What about Manitoba for investing?
- Thread starter LornaRush
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Hi Lorna. Although I do not know what the all the REIN reserach shows about Manitoba, I believe there is a future for real estate in the province. As China and India move towards the same standard of living we have in North America, they will demand (among other things) our quality of food. This is one of the reasons why food inflation is the next big thing to affect world markets just like oil, gold and silver demand have. This global demand for food has certainly helped Saskatchewan`s economy and i believe there could be a ripple effect into Manitoba as well.
I have thought of covering Manitoba`s Economic fundamentals but at present, I am working on my back end systems with BC, AB, SK and ON. Stay tuned as the possibility of Manitoba news updates could happen later this year.
I have thought of covering Manitoba`s Economic fundamentals but at present, I am working on my back end systems with BC, AB, SK and ON. Stay tuned as the possibility of Manitoba news updates could happen later this year.
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I think there are great opportunities in Manitoba. Brandon has a shortage of affordable housing and there is an influx of people who are working at new meat packing businesses. Winnipeg has very affordable property although some parts of town have very rough tenant profiles. Parts of the North End and West End are very dodgy.
Others like St. Boniface, Osborne, St. Vital and Wolsley are very good in terms of tenant profile and prices.
Property prices are a fraction of those in Calgary and Edmonton and Winnipeg is expected to have low double digit price appreciation this year a trend that has been going on for the last few years.
Others like St. Boniface, Osborne, St. Vital and Wolsley are very good in terms of tenant profile and prices.
Property prices are a fraction of those in Calgary and Edmonton and Winnipeg is expected to have low double digit price appreciation this year a trend that has been going on for the last few years.
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Housing market remains hot, real estate firm claims
Winnipeg continued to increase at a double-digit pace during the first three months of this year, according to a new national survey by Royal LePage Real Estate Services.
The real estate firm said a severe shortage of homes for sale and strong buyer demand drove up selling prices for all three major types of homes during the first quarter.
The greatest escalation was with detached bungalows, where prices jumped by an average of 19.7 per cent to $229,125. Condominium prices increased by 13.1 per cent to $138,000, while the cost of a standard two-storey home rose by 10.1 per cent to $242,943.
The agency said Winnipeg was one of several cities that bucked a widespread trend toward more moderate price hikes in the first quarter.
"Buyer activity in Winnipeg was extremely vigorous during the first quarter and propelled the housing market to its current strong state," said John Froese, a broker with Royal LePage Prime Real Estate in Winnipeg.
http://www.winnipegfreepress.com/breakingn...p-4742206c.html
Winnipeg continued to increase at a double-digit pace during the first three months of this year, according to a new national survey by Royal LePage Real Estate Services.
The real estate firm said a severe shortage of homes for sale and strong buyer demand drove up selling prices for all three major types of homes during the first quarter.
The greatest escalation was with detached bungalows, where prices jumped by an average of 19.7 per cent to $229,125. Condominium prices increased by 13.1 per cent to $138,000, while the cost of a standard two-storey home rose by 10.1 per cent to $242,943.
The agency said Winnipeg was one of several cities that bucked a widespread trend toward more moderate price hikes in the first quarter.
"Buyer activity in Winnipeg was extremely vigorous during the first quarter and propelled the housing market to its current strong state," said John Froese, a broker with Royal LePage Prime Real Estate in Winnipeg.
http://www.winnipegfreepress.com/breakingn...p-4742206c.html
REIN has no official studies on MB but I like Winnipeg for its low/no vacancy (I hate/fear vacancies), high-inmigration most of it international - have made offers there (have been told to steer clear of zones 9, 4A, 4B, 4C & 5A, 5B except for certain decent pockets in 4C , 5A, 5B). The fundamentals are there if you research & read things like the CMHC report on this CMA & it cash flows - we are nearly closing at $75k on a $700/mo. rent 2br & tenants pay all utilities there - but these are older homes & there`s rent control.
