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Winnipeg, MB Real Estate News

By Harry Logan, Your Satisfaction is Guaranteed!
(RE/MAX executives realty)
WINNIPEG - Despite a drop in sales activity this summer in comparison to July and August last year, year-to-date sales are slightly above 2009 while dollar volume is up nearly 11% and closing in on $2 billion. August 2010 is clearly showing a softer first-time buyer market where residential-detached sales under $200,000 are down 33%. Even sales from $200,000 to $250,000 are off 16%. With the exception of the $300,000 to $350,000 price range where there were 6% more residential-detached units sold in August 2009 than August 2010, sales in the upper price range brackets are either equal or better than 2009 (e.g. twice as many sales over $500,000 in 2010 including two sales above $1,000,000). On the positive side, a moderating market which is allowing listings to catch up to demand is a go...
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By Steve Penner, REALTOR® / Pro Ledger Online (owner)
(Royal LePage Dynamic RE / Pro Ledger Bookkeeping Software)
Winnipeg Real Estate Market - Boom or Bust? Despite the downturn in the world economy and a leveling out of home values this year in Canada, the Winnipeg Real Estate Market has again remained strong in 2010. In fact, Winnipeg home prices keep rising.  It causes many of my clients to question why we have had such an exceptional market and what the future holds.  Here are a few things to think about when we consider these questions: Consider the Following Combination of Winnipeg  Real Estate Market Influences: 1.  Growing Population: Winnipeg population is outpacing the national average.  This last year the population grew by approximately 13,000 with the high majority locating in Winnipeg.  Stats Canada is predicting that Winnipeg will grow by an additional 70,000 people in the next 10 y...
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By Harry Logan, Your Satisfaction is Guaranteed!
(RE/MAX executives realty)
The new CMHC Housing Market Overview Report for August 2010 is out! The report substantiates what we have been hearing from our colleagues across Canada of the market slowing down.  Unit sales of existing homes in July were down to 378,432 units from 406,032 units across Canada in June. "Across Canada, existing home sales are down 24.9 per cent compared to July 2009." Not only are unit sales down from June but prices are down slightly as well.  The seasonally adjusted average MLS® price in Canada decreased from $332,492 in June to $331,834 in July. However when compared to July 2009, the Canada-wide average MLS® price has increased by 2.1 per cent. Employment was down by 9,300 jobs in July, pushing the unemployment rate 8 per cent.  Despite the slight decline last month, employment has ...
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By Harry Logan, Your Satisfaction is Guaranteed!
(RE/MAX executives realty)
Did you know that you can invest your RRSP in to Mortgages?  Registered Retirement Savings Plans (RRSP’s) CAN be invested in to Mortgages.  I'd say that 99% of the people that I ask if they know that they can invest their RRSP in to other investment vehicles such as mortgages, haven't got a clue that this is possible.   Most people are familiar with the "standard way" of investing an RRSP, which is to give your money to the Bank or some other professional money manager.  These professional money managers typically invest your RRSP money into a mutual fund, a money market fund, a bond fund, a guaranteed investment certificate (GIC) or perhaps the stock market. RRSP's can actually be invested in more than just mortgages.  Your RRSP can also be invested in to Businesses (either your own or...
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By Harry Logan, Your Satisfaction is Guaranteed!
(RE/MAX executives realty)
WinnipegREALTORS® MLS® stats for July. With the weather way better than last July ... and maybe people thinking more about some sun, sand and surf rather than listing and selling - the numbers don't look all that bad. And looking at year-to-date ... there are still positives in this more balanced - healthier market. In July, there were 3,191 listings actually available for buyers to see ... down just 17 properties from July of last year (3,208). The number of new listings added in July this year was 1587 ... just 95 shy of last year's 1,682. Sales were 178 fewer than last year (1,195 vs. 1,373) and with 178 fewer sales, dollar volume dropped $15.2 million from July 2009 to $261,349,000 (from $276,582,000). Even though the numbers are off a little during the month, the stats are still ve...
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By Harry Logan, Your Satisfaction is Guaranteed!
(RE/MAX executives realty)
Several people have asked me what is a "Miracle Home" when they see the sign rider on my For Sale signs.  Those sign riders are to let people know that when they buy this home, they are also helping to support the Children's Miracle Network. RE/MAX Associates have been supporters of Children's Miracle Network since 1992.  RE/MAX, a leading real estate franchisor, has arrived at an amazing milestone of: $100 million dollars raised over the past 18 years for Children's Miracle Network, which raises funds for more than 170 pediatric hospitals. In doing so, RE/MAX became one of the top three Children's Miracle Network donors of all time. The funds raised by Harry Loganof RE/MAX executives realty in Winnipeg, MB go to the Children's Hospital Foundation of Manitoba to purchase specialty medic...
