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September 2018 Market Update

Reused by permission of the Real Estate News

http://winnipegrealestatenews.com/Resources/PressRelease?fileID=500

September Sales Drop 12%

WINNIPEG – September sales of 1,046 were disappointing as they fell 12% in comparison to September 2017 and were off 9% from September’s 5-year average of 1,156 sales. On the other hand, new listings were up 6% and inventory of 5,134 listings grew by 11% over the same time last year.

Year-to-date sales activity shows sales of 10,264 are down 7% over the same period in 2017 while dollar volume has decreased 5% to $3.0 billion.  Listings entered on the MLS® at the end of September are 19,771, up less than 2% from 2017.

If you look back before 2016 and 2017, the best years ever on record where sales after nine months were right around 11,000, year-to-date sales are very much in line with 2015 and 2014 and much closer to 2013 in total sales.

“Winnipeg’s resilient market is being tested this year in light of newly tightened federal mortgage regulations and it is preventing a number of prospective buyers from entering our market,” said Chris Dudeck, president of WinnipegREALTORS®.  He added, “ The lack of new entrants to a housing market compounds matters further as the cascade effect of more sales occurring further up the real estate ladder is muted due to sellers unable to move on with their plans to buy a home if theirs does not sell.”

We also need to keep things in perspective how Winnipeg and the outlying metropolitan region  housing market is performing relative to many other housing markets across the country. At a Canadian Real Estate Association national conference held this month, delegates were told 50 local markets are down more than 10% and 75 out of 101 markets are experiencing declining sales activity in comparison to year-to-date sales in 2017.

“As always, both buyers and sellers need to consult with their REALTOR to develop a strategy to navigate our current market conditions,” said Dudeck.

In September there were 5 million dollar plus single family home sales with one selling for $2 million. The lowest sales price was $44,500. For condominiums, one unit sold for close to $1 million at $964, 950 while the lowest one went for $66,500.

The average days to sell a residential-detached or single family home was 32 days while for condominiums it was a week longer at 39 days.

A real positive for the Manitoba economy going into the last three months of the year is the recently signed United States-Mexico-Canada Agreement. It should bring more certainty and economic stability to what was concerning for many Manitoba businesses which rely on exporting their goods and products south of the border.

One of the most important components you need to take into account when selling a home is strategy”, said Marina R. James, CEO of WinnipegREALTORS®.  “Your REALTOR® knows strategy and will help you navigate through complex issues from start to finish.”

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When is the Best Time to Sell?

Is Now the Best Time to Sell?

Selling your home is not only a big decision financially, but also emotionally. Your home is no longer the bricks, drywall, and hardwood floors you fell in love with when you bought it. You have tackled some of life’s many milestones and made memories inside the house you now call a home. Whether you have simply grown out of the house, are choosing to downsize, or you’re looking for a new location, there are many factors that may influence your decision to sell your house.

Check your Finances: Do some research to determine the payoff amount of your loan so you can determine what your sales proceeds will be after you have paid off your loans, closing costs, and REALTOR’s commissions.  The closer you are to the end of your mortgage term, the less additional expenses you will incur.

Do Some Comparisons: Doing your homework is always important! Do some research on the current condition of the real estate market, and look into some comparable properties who have recently sold in your neighbourhood.  You may want to consider selling when it is a seller’s market.

Is your Home Ready to Sell?

We have all heard the many ways you can improve your home to get the biggest return on your investment when selling. While you may not want to make any major improvements, it’s important to ask yourself if your home is in its best condition to sell. At the very least, you need to ensure you have the time to give your home a good deep-clean and de-clutter to ensure it is prepared for showings when the time comes. Take into consideration the length of time it will take to do this to determine a time frame for when you can realistically list your home.

Four Questions to Ask Yourself:

Take a second to think about your answer to these four very important questions. If you’re happy with your answers, you may be ready to sell and if not, it may be worth it to continue weighing the pros and cons of your decision to sell or speak further with a Real Estate Agent to get their opinion.

  • After selling this home, where will you move?
  • Are you still emotionally attached to your current home?
  • Are you financially ready?
  • Are you willing to make changes to paint colours, or upgrades to the home?

When is the Best Time to Sell a House?

Most real estate professionals will tell you that the best time to sell would be the spring, followed by the fall. Spring is desirable for many sellers as it is a great time to showcase your homes best features and many buyers want the transaction to be completed before the summer months. It’s important to remember that since it is the busiest time of the year, you will face more competition, increasing the importance of making sure your home shows at its best.

At the end of the day, the best time to sell is when you’re ready. Call today with your questions and to schedule a free home evaluation.