Market`s going wild though (houses selling in hours or over list in my preferred price range), and if u don`t get good cash flow from the bidding wars, go buy where u can get cash flow. For me, if certain numbers don`t match up, I`d rather stick to Southern Ontario where I live as I put a risk premium on a more distant city that I don`t know as well). WInnipeg has also one of highest crime rates in Canada. Other areas of MB may be better than Winnipeg but I don`t have the temperament & time to dig up research into smaller cities right now. Because of the royalty fees/increases in AB, many resource/mining companies are moving to SK & MB.
Market`s going wild though (houses selling in hours or over list in my preferred price range), and if u don`t get good cash flow from the bidding wars, go buy where u can get cash flow. For me, if certain numbers don`t match up, I`d rather stick to Southern Ontario where I live as I put a risk premium on a more distant city that I don`t know as well). WInnipeg has also one of highest crime rates in Canada. Other areas of MB may be better than Winnipeg but I don`t have the temperament & time to dig up research into smaller cities right now. Because of the royalty fees/increases in AB, many resource/mining companies are moving to SK & MB.
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Hi Lorna,
There are opportunities in just about every market condition that exists. Many are doing very well in Manitoba market, you just want to ensure you are doing your homework. I recommend that you take your gold mine scorecard out and do a detailed review of the city/town you are thinking of based on what it looks like it holds for the next 5+ years.
Markets get hot, the key is to use the ScoreCard to identify markets that have stability and long term potential.
Trust that helps.
There are opportunities in just about every market condition that exists. Many are doing very well in Manitoba market, you just want to ensure you are doing your homework. I recommend that you take your gold mine scorecard out and do a detailed review of the city/town you are thinking of based on what it looks like it holds for the next 5+ years.
Markets get hot, the key is to use the ScoreCard to identify markets that have stability and long term potential.
Trust that helps.
[quote name=`MONEY` date=`Apr 6 2008, 05:54 PM` post=`16283`]Housing market remains hot, real estate firm claims
The greatest escalation was with detached bungalows, where prices jumped by an average of 19.7 per cent to $229,125. Condominium prices increased by 13.1 per cent to $138,000, while the cost of a standard two-storey home rose by 10.1 per cent to $242,943.
Are these price increases at year over year basis or month by month, which would be pretty high I guess. Anyhow whenever I tried to get statistics for price increases last year I couldn`t find it, not even through their real estate board nor CMHC niether. More precise info?
The greatest escalation was with detached bungalows, where prices jumped by an average of 19.7 per cent to $229,125. Condominium prices increased by 13.1 per cent to $138,000, while the cost of a standard two-storey home rose by 10.1 per cent to $242,943.
Are these price increases at year over year basis or month by month, which would be pretty high I guess. Anyhow whenever I tried to get statistics for price increases last year I couldn`t find it, not even through their real estate board nor CMHC niether. More precise info?
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In Winnipeg, the housing market experienced double-digit house price increases and tight market conditions, caused by the combination of a severe lack of listing inventory and strong buyer demand. The province`s economy remained strong due to the combination of strong agricultural prices and Winnipeg`s continued stronghold on the aerospace industry and bus-manufacturing sector. With a brimming manufacturing sector, people are relocating from the west and emigrating from Europe to fill abundant job opportunities, further increasing buyer demand. With Winnipeg`s extremely limited housing supply, multiple offer situations occurred during most sales in the first quarter. Sales prices typically ranged from $10,000 to $30,000 above asking price, positioning the market strongly in the sellers` favour.http://tinyurl.com/6duoov
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QUOTE (LornaRush @ Apr 6 2008, 02:30 AM) I was wondering what REIN thinks of Manitoba for investing. Based on the info here it seems like there is no middle to Canada. I would love to hear what other REIN members think about Manitoba. Thanks so much. Lorna Rush
Hi Lorna,
Years ago I owned several duplexes in Winnipeg`s North East (rough area). The main appeal for me was the low price. I was buying properties for as little as $22K and up to $40K per duplex. I`d rent them for $900 to $1100 per month. I offered safe, clean housing for folks in the lower income brackets. It was a good starting point. I held the properties for a few years and sold each for about 50% more than purchase price. The main thing was the cashflow... not the appreciation (which I have to say was more `luck` than research at that time).
The properties required a lot of upkeep and it was essential to get good tenants as well as a very good property manager, there weren`t many to choose from. The West End used to be a good transitional area, I`m not sure about now.
