Winnipeg Real Estate Podcast

(EP: 175) Feb 2023 Winnipeg Real Estate Market

Winnipeg's real estate market stats .  Available houses and condos on Feb. 1st, and a look at sales uring January

(EP: 174) November Real Estate Market Update Winnipeg

November 2022 Market Update We’re into the last couple of months of 2022, so let’s see if the buyers market continues into the winter, shall we? Hello, I’m Bo Kauffmann a residential real estate agent with REMAX Performance realty, and your host of Winnipeg’s Real estate podcast. A few days ago, Winnipeg REALTORS reported that sales in October were off (down) by 30% compared to last year.  This is certainly true. Whats different about their report and this one is that I focus on Winnipeg only….while Winnipeg REALTORS cover the entire south east quadrant of the province. It’s important to remember that when I say “the market”, it covers many different segments.  Not all segments react or act the same way.  For example, 400K condos are very different from 400k houses.  Transcona’s housing market will be different than the River Heights market. A side by side in St James will enjoy a different response than a detached home in Garden City, and so on. My monthly market report attempts to separate some of these markets along different price points, 4 for houses and 2 for condos. But NO real estate market report would ever be able to replace individual analysis and advice a real estate agent can give you in a one-to-one setting. That’s why, if/when you’re ready to buy or sell, a house or a condo in Winnipeg, call me for a free consultation anytime. With the availability of zoom, we could even hold this consultation online, from the comfort of your own home. If there is one thing you should take away from this month’s report, its this:  As you will see by the following numbers, availability of homes is UP, and sales are DOWN, making this a perfect time to buy. Don’t wait til spring when prices traditionally jump, as a result of increased competition among buyers. On Nov. 1st, there were 1228 houses of all types available in Winnipeg.  Compare that to 1336 on Oct. 1st, and only 802 on November 1st ,  last year. As for sales, in October we sold 555 houses with another 22 ‘pending’, meaning that potentially a total of 575 house were sold.  That’s nearly identical to the 577 sold the month before, but down significantly from the 756 last year same time period.  In fact, that’s down 24% year over year. As I said earlier, we will find that available homes are UP, and sales are DOWN. Ok. Let’s take a look at the first segment of the housing market, which is entry level homes priced under 250,000.   Houses under $250,000 Currently we have 335 houses available, which is nearly the same as 339 on Oct 1st.  And on the other side of the equation, we sold 117 homes in October, with another 7 pending, for a potential total of 124.  That’s about the same as the 121 sold during September, but down significantly from the 155 we sold during October of last year. I find that comparing year over year has more significance than going month to month.  So a drop from 155 sales to 124 is noteworthy. Lets look at Winnipeg’s most active price range, homes between 250 and 500K Homes 250-500K On November 1st, we had 495 houses available in this price range, which is down from the 591 on October 1st. We see a similar, perhaps more drastic difference in the sales.  During Oct., we sold 326 houses plus 12 pending, for a potential sale of 338 houses.  In September, that was pretty much the same, 339, but a year ago in October we sold 445.  So about a 25% reduction in sales, year of year, for the month of October. This makes for a great time to buy.   Ok, next, we look at some of the higher end homes and how they are faring in this market Homes 500-1 Mill In homes priced between 500K and 1 million, we don’t find a huge change in availability month over month.  The 344 homes available right now are nearly the same number as was available on Oct 1st.  On the sales side, we sold 110 plus 4 pending, making for potentially 114 sales.  That’snearly identical to the 115 sold in September, but down significantly from October last year, when we sold 156 homes in this price range.  (about 27% fewer). The picture repeats itself.  Availability up, while sales down 27%....  more choices, less competition make this a great time to buy. 1 Million Plus In the luxury home market, we currently have 54 homes priced at 1 Million dollars plus.  This is up from the previous month, when we had 48 available.  In this price range we sold 11 last month, more than the 7 we sold in September, and more than double the number we sold in October of last year, which was 5.. In most price ranges, outside of the Million dollar plus range, availability is UP and sales are down.  Don’t wait til spring.  Call me right now to help you secure a great deal on your first, or next home   When we come back, we’ll check out the condo market.   Ok, lets look at the condo market in Winnipeg. On Nov 1st, we had 377 condos available in all price ranges, which is down from the previous month of 408.  During the month of October we sold 121 condos, with another 10 showing pending, for a total of 131 potential sales.  That’s down from the 146 we sold in Sept., and way down from the 191 we sold in October of last year. Lets see how that breaks down along the price ranges. Condos under 250 For entry level condos, under 250,000 dollars, we have 216 available, which is about the same as the previous month, when we had 220 available . On the sales side, we have sold 69 units with another 9 showing as pending, so a total of 78 units.  While same as the 77 units we sold last month, it is significantly lower than the 105 last year, we can see that sales have dropped off quite a bit in this range.   Condos over 250K In the more luxurious condo price range of above 250K, we have 161 units for sale on Nov 1st, down from the 188 on October 1st.  Sales have dropped off here as well, with 53 potential sales,  that is 52 sold and 1 pending.  Those 53 sales are down from the 71 of the previous month, and also down from 86 sales the previous year, same time period. So we see that overall, the condo market is reacting similarly to the housing market:  Sales are slower, but availability is plentiful. Thinking of buying a condo as your first or next home?  Or perhaps an investment condo to rent out?  Call me for a free condo consultation anytime.