204-452-9627

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Real Estate Myths and Truths: QUIZ

Real Estate Myths and Truths: QUIZ

Courtesy of https://www.remax.ca/

Real estate can be complicated. First of all, we’re talking about a bundle of your hard-earned and harder-saved money. Second, there are many different factors that can affect the trajectory of the housing market, including economics, politics and others. It’s vital that homebuyers and sellers assemble a knowledgeable team of professionals to help answer all the questions that will inevitably arise. In the meantime, here are some common real estate myths – and truths!

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Moving tips to add to your TO DO list

Moving tips to add to your TO DO list

Preparing to move into a new home can be overwhelming. Needless to say you have a lot on your plate, so we reached out to our RE/MAX Influencers — a panel consisting of RE/MAX Sales Associates from throughout Canada — to make a list of the most important moving tips a buyer should keep in mind to prepare to move into their new home.

Address Forwarding

Forward your mail. Missing important government notices, taxes, and health care reminders can mean missing deadlines and incurring penalties.

It can be hard to remember which ones all need to be done, but if you write down all of the bills and mailing you have received in the last 1-2 months you should be sure you covered all of the bases. A few to keep in mind include your doctor, dentist, driver’s license, and credit card companies.

Movers

Moving takes a lot of energy (and muscle), therefore it’s best to leave it to the experts. Hiring movers will take a lot of the stress away from you, allowing you to focus on the more important logistics on moving day. And remember, have a list and don’t leave anything until the last minute!

  1. “Book the movers! All other activities revolve around this schedule.” – Tammy Marcoux, RE/MAX Camosun, Victoria BC
  2.  “Prepare well in advance, really important – mark your boxes and count them – place the number of the box where it can be seen, as well as a list of the number of boxes and their contents, separately in case something is misplaced or lost – label everything!” – Sharon Black, RE/MAX Kelowna, Kelowna BC
  3. “When moving day comes, make sure every last thing is in a box the night before. Make it easy for yourself – the only thing you should be doing on moving day is putting your night clothes and bedding in a clear plastic bag and getting dressed.” – Dawn & Lawrence Setter, RE/MAX First Realty, Parksville BC
Utilities & Services

You don’t want to arrive to your new home and have a bunch of tasks to do that you could have done ahead of time, you will be busy enough as it is. Arrange your utility hookups and services (internet, phone, and TV) ahead of time to ensure a smooth changeover and installation.

Child Care & Pet Care

On a day like this you want as little distractions and things to keep an eye on as possible. “Arrange for child and/or pet care the day of the move so that you can put a full day of work into concentrating on the move.” – Tammy Marcoux, RE/MAX Camosun, Victoria BC

Cleaners

Moving takes longer than you would expect, and the last thing you will want to do at the end of moving day is clean your old house. Hire a professional cleaner to ensure that you leave your place clean and tidy for the new owner. Also, consider having your new home cleaned before you move everything inside in order to get off on the right foot.

Get Rid of Stuff

The less you have to move the better, especially if there are things you just never use. Get rid of unnecessary items before you move – it takes a lot of time and energy.

Ask for Help

Don’t try and do it all on your own. Your friends and family are excited for you, ask them to help where they can!

Other Good Tips from our Influencers:
  • “Have a box that will travel with you or will be the first out of the truck with cleaning supplies, snacks, and water.” – Stewart Peddemors, RE/MAX Colonial Pacific Realty, Surrey BC
  • “I’ve found most clients pack highly valuable items such as jewelry, fine art, small electronic gear, and personal keepsakes themselves and do not send them on the moving truck.” – Jerry Geen, RE/MAX Kelowna, Kelowna BC
  • “Make sure everyone has their phones powered up and that everyone has eachothers number should something happen.” – Stewart Peddemors, RE/MAX Colonial Pacific Realty, Surrey BC

Courtesy of remax.ca

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June shows signs of improvement in comparison to 2017

http://www.winnipegrealtors.ca/Resources/PressRelease?fileID=496

Reused by permission of the Real Estate News

WINNIPEG – June sales activity outperformed May this year and usually it is the other way around. This helps explain adjustments that are going on within the local market to account for more stringent mortgage qualifications based on higher interest rates and the federal stress test.

June sales of 1,547 decreased 5% over June 2017 and 1% over the 5-year average for this month.  Listing activity for June increased 1% over the same month last year while the current inventory of 5,206 at month end was up 6%.

June dollar volume of $473 million is down 3% over June 2017 and ahead of all other previous months of June including the best June on record in 2016 of 1,638 sales.

Year-to-date sales activity for the first six months is down 7% in comparison to the same period in 2017 and 2016 but off only 2% from the 5-year average.  Year-to- date dollar volume of close to $2 billion dipped 2% from the same period last year and 1% from the record- setting year of 2016.

