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Home Buying Tips

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Hi everyone:

My buyer just bought this lovely side-by-side home at 1035 Buchanan Blvd.

If you’re looking to buy (or sell) a home in Winnipeg, please call me anytime, I love to help!  Bo  333-2202



Here are some of the most common questions Home-Buyers have:

Q: Whats the best way to FIND a house in Winnipeg? Go to Open Houses? Looking thru real estate magazines? Search individual agents websites?

A: Magazines are often published once a month, or perhaps once a week. By the time a listing makes it into print, it’s most often already sold or accepting offers. Open Houses can be very hectic, and you end up ‘rubbing elbows’ with lots of other visitors. The Best Way? Work with one REALTOR® who can show you ALL the listings. Someone like, say, me for example. Watch this video.

Q: Why should I work with a REALTOR®. I can find the houses on my own!

A: FINDING them is just a small part of what real estate agents can do for you. Once you find a nice house, I can help you evaluate it, offer advice on how to structure your offer to make it more acceptable (thereby winning any possible bidding war), and I can even help you get pre-approved by a great lender. Please watch this video.

Q: My checking account is with a bank. Can’t I just go there to be pre-approved?

A: In this fast market, every buyer knows that pre-approval is required, so EVERY buyer already does that. It’s no longer sufficient just to be pre-approved, its actually more important to be pre-approved by the RIGHT lender. To find out HOW you do that, watch this video.

Bo Kauffmann of Remax Performance Realty is the recipient of the 2009 Silver Medallion Award from Winnipeg REALTORS®, the Platinum Club Award from Remax, and is one of Winnipeg's top-producing Real Estate Agents. Check out his website at WinnipegHomeFinder, follow him on Twitter or email him at boknowshomes@gmail.com

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You don’t have to tell the average Canadian homeowner that real estate is a good investment. With very few exceptions, home equity has been building across Canada, and many Canadian homeowners have determined that two or more roofs are better than one. There are several reasons why a growing number of Canadians are purchasing investment properties:
1. Return on investment. Certainly, residential real estate is a solid long-term investment, typically appreciating faster than inflation. Even Canadians who have chosen their stock portfolio very carefully may find that their home is their best-performing investment. Many investment advisors recommend diversifying stock and bond portfolios to include real estate. Initially the goal is to have rental income cover all or most of the costs of the property. Over time the goal is to see an increase in the value of the real estate, with rent turning to profit once the mortgage is paid off. Expenses related to the property are of course tax deductible, offsetting the rental income.
2. A pension plan for the future. Over the long term, an investment property or multiple real estate holdings can be a great source of retirement funds. Many Canadians do not have a pension plan, which means they need to take their own action to create sources of retirement income.
3. A better alternative to student residence. Many Canadians are shipping off their university-age children, and housing them in an investment property purchased specifically for that purpose. They can save money on out-of-town accommodations for the student, and use revenue from other renting students to pay the mortgage and maintenance expenses.

4. Earlier access to a first home. For first-time home-buyers, a duplex or triplex can be a terrific way to get onto the home ownership ladder. Rental income from the extra units can help offset the cost of the mortgage as the new homeowners get on their financial feet.  Rules have changed however for investment property mortgages since the government’s new mortgage rules that came into effect April 19, 2010. A minimum downpayment of 20% is required for an investment property i.e. you’re not personally living in the property that you own, which is up from 5% prior to the new rules. You can put down less than 20%, but you’ll need to use an uninsured lender, which can mean higher interest rates. If you only have 1 to 4 properties, there are several CMHC lenders from which to choose from. Once you have more than 4 properties you need to start spreading out your business among several lenders so as to not reach the maximum number of mortgages a lender will approve per investor.
Other underwriting or qualifying rules have also come into play; Canada Mortgage & Housing Corp (CMHC), Canada’s largest mortgage insurer, has changed the way they treat rental income in their debt service calculation, which can make qualifying more difficult.
Sound confusing? It absolutely is. That’s why you need to speak with an experienced mortgage planner who can help you better understand what’s involved in financing investment properties. There’s no cost or obligation. We’re up-to-date on current rates and all of the opportunities available for property investors from all of the lenders in the marketplace. Whether you need an investment property mortgage or just looking for some advice, a mortgage broker is ready to help!  See my website at Igloo Mortgage

Geoff  Blacklin, Mortgage Architects Mortgage Broker Geoff Blacklin is a Mortgage Professional with Mortgage Architects in Winnipeg.  He has 7 yrs. experience in the mortgage industry and is ready to help you.  You can see his website at Mortgage Architects, and you can e-mail him at geb@essexequip.com or phone him at (204) 942-6008


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I just SOLD 451 Kildare Ave W in Transcona Winnipeg

June 15, 2010 Blog

Hi everyone:
My buyer just bought this nice house in Transcona, at 451 Kildare Ave W.

If you’re thinking of buying a house or condo in or around Winnipeg, please call me anytime.  After a short consultation, we’ll find your perfect home.  Bo  333-2202

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Winnipeg REALTORS® Keystone Matrix® tutorial

June 6, 2010 Blog

Hi Everyone:
Winnipeg Real Estate agents have a new tool to help buyers find their perfect house or condo. Keystone MATRIX® is a search program which helps buyers not only FIND the house they want, but also keeps them informed on sales, price changes and eventually the SOLD price of a house or condo as [...]

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Winnipeg Real Estate Market Update for June 2010

June 5, 2010 Blog

Hello everyone:
As is customary at the beginning of each month, Winnipeg REALTORS® have released their Market Statistics Report for the previous month.  Pretty much as expected, May 2010 turned out to be another banner month.  In fact, sales on the MLS® were 2% higher than in May 2009, with 1394 homes sold.  Dollar volume jumped [...]

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Winnipeg Home Buyers: Free Guide to Home-Buying in Winnipeg

June 1, 2010 Blog

Hi everyone:
This has happened to me on a couple of occasions:  I meet with a new buyer for the first time, and we start to go over the buying process.  In this meeting, I explain what the market is doing, how best to write an offer, and generally discuss and describe the entire buying process.
On [...]

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Finding a house or condo in Winnipeg is easy!

May 23, 2010 Blog

Hi everyone:
This has happened to me a couple of times this spring: a ‘new’ client  (new to ME) calls me and we meet in my office and discuss the house (or condo) buying process.  I will usually ask; “Have you looked at homes recently?”  On a couple of occasions, the reply has been; “Yes, but [...]

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276 Condominiums available in Winnipeg

May 21, 2010 Blog

Hi everyone:
I just checked (May 21st, 2010)  and there are currently 276 condos available for sale in Winnipeg.  By comparison there are 935 houses for sale at this same time.  What does this mean?
In 2009, condominiums made up approximately 15% of the total sales in Winnipeg.  If we take 15% of the houses available, we [...]

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Bo Kauffmann sold 1140 McMillan Ave in River Heights

May 20, 2010 Blog

Hi everyone:
My client was very happy to be able to purchase this excellent home at 1140 McMillan Ave last night.
If you’re thinking of buying a house or condo in Winnipeg, call me at 333-2202.  FINDING a home is easy….being prepared to compete and GET the house of your choice is key……  call me to [...]

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18 Condos in South End for First Time Buyers

April 16, 2010 Blog

Hi Everyone:
I’ve recently had several inquiries by First Time Buyers.  In these days of ‘bidding wars’ for houses, especially in the south end, it is nice to see that $150,000 still buys a nice home…. albeit a condo.
Currently, there are 18 condos available in the south end of the city between $99,000 and $160,000.  As [...]

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