(EP: 173) Owning and Managing Rental Properties - Property Management Companies

[00:00:00] Bo Kauffmann - REALTOR: Thinking of owning and managing rental properties. Today I'm gonna talk to a property management company and get some advice for you on this episode of Winnipeg's Real Estate Podcast. [00:00:13] You're listening to The Bo Knows Real Estate Podcast, Tips and Advice for home buyers, sellers, and owners with award-winning reax agent Bo Kauffmann. [00:00:27] Hello everybody. Bo Kaufman Remax Performance Realty, your residential real estate agent. Are you thinking of buying one or more homes or condos to rent out and make some money? Real estate has always been considered a very stable and safe investment. But before we call my friend Jackson Ham of Pillar Property Management, I do want you to be aware of a few things. [00:00:47] I get calls from buyers in Toronto, Vancouver, Montreal, thinking of buying homes to use as rental properties here in Winnipeg. They're always excited by the fact that you can still buy a house around the $250,000 mark, but when they learned that most of those homes would rent for only about 1600 a month, they're a lot less enthusiastic. [00:01:06] Buying and owning rental properties is not a get rich quick scheme. That's a tongue twister. You can't buy one or two homes and expect to make a grand per month profit each. That's just not how it works these days with five and 6% interest rates, you may be lucky to break even. So I'll give you an example. [00:01:23] There was a house in East Kildonan on the market for $260,000 and it advertised that it came with a tenant who would love to stay. That tenant was paying 1,450 a month. Now do the math, mortgage payments plus taxes, plus home insurance, that'll all add up to more than 1,450 a month. So how can an owner make money? [00:01:41] The answer is that the current owner bought that house for around $130,000, and at that price is now making a few hundred dollars a month in profit. So when considering buying a rental property, investors need to take the long view. It's not $500 cash flow, you don't see those kind of numbers, not these days in Winnipeg. [00:01:59] So let's call Jackson of Pillar Property Management and ask him a few question. All right. Hello Jackson. How are you doing today? [00:02:06] Jackson Hamm - Pillar Property Manager: I'm not doing too bad, Bo. How are you doing? [00:02:08] Bo Kauffmann - REALTOR: Excellent. Excellent. So let's get right into it. Pillar Property Management. How long have you guys been around? [00:02:14] Jackson Hamm - Pillar Property Manager: Pillar Property Management. We were established in 2007 and we recently celebrated 15 years in the industry. [00:02:19] Bo Kauffmann - REALTOR: Nice. Okay. And how many homes do you have under contract at the moment? [00:02:24] Jackson Hamm - Pillar Property Manager: We're managing between 400 to 450 doors. And. I'd say that's a mixed bag between single family, multi-family apartment buildings, and condominiums included. [00:02:34] Bo Kauffmann - REALTOR: Okay. All right. So what's your average client look like? Do they have six or eight properties or are they mostly startups with one or two? [00:02:40] Jackson Hamm - Pillar Property Manager: On average we get a lot of startups people with about one or two homes who aren't really quite sure what to do with them and maybe have never done property management themselves. [00:02:47] They come to us to of help them out and we do get a few outliers here and there that have about six or seven units. But by and large, I'd say most of them are about one or two just starting off small. [00:02:55] Bo Kauffmann - REALTOR: Right on. Do you guys offer different levels of service or is it just all inclusive. Like finding the tenant and then managing everything? Or do you have different levels. [00:03:03] Jackson Hamm - Pillar Property Manager: So we only have one level of service here at Pillar. And the reason being is we believe that all of our clients should be treated with the same level of quality as as all the rest of them. And at Pillar we do this because we feel that the work we do should reflect the high standards we hold ourselves to. [00:03:17] Which is why we only really want to go for one. Cuz you know, we only want to provide one, which is would be the highest level of service. [00:03:24] Bo Kauffmann - REALTOR: Okay, so let's just briefly walk through this. Let's say I have a property that I wanna let you manage. There's no tenant in it right now. I come and see you.  We sign a kind of a contract. What do you guys do? You guys even go out and advertise and find a tenant. You guys take pictures of property, that kind of thing. [00:03:41] Jackson Hamm - Pillar Property Manager: Yeah. So what we'll do is we'll go out and we'll photograph the property for advertisements, but while there's times of vacancy in the property, especially when we do take new tenants or new clients on, we wanna make it very clear that with our clients, we don't charge any sort of management fees during times of vacancy so that they can be they can feel comfortable knowing that we're only gonna be making money when they are, and we're always acting in their best interest to do okay, [00:04:01] Bo Kauffmann - REALTOR: that's good. So then you find the tenant, you do the background checks and all that kind of. We sure do. And what do you charge for your service? [00:04:07] Jackson Hamm - Pillar Property Manager:  We charge a 10% management fee for the service. [00:04:10] Bo Kauffmann - REALTOR: So it's 10% of whatever the rent is. [00:04:14] Jackson Hamm - Pillar Property Manager: That's correct, yes.   [00:04:14] Bo Kauffmann - REALTOR: Okay., Now since interest rates have gone from two to 5%. Does it make sense to go out and buy a property to rent out right now? I would say, [00:04:21] Jackson Hamm - Pillar Property Manager: I would say it does. And the reason being is because it's never a bad time to buy real estate. And when you wanna mention that the interest rates were, sitting pretty high right now at around seven. [00:04:30] Historically those are still quite low. Compared to the double digit numbers we used to see in the seventies and the eighties. I would say that don't let these interest rates discourage you. With the rates being as high as they have been in the last decade or so I can understand why people would be hesitant to do but that said there's been a lot more the renter's market has been quite flush with the applicants. So you're gonna see pretty low levels of vacancy across the board, and it won't be too hard to find yourself a really nice applicant to fit yourself in your home [00:04:55] Bo Kauffmann - REALTOR:   What do your recent clients look like? Uh, You and I had a brief discussion about that and you said you're getting a lot of homeowners who are unable to sell their houses for one reason or another. Is that your main new client [00:05:06] Jackson Hamm - Pillar Property Manager: right now at the moment with the interest rates the way they are, it is a lot of our clients are coming in because they aren't able to find buyers for their homes. [00:05:13] And so they decided to turn it into a bit of a nest egg investment and put their real estate into their portfolio and make money off of it. A lot of the people that come in these days, a lot of our clients recently have been a lot of young people that are just starting out their careers and looking to diversify their investment portfolio. [00:05:27] As well, we're seeing quite a lot of new Canadians who are, new to the country, but understand that Winnipeg has a really healthy real estate markets and can be uh, pretty profitable to jump into the rental property industry right from the GetGo. [00:05:39] Bo Kauffmann - REALTOR: Okay. Now, if somebody wanted to get into buying rental property, what would you advise 'em how to? [00:05:43] Jackson Hamm - Pillar Property Manager: In Winnipeg if you were to, wanted to get into the rental property industry, I would say start looking for a house that has three bedroom. I think that's a lot of a lot of the times it's the most attractive home renters can look for really attractive to families for one. [00:05:55] And it's going to give you a bit of a higher ROI because you can charge a bit higher rent for something with three bedrooms as opposed to two. And generally it attracts a wide range of applicants as opposed to a two bedroom, which you might see more maybe small families, single renters, that kind of thing.   So the three bedrooms would probably be the good place to start if I had to give my opinion on that. [00:06:12] Bo Kauffmann - REALTOR: What about neighborhoods? Are there any neighborhoods that you would recommend that would fit the right price range? [00:06:18] Jackson Hamm - Pillar Property Manager: Any neighborhoods off the top of my head I could think of, be maybe around the Logan and Keewatin areas. [00:06:22] The North End has got a lot of really good investment properties there. And it's often pretty low cost of entry there, if you were starting small, I would recommend, checking with the north end of Winnipeg. There's great real estate around there. And it's usually a low cost entry to get into that market. [00:06:36] Bo Kauffmann - REALTOR:  Not the bidding wars. You don't wanna get involved in the bidding war if you're looking for a rental property. Exactly. That was my interview with Jackson Ham of Pillar Property Management, and I have some final words when I come. [00:07:18] After we stopped recording, I asked Jackson what he considered to be the sweet spot of buying rental properties at what price would a home give you the best or the most decent roi? He said that they have a few nice bungalows with double car garages that fetch around $3,500 a month in rent. [00:07:35] And if you can find such a home around the $350,000 mark, there's definitely a demand by tenants for nicer homes. Now 3,500 is way above the average Winnipeg rent. What you get here is you get professionals that have been temporarily transferred to Winnipeg for one or two years and would like to live in a nicer home, and they don't mind paying that, that level of rent. [00:07:56] Just some food for thought. I hope you've enjoyed listening to this episode as much as I've enjoyed creating it, cuz I really do. If you found the information helpful, why not download my free podcasting app? That way you never missed another episode, and I've made it super simple too. Just go to Bo Knows dot home slash apps. [00:08:15]  And finally, please give this podcast a five star rating. Again, we've made it super simple. Just go to love the podcast.com/boknows. Thank you so much for listening. Let's do this again next week. [00:08:38] You've been listening to Bo Kauffmann of Remax Performance Realty. Are you thinking of buying or selling a house or a condo in Winnipeg? Call Bo at (204) 333-2202. Remember, Bo knows real estate.

