Tag Archives: winnipeg realtor

Elegant home situated, neighboring historic Peanut Park in Cresentwood /River Heights.

Stately and solid with beautiful woodwork. Unique open spaces with an abundance of natural light in this elegant home. Ideally situated, neighboring historic Peanut Park in Cresentwood /River Heights. 70 Kingsway

Grand, designer-influenced entrance with multiple, leaded glass French doors. Spacious living and dining rooms with gorgeous quarter-cut dark oak hardwoods. Living room leads into a comfortable 4-season sunroom. Large eat-in kitchen beside bar with granite counter.

70 Kingsway 70 Kingsway 70Kingston0027 70Kingston003270 Kingsway

Delightful mezzanine family room with vaulted ceilings and classic brick, wood-burning FP with expansive windows with wide oak trim. 3 fireplaces. 4 Large bedrooms & 2 baths on 2nd level

Follow the link for more information on this Home at  70 Kingsway Ave by clicking on the address.

Winnipeg Real Estate News – November MLS® Sales Up 9%

WinnipegRealEstateNews

PRESS RELEASE        December 4, 2015      For Immediate Release

BEST NOVEMBER ON RECORD AT OVER 900 SALES

November MLS® Sales Up 9%

 
 
WINNIPEG – Mild weather, hosting the Grey Cup, being singled out as one of the best destinations in the world to visit by National Geographic Traveler magazine, or just having a an excellent supply of terrific listings to choose from with such favourable mortgage rates, it was the first time November nudged over 900 sales in WinnipegREALTORS® 112-year history.
 
Not surprisingly, dollar volume was at its highest level too for this month at nearly $245 million and with a month to go, it is virtually assured a new annual dollar volume record will be set around the $3.5 billion mark. November also set a record for the highest-priced residential-detached or single family property sold ever at $2.7 million. It is a spectacular home and acreage nestled along the Assiniboine River in St. Francois Xavier.
 
“We have said all along this year Winnipeg is a very stable real estate market with good fundamentals supporting it,” said WinnipegREALTORS® president David MacKenzie. “November’s strong result puts us in an advantageous position to beat out last year’s solid sales performance and usher in a new annual dollar record.”
 
November MLS® unit sales of 903 represent an increase of nearly 9% over November 2014 and are the highest on record for this month. Similarly, dollar volume of close to $245 million set a new November dollar volume record and was up 12% over November 2014. Year-to-date MLS® unit sales of 12,285 are up less than 1% while dollar volume of $3.3 billion has increased almost 3% over the same period in 2014.
 
Listing supply continues to be elevated with 4,377 available for sale at the end of November. This total is only a 5% increase over last year but is significantly more in percentage terms over some previous years when there were well under 3,000 properties for sale.
 
“Higher levels of listings, particularly in a property type where there are not as many sales each month, can put downward pressure on pricing given the heightened competition for buyers”, said MacKenzie. “This is why it is so important to talk to your REALTOR® about your property type in the context of the current market. Where do you price your property best based on supply, location and competition within your price range segment?”
 
The 5 months of MLS® listings supply available at this time tilts more towards a buyers’ market. As a result it puts more of a premium on vendors to do everything possible to place their property in its most positive light to sell given the stiff competition which exists.
 
As for the status of different MLS® property types heading in to the final month of the year, residential-detached or single family homes which represent 3 out of every 4 homes sold so far in 2015, are ahead 3% in sales activity and 2% in average sales price in comparison to the same period in 2014.  The average sale price is $294,973.
 
Condominiums which got off to a real slow start at the beginning of the year have recovered to some extent but are still off 11% from 2014. Their average sales price of $236,947 is down less than 1% from last year. Condos are the second most active MLS® property type with 12% of total market share.
 
An affordable alternative to single family and condominium properties is single-attached. They have increased nearly 8% in sales this year and experienced an average sale price rise of over 3%. Their average sales price is $226,860. This third most active MLS® property type only captures 3% of the total MLS® market. Vacant land sales are slightly lower in activity but similar in percentage terms.
 
