borrowing risk. A DTI of less than 36% is considered a healthy one. 2. Determine Your Budget Affordability: Use a mortgage calculator to estimate how much you can afford to borrow based on your income, expenses, and current interest rates. Down Payment: Save for a down payment. In Canada, the minimum down payment is 5% for homes costing up to $500,000 and 10% for the portion of the price above $500,000. For properties over $1 million, the minimum is 20%. A higher down payment is considered advantageous when there is competition during the situation of multiple offers. 3. Choose the Right Mortgage Fixed vs. Variable Rates: Decide between a fixed-rate mortgage, where the interest rate stays the same for the term, or a variable-rate mortgage, where the rate can fluctuate with the market. Mortgage Term: Select the term of your mortgage, which can range from a few months to 5 years or more. Less than 5 years is a short-term mortgage, more than 5 years is a long-term mortgage. Your lender may move your short-term mortgage to a long-term mortgage  to make this a convertible term mortgage which will reflect a new interest rate. At the end of each term you will need to renew your mortgage. This could likely take a few terms to repay the mortgage. Shorter terms usually have higher monthly payments but lower total interest costs, while longer terms offer lower monthly payments. Amortization Period: In consideration with the mortgage term, the amortization period will impact your overall costs, interest rates and the amount of your regular payments. The amortization period is the overall length of time you will have to pay the mortgage in full. The longer the amortization period, the lower your payments. However, by taking a longer time to pay the mortgage you will be paying more in interest. 4. Gather Necessary Documentation Identification: Provide proof of identity, such as a driver’s license or passport. Have at least two pieces of identification, with at least one to be government issued photo ID. Proof of Income: Submit recent pay stubs, tax returns, or financial statements if self-employed. Proof of Assets: Show evidence of your savings and other assets, such as bank statements and investment portfolios. Credit Report: Lenders will pull your credit report to review your credit history and score. Loan Agreements: If you lease or have borrowed any other money for purchases such as vehicles, boats, education etc. These documents should be available for the lender. 5. Get Pre-Approved Pre-Approval Process: Apply for pre-approval from a lender or mortgage broker. Pre-approval provides an estimate of how much you can borrow and can strengthen your position when making an offer on a home. Pre-Approval Letter: Obtain a pre-approval letter to show sellers that you are a serious buyer with the financial backing to make an offer. 6. Apply for a Mortgage Select a Lender: Choose a lender based on interest rates, fees, and customer service. Consider working with a mortgage broker who can help you find the best deal. Complete Application: Fill out the mortgage application form and submit all required documents. The lender will assess your application and may request additional information. 7. Mortgage Underwriting Underwriting Process: The lender’s underwriting department will review your application, credit history, and financial documents. They assess risk and ensure you meet the lender’s criteria. Additional Information: Be prepared to provide further documentation or clarification if requested by the underwriter. 8. Conditional Approval Approval Conditions: If your mortgage is conditionally approved, you may need to meet specific conditions before final approval, such as providing additional documentation or getting a property appraisal. Property Appraisal: The lender may require a professional appraisal to determine the market value of the property you wish to buy. This is an expense, not to be included in your down payment amount and may cost approximately $300, to be paid to your lender. Mortage Insurance: Canada Mortage and Housing Corporation (CMHC) insurance is required on all homes with less than 20% down payment of the purchase price. This protects lenders against mortgage default and enables consumers to purchase with a minimum down payment starting at 5%. Your lender pays this premium, which can be paid in one lump sum or added to your monthly mortgage payments. 9. Final Approval and Closing Final Approval: Once all conditions are met, and the lender is satisfied with the appraisal and documentation, you will receive final approval. Closing Process: Work with your real estate agent and lawyer to finalize the purchase. Review and sign closing documents and arrange for the down payment and closing costs. 