5 Reasons to Buy a Home in Winnipeg, Right Now!

Looking at capital cities across Canada, Winnipeg is one of the most affordable while still allowing residents to enjoy city living with a strong job market. Winnipeg has a diverse economy2 spanning multiple sectors including aerospace, agri-business, insurance, manufacturing and transportation. Big employers include the government and Boeing, while 14% work in the public sector2. Winnipeg is a great city to live, work and play in!

4 Reasons to Buy a Home in Winnipeg Today

Reasonable down payment

Winnipeg is the perfect location for first-time home buyers! With the average condo price at just over $254,000[1], buyers can enter the market with a down payment in the $40,000-$50,000 range at 20% down. This is unheard of in many Canadian markets.

Low interest rates

The Canadian prime rate is at a staggering low of 2.45%. Looking at 1935 until now3, we can see that mortgage rates have historically been above 4% the last 85 years. In 1981, mortgage rates were a whopping 21%! Even though there is talk of impending mortgage rate hikes, no one can truly predict what will happen. Now is a great time for homebuyers to take advantage of low interest rates and lock in a 5-year fixed rate.

Great city for investors

The overall vacancy rate is at a healthy 3.8%4 and rent increased 3.0% over the past year to an average of $1,107 per month. The city is home to the University of Winnipeg, the Manitoba Institute of Trades and Technology, and Université de Saint-Boniface. As a result, Winnipeg is home to thousands of students contributing to rental market demand. Purchasing a rental property is a great way to enjoy home appreciation while someone else covers the mortgage and maintenance costs. It is also an excellent source of income once the home is close to being or is entirely paid off.

Popular city for immigrants

About 1 in 4 Winnipeggers is an immigrant, making Winnipeg a culturally diverse city that will likely continue to attract more immigrants, especially with Canada’s goals to increase immigration even more over the coming decades. Analysts are saying that Canada needs more immigration to offset the increasing aging population and our decreasing birth rate. It is likely Winnipeg will be a popular choice for newcomers to Canada. This will likely result in a semi-gradual increase in population which could raise home prices due to increased demand. Why not take advantage of amazing home prices right now?

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Need help selling or buying a home? FairSquare Group Realty can help.

We’re the real estate brokerage that offers a smart, modern choice for Canadians. With thousands in commission savings for sellers, $2,000 cash back* for buyers, and experienced professional support every step of the way, it’s the new way home. Yours. Call 1-855-999-9740 to learn more.

 

** Cash back – How the Home Buying Service cash back works: FairSquare will share with the buyer the commission it receives from the seller’s agent up to a maximum of $2,000 in cash back. No cash back if the commission received is lower than $5,000. Where available.

On December 1, 2021, Purplebricks rebranded to FairSquare Group Realty. Blog articles published before this date were created under the Purplebricks brand but remain the property of FairSquare Group Realty.

In January 2019, ComFree Commonsense Network Brokerage rebranded to Purplebricks.