Thinking of becoming a home owner but want to avoid the bidding wars?  Condos offer an excellent option and opportunity to own your own place. For more real estate info, check my blog at https://blog.winnipeghomefinder.com Never miss an episode. Install our FREE Podcast App available on iOS and Android. For your Apple Devices, click here to install our iOS App. For your Android Devices, click here to install our Android App. Check my videos on Youtube [00:00:00.240] What's Winnipeg condo market in July 2020? Coming up next.  [00:00:23.230] For those of you who have listened to or watched my housing market report for July 2020 in Winnipeg, you already know that the housing market is super hot. It's a super hot sellers market. Tough for buyers. Well, condos are kind of the opposite. [00:00:38.430] Condos are and remain and have always been for the last five years a real strong buyer's market. It's a great opportunity for you to get into real estate, to become a homeowner if you don't want to endure the bidding wars of houses. You can find a really nice condo even for under 250,000 dollars. But Condos in the 250 plus range are superstrong buyer's market. They can sit there for several months. You won't likely get into a bidding war if you buy one and you can get a pretty good deal on these days. [00:01:09.420] So let's take a look at what the market is like as an overview. [00:01:12.570] Last year for this time period, for a month, we sold 82 condos in Winnipeg. Last month, we sold 78. And then in June, we sold 108. So it's not only faster than last month, but it outperforms last year as well.  As for the most expensive condo it did hit one million dollars in the North Henderson Highway area. And you're going to see that the condo market this month actually outperforms not only last month, but last year as well. [00:01:40.200] Let's take a look at the numbers of available condos for sale as of July 1st. We can see that last year,  under two hundred and fifty thousand dollars.  Last year we had 513 for sale. On June 1st, we had 354. And July 1st it was 369. So it's slightly more than last month, but it's way down from last year. [00:02:02.350] Same thing for condos of two hundred and fifty thousand dollars. +, all the way up to as high as they go. And they do go for a million dollars in Winnipeg. That's pretty, pretty comparable to last year. Last year we had 323. This this month we had 302, which is virtually identical to the previous month as well. So that's remained fairly stable. [00:02:21.390] But now looking at the sales, you're going to see that this month has outperformed the previous month and even the previous year condos under 250,000 dollars last year. [00:02:30.930] This time period, we sold 35. This month, we sold fifty five. And for more luxurious condos, 250,000 dollars and up last year we sold 47. This year we sold 53. So even when compared to last year, which was a fairly active year, condo sales are up this year over last. What does all this mean? I'll explain when I come back. [00:03:07.230] So with math formula, we combine the sale statistics and the available listing statistics and we come up with something that works out to be the days of inventory. This is basically answering the question that if nobody else listed their condo going forward, how long would it take to sell everything that's out there? And of course, the lower the number, the hotter the market. If we take a look at condos under 250,000 dollars last year, that number was 455 days. [00:03:36.420] In other words, it would take nearly a year and a half to sell everything that's out there. This month, that number has dropped to 201. So that's twice as fast as last year. Condos over 250,000 dollars. Last year that number was 213. This year it's 171. Again, a huge improvement over last year. Now, keep in mind, 201 and 171, . those are still really high numbers. [00:04:03.210] When you compare them to houses, if you look at my housing report, those numbers are in the 30 and 40 range, not in the hundreds. And the last statistic I look at is how many new listings came to market during the month of June. How many people listed their condos last year? That number was 352 new listings came to market.  This month, it was 334. So down slightly from last year. [00:04:28.500] But it's it's getting back up there.  The previous month, that's the month of May, this year we had 302. What does all this mean? The overall picture. Condos this year are selling faster than they were last year. But when compared to houses, they are still a much, much more relaxed and slower market than houses. [00:04:47.820] If you're currently renting and you're paying twelve hundred dollars and I went through this with with a client of mine, they were paying $1,200 for an 800 square foot apartment. They managed to get into a 1300 foot, ten year new townhouse with the garage for about the same money. Actually it's costing them less money than 1,200 dollars a month. That's including taxes and condo fees and the mortgage interest. So if you're interested in getting out of the rent-race and you don't quite want to buy a house, maybe it doesn't fit your lifestyle or maybe you just don't quite have enough money because you can buy a really nice condo for $220,000, whereas that's that's getting really tough to find a house in that same price range. [00:05:31.030] If you're interested, consider condos. Give me a shout any time. It's Bo Kauffmann Remax Performance Realty 204-333-2202  I'd love to help you out till next time. Bye bye.  