10. Post-Approval Mortgage Payments: Set up a payment schedule for your mortgage, ensuring you understand your payment due dates and amounts. Review Terms: Regularly review your mortgage terms and consider refinancing options if interest rates drop or your financial situation changes. Local Considerations for Winnipeg Property Taxes: Factor in local property taxes, which can vary by neighborhood and property value. In Winnipeg property tax can be paid monthly, instead of one lump sum in August,  through the Tax Instalment Payment Plan (TIPP). Insurance Requirements: Ensure you have adequate homeowners insurance, including coverage for hazards common in Winnipeg, like winter-related damage. It is not legally required if you have paid your home in full, but recommended. If you are securing a mortgage through a lender, you will be required to have homeowners insurance. By following these steps and understanding the requirements and options available, you can navigate the mortgage approval process effectively and secure a loan that meets your needs and financial goals. When to Get Pre-Approved for a Mortage The timing can significantly impact your ability to make strong offers on homes and ensure a smooth purchase. Here’s how to determine the right time to get pre-approved: Ready to Buy: Pre-approval typically lasts for 60 to 120 days, depending on the lender, so it’s best to time it close to when you plan to start house hunting. If you aren't ready to buy within that timeframe, you may need to reapply for pre-approval later. Before House Hunting: Knowing how much you can borrow will help set a realistic budget, so that you will know what price range to look in and can move quickly if you find the right home. As well, having the pre-approval letter ready makes you a more appealing buyer to the seller in a competitive market.  Have a Down Payment: With your credit in good standing and a saved down payment you can apply for the best loan terms. You'll also need money for closing costs and other expenses. Mortage Rates are Favorable: You may want to lock in on a favorable rate by getting a pre-approval, securing a good interest rate can save you money over the life of the loan. Conversely, if rates are high and expected to drop soon, you might want to wait a little longer before locking in. Stable Employment: Lenders prefer to see stable employment with consistent income. If you’ve recently changed jobs, it’s often best to wait until you have several months of employment history in your new position. Lenders typically like to see at least two years of steady employment in the same field, so if you have stability in this area, now might be the right time to get pre-approved. When Not to Get Pre-Approved: If you’re more than six months away from buying: Pre-approval only lasts a few months, so if you’re not ready to buy in that timeframe, it’s best to wait. If you’re planning significant life changes: Major changes like switching jobs or making large purchases can affect your pre-approval, so wait until your situation is more stable. Summary The best time to get pre-approved is when you're financially prepared, ready to start house hunting within a few months, and in a position to secure favorable loan terms. Let me know if you'd like more specific advice based on your situation!

Selling one house and buying another will require coordination through careful planning to make it work smoothly.   Whether you’re upsizing, downsizing, or relocating, the key is to time the sale and purchase to avoid being without a home or holding two mortgages at once. The Timing Challenge: Navigating the Sale of One Home to Buy Another 1. Understanding the Market Conditions The first thing to assess is whether it’s a buyer's or seller's market in your area. In a seller's market, homes tend to sell quickly, which can be beneficial if you’re listing your home. But finding your next home could be a challenge. On the flip side, in a buyer’s market, you may have more difficulty selling, but you’ll have a wider selection of homes to choose from. Understanding the local market, especially in Winnipeg, will help you make informed decisions about timing. 2. Plan with a Realistic Timeline It’s common to sell and buy a home at the same time, but it’s important to plan out the process so you know what to expect: Prepare your home for sale while beginning your new home search. On average, the process from listing to closing can take 2-3 months, but it depends on your local market and property condition. You should consider lining up a sale contingency clause if you're purchasing a home contingent on the sale of your current one, or vice versa, to protect yourself from ending up with two homes or none at all. 3. Work with a REALTOR® A REALTOR® can help you navigate the process by evaluating market trends, negotiating terms, and coordinating the sale and purchase to meet your specific needs. Timing can be unpredictable, but a professional can help you maximize your home’s value and ensure you don’t miss out on opportunities for your next home. Short-Term Financing: If the Sale and Purchase Don't Align Perfectly   Short-term financing is often used to bridge the gap between buying and selling homes. It helps you secure your next home without delay, makes the transition smoother, and gives you financial flexibility until your current home is sold.   While it adds some upfront cost, it can be worth it to avoid the inconvenience of multiple moves or missed market opportunities. If your equity is tied up in your current home and you haven't sold it yet, short-term financing provides the funds needed for a down payment on your new home. This allows you to secure a property without waiting for the sale proceeds from your current home. Financial Planning Review your financial situation with a financial advisor to determine the best approach. If owning two homes temporarily by using short-term financing, you’ll need sufficient income to manage both mortgage payments. Borrow your Down Payment Consider a personal loan for the down payment from family or friends. Ask your bank for an unsecured personal loan, which doesnt put your current home at risk.  