Are you ready to find your home in Winnipeg? Winnipeg offers a relatively low cost of living compared to other major cities in Canada, great employment opportunities, and tons of things to do. It’s the perfect place to own a home, pursue your career, and raise a family.
Here’s what you need to know about getting into the Winnipeg real estate market.
House or Condo: How Much Space Do You Want?
When you start looking for houses for sale in Winnipeg, start by deciding how much space you want to have. If two storeys and a backyard are non-negotiable, that can help you narrow down your search. If you’d rather save money and go with less space, a condo can be a practical option.
The condo market in Winnipeg is growing in size as condo living becomes more popular, but if you’re moving to Winnipeg from other parts of the country, you may find that there aren’t as many options in bigger markets like Toronto or Vancouver.
Top Neighbourhoods in Winnipeg
Winnipeg is home to over 200 different neighbourhoods. As in many cities around Canada, older neighbourhoods are home to some of the most sought-after properties.
Today’s homebuyers have developed a taste for older homes over new builds. Older neighbourhoods offer a mix of charm, vernacular infrastructure, mature trees, walkability, and a good variety of independent businesses. They have an identity, and many come with great local amenities, making them very popular places to live.
In Winnipeg, neighbourhoods like these include:
- Riverview in Fort Rouge
- River Heights South
- East St. Paul
- Matthew
- Daniel McIntyre
- And more.
These are all neighbourhoods where demand for housing has outpaced listings, so bidding on these properties can be tougher.
Anticipate Closing Costs
You’ve saved your down payment, you’ve been pre-approved for a mortgage, and you have a good idea of how much you can spend on a home. Still, you might not be done budgeting for the entire cost of buying a home yet. Overlooking the closing costs can leave a major hole in your budget, so you’ll want to anticipate the extra expenses that come with finally closing the deal.
On average, closing costs will equal about 1.5 to 4% of the selling price of the house. That can be a pretty substantial sum that you want to prepare for.
These are some of the closing costs to expect:
- Home inspection fee: It is a very good idea to make a home inspection a condition of your Offer of Purchase. A home inspector will reveal any glaring issues with the property before the deal is settled.
- Deposit: You may need to make a deposit on your down payment along with your Offer of Purchase to prove your commitment to the purchase.
- Land transfer tax: Most provinces (except Alberta and Saskatchewan) charge a land transfer tax, a percentage of the purchase price, which the seller can expect to pay.
- Legal fees: You will have to hire a residential real estate lawyer to conclude the deal.
- Title insurance: Your mortgage lender may require you to get title insurance to protect against loss in the case of an ownership dispute.
Once you’re prepared, it’s time to start house hunting! Start exploring all of the incredible options Winnipeg has to offer.