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By Susan Macaulay
(Clarity Over Clutter)
PROPERTY IN WINNIPEG STAGED AND SOLD IN 10 DAYS!!! Susan Macaulay of Clarity Over Clutter and her team staged a beautiful house and it SOLD in 10 days! The property had been listed on the market for 7 weeks prior to Staging. The Homeowners were very pleased with the way the house was Staged.  The comments from the Homeowners were "That if the house had been prepared prior to listing on the market, which included the Staging - with all the foot traffic - they know that it would of sold sooner" The Homeowners had already made plans to move into their new home and having the this house still on the market was very unsettling on their minds.  The house did not sell for asking price (just below).  However, the Homeowners were very pleased with the Home Staging Services of Clarity Over Clutte...
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By Harry Logan, Your Satisfaction is Guaranteed!
(RE/MAX executives realty)
Net operating Income (NOI) is an important number in real estate investing because it is used in two very important real estate ratios, The Capitalization Rate (CAP Rate) and the Debt Service Coverage Ratio (DSCR). The Net Operating Income is calculated by taking all of a property's Operating Incomes such as: Rents Parking revenues Laundry revenues Vending revenues Any other incomes received and then deducting all of the property's Operating Expenses such as:  Property Taxes Insurance Maintenance & Repair Costs Caretaking & Management Fees Snow & Garbage Removal Costs Utility Costs Supplies Vacancy Costs Advertising Costs Accounting Fees Legal Fees Security Costs Annual Fire Alarm Testing Costs Any Other Operating Expenses Please note that Operating Expenses DO NOT INCLUDE Debt Service,...
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By Harry Logan, Your Satisfaction is Guaranteed!
(RE/MAX executives realty)
Saving for a child's post secondary education has, for years, been a financial goal for many parents.  The theory was that armed with marketable skills and the requisite degree or diploma, the graduate would land a good job, accumulate a substantial down payment and be well on the way to owning his or her home. But, as house prices rise, a growing number of couples with the capital are choosing to invest in a second or even third real estate property with an ulterior motive.  The detached houses, townhomes or condominium apartments they buy can eventually provide viable housing options for their grown children. The Stacey's exemplify this type of investor.  They and their two children, aged 8 and 13, live in a large, four-bedroom home.  Since paying off their mortgage five years ago, th...
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By Harry Logan, Your Satisfaction is Guaranteed!
(RE/MAX executives realty)
Winnipeg home buyers are often faced with the dilemma of seasons.  How will they know that the comfortable home they purchased during the spring, summer or fall will be just as attractive and cozy during the cold winter months? Fortunately, by taking a few precautions and spending the time to look carefully at the property, buyers can reassure themselves before the purchase. There are advantages to buying during the warm weather. The obvious advantage is that buyers can do a complete exterior inspection without having to brave the cold or wonder what lies underneath several inches of ice or snow.    The first item to check is the heating system.  Is it up to date and efficient?  Try the thermostat - the furnace should come on as soon set amount exceeds the ambient room temperature in th...
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By Harry Logan, Your Satisfaction is Guaranteed!
(RE/MAX executives realty)
When looking at the Winnipeg MLS Statistics for June 2010 you'll find that there is something to be said for consistency. Be it the second quarter as a whole or May and June in particular, MLS® market activity is very similar. Sales for May and June are ranked fifth best ever for their respective months, with dollar volume as the best ever. The average residential-detached sales price has remained firm since April to hover around the $250,000 mark. Activity within the different price ranges is similar too with both months each having a million dollar plus sale and more upper end sales.   While sales have not been as busy as a few years ago, they are remaining solid and dollar volume continues to show year over year gains. 2010 marks the first time there have been three consecutive month...
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By Harry Logan, Your Satisfaction is Guaranteed!
(RE/MAX executives realty)
To many home buyers and sellers, one of the most interesting documents in a sale of a property is the survey certificate.  Along with the written "metes and bounds" description and the legal description, the survey also provides a drawing of the actual property. The drawing is more properly called a "plan of survey", it is a drawing that shows the lot lines and size, as well as the "improvements" or buildings, fences and other man-made objects.  A survey is prepared by a licensed surveyor who will visit the property, take the measurements and guarantee their accuracy. In a residential real estate transaction generally it is the responsibility of the buyer to obtain and pay for an updated survey.  If you are a buyer, I would encourage you to ask the seller for the existing survey certifi...
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By Harry Logan, Your Satisfaction is Guaranteed!
(RE/MAX executives realty)
Winnipeg, MB.  Today is Canada's 143 Birthday!  We had a few showers this morning but it looks like its drying up and we are supposed to have a high of 30 celcius this afternoon with a chance of showers later on this evening.  I hope you have an opportunity to get out and celebrate this Canada Day in Winnipeg with your friends and family. Here are a list of Canada Day activities going on in Winnipeg today (July 1, 2010 Canada Day). In order to make it easier to hop from one venue to another without finding parking each time, Winnipeg Transit will be running a FREE Shuttle Bus between The Forks, Downtown and Osborne Village. The Forks Noon to 10 PM:  Family friendly fun all day including clowns, musicians, buskers, crafts and entertainment all over. 4:00 PM to 11:00 PM  Scotiabank Stage ...
