Winnipeg Real Estate Podcast

Canada House Prices Picking Up Steam

Hello…this is Bo Kauffmann of Remax in Winnipeg, with your real estate news for…  Monday, April 17th, 2023…   Today is National Crawfish Day and Bat appreciation day   (the mammal, not the stick)   Just a few weeks ago, we were wondering if cheap credit and government-led relief measures would stop Canada's real estate market from going down.   According to figures from the Canadian Real Estate Association (CREA) that came out this morning, the benchmark home price went up a lot in March. Canadian Real Estate Prices Jump $12k Last month.   In March, the average home went up 1.7%, or $12,300, to $727,700.   It comes after a 1.0% rise (+$7,100) in February and is the second increase in a month since the correction started.   Even though two months doesn't seem like much, it's enough to change the direction of the annual trend.   In March, home prices dropped by 15.5%, or $133,300 as compared to last year.   The 12-month drop is the biggest fall in CREA's benchmark's history. Since the standard only goes back to 2005, it's hard to say how this compares to the correction in the 1990s.   At the same time, this might be the fastest rate of turnaround. Prices of properties don't move in a straight line, so it's too early to tell what will happen.   For more on this report, go to https://boknows.homes/8c2f1d90   Here in Winnipeg, we should also focus on one figure that I just mentioned:  The benchmark home in Canada sits at 727K???   Not around Winnipeg, where you can get a really nice, detached bungalow for about half that amount.  In fact, I just listed a nice 1300 ft bungalow on an acre property just south of Ile des Chenes for $350K.   Thinking of buying?  Call me right now to set up a free home buyer consultation, either in person or via zoom.   204-333-2202   Add us to your Daily Routine on Alexa.  Go here to add to Alexa in the Canadian Skill Store. Are you interested in more in-depth real estate information?  Check out our podcast, available on most podcast platforms. Do you have an Android Phone?  Add our Free Podcast App Here. Do you have an I-Phone?  Here is our iOS version of the podcast app.

The ONLY time you should buy a brand new condo

Hello…this is Bo Kauffmann of Remax in Winnipeg, with your real estate news for…  Saturday, April 15th, 2023…   Today is Nat. Laundlry Day, Glazed Spiral Ham Day and take a guess…..its Nat. Take  a wild guess day   Should you consider buying a brand-new condo?  Wanna make some quick cash by buying pre-construction units?   We’ve all heard the stories of real estate investors and speculators purchasing pre-construction condos in major markets such as Vancouver and Toronto.   The story goes like this:  They buy a $700K unit before they are even built, and at possession time, the units are worth 800K, 900k or even more.   I know of some Vancouver investors who came to Winnipeg back in 2008 and tried that with a brand new condo building along wellington Cr. They were sorely disappointed when they tried to sell a year after possession and couldn’t even get their money back.   Winnipeg’s new condo market can be compared to the new car market.  We all know what happens when you drive your new car off the lot, right?   Same thing happens to your brand new condo.  Live in it for a year, and it’s no longer brand new, but if you try and sell, you’ll be up against other units in the same building, still being sold by the builder at the brand new prices.   There really is only ONE situation when you should consider buying a brand new condo in Winnipeg:  It’s when you plan on living in that unit for at least 6-10 years.  Why?   There is actually a drop in your value for the first couple of years, which should correct itself over time…..say 6-10 yrs.     So if you are certain you’ll own and enjoy your new condo for at least that long…I say go for it. But if there is a chance you need to sell in the next 5 years, consider a resale condo, where the values have already stabilized. Thinking of buying?  Call me right now to set up a free home buyer consultation, either in person or via zoom.   204-333-2202   Add us to your Daily Routine on Alexa.  Go here to add to Alexa in the Canadian Skill Store. Are you interested in more in-depth real estate information?  Check out our podcast, available on most podcast platforms. Do you have an Android Phone?  Add our Free Podcast App Here. Do you have an I-Phone?  Here is our iOS version of the podcast app.