“There is no question the federal stress test is suppressing our local market this year,” said Chris Dudeck, president of WinnipegREALTORS®. “However the impact is concentrated far more on the first-time buyers’ market and some buyers looking to move up and purchase their second property.”

In June alone, residential-detached sales under $300,000 decreased 19% over June 2017 while sales over $300,000 showed a 4% gain.

The same can be said for condominiums where very active sales areas like Osborne Village are seeing a noticeable drop in sales for the first six months this year compared to the same period in 2017.

Another indicator of less sales activity in the first half of this year is when you observe the percentage of listings entered on the market that have been sold. Residential-detached listings had a drop in percentage of listings sold from 61% to 56% while condominiums  has gone from 44% of listings sold in 2017 to 40% this year.

As for the properties which are selling this year, average days to sell is slightly better with the average days to sell a residential-detached property at 27 days instead of 28 in 2017. Similarly, the average days to sell a condo is one day quicker in 2018 at 42 days.

There are some clear differences however between residential-detached and condominiums at the half-way point this year. They include listings selling for above list price, the average year-to-date sales price and supply of listings available for sale.

The supply of condo listings relative to monthly demand is over five and one-half months whereas residential-detached is less than two and one-half months.

The number of residential-detached listings selling for above list price for the first six months is 25% while for condominiums it is 9%. The average year-to-date residential –detached sales price is $325,314, a 2% increase over the same period in 2017. For condominiums, its year-to-date average sales price is $240,873, a decrease of less than 1% in comparison to 2017.

Speaking of average sale prices, the chart below shows how the various MLS® zones within Winnipeg and the rural one outside the city are doing this year in comparison to 2017.

Other than the southeast MLS® zone of Winnipeg, where the average residential-detached sales price dropped from $366,288 in 2017 to $359,876 this year, all other zones showed increases with the northeast zone up the most from $248,968 to $287,841.

“When looking at 2018 you cannot understate the fact it is up against the best sales years on record in 2016 and 2017,” said Dudeck. “Considering buyers are being sidelined in many Canadian housing markets to a much greater extent than in Winnipeg , we should remain positive about our results.”

He added, “I cannot stress enough our more affordable housing prices with a wide selection of property types to choose from creates favourable conditions for buyers to purchase a property going into the second half of 2018.”

”All markets across Canada are not the same and vary even within a local market,” said Marina R. James, CEO of WinnipegREALTORS®. “You need to be calling your REALTOR® who has the knowledge and expertise to interpret what your needs are with respect to the current market.”

Since 1903, WinnipegREALTORS® has assisted its members in achieving high levels of excellence in organized real estate by providing superior tools and services that enhance and build a vibrant real estate industry. Representing over 1,900 REALTORS® and other industry related professions active in the Winnipeg metropolitan area, WinnipegREALTORS® promotes the value of a REALTOR® and organized real estate. WinnipegREALTORS® provides its members with essential market information, professional development sessions, networking opportunities, marketing products, an effective industry voice and strong leadership to further their professional success.

The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by CREA and identify real estate professionals who are members of CREA.
For further information, contact Peter Squire at (204) 786-8854.
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What does it mean to “port” your mortgage?

To port or not to port

https://www.ratehub.ca/blog/porting-or-transferring-your-mortgage/

If you’re considering porting, it makes the most sense to do it when your mortgage rate is lower than what’s being offered by lenders. But if the mortgage rate you can qualify for is lower than what you currently have, it might not make sense to port. Also, you should look at the penalty to break your mortgage before deciding whether or not to port.

There’s also the possibility you won’t be able to port your mortgage. Some lenders will allow you to do this while others will not. So if you’re planning to move during the term of your mortgage, this is a very important feature to have. A mortgage broker will be able to tell you which lenders are portable.

Also, not all mortgages are portable. For example, most variable-rate mortgages can’t be ported. And the amount of time you have to complete the port, which is usually between 30 and 120 days, varies among lenders. Some will allow just 30 days, which may be tight in some circumstances. But 120 days is usually enough time for someone to complete the sale of their old property and complete the purchase of their new home.

The bottom line

If you’re not planning on moving, the ability to port your mortgage is an important feature because you don’t know what the future holds. If you’re able to port your mortgage, you can save thousands of dollars and won’t be charged a prepayment penalty.

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May sales decrease 11% from best month ever in May 2017

http://www.winnipegrealtors.ca/Resources/PressRelease?fileID=495

Reused by permission of the Real Estate News

WINNIPEG – May sales were down from the best May and month on record in 2017 when close to 1,700 transactions were processed on WinnipegREALTORS® MLS®.  The 1,510 sales recorded in May 2018 decreased 11% from the same month last year and are down 4% from May’s 5-year average sales numbers and 1% from the 10-year average. Dollar volume of $458.4 million decreased 8% from May 2017.

