There is no doubt that the recent 100 basis point increase by the bank of Canada has affected a lot of home buyers looking at getting into the housing market right now. But the sky is not falling because of these interest rate hikes. Money has been on sale for the past couple of years and as all sales do, it had to end at some point. But the interest rates right now are where they had been over the past decade or so +/- a few basis points now and then, but on average, the current 5-year mortgage term is on par now from where it has historically been the past decade, so for those who have been in the market for a while now see this as a normal interest rate. Those new into the market will no doubt affect their buying power as their buying dollar and perception have changed.
 
I remember when I first started in the business in 1991 we had real estate sign riders that said "5-Year Mortgage 9.75%!!!" as that was a huge deal to break below 10% as it had been over 10% for the past decade or so before that.
 
Yes, this has put some pressure on some home values and when we look back at what some homes have sold for this past spring and compare them to what they could get right now, they would have to sell at a loss right now, if they had to sell. But if those home buyers in the spring took out a 5-year fixed mortgage at 3.5 at a $400,000 purchase price, their payment over 25 years would have been $1973/month. If that same home would sell right now for $350,000 with a 5-year mortgage at 5%, the homeowner would be paying $1999/month, so those people who "overpaid" in the spring are still paying less per month than someone who paid $50,000 less for their home right now, so it is all relative. The problem comes up when the spring purchaser has to sell in today's market.
 
I feel that the biggest influence on today's housing market is not the increase in interest rates, but overall inflation. The cost of everything has skyrocketed over the past 2 years putting a ton of pressure on everyone's overall budget at home. So when the government tells us that inflation is 8.1%, we all know that in reality, it is much, much higher than this. I was speaking to my butcher this week and the cost of pork has risen 120% in the past year, and just that morning, his chicken supplier gave notice that chicken breasts were increasing by 30% next week. This is over and above all of the other increases in chicken in the past 18 months. His carbon tax recently increased by 50% and is 100% higher than it was just 2 years ago when there was no carbon tax. This new tax adds an additional $2000/month to his expenses each month. All of these extra costs have to be passed down to the consumer to keep businesses profitable, making everyone's discretionary spending budget less and less each month. This make's it harder and harder for purchasers just getting into the market to save for a downpayment. Already in the past 5 years, we have seen more and more parents having to help their kids with the downpayment for their first homes, and as it gets harder and harder to save, I am sure that we will see more and more of this. 
 
In the past 32 years of selling real estate in Winnipeg, I have seen it all and during each crisis that has come and gone. And during each crisis, the market has still chugged along as people will always need to buy and sell homes due to differentiating circumstances. So I wouldn't be afraid to buy something in today's real estate market, but it may be volatile for a bit so I would buy and hold until the rampant inflation subsides and we can go back to a more stabilized & predictable economy. As always it is important to have the right real estate team behind you and working for you for all of your real estate transactions to ensure that you are buying & selling right.
 
Geoff Archambault - Team Lead - Archambault Team
Century 21 Advanced Realty 
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I have sold a property at 11 Lethbridge AVE in Winnipeg.
Showings start Thursday July 14, NO BIDDING WAR!! Offers as presented on this ready to move in bungalow in West Transcona. This 3+1 bedroom home with finished basement is in a great area, quiet, but amazingly walkable for groceries, coffee, the library, buses, parks, the Transcona Trail and schools. Over 1000 sq ft of space for a growing family with upgraded main floor bathroom (2021), eat in kitchen and a dining room for family dinners. A large primary bedroom and 2 more bedrooms upstairs before you head to the fully finished basement with spa like second full bathroom. The basement also includes large bedroom/den with walk-in closet/storage. The oversized single garage is insulated and heated with 240v power so it's the perfect workshop all year long to work on that special project. Shingles replaced in 2020, furnace, central air & some windows new in 2016. Straight and solid, move in and make it your home in this special part of the city and get ready to say "Hi Neighbour" to all your new friends.
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I have sold a property at 41 Bank AVE in Winnipeg.
Amazing opportunity to own this very nicely updated 4-bedroom family home in the heart of St Vital! The main floor bedroom would also make for a great home office. Walk into Luxury Vinyl Plank Floors (2019) in the open Living/Dining Room with newer LVP flooring 2019. The 4 Piece Main Floor Bathroom has also been nicely updated. The kitchen features newer Stainless Steel Appliances as well as an island with plenty of drawer storage. Upstairs you'll find two good-sized Bedrooms with the Primary including a nook for coffee & a book. The modern fully finished basement is a great space with a recreation room, bedroom, and Modern 3-piece Bathroom (2020). This home's layout provides tons of practicality & functionality. A Fully Fenced backyard & an Oversized Double Garage are a few of the outside features you'll enjoy. Located blocks away from all amenities like Grocery Stores, Schools, Golf Courses and more. Not to mention the walking trails along the Seine River. Very flexible possession, come and look today!
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I have listed a new property at 402 50 Philip Lee DR in Winnipeg.
Penthouse living, top floor sunrise views. The Rose is our luxury 661 sq/ft 1 bed 1 bathroom suite with quartz countertops, ceramic tile backsplash, Luxury vinyl plank flooring, and stainless steel appliances in an open concept unit with island kitchen. Also includes the washer & dryer for your in-suite laundry room, triple pane windows and large balcony with extra storage locker on the same floor, plug in parking & blinds included. Low condo fees which allow you the use of the 4000 sq/ft clubhouse which features a spacious and well-equipped fitness center and billiard lounge on the 2nd floor and the large common room on the main floor with a full kitchen & dining room which can be reserved for private functions. Pet friendly for 2 pets under 35 lbs. Come see why Crocus Gardens has been the fastest selling condos in Winnipeg in the last year
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We answer all the questions you have been asking when it comes to closing a Winnipeg real estate transaction. OK maybe not all but we answered the biggest ones! Chapters below to skip to a question you have! Thanks to Jeremy Feuer Check him out at https://www.jmflawcorp.ca