(EP: 172) October 2022 Winnipeg Real Estate Market Update

Is this a good time to buy, or sell, a house or condo in Winnipeg? Listen to the latest listing and sales stats for houses and condos in Winnipeg and find out.

(EP: 171) 3 Real Estate Tips - Late Sept. 2022

Should Buyers get a home inspection? How do Sellers choose a real estate agent? What are 3 things to check at possession time?   These and more tips , plus current mortgage rates, in this episode.

Repairing Your Underground Sewer Line

Instead of replacing your plugged, cracked or blocked underground sewer line, listen to this alternative.   Relining your sewer is cheaper, cleaner and can be done at anytime of year.

September 2022 Winnipeg Real Estate Market Update (EP: 169)

Is  now a good time to buy or sell a house or condo in Winnipeg? Listen and find out

3 Real Estate Facts You Need To Know - Mid-Aug 2022

3 Real Estate Fact #1 [00:00:00] Host Ryan Peterson: Get ready for three interesting real estate facts you should know coming up in this episode of Winnipeg's real estate podcast. Cue the music [00:00:11] Bo Kauffmann - REALTOR: you're listening to the bone knows real estate podcast tips and advice for home buyers, sellers, and owners with award winning Remax agent Bo Kaufman. [00:00:26] Host Ryan Peterson: Hello, I'm your host, Ryan Peterson. Welcome to another episode of Winnipeg's real estate podcast with my friend and real estate expert, Bo Kauffmann of Remax Performance Realty [00:00:35] Bo Kauffmann - REALTOR: Hey Ryan thanks for the great intro and anybody who's listening to this will notice right away that there's a bit of a change in the format here. Ryan and I did a series of episodes a few years ago that were called a real estate round table. And what I always liked about him was the little back and forth and two different voices talking. So I wanna recreate that here and I thank you, Ryan, for agreeing to do this with me. [00:01:04] Host Ryan Peterson: My pleasure. It's great to be back Bo. All right. So let's get right into it with three different facts about real. Okay, You must hear this first question a lot from home buyers. When my possession data is coming up, how do I get the keys and get into my new home [00:01:09] Bo Kauffmann - REALTOR: All right. So it really depends on where you are. I hear that a lot of places in the states and different provinces and the real estate agent actually has the key and meets you at your door, but here in Manitoba, it's all done through the lawyers. So here's what happens is about a week before you possession date, you the. Meet with your lawyer, you sign a bunch of papers. You give him a suitcase full of money that he's gonna tell you, just how much to bring and you sign the papers and then you just sit back and wait. At the same time, the seller meets with their lawyer signs, papers, and gives him the keys. And then the day before possession. The lawyers talk to each other and exchange those two items. The buyer's lawyer sends the money. The seller's lawyer sends the key. You get another phone call and the day before possession, you show up at your lawyers and he'll give you the key and with strict instructions not to go into the house. Until right at the time that stated on the offer. I remember, [00:02:01] Host Ryan Peterson: Getting my first home in 2000 and yeah, it was a plain Manila envelope that I got the key in. And honestly I was expecting a little bit more fanfare, what are you gonna do? You're still excited about the new home now. Bo is the date usually hard and fast or is there some flexibility, say a buyer wants to swing by and get some measurements to make sure that the furniture is gonna fit certain way. [00:02:20] Bo Kauffmann - REALTOR:   Okay. That's a really good question. Answer that question. The date is hard and fast. Now, if it's important to you to take some measurements or to go in for one more, look, make sure that you're a real estate agent. That's the buyer's real estate agent writes that into the offer because the seller does not have to let you back in until let's say it's nine o'clock and not Tuesday morning when you're taking possession, you don't have the right to go back in there. If you, some people want to do not only measurements, but they also might wanna get a contractor to go through. They might wanna be ready to do a new kitchen, make sure you write that into the offer. And that way the seller when they agree to it, have