Is It a Good Time to Buy a House in Winnipeg?

BY Phil Gear, REALTOR

The decision to purchase a house is one of the most significant financial choices a person can make. If you're considering buying a house in Winnipeg, you might wonder if now is the right time to take the plunge.

While the answer depends on various factors, let me say confidently that, as a professional realtor dealing with buyers and sellers every day: buying a house in Winnipeg right now is a good idea.

The first thing to consider is Winnipeg's current real estate market. The summer of 2023 has been relatively slow in the overall real estate market, partly because its usually slow as buyers and sellers focus on making the most of our precious summer days, but also because raising interest rates are putting more pressure on buyers. In my opinion, this is good news for a buyer because it means more opportunities to acquire new properties under the asking price. When more inventory comes in the fall and/or when interest rates come down, there will be more buyers as well— and competition always drives up the asking price, so this is a great time to get ahead of that curve.

As mentioned above, interest rates play a pivotal role in determining the affordability of a home. The lower the interest rates, the more favourable the conditions for buyers. The Bank of Canada has another rate announcement scheduled for September 6. They have raised interest rates at the last two announcements, and another raise is possible.

I recommend buyers beat the rate hike and secure a mortgage pre-approval at a financial institution right now before the possible announcement. A pre-approval usually locks in your interest rate for 120 days, so acting now will give you the time to search for the perfect home, while holding onto the most competitive rate.

While timing can play a role, I never want you to rush, as it's also important to remember that real estate is a long-term investment. If you're financially ready and find a property that aligns with your needs and goals, the current market conditions matter less in the grand scheme. Purchasing a home is not just a financial investment but a long-term investment in your lifestyle and plans.

In conclusion, getting ready to buying a house in Winnipeg today will likely be better than it will be after Sept 6th, and will definitely help you achieve your long-term financial goals.

If you’re in doubt, seeking advice from real estate professionals can provide invaluable insights— at The Moore Group, we can offer tailored guidance based on our expertise and current market knowledge, and we would be happy to help. Contact us today.