I did well there and Winnipeg served it`s purpose for me. I might add that when we sold our properties all the cash went into Alberta properties. But, like Don said, there are good deals everywhere- just do the research.
Thanks,
Hi Lorna,
Years ago I owned several duplexes in Winnipeg`s North East (rough area). The main appeal for me was the low price. I was buying properties for as little as $22K and up to $40K per duplex. I`d rent them for $900 to $1100 per month. I offered safe, clean housing for folks in the lower income brackets. It was a good starting point. I held the properties for a few years and sold each for about 50% more than purchase price. The main thing was the cashflow... not the appreciation (which I have to say was more `luck` than research at that time).
The properties required a lot of upkeep and it was essential to get good tenants as well as a very good property manager, there weren`t many to choose from. The West End used to be a good transitional area, I`m not sure about now.
I did well there and Winnipeg served it`s purpose for me. I might add that when we sold our properties all the cash went into Alberta properties. But, like Don said, there are good deals everywhere- just do the research.
Thanks,
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QUOTE (LornaRush @ Apr 6 2008, 03:30 AM)
I was wondering what REIN thinks of Manitoba for investing. Based on the info here it seems like there is no middle to Canada. I would love to hear what other REIN members think about Manitoba. Thanks so much. Lorna Rush
you can make money in ANY MARKET !!!
read this here: http://myreinspace.com/public_forums/Real_Estate_Discussion/62-10711-Equity_is_not_the_only_way_to_make_money_in_real_estate.html
Manitoba, especially south of Winnipeg has a strong (German) immigration .. so why not ? Prices are still low .. but they have rent control ..
Winters and summer are brutal, with the highest temperatures swings in Canada: -40 in winter to +40 in summer .. many Winnipeg roads for that reason are concrete (not tar !) .. so check out utility bills and wear&tear on the property !!
I was wondering what REIN thinks of Manitoba for investing. Based on the info here it seems like there is no middle to Canada. I would love to hear what other REIN members think about Manitoba. Thanks so much. Lorna Rush
you can make money in ANY MARKET !!!
read this here: http://myreinspace.com/public_forums/Real_Estate_Discussion/62-10711-Equity_is_not_the_only_way_to_make_money_in_real_estate.html
Manitoba, especially south of Winnipeg has a strong (German) immigration .. so why not ? Prices are still low .. but they have rent control ..
Winters and summer are brutal, with the highest temperatures swings in Canada: -40 in winter to +40 in summer .. many Winnipeg roads for that reason are concrete (not tar !) .. so check out utility bills and wear&tear on the property !!
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There are only a few major cities in Canada where you can still flip for fast cash.Topping the list? Winnipeg, where the average single-family home still only goes for around $215,000 and the "high end" of the market is anything over $300,000."It`s a great place and it`s still a wonderful opportunity for people to invest here," says Kathy Hrechka, a long-time agent with Sutton Group Kilkenny Real Estate in Winnipeg.
"It looks like we`re going to have 10- to 12-per-cent growth for this year and they`re predicting the same for next year before we get to that point where the market levels off and stabilizes."
With low inventory and high demand, multiple offers are the norm in Winnipeg, where more often than not, properties sell for more than list price.
"There was a little starter home recently listed for $159,999 that got 11 offers and sold for $200,000 and another nice family home listed for $179,900 that went for $250,000," says Hrechka.
"It all depends how many buyers are looking in that area - if 10 people are bidding on two houses, there are still eight buyers out there looking, so when the next house comes along, they`re going to offer higher to make sure they get it."
The statistics are startling - houses selling for 30, even 40, per cent over the asking price.
According to the Winnipeg Realtors Association, 10 per cent of residential properties sold at list price in March, with a whopping 57 per cent selling for more than the list price.
Even a former drug house recently went for $70,000 more than the $119,900 asking price. The house was in such bad shape, offers had to be made sight unseen.
"If you can believe it, they had 44 offers on it and the winning offer had first right of refusal after seeing the house in a hazmat suit," says Hrechka. "There was mould everywhere from the grow-op and the house had to be totally gutted."