to let you in. [00:02:55] Host Ryan Peterson: worst they can say is no. That's right. And it's not one of those things that's gonna make or break a deal or make you lose out on a house, right? Nope. That's right. Okay. Great now. Okay. Let's look at the other side of the equation. Do home sellers get their money right away when the keys are handed over? [00:03:08] Bo Kauffmann - REALTOR: All right. So Manitoba again was one of the worst provinces until about six or eight years ago. You could basically wait a month. For your money. So if you're possession it, if you're moving outta your house on August 15th, you probably didn't get the money until mid-September that's. Because here in Manitoba, the new owner, which is the buyer, their lawyer has to register that house with land titles office. And that is a slow, arduous time consuming process. That also depends on whether the lawyers are on break or whether they're on holidays or how busy they are, et cetera, but it usually takes a month. There's a new system came into place. Actually the system's been around for a while. Manitoba just came on board with it a few years ago. It's called the Western Canadian protocol, otherwise known just as protocol. And now you can get your money within a few days. So best case scenario. If you move out on the 15th, you might have the money on the 18th or 20th. But it can take a couple of weeks still. [00:04:05] Host Ryan Peterson: I remember my last move.   I ended up owning both homes for a couple of months with some bridge financing. I know I couldn't wait to get my money fast enough. When it finally sold. Now Bo, is there a season or time of year when it's better to buy or to sell? What picks market does seem hot all the time, but there's ups and downs that can be predicted or taken advantage of. [00:04:25] Bo Kauffmann - REALTOR: Oh you betcha who was it that was credited was saying when everybody else is buying, sell, when everybody else is selling buy, I think that was Warren buffet, but I'm not sure.  Certainly the spring is the best time to sell your house. Now that being the case, that also makes it the worst time to buy your house because you are pretty much guaranteed to be up against eight, 10 other people. It seems like in our market here, everybody waits till the spring to go out and buy a house. Start the year fresh. Worst time to buy. Best time to buy is right now, that's be like late summer, early fall. Anybody who wanted and needed a house is moving right now to start, the school year for their kids, buyers have really taken a, a break right now, and there's a lot more inventory on the market. So best time to buy is the late summer, early fall. And that's just the way it is in Winnipeg. That's always how it's always been. It's [00:05:13] Host Ryan Peterson: a you really put yourself in more of a power position at the end of the summer as a buyer, because at that point they're desperate to move on to the next thing they [00:05:21] Bo Kauffmann - REALTOR: have planned. Oh, absolutely. And just think about it this way. If you're up against 10, 10 offers in the spring, your offer has to be clean. It has to be big, it has to be stand out. So now we actually get listings, come on the market where they've had one or two showings, not offers just showings in a week. Wow. So it's definitely a great time to. [00:05:40] Host Ryan Peterson: And you're probably likely waving a home inspection in the spring. Where you could get that luxury in the fall. [00:05:43] Bo Kauffmann - REALTOR: That's right. Absolutely home inspection, better financing condition longer time to make a decision. So it's better all around [00:05:51] Host Ryan Peterson: My wife and I are always keeping an eye on E saying Paul, and it seems rare when something goes up for sale. What do you recommend to people that are in the market buyers that are in the market that want an. But there's not a lot really going on there. What can they do to get on the radar so that the first person in, when [00:06:06] Bo Kauffmann - REALTOR: something pops. Okay. So the best thing to do is get ahold of a real estate agent, somebody, or somebody you've heard of, or somebody you've worked with in the past, get 'em to set up a search and they can do it by geography like geographical location. So if you only want a house in a certain radius, right around Cher farm roads, or around hot, not or birds hill or whatever they can set up a search and anything