Real Estate Market Update for houses in Winnipeg in July 2020 For more real estate info, check my blog at https://blog.winnipeghomefinder.com Never miss an episode. Install our FREE Podcast App available on iOS and Android. For your Apple Devices, click here to install our iOS App. For your Android Devices, click here to install our Android App. Check my videos on Youtube [00:00:00.240] Let's take a look at the real estate market conditions for July 2020 in Winnipeg. [00:00:23.090]  Well, hello, Winnipeg, it's Bo Kauffmann Remax Performance Realty, and it's July 2nd, 2020. And I take a look back at the sales and listings which happened over the last month or so, all of June. [00:00:34.580] And you're going to see that we are in a super hot sellers market right now. And for example, last year for the month, we sold 786 houses in Winnipeg. This year we sold 861. So that alone is 10 percent more sales. But you're going to see that the listings for actually way down, which makes it an even hotter market. Similar story with condos last year and this time period, we sold 82 condos and Winnipeg this year we sold 108. [00:01:03.030] So that's about 20 percent more or even 25 percent more. As for the market highlights for June, the most expensive house sold was 1.45 million in South Headingley. In fact, during the month, there were four houses sold for over a million dollars. And the most expensive condo hit one million dollars. And that's in the North Henderson Highway area. And as I mentioned earlier, the number of available houses substantially down quite a bit from last year. [00:01:28.190] So let's take a look at available houses in Winnipeg. Last year this time, we had 1,866. And today we got 1,232. That's that's a huge drop. That's about a 35 percent drop in listings available for the buyers to pick from breaking that down among the different price ranges for houses under two hundred and fifty thousand. Last year we had 486 available this month, virtually the same as last month, 265 available in that price range. [00:01:56.770] The mid-range homes, 250 to 500 thousand dollars. Last year we had 934. This month, we have 584 way down. So. And it's just about 10 more than last month. Luxury homes last year. 446 available.  This month, 384. Again, a big drop over last year. Now the available listings are down, but sales are keeping up, or actually better than last year in most of these categories. [00:02:25.400] Under two hundred and fifty thousand dollar homes last year, in a time period of June, we sold 203. This year, 199. virtually the same. Quarter million to half a million dollar homes last year, we sold 504.  During June this year 570. [00:02:41.630] And luxury homes as well. Last year we sold  79 in that time period, this year, 92. If you've been listening to my real estate reports over the past few years, you know, I put those numbers, that is the sales and the listings, together. And I come up with a quotient I called days of inventory that is kind of giving a number to how hot the market is. So let's take a look at houses under 250thousand dollars. You can see that maximum would be about 120 days. In fact, an average market would be around 90 days or so. Last year we were at 74. And this year, right now, this month, we're at 40 days. That is super, super hot sellers market. [00:03:20.860] Houses for 250 to 500 thousand dollars are in a similar predicament. Maximum is 120 days. Average would be around 90 or so. Last year, 57. This year 31. If you've got a house in the 250 to 350, 375 range and it shows half decent, it's going to be gone in a few days. [00:03:42.200] Luxury homes over half a million dollars, you know, a maximum about 400 days. We usually see markets around 220, 250 days. Last year, 175. This month, 125 days for luxury homes. That is a very, very hot. And the last thing I want to take a look at is the seller confidence. How many people are confident in selling their house and listing it right now? Last year this time, we had 1,409 people listed their home in this period. Last month we were just shy of 11 hundred. [00:04:12.740] And this month we did creep up a little bit. 1,300 is still one hundred less than last year. It seems like the market right now is made up of a lot of buyers, but not a lot of listings to choose from. [00:04:40.280] I hope you've enjoyed this housing market report for July 2020. And Winnipeg. I do a separate condominium market report. As hot as the housing market is, Condos do offer a great opportunity for buyers who want to get into the housing market who want to own their own property, but don't want to deal with so many bidding wars. So if you're thinking of buying your first home, a condo might be an option for you. Check that report as well. [00:05:03.800] And as you may know, I work with buyers and sellers, houses and condos in Winnipeg. So if you're looking to buy or sell either one house or condo, give me a shout anytime. That's Bo Kauffmann Remax Performance Realty 204-333-2202.
