Are Winnipeg home prices going to drop in 2024?

Remax Canada projects that in 2024 the average sale price for homes in Winnipeg is expected to remain constant. That means entry level home prices between $350K - $500K

The Remax Canada 2024 Winnipeg Housing Market Outlook explains that Winnipeg market is expected to remain balanced throughout the year. 

Here’s that they said:

The average sale price in the Winnipeg housing market has decreased by four per cent between 2022 and 2023 (from $419,596 in 2022 to $402,956 in 2023), while the number of sales has decreased by 14 per cent (from 6,979 in 2022 to 6,002 in 2023). The region is currently a balanced market, a condition that is anticipated to remain the same in 2024. Average residential sale price is expected to remain unchanged 2024, meanwhile consumer confidence is expected to increase throughout the course of the year, as such, the number of sales is anticipated to increase by three per cent.

So if you are thinking about purchasing a home. The best time is always yesterday.

Need information on downpayments? See my article in everything you need to know about downpayment’s here.

Looking to buy a home? Call John Frank at (204) 330-0676 or email john@johnfrank.ca.

Looking to buy a home?

Here’s what you should know about down payments in Winnipeg.

So you are gearing up to get a shiny new home. Congratulations! You earned it. 

You must be thinking, “How much is the minimum downpayment?”. And "How much should I pay".

So let’s talk about it. 

Minimum Down Payment 

The national standard in Canada is 5% for a home costing 500,000 or less. If the house costs more than 500,000 then the minimum would be 5% for the initial 500,000 and 10% for the additional price up to $999,999. 

Your lender may ask you to pay a higher downpayment if you are self-employed or your credit history isn’t so great.

Having the minimum downpayment is great but how much should you pay?

The Ideal Down Payment 

The easy answer is, as much as you can. 

People traditionally go for 20%. 20% down payment is good because it allows you to avoid loan insurance. Plus increasing your down payment reduces the total cost of your mortgage.  

Finding the right downpayment isn’t always easy. It requires you to find that sweet spot between cost and benefit. 

It’s always best to talk to an experienced Realtor or Mortgage Provider.

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Looking to get into real estate? Need additional info on down payments?

Call John Frank at (204) 330-0676 or email john@johnfrank.ca