New listings coming on the market in May decreased less than 2% while inventory at the end of the month increased 3% to 5,103 listings. When broken down into the two main property types of residential-detached and condominiums, inventory sits at 2,750 and 973 respectively. If no new listings were to come on the market this inventory would run out in roughly two and one-half months for residential-detached properties and  five months for condominiums.

“While you cannot hit home runs every year, there are some headwinds facing the market this May that were not in play last year, “said Chris Dudeck, president of WinnipegREALTORS®. “Higher lending rates in tandem with more stringent mortgage qualifying requirements are dampening demand even in our more affordable housing market.  There was also a pull-forward in the spring of 2017 of new residential-detached, condominiums, single-attached and town house property type sales to avoid paying City of Winnipeg impact fees.”

Year-to-date sales of 5,021 are down less than 8% from the two busiest years on record in 2016 and 2017 but slightly ahead of the previous three years from 2013 to 2015. Dollar volume of $1.488 billion is 6% off last year’s $1.58 billion total.

Despite some slowdown in market activity in May and year-to-date, there are positive indicators to report on in May.

Average days to sell in May for residential-detached and condominiums properties were less than four and five weeks respectively. Sales of homes in the $300,000 to $349,999 price range were particularly fast-paced with average days to sell of only 16 days. Condominiums, predominantly new units, sold on average in 17 days in the $350,000 to $399,999 price range.

The average sales price in May in comparison to May 2017 was up modestly too for both residential-detached and condominiums.

An indicator of demand outstripping supply for residential-detached sales for certain MLS® areas was the number of homes selling for above list price reached 28%, a 2 percentage point increase from May 2017.

This reality is borne out by a number of neighbourhoods dispersed throughout Winnipeg which had sales numbers exceeding the number of listings remaining for sale at the end of the month. The same situation does not exist for condominiums with just 9% of condominiums in May selling for above list price. There is a healthy supply of condominium listings available to choose from throughout the Winnipeg Metropolitan Region.

The overall absorption rate for MLS® listings going into June is less than 3 and one-half months however one area to watch for is the build-up in condominium inventory. Condominium inventory is up 10% from last year at close to 1,000 listings.

“Given how there has been more time for both mortgage lenders and buyers to adjust to the new mortgage rule requirements including an modest increase in the Bank of Canada’s five-year benchmark rate, I am hopeful June may be a catch up month and will usher in improved performance in sales activity,” said Dudeck. “It would not surprise me to see June edge out May in sales this year.”

“ A professional REALTOR® is who you should be calling to find out what is your best recourse in terms of what you need to do in navigating our current real estate market”, said Marina R. James, CEO of WinnipegREALTORS®.

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Benefits of condo living

http://www.winnipegrealtors.ca/Resources/Article/?sysid=3406

Reused by permission of the Real Estate News

By Adrian Schulz

Although many people anticipate buying a single-family house when considering their next home purchase, a condominium could make more sense depending on your situation and finances. For many potential homeowners, condo living has a number of overlooked benefits, including:

Living a low-maintenance life

Don’t want to mow the yard or trim the bushes after a long day’s work? In a condominium, you won’t have to. One of the greatest perks to condo living is having maintenance on your unit taken care of as part of the dues paid to your association. This may span everything from lawn care to snow removal and re-roofing, although sometimes condo owners do have to pay special assessments for unusual or unexpected repairs.

Enjoying extra amenities

Condo residents often have ample amenities just outside their doors, as many developments include features like pools, party rooms and workout facilities without the extra costs of ownership or the headaches of maintenance. Condo owners may also have the added benefit of security measures that are provided for residents so that they feel safe, even if they are living alone.

Capitalizing on location

Many condominiums are located in prime neighbourhoods close to work, transit, restaurants or shopping — areas that otherwise would be too expensive to live.

These desirable locations also typically retain or increase their value over time, making them a solid financial investment.

Stretching your dollars

Condos can represent great value, as buying comparable standalone properties are typically far higher in cost. While potential buyers should factor in the financial impact of association dues, there still may be a considerable upside to purchasing a unit in a multi-family property. Also, because maintenance is covered, many condo owners find that their housing budgets are far more predictable than those who have to care for and upgrade single-family homes.

Strengthening social connections

Many condo residents love having the opportunity to have regular, unplanned social interactions with their neighbors. Living in a condominium development prevents the isolation that sometimes occurs while living in a single-family dwelling, and can even provide a strong sense of community among residents.

Condo living may not be ideal for everyone, but it can represent a viable option with fewer headaches and financial downsides than single-family homes, while providing access to a low-maintenance and active lifestyle for residents.

Adrian Schulz, ACCI, Imperial Properties

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