If you're tired of renting, let me show you how one of my clients fired the landlord and now own their own place. For more real estate info, check my blog at https://blog.winnipeghomefinder.com Never miss an episode. Install our FREE Podcast App available on iOS and Android. For your Apple Devices, click here to install our iOS App. For your Android Devices, click here to install our Android App. Check my videos on Youtube [00:00:00.240] Are you currently renting and thinking you can't afford your own home? Let me dispelled that myth right now.   [00:00:22.680]  So are you renting right now and wondering if or how you could afford a new home? Let me tell you what happened to a client of mine very recently. They called me at the end of May to tell me that they were they had been renting for about five years and everything was going okay until a noisy tenant moved in above them and they finally had it. [00:00:40.720] So they were looking at alternatives, but they didn't initially think that they could afford it. I put them in touch with my mortgage specialist and this is what we came up with. So they were pre-approved for $300,000 and their initial plan was to find a stand-alone home. But in the south end of the city, St Vital, , Fort Richmond, Richmond West. Now there are neighborhoods in Winnipeg, where I can find you are really nice. home for 300,000 dollars or less. Standalone house. But St. Vital, , Fort Richmond, White Ridge. Those kind of areas are not among them. So after a few disappointing showings, we switched focus and we started looking at condos. Currently they lived in about an 800 square foot apartment, two bedrooms, one bath, outdoor parking, and they were paying 1,210 dollars a month. After looking about three or four condos. This is what we found them for $275,000 dollars. [00:01:32.780] We got them a three level townhouse condo in Bridgewater. Here's what you've got on the main floor. You have a small office area plus closets and the laundry room, and that is the door to the attached garage. So they go from outdoor parking to a single attached indoor garage.  On the second floor, we have a half bath, a really nice, open, modern kitchen with all the appliances, all stainless steel appliances included the patio door leading to the balcony and a large living room area. [00:02:03.760] And the top floor features two good sized bedrooms, a main four piece bath and the large master bedroom with a full en-suite and lots of closet space. Now, as I said, their apartment was 800 square feet. This condo is 1,350 square feet. So let's take a look at how those costs compare. As I already said, they initially paid twelve hundred and ten dollars for rent plus hydro. So this condo, we got them for two hundred and seventy five thousand dollars. [00:02:31.510] They put five percent down, but there's CMHC fees lumped into it, which is around four percent. So let's say that they had to mortgage a two hundred and seventy five thousand dollar mortgage and figure out what the interest is on that. So let's be generous and say they're paying 2.4% , which makes a monthly interest costs of 550 dollars. So, yes, the actual mortgage payment is going to be higher. But anything above the interest goes against their own mortgage payment. So that money is not lost. It's not an expense. It goes to pay down their own debt. The only real cost is the interest. [00:03:06.670] After this, a property tax of 250 dollars per month and then a condo fee of 225 dollars a month. Now, hydro costs are going to be very similar as their rented space, as will insurance. The condo building insurance is actually included in the monthly condo fees. [00:03:22.300] So all they have to do is add condo owners insurance, which is similar to renter's insurance. So add up all these costs and instead of 1,210 a month, their cost of living in their own home is $1,025 dollars per month. So that's nearly two hundred dollars a month less than renting the garage. Lack of noisy neighbours. All that is just a bonus. [00:03:42.520] So here's an interesting tidbit. If you're looking for a house right now, houses are at a premium.  There's only about 1,300 homes for sale in Winnipeg as opposed to last year, this time when there was nearly 1,900. So houses are harder to get. But you know what remains a buyer's market?  It's condominiums. And if you're renting right now and you're itching to get into the housing market, a condo might be a great stepping stone. It's true that condos probably will not appreciate as much as houses, but it is a stepping stone into owning your own property. [00:04:14.110] There are many benefits other than increased property values to owning your own property. Homeowners benefits include renting it out or borrowing money against it, fixing up the inside, paying down on the debt. So you know that that savings is basically it's tax free because that's your primary residence. So if you're thinking of getting into the housing market or into the owning your own home market, condos are a great option because right now there are still over 600 condos for sale, which is comparable to last year at this time. [00:04:46.470] Here's another tip. Those clients of mine didn't actually have 5% down. The mortgage specialist was able to find them a mortgage which used borrowed down-payment. So that is a way of using a like a line of credit at your bank. Now, in order to qualify for that, you have to have exceptional credit. You have to have above average credit rating. But even so, even if you don't have five percent down, there may be a way to get you into owning your own property with borrowed down payment.