Winnipeg Condo & Townhouse Market Update

Hello…this is Bo Kauffmann of Remax in Winnipeg, with your real estate news for…  Friday, April 14th, 2023…   Today is National Gardening Day, National Pecan Day and National Ex Spouse Day.   Yesterday we opened up the Winnipeg Regional Real Estate Board Market report for March 2023, and saw that listings were up, sales were down, and prices of detached homes were down by 12%   Total let’s look at attached homes and condos.  First, attached homes which are side by sides and townhouse style buildings.   Here, available listings are more than double the number last year, up 132% while sales are down around 31%,  Prices have dropped around 6 % from an average of $349k to a little over $328. Itt should be noted that  builders love to build these townhouse style homes because they are more cost-effective.  The property size is smaller, and thus cheaper, and these 2, 3 and 4-piece units are cheaper to construct.   Next, condominiums are in a similar boat.  Numbers of available listings are up, although not as much as attached homes.  Listings are up 35% and sales are down by the same 35%.  Prices are also down 6% over last year, from an average 260K to just $245K.   Condos also offer a great way to get into home ownership at a lower cost.  However, BEFORE you buy a brand new construction condo, listen to my next episode as I will share a couple of thoughts on this topic.  You are NOT going to want to miss this, so please listen BEFORE you make that type of decision.   Thinking of buying?  Call me right now to set up a free home buyer consultation, either in person or via zoom.   204-333-2202   Come back tomorrow when we’ll dive into the attached homes and condo market stats for the month.   Add us to your Daily Routine on Alexa.  Go here to add to Alexa in the Canadian Skill Store. Are you interested in more in-depth real estate information?  Check out our podcast, available on most podcast platforms. Do you have an Android Phone?  Add our Free Podcast App Here. Do you have an I-Phone?  Here is our iOS version of the podcast app.

Winnipeg March Market Update - Detached Home Sales

Hello…this is Bo Kauffmann of Remax in Winnipeg, with your real estate news for…  Thursday, April 13th, 2023…   Today is National Peach Cobbler Day and National Scrabble Day   The Winnipeg Regional Real Estate Board has just released it’s MLS stats for March.  While sales and listings are on the increase when compared to the previous month, they still lag well behind the craziness of 2022.   In March we saw a total of 1,014 MLS sales in total, which is down from the over 1400 in March last year, and also down from the 5 yr average, which sits at 1300 sales for that one month.   The largest difference is in the sales and prices of stand-alone houses, called detached homes.  Sales in March of 698 homes is down 28% from the same time last year, and 21% lower than the 5 yr average.   As for prices, the average detached home sold for $386,800, which is down 12% from the average last year, which sat at $439.900.   Active listings in this type of home are up over double from last year. So definitely the bright spot here is for home buyers:  More than double the numbers of available listings, prices have gone down 12% and fewer competing buyers in the market. All this means that right now we are in a much more buyer-friendly market here in Winnipeg.   Thinking of buying?  Call me right now to set up a free home buyer consultation, either in person or via zoom.   204-333-2202   Come back tomorrow when we’ll dive into the attached homes and condo market stats for the month.   Add us to your Daily Routine on Alexa.  Go here to add to Alexa in the Canadian Skill Store. Are you interested in more in-depth real estate information?  Check out our podcast, available on most podcast platforms. Do you have an Android Phone?  Add our Free Podcast App Here. Do you have an I-Phone?  Here is our iOS version of the podcast app.

Canadian home owners not selling right now

Hello…this is Bo Kauffmann of Remax in Winnipeg, with your real estate news for…  Monday, April 10th, 2023…   Today is National Siblings Day and National Cinnamon Crescent day   A newly published article in Better Dwellings reports the fact that Canadian real estate owners are not selling right now, and examines the reasons why.   The article reports that two of Canada’s trend leading markets, Toronto and Vancouver, saw new listings in March fall by 44% and 34% respectively.   They identify the main reason as being ‘little reason to sell’.  Higher interest rates ‘normally’ cause prices to drop, but that’s not happening this time around.    The report somewhat falsely claims that the shortage of listings is a country wide phenomenon, affecting all markets.  For the full report, go here;  https://boknows.homes/4b74e290   But again, Winnipeg is bucking the national trend.   On April 1st this year, Winnipeg had 961 houses of all types, styles and sizes available for sale.  That was more than double the numbers available on April 1st last year.  While we can agree that last year’s 426 houses was an abnormally low number, April 2021 still only had 615 available.  We have to go back to the very start of the pandemic, to find over 1,000 listings on any April 1st date.   So Winnipeg right now is actually seeing more choices for buyers than at anytime in the past 2 yrs.  How about prices.   The most recent report from Winnipeg REALTORS shows that the average house in Feb. this year sold for $375k,  which is down 13% from the average of 429K the same period of the previous year.   The March sales stats should be out in the next day, and I’ll be happy to report them here…     Looking to buy or sell in Winnipeg?  I am a, Accredited Buyer Representative, AND Certified Luxury Home Marketing Specialist and can help you buy or sell any  house or condo in Winnipeg and surrounding areas.  Call me anytime at 204-333-2202 Add us to your Daily Routine on Alexa.  Go here to add to Alexa in the Canadian Skill Store. Are you interested in more in-depth real estate information?  Check out our podcast, available on most podcast platforms. Do you have an Android Phone?  Add our Free Podcast App Here. Do you have an I-Phone?  Here is our iOS version of the podcast app.