The most active price range in November for residential-detached sales was $250,000- $299,999 (22% of sales), followed by the $200,000- $249,999 (18%) and $150,000 -$199,999 (12%) and $300,000-$349,999 (12%). Average days on market for residential-detached sales was 41 days, a week slower than November 2014. The highest-priced residential-detached sale was $2.7 million. The least expensive sale was $49,000.
 
The most active price range in November for condominiums was the $150,000-$199,999 (29% of sales), followed by the $100,000-$149,999 (19%) and the $250,000-$299,999 (18%). Average days on market for condos was 49 days, 3 days off the pace set in November 2014. The highest-priced condo sale was $587,932 and the lowest sale price was $101,000.
 
Established in 1903, WinnipegREALTORS® is a professional association representing over 1,850 real estate brokers, salespeople, appraisers, and financial members active in the Greater Winnipeg Area real estate market.  Its REALTOR® members adhere to a strict code of ethics and share a state-of-the-art Multiple Listing Service® (MLS®) designed exclusively for REALTORS®. WinnipegREALTORS® serves its members by promoting the benefits of an organized real estate profession.  REALTOR®, MLS® and Multiple Listing Service® are trademarks owned and controlled by The Canadian Real Estate Association and are used under licence.
 
Residential  Detached Sales Chart November 2015 Residential  Detached Sales Market Comparisons November 2015

3 things that do or don’t change with a Bank of Canada rate cut

paley mortgage team feb 2015

 

 

Your Home & Mortgage
 
When you’ve got “rate envy”, does it make sense to refinance?Who would have believed that mortgage rates would have such a continued downward trend? Mortgage shoppers are looking at some of the lowest rates in history, and many homeowners with existing fixed-term mortgages are experiencing some “rate envy” about today’s rock bottom rates.It might be worth a conversation about your options.
 
Typically, we think of a fixed term mortgage as a non-negotiable contract. And it’s true that there are financial penalties to re-negotiate. But, many clients have been asking for a mortgage analysis – a detailed look at the penalties versus the payoffs – to determine whether it’s worth refinancing.
 
What does it cost to get out of your existing mortgage? Generally, you can expect to pay the greater of either a) three months’ interest, or b) the interest-rate differential. The interest rate differential can be high in some cases; your mortgage lender will expect you to pay them the equivalent of what they will lose by releasing you from your mortgage and lending the money at current rates.
 
So is it worth it? For some homeowners it can be an important moment of opportunity, while for others, it may not be worth the costs involved. Most lenders will include the cost of the payout penalty and other costs into the new mortgage so you don’t have to be out of pocket to complete the transaction.
 
I would be happy to help you make a realistic assessment of your situation and help you determine if your benefit outweighs the cost. With rates where they are today, there’s never been a better time to talk.
 

3 things that do or don’t change with a Bank of Canada rate cut

  1. The prime rate in most cases will change, but lenders decide how much of that cut they will pass on to consumers, if any. If you have a variable mortgage, you are now paying less; sixty per cent of the two recent cuts are now reflected in lower variable rates. Take advantage and keep your payments the same so you pay off your principal faster.
  2. Fixed rates don’t, they are influenced by the bond market.
  3. Variable mortgage approvals don’t, they are based on a qualifying rate, which means your borrowing power likely won’t increase.

 
Thinking of falling into home ownership?
 
Let me help determine how much home you can afford and pre-approve you before you start shopping. We’ll also discuss downpayment options and all of the costs associated with buying a home. Don’t be tempted to rush into anything just because the holiday season approaches so quickly. It’s best to make sure you find the right house and stick with your budget. If you are thinking of jumping into homeownership this fall, let’s have a conversation!
 
Peter Paley new logo june 11,2013
 
Peter Paley Canadian Mortgage Award 2015

Two Bedroom Condo at 503 – 870 Cambridge Street , Winnipeg, MB

503 - 870 Cambridge St 054

Price reduced on this Two Bedroom Condo

Fantastic, affordable condo. All utilities included in condo fees! Brand new kitchen (2015) with new appliances, gorgeous back splash and flooring. Some new light fixtures and other updates. Newer laminate hardwood flooring. Lots of storage space.