that comes up. Comes directly to your computer and you can see the listing come fresh. [00:06:31] Host Ryan Peterson: That's excellent. And fortunately, I know a great real estate guy who happens to be sitting across the table from me. Okay. Thanks Ryan. before we sign off, what are the current mortgage rates doing? [00:06:39] Bo Kauffmann - REALTOR: Ryan for that, I'm gonna turn to my mortgage expert. That's Mike Schroeder with mortgage architects. When we come right back, we'll be right back after this short announcement. All right. We're here with Mike Schroeder of mortgage architects to talk about some of the lowest rates available at this point in time, which is like mid August, 2022. Hi, Mike. How you doing? Hey, doing well with yourself. Excellent. All right, let's get right to the point. So you've got somebody that comes to you and says, Hey, I wanna buy a house. And I need a $300,000 mortgage. So what is the absolute lowest rate you can get? [00:07:40] Mike Schroeder - Mortgage Expert: So lowest rate I have is a variable rate. You're looking at about 3.8% effective today. And on a $300,000 mortgage gives you a pay of about  $1,545 a month.   [00:07:51] Bo Kauffmann - REALTOR: And that's principle and interest taxes of course would be extra. [00:07:55] Mike Schroeder - Mortgage Expert: Yes and that's on a 25 year amortization [00:07:56] Bo Kauffmann - REALTOR: And that was 1545, correct? Yes. Okay. So now what if I'm nervous and I'm not the kind that wants to keep an eye on the mortgage rates every day.  What are fixed rates right now? [00:08:09] Mike Schroeder - Mortgage Expert: Youre looking at about4.59% and so same mortgage amount, same terms. You're looking at about 1675 a month. [00:08:16] Bo Kauffmann - REALTOR: So that’s about $130 a month. Difference between the two. 130 for what some people might think is peace of mind, but of course there's ups and downs. There's a downside to being locked in for five years. [00:08:26] Mike Schroeder - Mortgage Expert: At the end of the day, you want to have a full conversation with your lender. You want to go over your risk appetite, your credit, your income likely changes the next five years and get a solution customized for youy [00:08:37] Bo Kauffmann - REALTOR: Risk appetite. That's gotta be the term or the day. [00:08:42] Mike Schroeder - Mortgage Expert: absolutely [00:08:43] Bo Kauffmann - REALTOR: absolutely gun to your head. Where do you think rates are gonna go? Like right now, the variable is lower than the fixed. Do you think that's gonna stay that way? No, I don't. [00:08:53] Mike Schroeder - Mortgage Expert: So there's the next bank account rate announcement's coming up in September. I believe it's September. The seventh. Most predictions are, is that the rate will increase that month. Now it may increase by lower amount due to the last inflation numbers, but by whatever does increase. The gap between fixed and variable is gonna be reduced to a very slim margin. There are still other reasons to pick variable or fixed, and that gets down to your risk appetite. So all part of that bigger conversation. [00:09:16] Bo Kauffmann - REALTOR: Thanks a lot, Mike. We'll talk to you next time. Anytime. Take care. Bye bye. All right. Ryan, I think that's it for this week. [00:09:24] Host Ryan Peterson: It's been fun as always Bo and we've learned a few things about real estate this week until next time. This is Ryan Peterson with Bo Kaufman of Remax performance Realty, reminding you that you're never alone when you're buying or selling a home, as long as you tune in to the next episode of Winnipeg's real estate podcast, take care. [00:09:41] Bo Kauffmann - REALTOR: All right. Take care. Byebye Ryan. I hope you've enjoyed listening to this episode as much as I've enjoyed creating it. Cause I really do love. If you found the information helpful, why not download my free podcasting app? That way you never missed another episode and I've made it super simple too. Just go to Boknows.homes/apps. That's A P PS available for apple and Android devices. And finally, please give this podcast a five star rating again. We've made it super simple. Just go to love the podcast.com/boknows. Thank you so much for listening. Let's do this again next week. I. You've been listening to Bo Kauffmann of Remax performance Realty. Are you thinking of buying or selling a house or a condo in Winnipeg? Call Bo at (204) 333-2202. Remember Bo knows real estate.