Features Which Help Sell Your Luxury Home Faster

Hello…this is Bo Kauffmann of Remax in Winnipeg, with your real estate news for…  Friday, April 7th, 2023…   Today is Good Friday, National Beer Day and Nat. No Housework Day   According to new research from Zillow, some luxury features may help you sell your home for more money or faster than you thought.   The real estate website looked at 271 design terms and features that would be included in nearly 2 million home sales in 2022.   Two chef-friendly features that helped homes sell for more were steam ovens and pizza ovens. Steam ovens helped push prices up by 5.3% compared to similar homes without them, and pizza ovens helped push prices up by 3.7%.   Professional appliances, "she sheds," quartz counters, and hurricane storm shutters where among the top 10 features which helped increase the prices.   Zillow also looked at which features helped houses sell faster than expected.   The top of that list was doorbell cameras, open shelving, heat pumps, fenced yards, hardwood; and gas furnaces.   Looking for a luxury home in Winnipeg?  I am a Certified Luxury Home Marketing Specialist and can help you buy or sell any luxury property, house or condo in Winnipeg and surrounding areas.  Call me anytime at 204-333-2202 Add us to your Daily Routine on Alexa.  Go here to add to Alexa in the Canadian Skill Store. Are you interested in more in-depth real estate information?  Check out our podcast, available on most podcast platforms. Do you have an Android Phone?  Add our Free Podcast App Here. Do you have an I-Phone?  Here is our iOS version of the podcast app.

Canadian Luxury Homes Market Report

Hello…this is Bo Kauffmann of Remax in Winnipeg, with your real estate news for…  Thursday, April 6th, 2023… Today is National Burrito Day, New Beers Eve and Nat. Employee Benefits Day Growing demand for homes has made its way up to the higher end of the Canadian real estate market. In most of the country's major markets, luxury sales went up in the first quarter of 2023 compared to the fourth quarter of 2022.   RE/MAX Canada looked at luxury market patterns in 15 locations across the country, from coast to coast. They discovered that the significant loss of home stock is pushing up prices at lower price points and increasing demand.  10 of the 15 markets that were looked at are on par with or ahead of Q4 2022. As sales and temperatures rise, this pattern is likely to keep going until the second quarter of 2023.  Calgary and Hamilton saw the largest jumps at 34% and 39% respectively.   A lot of the activity is thought to be due to demand that has been building up since the middle of 2022. Buyers are taking advantage of the chance they have right now to buy a property. Listings, on the other hand, are hard to come by in most parts of the country, making it hard to find the ideal home. In summary, the report identified 3 trends:  1)    Overall national demand for luxury homes has increased 2)    Sidelined buyers are back, and 3)    The activity is expected on continue and rise. Once again, Winnipeg is one of 5 cities bucking the trend, although just barely. Luxury home sales were down in St. Johns NFLD by 68%, Edmonton AB by 30%, Kelowna BC by 17% and London ONT by 9%.  Winnipeg saw the smallest drop at only 3.8%.   Looking for a luxury home in Winnipeg?  I am a Certified Luxury Home Marketing Specialist and can help you buy or sell any luxury property, house or condo in Winnipeg and surrounding areas.  Call me anytime at 204-333-2202 Add us to your Daily Routine on Alexa.  Go here to add to Alexa in the Canadian Skill Store. Are you interested in more in-depth real estate information?  Check out our podcast, available on most podcast platforms. Do you have an Android Phone?  Add our Free Podcast App Here. Do you have an I-Phone?  Here is our iOS version of the podcast app.