503 - 870 Cambridge St 005 503 - 870 Cambridge St 001

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More pictures and information on this Condo at 503 – 870 Cambridge Street Winnipeg MB.

Showing Start on September 2 , 2015 Call Realtor Rosalie to view this Condo…

503 - 870 Cambridge St 040 503 - 870 Cambridge St 042

This is a concrete building. Large balcony with excellent view from 5th floor vantage point. Close to all amenities. You name it – it’s at your finger tips.

5 Reasons to Hire a Real Estate Professional Today !

5 Reasons To Hire A Real Estate Professional Today | Keeping Current Matters
 
Whether you are buying or selling a home, it can be quite an adventurous journey. You need an experienced Real Estate Professional to lead you to your ultimate goal. In this world of instant gratification and internet searches, many sellers think that they can For Sale by Owner or FSBO.
 
The 5 Reasons You NEED a Real Estate Professional in your corner haven’t changed, but have rather been strengthened due to the projections of higher mortgage interest rates & home prices as the market continues to recover.
 
1. What do you do with all this paperwork?
 
Each state has different regulations regarding the contracts required for a successful sale, and these regulations are constantly changing. A true Real Estate Professional is an expert in their market and can guide you through the stacks of paperwork necessary to make your dream a reality.
 
2. Ok, so you found your dream house, now what?
 
According to the Orlando Regional REALTOR Association, there are over 230 possible actions that need to take place during every successful real estate transaction. Don’t you want someone who has been there before, who knows what these actions are to make sure that you acquire your dream.
 
3. Are you a good negotiator?
 
So maybe you’re not convinced that you need an agent to sell your home. However, after looking at the list of parties that you need to be prepared to negotiate with, you’ll realize the value in selecting a Real Estate Professional. From the buyer (who wants the best deal possible), to the home inspection companies, to the appraiser, there are at least 11 different people that you will have to be knowledgeable with and answer to, during the process.
 
4. What is the home you’re buying/selling really worth?
 
It is important for your home to be priced correctly from the start to attract the right buyers and shorten the time that it’s on the market. You need someone who is not emotionally connected to your home to give you the truth as to your home’s value. According to the National Association of REALTORS, “the typical FSBO home sold for $208,700 compared to $235,000 among agent-assisted home sales.”
 
Get the most out of your transaction by hiring a professional.
 
5. Do you know what’s really going on in the market?
 
There is so much information out there on the news and the internet about home sales, prices, mortgage rates; how do you know what’s going on specifically in your area? Who do you turn to in order to competitively price your home correctly at the beginning of the selling process? How do you know what to offer on your dream home without paying too much, or offending the seller with a low-ball offer?
 
Dave Ramsey, the financial guru advises:

“When getting help with money, whether it’s insurance, real estate or investments, you should always look for someone with the heart of a teacher, not the heart of a salesman.”

Hiring an agent who has their finger on the pulse of the market will make your buying/selling experience an educated one. You need someone who is going to tell you the truth, not just what they think you want to hear.
 

Bottom Line:

 
You wouldn’t replace the engine in your car without a trusted mechanic. Why would you make one of your most important financial decisions of your life without hiring a Real Estate Professional?
 
Source: KeepingCurrentMatters.com

Mortgage Rates for August 25, 2015 — By Peter Paley

                                             

Peter Paley - Your Home and Mortgage Peter Paley

Come visit Realtor Rosalie Drysdale Website each week for my weekly Mortgage Rates.

Whether you are looking to purchase, refinance, or renew, we can help you decide whether a fixed or variable-rate mortgage will work best for your situation. Call today!

At Invis, we are always aware of the current environment and resulting implications, so at any time we can recommend a mortgage that gives you an edge and meets your current needs and future goals.