August 2022 Winnipeg Real Estate Market Report

Find out how dramatically the real estate market has changed in Winnipeg in the past 2 months. Have we gone from an insane sellers market to a strong buyers market now?   Is now a good time to buy a house or condo in Winnipeg? Listen to find out.   [00:00:00] Bo Kauffmann: Wait till you hear what's going on in the Winnipeg real estate market. That's coming up next on Winnipeg's real estate podcast. [00:00:09] You're listening to the Bo knows real estate podcast tips and advice for home buyers, sellers, and owners with award winning Remax agent Bo Kaufman. [00:00:25] Hello, this is Bo Kaufman Remax performance Realty in Winnipeg. And what a difference a couple of months makes we've gone from a super, super insanely strong seller's market, which was happening in April and may. June started to slow down and July saw further slow downs. And right now it's turned into an almost too strong a buyer's market. [00:00:44] It's completely swung the other way.. There are reports of listings going up and getting one showing in the first week on the market. I'm not talking about offers. I'm talking to just one showing. So why is this happening? I think rising interest rates have one or one reason. Second reason might be that buyers are just fatigued. [00:01:03] They've been getting beaten in April and may and parts of June. And they've just taken a break. And the third reason is that August traditionally is a slower time. People that want to get into a house before the school starts have already done their buying and August is actually a big moving month. [00:01:19] So August is super busy for lawyers and moving companies. So one of the most common questions I get is when it's a great time to buy a house while it's right now. So actually I've got buyers that I work with throughout April and may we kept. We kept getting hosed. We kept getting beaten by 10, 12, 15 offers going a hundred thousand over asking. [00:01:38] And they basically gave up around June. They had to renew their lease, which was up in July and they just emailed me and saying, Hey, we just, we had to renew our lease. We're gonna go one more year and we're gonna come back into it. Next spring. Guess what? So I told them exactly what I'm gonna tell you now, traditionally, and I'm going back over the last 17 years. [00:01:56] Cause that's all the history that I know. Cause I've been doing this for 17 years now. Spring is the singularly worst time to buy a house. That's because everybody else is doing it. There's a famous saying that says that if everybody else is buying, sell. Another way to look at it is if everybody else is buying, don't buy it that time. [00:02:14] There's super competition. It's just a natural thing in Winnipeg. We hibernate through December, January, February, and then spring comes out and all the buyers come out and that's when you start getting these crazy Bing worse, this year was absolutely insane. But even in past years, April and May have been really busy, very competitive. [00:02:34] So that's probably the worst time to buy. You should be looking at buying right now are a lot of listings on the market and some of them aren't getting any showings, let alone multiple offers. So let's look at some of the numbers of how many listings there are and compare that to spring. On August 1st, we actually had 1,263 houses for sale on the market. [00:02:57] 1263. Compare that to 426 in April and 568 in may. It's almost triple the amount of listings available. So breaking that down houses under a quarter million dollars, we have 288 in April. We had a hundred. So now we have nearly 300 throughout the month of July. We sold about 108 of these houses. [00:03:19] Compare that to last year, same time, 151. So that's like a 35% less than last year houses between two 50 and 500,000. We have 561 homes on the market. In February we had 116. Now we have about five times as many homes available as we did in February. We've sold throughout the month of July 482 of them, 482 compared. 