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You guys said you wanted to wait until the market softened! Well here it is!

#winnipegrealestate #winnipegrealtor #manitobarealestate #manitobarealtor #realtor #realestate #century21 #century21advanced #archambaultteam #c21 #openhouse #newlisting #forsale #justlisted #sold 

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Not every home sale or purchase is on the market. With the right Real Estate Team in your corner there are a ton of potential opportunities out there for you! 

#winnipegrealestate #winnipegrealtor #manitobarealestate #manitobarealtor #realtor #realestate #century21 #century21advanced #archambaultteam #c21 #openhouse #newlisting #forsale #justlisted #sold

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I have sold a property at 59 Hampshire BAY in Winnipeg.
SS 07/19, Offers 07/25 5pm. OH Sat & Sun 12-2pm. Welcome home to this highly maintained 3BR + 1.5 Bath 2-story home in Windsor Park. Lovingly taken care of by long time owner with all essential updates completed throughout the years. Great size Living room has a picture window overlooking the large front yard. Spacious Eat-in Kitchen features plenty of oak cabinetry, quartz countertops & beautiful backsplash. Separate Dining room is perfect for gatherings or a great office space with patio doors! Convenient 2pc Powder room rounds off the main floor. Up the stairs with a lovely oak banister are 3 large size Bedrooms, Primary Bedroom having a double closet, original hardwoods throughout & modern 3pc bath with glass shower doors ('17). Finished Basement offers a very nice Rec room & separate Laundry room. Generous size backyard is fully fenced & private with deck. Updates; HE furnace, A/C, Shingles/Soffit/Fascia & Polar tri-pane windows. Kids will love the walking distance to Berkshire Park with playground!
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I have listed a new property at 269 Margaret AVE in Winnipeg.
Offers Jul 28. Open House Jul 23 & 24, 12-2pm. Spectacular custom built 2-story home offering 3 BR's + 2 full Baths. Energy efficient home with ICF foundation, HRV, 2x6 walls & all triple pane windows. Gorgeous hardwoods throughout. An abundance of natural light shines through the tall ceiling & all the large front windows. Lovely KIT features cherry-stained cabinetry, black granite countertops & a peninsula for added eating space. Open to DR and LR, makes perfect for entertaining. Main floor Primary BR has 2 double closets & a 4pc bath. 2nd floor has 2 BRs, another 4pc bath & loft that overlooks the main floor. Each entryway has a very spacious entrance with mudroom having a laundry area. Partially fin basement has great potential for 2 more BR's with egress windows! Stepping outside is a fully fenced front yard and a Mechanics Dream 33x24 Double Garage, 9' ceiling, fully insulated with 220V. Additional parking pad is enough space to be converted to yard space. Great walk to Kildonan Park! One of a kind!
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Please visit our Open House at 269 Margaret AVE in Winnipeg.
Open House on Saturday, July 23, 2022 12:00PM - 2:00PM Spectacular 2-story in Margaret Park Spectacular 2-story home offering 3 bedrooms + 2 full bathrooms, built 2014! Gorgeous hardwoods throughout. An abundance of natural light shines through the tall ceiling and all the large front windows.
Offers Jul 28. Open House Jul 23 & 24, 12-2pm. Spectacular custom built 2-story home offering 3 BR's + 2 full Baths. Energy efficient home with ICF foundation, HRV, 2x6 walls & all triple pane windows. Gorgeous hardwoods throughout. An abundance of natural light shines through the tall ceiling & all the large front windows. Lovely KIT features cherry-stained cabinetry, black granite countertops & a peninsula for added eating space. Open to DR and LR, makes perfect for entertaining. Main floor Primary BR has 2 double closets & a 4pc bath. 2nd floor has 2 BRs, another 4pc bath & loft that overlooks the main floor. Each entryway has a very spacious entrance with mudroom having a laundry area. Partially fin basement has great potential for 2 more BR's with egress windows! Stepping outside is a fully fenced front yard and a Mechanics Dream 33x24 Double Garage, 9' ceiling, fully insulated with 220V. Additional parking pad is enough space to be converted to yard space. Great walk to Kildonan Park! One of a kind!
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