We regularly receive short-term rate promotions that are not posted online, which means our rates change frequently. Please contact us for these unpublished rate specials.

Terms

Posted Rates

Our Rates

6 MONTHS

3.14%

3.10%

1 YEAR

2.89%

2.29%

2 YEARS

2.84%

2.19%

3 YEARS

3.39%

2.34%

4 YEARS

3.89%

2.54%

5 YEARS

4.64%

2.59%

7 YEARS

5.30%

3.39%

10 YEARS

6.10%

3.84%

Rates are subject to change without notice. OAC E&OE

Prime Rate

2.70%

5 yr variable

2.05%

Looking at Purchasing that New Home, Needing a Mortgage,

Whatever your need is today – first or next home, renewal, refinance, renovation financing, equity take out, business–for-self mortgage, investing in property or a second/vacation home, contact us for a review of your situation, and the advice you need to achieve your homeownership dreams. After all, the right mortgage can build your wealth and save you thousands of dollars

Every single day we’re making homeowner dreams come true. And we’re here to help you.

Contact Peter Paley at Invis Mortgage

 

Peter Paley Mortgage Associate Send an EmailVisit Website

 

Mortgage Rates for August 18, 2015 — By Peter Paley

                                             

Peter Paley - Your Home and Mortgage Peter Paley

Come visit Realtor Rosalie Drysdale Website each week for my weekly Mortgage Rates.

Whether you are looking to purchase, refinance, or renew, we can help you decide whether a fixed or variable-rate mortgage will work best for your situation. Call today!

At Invis, we are always aware of the current environment and resulting implications, so at any time we can recommend a mortgage that gives you an edge and meets your current needs and future goals.

We regularly receive short-term rate promotions that are not posted online, which means our rates change frequently. Please contact us for these unpublished rate specials.

Terms

Posted Rates

Our Rates

6 MONTHS

3.14%

3.10%

1 YEAR

2.89%

2.29%

2 YEARS

2.84%

2.19%

3 YEARS

3.39%

2.34%

4 YEARS

3.89%

2.54%

5 YEARS

4.64%

2.59%

7 YEARS

5.30%

3.39%

10 YEARS

6.10%

3.84%

Rates are subject to change without notice. OAC E&OE

Prime Rate

2.70%

5 yr variable

2.20%

Looking at Purchasing that New Home, Needing a Mortgage,

Whatever your need is today – first or next home, renewal, refinance, renovation financing, equity take out, business–for-self mortgage, investing in property or a second/vacation home, contact us for a review of your situation, and the advice you need to achieve your homeownership dreams. After all, the right mortgage can build your wealth and save you thousands of dollars

Every single day we’re making homeowner dreams come true. And we’re here to help you.

Contact Peter Paley at Invis Mortgage

 

Peter Paley Mortgage Associate Send an EmailVisit Website

 

CMHC to Allow 100% of Suite Income

The market for houses with basement apartments is about to get a little hotter. CMHC has announced it will allow 100% of the rental income from legal secondary suites to be used when qualifying for a mortgage. Currently it allows 50%.
 
The nation’s largest default insurer says the move is meant to “facilitate affordable housing choices for Canadians.”
 
“Secondary rental suites are recognized as a source of affordable housing offered at a cost that is often lower than those for apartments in purpose built rental buildings,” it adds. Secondary/basement suites also give lower-income Canadians the chance to live in single-family residential neighbourhoods.
 
The new rule takes effect September 28, 2015.
 
“This is definitely good news for anyone who is looking to buy a home and subsidize the cost” with a renter, says Vancouver-based broker Peter Kinch, of DLC’s Peter Kinch Mortgage Team. “…The ability to utilize 100% of the rental income to qualify for the mortgage…can certainly make the difference for many homeowners and may move a larger number of homebuyers from condo purchases to a single-family home with a mortgage helper.”
 
