Spring typically signals the end of slumber for Winnipeg’s real estate market, but this year home sales are rising consistently through the seasons.
High demand from buyers and a significant decrease in total listings is contributing to a ravenous seller’s market. The surge in real estate is a symptom of record-low interest rates and record-high interest in homeownership.
In short—now is a good time to sell.
The pandemic is emphasizing the desire for space and autonomy under lockdown. A happy home is more than a place to rest your head; buyers are demanding office spaces, private gyms, and entertainment centres.
Manitobans looking to buy have the blessing of big banks, which are offering interest rates as low as 1.64 per cent. This cavalier distribution of funds has critics wringing their hands. Both The New York Times and Reuters have speculated this property boon could spell trouble on the horizon.
As reported by the CBC, experts are comparing Canada’s housing market to New Zealand, where officials are imposing sanctions to quell the number of indebted borrowers. They fear many people have financially over-extended themselves and may be vulnerable post-pandemic when interest rates rise.
Desperate buyers are rushing the market, sometimes paying tens-of-thousands over original property valuations. Savvy shoppers not wanting to be caught in a lurch are seeking advice from professionals.
While selling has never been easier, the task of buying is daunting. The reality is—home buyers need help. A competent real estate appraiser is the best way to ensure a consistent valuation with Winnipeg property values.
Winnipeg’s dynamic real estate market provides unprecedented opportunities that—if navigated properly—could provide financial advantages for buyers and sellers alike.
By: Tyler Searle
