One Link Mortgage & Financial is your mortgage consultant team that is always updated on the recent residential trends. We can provide you the best advice on when to start looking for a mortgage in Winnipeg. With housing rates constantly fluctuating, it is important to stay current with the market so you can better predict where the prices will head in the future.
Market Update Winnipeg:
As your local mortgage brokers in Winnipeg, we can provide you the best statistics on the current housing market.
According to the Canadian Real Estate Association, condominium and single, detached family home sales have decreased this year compared to 2017. February 2018 sales have decreased 11% from the previous year, with only 683 units being sold. This is an overall 10% decrease in sales over the past 10 years. For condominiums, sales have decreased 16% from February 2017.
The average price range of $150,000 to $199,999 has continuously dropped in sales over the past two years. By February 2017, there was a decrease in sales of 36%, and by 2018, the sales had continued to decrease another 19%.
This unexpected decline in sales could be due to the new Canadian mortgage rules that were enacted in January 2018. These rules state a mandatory stress test for everyone needing a mortgage, regardless of how much you pay towards your down payment. With mortgage rates in Winnipeg increasing, the stress test is to see if Canadians can financially handle these rising rates without taking on too much debt. Homebuyers affordability could decrease as much as 15%, due to these new rules. This could be why there have been fewer sales in February because potential homebuyers could be putting off their home purchase in order to save more money. Contact your Winnipeg mortgage broker to go over your financial records and assess your affordability.
Get Started Today!
For more information on the market update, or to get started on a mortgage today, contact your Winnipeg mortgage brokers. Our team at One Link Mortgage and Financial can provide you the best services on the market and ensure your dreams of homeownership come true. So don’t wait, call our office at 204-954-7620 to get started!