Winnipeg Real Estate Podcast

City Assessed Value vs. Market Value

[00:00:08] This is actually a very common question I get from home buyers. They see a house listed at, let's say, 300,000 dollars and then find the city assessed value is just 250K. What's going on? The house is grossly overpriced, right? [00:00:23] So here's what's happening. The city assessed value is simply an average for that type, style, size and age of home in that particular neighborhood. Since the city in all likelihood has never stepped foot inside that particular home, they wouldn't know that the owner recently replaced all the windows, upgraded the heating and cooling, installed all new flooring and repainted inside and out. [00:00:45] None of those things require building permits, so the city has no idea that that's been done: so that this home would be above average when compared to others in the area. Now this can also happen the other way around, and a house which is city assessed at 255,000 might hit the market with the listing price of 220. In that case, the original owner might be selling the house in all its original glory with galvanized plumbing, knob and tube wiring and the walls filled with newspaper clippings pretending to be insulation. [00:01:16] The bottom line is: don't rely on city assessed value (i.e. an estimated average) to guide you as to the proper market value of any home. [00:01:25] After all, that's what your real estate agent is for.

September 2019 - 60-second Market Update for Winnipeg

September caps off a STRONG 3rd quarter in Winnipegs Real Estate Market    The third quarter of 2019 ended up being the strongest quarter of market  activity on record.  September’s 1211 sales were a 16% increase over last year, and only 4 sales short of the best September on record, in 2016.   Making things a little easier for buyers is the fact that this September saw a 10% increase of new listings coming to market, when compared to 2018.   This helps to keep prices in check.  The average single family home sold for  $325,215  less than 1% increase over last year.   What does all this mean:  The fall-time is usually a buyers market, and that is especially true this year.  Right now is the best time to buy a house or condo in Winnipeg.

How to use RRSP’s to buy your first home

Home Seller Tip #1 - Should Sellers be present when the showing is going on?

Tips for Real Estate Investors - Buying your first rental property

Tips and pointers for anyone looking to buy their first rental property.

What Should Home Buyers Do 6 Months Before Buying?

7 Question buyers should ask at an open house

Interview with Sandi Huynen, Mortgage Broker

Great info for home buyers in Canada.  Talking about the need for CMHC and what the new 'stress test' for home buyers is all about.

Mortgage Insurance or Life Insurance - EP: 119

As a new home owner, which is better to get:  mortgage insurance or life insurance?

Renting an Apartment or Buying a Condo? Which is better?