If you're serious about buying a house or condo in the summer of 2020, you will face 2 challenges.  Here is the 1 solution that fixes both. For more real estate info, check my blog at https://blog.winnipeghomefinder.com Never miss an episode. Install our FREE Podcast App available on iOS and Android. For your Apple Devices, click here to install our iOS App. For your Android Devices, click here to install our Android App. Check my videos on Youtube [00:00:00.240] Are you serious about buying a house or a condo in Winnipeg in the summer of 2020? You're up against two challenges. I'll talk about those and how to get to the head of the line right away.   [00:00:26.710]  Hello again, everybody. It's Bo Kauffmann Remax Performance Realty. I'm a residential real estate agent in Winnipeg for the past 15 years and I enjoy working with buyers and sellers of houses and condos.   [00:00:37.420] If you're serious about buying a house or a condo in Winnipeg in the summer of  2020, you're up against two challenges. One is a super active market. And the others is Covid. I'll talk about both of those challenges right away and then give you a shortcut to get you to the head of the home shopping line. Please note I said if you're serious about buying a house or a condo in Winnipeg, I get a lot of calls from people saying, hey, I just want to see your listing.   [00:01:01.750] And when we talk about it a little bit further, they say, no, we're just starting to look or we're just curious. We just want to see it. So let me explain.   [00:01:10.180] When a seller hires a listing agent, that agent owes the homeowner a set of duties and responsibilities,.... responsibilities, which I take very seriously. Those responsibilities include not showing the home to anybody who is not pre-approved, not pre qualified, may or may not be able to afford it, and more importantly these days, to show the home only to those people who have been deemed to be covered free to the best of our ability.   [00:01:36.080] So if you're just browsing, just starting out, just looking, there are plenty of open houses still. You can go online, see virtual tours, even virtual open houses. Now, that's a great way to start, but don't call a listing agent to show you a house, because here is what's supposed to happen if you phone me. My first question to you is, are you pre-approved? Now, even that question has offended some callers, and I'm sorry for that.   [00:01:59.160] But as I said earlier, I owe the home seller, a responsibility that I'm not going to show the house to anybody who just makes a phone call. You've got to be pre-approved. My next question may be who are you pre-approved with? Because not all lenders are the same. I'm just now dealing with somebody who has gone through  their third week of financing, continuing to get extensions on the financing condition. It's not acceptable. And these people were supposedly pre-approved.   [00:02:25.060] And another example, I met a young couple who came to me pre-approved by one of the smaller credit unions when it came time to make an offer. That credit union wanted a full week financing again in this active market, that's not sufficient. So not all lenders, not all mortgage lenders are the same, and some are definitely better than others. Another example may be that you need to sell your current home before you can buy one. There really is no point in looking at a house, especially these days, because when we make an appointment to get you into a house for a showing, that homeowner has to pack up and leave.   [00:02:58.120] That's under the COVID rules. The homeowner is not supposed to be in the house at the time. So we are really inconveniencing that seller to show the house to somebody who is not ready to buy. But as I said earlier, there is a shortcut, a way to get you to the head of the line. Talk about that right away. After I discussed the second challenge, which is COVID.   [00:03:31.300]     [00:03:31.660] We're pretty lucky in Winnipeg, Manitoba. In general, we've got very few cases. We want to keep it that way. So each time you phone a listing agent to show you that listing, he or she is supposed to go through a checklist with you. It's basically  two pages long. It's like a medical background check list. Have you traveled? Have you been in touch with anybody who has traveled to show any symptoms? Have you been tested?   [00:03:53.860] So it is quite in-depth and you're supposed to fill that out for every showing that you go to. Imagine doing that for every listing?  There is a better way. Call an agent like myself or any other buyer agent and ask them to become your buyer agent. It's really easy, simple and free. Here's what happened once you call me. We'll have a Zoom meeting or an in person if you prefer.   [00:04:16.600] And during this meeting, we'll discuss your home buying needs and wants and financial capability. We'll also discuss your health status. You only have to do this once with your buyer agent if required. I'll set you up with the right lender, not somebody that takes a week to get things done, but somebody who stands behind their pre-approval. After we've done that, we'll set you up on a search and all the listings that fit your needs and fit your requirements will come straight to your inbox.   [00:04:42.430] That way, let's say on a Saturday afternoon, you want to look at a couple of houses. You send me the addresses that you want to see and I'll book the showings. You don't have to call three different agents. You don't have to fill out three different forms. You don't have to answer three different sets of questions regarding your pre-approval or your health status. That's already been done. All you do is you sent me a list of houses you want to see.   [00:05:05.500] I'll book the showings and away we go. What's a great way to pick a buyer agent? Well, check the Better Business Bureau. There are a handful of agents who are credited with the Better Business Bureau, and an even simpler way is just to check Google.  Check the agent's name behind that name, put Google reviews and you should come up with with a list of reviews.  So if you're thinking of buying a house or a condo in Winnipeg, give me a call anytime.
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Creator Details

Birthdate
Jan 29th, 1961
Episode Count
136
Podcast Count
2
Total Airtime
17 hours, 16 minutes