583 in may. [00:03:49] Next price range up the 500 to 1 million. We have 355 homes on the market. We had 80 in February. So now we have 355. We've sold 190 in the month of July. And compare that to three 50 in the month of may. So nearly half as many sales in this price category as we had in may, just two months ago and the million dollar plus homes, we have 59 on the market. [00:04:17] Compared to nine in February. So 59 that's, six times as many. And we've sold five in the month of July compared to 18 in the month of may. So you can see buyer activity is way down. Listings are up. This is the time to to buy a house. Yes, interest rates have gone up. You can still get a pretty good. [00:04:37] Traditionally speaking, if you're paying 4% or 5%, that's actually a very good rate. My father-in-law. I remember him telling me he bought his house in 1967 and his in-laws told him he was nuts because he paid 6% interest, which was to them was really high. But traditionally five and 6% are really low rates compared to the 18% that we had 30, 40 years. [00:05:02] No, you can't get 1.9 % anymore, but you also don't have to pay a hundred grand over asking anymore. So who's looking for a house right now. Gimme a shout and let's look at condos next because we're gonna see a very similar picture. [00:05:17] This episode of Winnipeg's real estate podcast is sponsored by Urban Topcoat, paint and design, bringing quality fine finishes to your home. Whether you're planning to sell, have just settled in or looking for a robust color refresh Urban Topcoat, paint and design has your home covered. There's quality in their hands and they leave it in their work call Rob white today at two oh four seven nine one eight oh two. [00:05:41] Currently we have 365 condos available in all of Winnipeg. That is up from three 12 in June two 40 in may. So 365 available right now, lots of choices out there in the month of July, we've sold 160 condos. It's a little bit more than what we did in in April and March condos under a quarter million dollars. [00:06:04] We've sold about 80 of them in. Compared to 113 in may. So those sales are down as well and condos over a quarter million, that's all the way up to whatever the infinity is. I believe there's still a million dollar condo mil, a few million dollar plus condos out there. We have available 168. We've sold. [00:06:23] 82 in the month of July. And that's in line with what we did last year, where we sold 76 last year in the month of July. But in may, this year, we sold over a hundred, same with June. So those sales now they're 82, they're down 20% or so as well. Again. Just like houses. It's a good time to buy a condo right now as well. [00:06:41] Are you looking to buy a house or a condo in Winnipeg work with the agent who takes the time to explain the process to you, guiding you through every step for service beyond the sale book, your home buying consultation with Bo Kaufman of Remax performance today Bo knows real estate. [00:07:39] I truly hope you enjoyed this episode as much as I enjoy making these. If you have any questions or anything that you'd like me to talk about in future, gimme a shout at time. [00:07:47] 2 0 4 3 3 2 2 0 2. Or email me at bonos homes, gmail.com til next time, byebye. [00:08:00] You've been listening to Bo Kauffmann of Remax performance Realty. Are you thinking of buying or selling a house or a condo in Winnipeg? Call Bo at (204) 333-2202. Remember Bo knows real estate.

July 2022 Real Estate Market Update for Winnipeg