Use the equity in your current home through a Home Equity Line of Credit (HELOC) to obtain a down payment to buy the other home. This could be a second priority mortage. Not all lendors may allow this, so you may have to check with other lendors.   Obtain a Bridge Loan If necessary, you can get a short-term loan from a bank or financial institution to cover the gap between purchasing your new home and selling your old one. This involves taking out a home equity loan on your existing property, which you repay once your old home sells. Be aware that bridge loans can be costly, with higher interest rates, and are typically only available for up to six months.  Reverse Mortgage If you’re 62 or older, a reverse mortgage might allow you to access the equity in your current home to help with the purchase of your new one. In Canada, you can borrow up to 55% against your home value if you're 62 and older. Reverse Mortgage lets you borrow against the value of your home. Benefits of Short-Term Financing    Flexible Repayment Terms Many short-term financing options, like bridge loans, have flexible terms. They’re designed to be paid off quickly once your home is sold. This temporary financial solution helps you avoid taking on a long-term mortgage or more permanent financing when you only need short-term liquidity. Avoiding a Double Move Instead of selling your home, moving to temporary housing, and then moving again once you buy a new property, short-term financing lets you move directly from one home to the next. This can save time, reduce stress, and minimize costs related to storage and temporary accommodations.  Taking Advantage of Market Opportunities The real estate market moves quickly, especially in competitive areas. If you find a home you love, short-term financing allows you to act fast and make an offer without waiting for your current home to sell. This can be particularly helpful in a seller’s market where homes can be sold at a quicker rate. Maximizing the Sale of Your Current Home Using short-term financing gives you more flexibility when selling your home. Instead of rushing the sale because you need the funds to buy your next home, you can take your time to get the best possible offer. This is especially helpful if the market conditions for selling aren't ideal. Easier Transition Between Homes With short-term financing, you can schedule the purchase of your new home and the sale of your current home without being bound to aligning closing dates perfectly. This gives you more freedom to handle the logistics of moving and settling into your new place.  Bridging the Gap: For Timing That Isn't Perfect Even with the best planning, there’s a chance the timing won’t be perfect. Be prepared for a gap in between selling your current home and buying your next one. You might need temporary housing—whether it's staying with family, short-term rentals, or even negotiating a rent-back agreement (where you sell your home but rent it from the buyer for a short time). This gives you a buffer if the two transactions don’t line up exactly. You may considor: Temporary Housing: Short-Term Rentals: Explore options for month-to-month rentals or furnished apartments to temporarily accommodate you between homes. Stay with Friends or Family: If feasible, staying with loved ones can be a practical and cost-effective solution.  Leaseback Agreements: Negotiate a Leaseback: If your buyer agrees, you might rent your current home from them for a short period post-sale, giving you extra time to find your next home. Sell First, Buy Later: Prioritize Selling: Selling your current home first can simplify the process, especially if you have arrangements for temporary housing or financing. Contingency Offers: Include a Sale Contingency: When making an offer on a new home, consider adding a contingency that the purchase depends on selling your current home. This can make your offer less attractive but provides some security. Negotiate with The Seller: Seek Flexibility: Try to negotiate with the seller of your new home for a delayed closing or settlement date. They might be open to allowing you to stay longer in your current home or extend the closing period. Coordinate Closing Dates The goal is to align the closing dates of both properties to make the transition as seamless as possible. If possible, aim to sell your home first with an extended closing period (for instance, 60 to 90 days). During this time, you can search for your next home and schedule the closing date of your purchase shortly after the sale is finalized. Flexibility in negotiation is crucial for this.   Summary Ultimately, you want to secure your next home without delay, make the transition smoother, and have financial flexibility until your current home is sold. Short-term financing can help avoid multiple moves or missed market opportunities.   The top priority is to secure your next home cost-effectively, maximize the value of your current home, and ensure a swift, efficient move. By exploring these options and planning, you can manage the timing challenges of buying and selling your homes.