Broker Marg Green, of Concierge Mortgage Group, agrees that “there will be a big demand for it,” but rightly notes that more clarity is needed on what CMHC considers a legal suite. “What is legal? Is it fire retrofitted? Is it registered with the city? If the suite isn’t legal, lenders generally won’t use the rental income (for qualification purposes).”
 
Here’s what we’ve gathered thus far, with respect to what’s required to use 100% of suite income with CMHC:

  • The property must be owner-occupied.
  • The property being insured can have only two units (i.e., a duplex or a single home with a legal secondary suite).
  • Rental income cannot be used if the suite is “illegal/non-conforming” but “legal non-conforming” is okay. (Non-conforming means that the suite was grandfathered in before zoning/regulations restricted such units. You can check with the city to confirm if a suite is legal.)
  • The suite must be self-contained with its own entrance.
  • Property taxes and heat must be factored into the borrower’s debt ratios (which is currently not the case when using rent from legal secondary suites).
  • For existing units, there must be two-year history of rental income from the suite. The maximum rental income allowed for qualification is a two-year average of the unit’s rent.
  • For new units, a market rent appraisal can be accepted if an appropriate vacancy rate has been applied to the estimated rental income.
  • Mortgage applicants must “demonstrate a strong history of managing credit” with a minimum credit score of 680.

 

On 3-4 unit owner-occupied properties and 1-4 unit non-owner occupied rentals, CMHC will be allowing a net rents calculation (i.e., gross rents less operating expenses).
 
Note that individual lender guidelines may very well be tighter than what you see above.
 
Genworth and Canada Guaranty have had a 100% add-back policy for a while (for basement suites), but mainly in Victoria and Vancouver. CMHC’s new policy extends nationwide. Both private insurers say they’re reviewing CMHC’s changes and haven’t decided if they’ll match this guideline. We’ll bet that one or both of them will.
 
“In the big picture, I do not see that this will have a significant impact on the overall housing market,” says Kinch. “But in certain suburban areas, this shift in CMHC policy will help speed up a trend that is already taking place, and that is the widening price-gap between single-family and multi-family (condo, townhome) homes.”
 
Another broker, who didn’t want to be named, said the move could encourage more people to lie about owner-occupying a property (i.e., say they’re living in one unit but renting out both units). That minor unavoidable side effect aside, CMHC deserves applause for trying to boost the stock of affordable rentals and allowing young homebuyers an alternative to condo living.
 
Source: CanadianMortgagetrends.com

Mortgage Rates for July 28, 2015 — By Peter Paley

                                            

Peter Paley - Your Home and Mortgage Peter Paley

Come visit Realtor Rosalie Drysdale Website each week for my weekly Mortgage Rates.

Whether you are looking to purchase, refinance, or renew, we can help you decide whether a fixed or variable-rate mortgage will work best for your situation. Call today!

At Invis, we are always aware of the current environment and resulting implications, so at any time we can recommend a mortgage that gives you an edge and meets your current needs and future goals.

We regularly receive short-term rate promotions that are not posted online, which means our rates change frequently. Please contact us for these unpublished rate specials.

Terms

Posted Rates

Our Rates

6 MONTHS

3.14%

3.10%

1 YEAR

2.89%

2.29%

2 YEARS

2.84%

2.19%

3 YEARS

3.39%

2.34%

4 YEARS

3.89%

2.54%

5 YEARS

4.64%

2.59%

7 YEARS

5.30%

3.39%

10 YEARS

6.10%

3.84%

Rates are subject to change without notice. OAC E&OE

Prime Rate

2.70%

5 yr variable

2.20%

Looking at Purchasing that New Home, Needing a Mortgage,

Whatever your need is today – first or next home, renewal, refinance, renovation financing, equity take out, business–for-self mortgage, investing in property or a second/vacation home, contact us for a review of your situation, and the advice you need to achieve your homeownership dreams. After all, the right mortgage can build your wealth and save you thousands of dollars

Every single day we’re making homeowner dreams come true. And we’re here to help you.

Contact Peter Paley at Invis Mortgage

 

Peter Paley Mortgage Associate Send an EmailVisit Website