$100 Million Tear-Down, April 5th

Hello…this is Bo Kauffmann of Remax in Winnipeg, with your real estate news for…  Wednesday, April 5th, 2023…   Today is First day of Passover, Nat. Deep Dish Pizza Day and fittingly, Nat. Walking Day   The largest oceanfront single-family property in Miami came back to the market on Tuesday. They tried selling this thing last year, and despite the jaw-dropping 100-million price, the 1.5-acre estate is being marketed as a teardown.  BONUS: the new owner will also receive approved plans for a new 10-bedroom, 30,000-square-foot home.  (the contruction of which is NOT included)   The property is currently owned by Edith Newman and her late husband, Joel Newman, founder of Craig Electronics, since 1995 and has been custom built with nine bedrooms and 12 bathrooms across 25,867 square feet.   Golden Beach is known as a very upscale community, with a small population of approximately 364 households, and celebrity residents include Bill Gates and Eric Clapton.   For more info, see the article here  https://boknows.homes/91ea0500     Meanwhile, back on earth, the largest home on the market in Winnipeg is a 5900 sq ft 2-storey home in E St Paul.  Built in 2002, it is currently asking 2.5 million and has been on the market for 81 days   The most expensive house in Winnipeg is a newly listed, 4400 sq ft 2 storey home in Tuxedo, built in 2022 and asking 4.2 million   To see these or any other house or condo on the market, contact me anytime Bo Kauffmann with REMAX at 204-333-2202

Real Estate Flash Briefing April 4th

Hello…this is Bo Kauffmann of Remax in Winnipeg, with your real estate news for…  Tuesday, April 4th, 2023…   Today is Nat. School Librarian Day, Vitamin C Day and Hug a Newsperson Day  (or podcaster)    At least one major Canadian Bank thinks that house prices in Canada are poised to dramatically go up.  Scotiabank points out that the Band of Canada and the Fed Government are acting in opposing fashion, and that the Federal Govt might just win this race.   While the Bank of Canada has been keeping interest rates higher to cool the housing market, the Fed’s policies are stimulating the real estate market.  Policies like increased immigration and the new Tax Free Home Buyer Savings Plan are encouraging buyers to enter a housing market that is low on supply, at least nationally.   For more info, read this article here:  https://boknows.homes/e6988560   Speaking of housing affordability…   RBC has devised an ‘affordability measure’  which is based on the percentage of income a typical household would spend on home ownership costs.    Nationally, the average is at 62.8%.  But in the late stages of 2022, Vancouver hit the ridiculous mark of 98.1%, making it the most unaffordable city in which to own a home.  The average MLS price for a home in greater Vancouver is 1.2 Million dollars.   For more info, read this article here:   https://boknows.homes/9d515310   Meanwhile, back in River City, the average house is around $340,000, and the average condo around $240,000. And unlike the national average, our market has plenty of homes to choose from….at least for now.   Add us to your Daily Routine on Alexa.  Go here to add to Alexa in the Canadian Skill Store. Are you interested in more in-depth real estate information?  Check out our podcast, available on most podcast platforms. Do you have an Android Phone?  Add our Free Podcast App Here. Do you have an I-Phone?  Here is our iOS version of the podcast app.

April 3rd Flash Brief

Hello…this is Bo Kauffmann of Remax in Winnipeg, with your real estate news for…  Monday, April 3rd, 2023…   Today is World Party Day, National Choc Mousse Day and here it’s Market Monday.   Being the 1st Monday of the month, lets take a look at the local market conditions.   On April 1st, we had 961 houses of all types, styles and price ranges available for sale in Winnipeg. Last year that number was 426.  So we have more than double the number of homes for sale than we did last year same time.   On the sales side of the equation, we sold 520 homes in March this year, compared to 773 same time last year.   So available homes are up over 100%, while sales are DOWN around 35%.  It’s a great market for buyers.  And with interest rates having stabilized in the past month, things are looking great if you’re interested in buying a home.   What about Condos?  On April 1st, we had 318 Condos available in Winnipeg, compared to just 247 same day last year.  So again, inventory is up nearly 30%   During March we sold around 100 condos, compared to 214 last year same period   Condos represent an excellent opportunity to get into the home ownership market in Winnipeg, and now is a GREAT time to buy one.   For a more historic and in-depth look at the Winnipeg Real Estate Market, go to https://blog.winnipeghomefinder.com/winnipeg-housing-market-report/