Renovating your way to a big payday has never been bigger in Winnipeg, but the Prairie city isn`t the only place where you can still cash in. In Western Canada, Saskatchewan`s real estate market is also still hot.
http://www.businessedge.ca/article.cfm/newsID/17770.cfm
"It looks like we`re going to have 10- to 12-per-cent growth for this year and they`re predicting the same for next year before we get to that point where the market levels off and stabilizes."
With low inventory and high demand, multiple offers are the norm in Winnipeg, where more often than not, properties sell for more than list price.
"There was a little starter home recently listed for $159,999 that got 11 offers and sold for $200,000 and another nice family home listed for $179,900 that went for $250,000," says Hrechka.
"It all depends how many buyers are looking in that area - if 10 people are bidding on two houses, there are still eight buyers out there looking, so when the next house comes along, they`re going to offer higher to make sure they get it."
The statistics are startling - houses selling for 30, even 40, per cent over the asking price.
According to the Winnipeg Realtors Association, 10 per cent of residential properties sold at list price in March, with a whopping 57 per cent selling for more than the list price.
Even a former drug house recently went for $70,000 more than the $119,900 asking price. The house was in such bad shape, offers had to be made sight unseen.
"If you can believe it, they had 44 offers on it and the winning offer had first right of refusal after seeing the house in a hazmat suit," says Hrechka. "There was mould everywhere from the grow-op and the house had to be totally gutted."
Renovating your way to a big payday has never been bigger in Winnipeg, but the Prairie city isn`t the only place where you can still cash in. In Western Canada, Saskatchewan`s real estate market is also still hot.
http://www.businessedge.ca/article.cfm/newsID/17770.cfm
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QUOTE (LornaRush @ Apr 6 2008, 02:30 AM) I was wondering what REIN thinks of Manitoba for investing. Based on the info here it seems like there is no middle to Canada. I would love to hear what other REIN members think about Manitoba. Thanks so much. Lorna Rush
Not a REIN member...yet! (A Quickstart student) I use to live there til 1988! In all the years, i had never heard of bidding wars taking place in that city til last year! Two seasons, winter and construction. Mosquitos, are the provincial bird. Mustn`t forget the canker worms in the spring that eat the leaves of the trees so they have to grow a second set. Property taxes will be about 30% higher than Calgary with a similar house. LOTS of old houses/buildings and seniors there. NDP was popular which provided many social programs for the seniors, but neglected the infrastructure. Hot muggy summers and cold winters with lots of snow! It is a good place to be from! My nephew is there with his co. www.topnotchproperties.ca He is doing JVs. The big industry is clothing in Winnipeg and farming in southern Manitoba and to the west. Fall time is beautiful and Winnipeg is known for friendly people. Lots of lakes to the north of Winnipeg. Brandon is a cool city.
Not a REIN member...yet! (A Quickstart student) I use to live there til 1988! In all the years, i had never heard of bidding wars taking place in that city til last year! Two seasons, winter and construction. Mosquitos, are the provincial bird. Mustn`t forget the canker worms in the spring that eat the leaves of the trees so they have to grow a second set. Property taxes will be about 30% higher than Calgary with a similar house. LOTS of old houses/buildings and seniors there. NDP was popular which provided many social programs for the seniors, but neglected the infrastructure. Hot muggy summers and cold winters with lots of snow! It is a good place to be from! My nephew is there with his co. www.topnotchproperties.ca He is doing JVs. The big industry is clothing in Winnipeg and farming in southern Manitoba and to the west. Fall time is beautiful and Winnipeg is known for friendly people. Lots of lakes to the north of Winnipeg. Brandon is a cool city.
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The reason that there are bidding wars with final sales prices thousands over asking is that the realtors in Winnipeg have developed a nasty habit of setting the asking price artificially low in the hope of starting a bidding war between buyers. Then people get caught up in the frenzy and emotion.
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I own property in Brandon and feel it is a good place. Be very careful though. The rent control police are powerful and if you buy and think you can raise the rent to the right level you may have a problem. Even if you buy with vacant posession you may not be able to increase rent much above the previous levels. Also remember they charge a fine (land transfer tax) to buy there.
Can be a good place but do your homework.
Can be a good place but do your homework.