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By Harry Logan, Your Satisfaction is Guaranteed!
(RE/MAX executives realty)
Getting yourself pre-qualified or pre-approved for a mortgage is pretty much standard operating procedure these days if you are looking to buy a house.  This is especially important if you are in a HOT real estate market like Winnipeg right now.  Finding your dream home is one thing, actually getting your offer accepted when there are several on the table is another.  Getting pre-approved for the mortgage can make your offer much more acceptable to the owner of the property because they know that if they sell the house to you, that you will be able to get the mortgage as specified on the offer.  Recently, some of my Clients asked me "What documents do we need, to get a mortgage pre-approval?".    So I asked one of my Mortgage Broker friends if he had a list of documentation that he woul...
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By Harry Logan, Your Satisfaction is Guaranteed!
(RE/MAX executives realty)
As we are in the first days of summer, Canadians are preparing for the season's promise of warm days, barbecues and backyard get-togethers.  If you don't relish the thought of spending your entire summer inside your air-conditioned home, perhaps this is your year to invest in a pool for your home or a new home with a pool. In earlier years, many homeowners were excluded from installing pools because the cost was too high and/or their yards were too small.  Today, pools come in sizes and styles to satisfy virtually all budgets and space restrictions.  Where a pool isn't feasible, an unlimited variety of spas and hot tubs are excellent alternatives. The pool and spa industry has come a long way toward addressing the needs and concerns of potential pool and spa owners. The advent of new an...
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By Harry Logan, Your Satisfaction is Guaranteed!
(RE/MAX executives realty)
An unexpected accident or deteriorating illness can suddenly thrust a family into caring and coping alongside a disabled family member.  It could be a child born with a disability or an aging parent seeking the comfort and support of family life.  In either situation, appropriate changes must be made to the home to allow the disabled family member to live independently and with dignity. For the most part, the disabled want to be as self-sufficient as possible.  However, young children and the elderly may require extra attention according to their respective ages and the nature of the disability.  Lifestyle and budget will dictate the types of modifications that are possible and adaptable within the limits of your existing dwelling.  Numerous national and regional service organizations c...
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By Harry Logan, Your Satisfaction is Guaranteed!
(RE/MAX executives realty)
The Winnipeg housing market is looking up again for 2010 according to Canada Mortgage and Housing Corporation (CMHC).  CMHC predicts builders will pour 1,700 foundations for single detached homes in the Winnipeg area which is a 13 percent increase over the previous year. Canada's national housing agency predicts the New House Price Index in the Winnipeg area is expected to rise by 4 percent for both 2010 and 2011. This is low by historical standards considering 2007 had a 16 percent increase and 2008 had a 13 percent increase but higher than 2009's 2.5 percent increase.  Price gains are expected due to rising costs of land, building materials and labour.   Multi-family apartment building starts are predicted to increase to 900 units per year for the next two years.  This represents a si...
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By Harry Logan, Your Satisfaction is Guaranteed!
(RE/MAX executives realty)
There are three keys to successful investment in residential real estate. The first priority is to buy the right property for the right price. Then the financing and tax consequences must be structured to maximize the return on the investment.  Last but not least, after the property has been acquired, it must be carefully managed. If the investment is going to bear fruit, you must select the right tenants, control costs and protect (and hopefully enhance) the value of your investment. If it is one of many income producing homes you have on the go, you may want to investigate the possibility of having a property management company handling your investments. If you are a first time investor then you may want to do what Robert Kiyosaki advises in his book Rich Dad Poor Dad and initially at...
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By Harry Logan, Your Satisfaction is Guaranteed!
(RE/MAX executives realty)
If you are a home buyer (or their agent) in a hot sellers market like we are here in Winnipeg, Manitoba then you are most likely running into bidding wars on a regular basis. A bidding war is where there are multiple offers to purchase the same property and the house often sells for well above the asking price. Here are some things you (or your client) can do to ensure you get the house that you want. Firstly it is important to understand that there are two major components to the offer, Price & Terms. You have to find the right mix of both to have your offer to purchase be the one accepted by the seller. Price is pretty simple usually the highest price is the one that gets accepted. The key however is to understand what the true value of the property is. Agents typically price a proper...
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By Harry Logan, Your Satisfaction is Guaranteed!
(RE/MAX executives realty)
As an owner you can market your own space but it can be very time consuming and expensive. It's not just the cost of the signs and ads to consider, but also the lost opportunity cost.What is your time worth?If you are a business owner, what does it cost you to take your focus off your business to learn the real estate leasing game? ($300/hour, $500/hour?)What if it takes you an extra month (or two) to lease the space yourself? What do you lose in lost rent and expenses for the empty space that you are carrying?Do you have the forms and knowledge necessary to negotiate the legal documents? Mistakes here could cost you thousands.If you limit your marketing to just local papers and sign calls you could be missing out on the best Tenants.As far as why you should use us as your agent the rea...
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