East Kildonan (Winnipeg, MB)
East Kildonan (Winnipeg, MB) Real Estate News
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Winnipeg Real Estate Market is still HOT, HOT, HOT!!!
Harry Logan (RE/MAX executives realty)

Winnipeg MLS Real Estate SalesThe Winnipeg Real Estate Market is still Smokin HOT!!!

June is first month when dollar volume for residential-detached sales eclipsed $300 million and a new MLS® dollar volume record was set at $368 million.

The average residential-detached sales price in June of $258,275 was up 3% over the same month last year while the average condominium price of $201,642 increased 7% over June 2010.

4 out of 5 new listings sold and nearly half of the entire MLS® inventory turned over.

June MLS® unit sales increased 6% (1,516/1,432) while dollar volume rose 12% ($367.9 million/$329.2 million) in comparison to the same month last year. Year-to-date MLS® unit sales are up 3% (6,660/6,452) while dollar volume has increased 7% ($1.56 billion/ $1.45 billion) in comparison to the same period last year.


About the Author:

Harry Logan is a REALTOR with RE/MAX executives realty in Winnipeg, Manitoba, Canada. Harry represents Buyers & Sellers in all aspects of buying and selling residential real estate and commercial real estate in Winnipeg, Manitoba and the surrounding areas.

Harry can be reached at 204-667-SOLD (7653) or through his websites. Click here for Harry's Winnipeg residential real estate website or click here for Harry's Winnipeg commercial real estate website.  

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Extreme Temperature Change! Boiling Water to Frozen Vapor in 1 Second!
Harry Logan (RE/MAX executives realty)

Wow it's cold out! Check out this video of my Son Sean turning boiling water into Frozen Vapor. 100 Degrees Celsius (212 Fahrenheit) to 0 Degrees Celsius (32 Fahrenheit) in 1 Second Flat! You've gotta Love the Power of -27 Celsius (-16.6 Fahrenheit)!!! Just another typical Manitoba Winter evening. Enjoy!


About the Author:

Harry Logan is a REALTOR with RE/MAX executives realty in Winnipeg, Manitoba, Canada. Harry represents Buyers & Sellers in all aspects of buying and selling residential real estate and commercial real estate in Winnipeg, Manitoba and the surrounding areas.

Harry can be reached at 204-667-SOLD (7653) or through his websites. Click here for Harry's Winnipeg residential real estate website or click here for Harry's Winnipeg commercial real estate website.  

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Buying Property for Long-Term Profit and Pleasure
Harry Logan (RE/MAX executives realty)

Graduation PhotoSaving 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, the Stacey's have managed to accumulate close to $30,000.  They've investigated several investment alternatives and have decided to put a down payment on a two-bedroom condominium apartment.  They plan to rent the unit, using that income to help defray the mortgage payments.

Anticipating that their investment will increase in value over the years, the Stacey's are confident that they could sell at almost any point in the future and earn a good return on their investment.  But at the back of their minds is the thought that one of the children might eventually call the condominium home.

The Stacey's, like most such investors, aren't concerned with the details - whether their son or daughter would rent, buy or just occupy the unit or what the financial arrangements would include.  For them, it's enough that they've embarked on an investment strategy that, in addition to its other rewards, might help launch their children into home ownership.

As with any real estate purchase, particularly those acquired for long-term investment, the key word is caution.  List your priorities in terms of the type, size and location of the property you desire.  Consult with your real estate sales representative to determine what you can expect to purchase with your available capital.

The following are some criteria that might apply to the purchase of an investment property: Winnipeg Rental Property

  • Location will be a key factor in how well the property retains its value over the long term.  Homes purchased in well-maintained neighbourhoods, either established or newer developments, and/or located in downtown cores are generally safe bets.  Investors with more speculative nature may prefer to choose property in "up and coming" areas, on the theory that like most neighbourhoods, they will eventually be rejuvenated, at a healthy profit to the home owners.

  • If renting out the property is your plan, consider the proximity of the new unit to your home.  Determine the extent of time and work you are willing to devote to your role as "Landlord".  Take into account the ongoing costs of maintaining a rental property. 

  • Conversely, property located in other towns and cities may prove to be more affordable.  Most of the normal functions of the Landlord (i.e. security checks, maintenance, rent collection) can be handled by professional property management services. 

  • Check the zoning bylaws if you plan to have the property accommodate more than one family.  Various restrictions apply to individual neighbourhoods. 

  • Choose a home with a long "life expectancy".  Look for maintenance free exteriors.  Ensure the building is structurally sound; check for any major deficiencies in the plumbing, wiring, ventilation and heating.  If necessary, hire a professional to conduct a thorough examination.   

  • Allow for renovations, repairs and upgrades through the years.  Be willing to invest the time and resources to keep the property marketable. 

  • Choose a home that you personally like.  In many cases, the property, usually smaller and/or more manageable than the purchaser's existing home, could lend itself to the perfect retirement home.

Whatever your reason is for buying a home, you can feel secure in the knowledge that real estate is considered one of the best long-term investments you can make in a lifetime.  In the future, that investment may also turn out to be an attractive housing option for you and/or your children.


About the Author:

Harry Logan is a REALTOR with RE/MAX executives realty in Winnipeg, Manitoba, Canada. Harry represents Buyers & Sellers in all aspects of buying and selling residential real estate and commercial real estate in Winnipeg, Manitoba and the surrounding areas.

Harry can be reached at 204-667-SOLD (7653) or through his websites. Click here for Harry's Winnipeg residential real estate website or click here for Harry's Winnipeg commercial real estate website.  

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What Documents do you need to get Pre-Approved for a Mortgage?
Harry Logan (RE/MAX executives realty)

Documents required for a MortgageGetting 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 would like to see my clients show up with, so that when they get together the meeting is as productive as possible and goes as smoothly as possible.

Here's what he sent me:  

Mortgage Document Checklist

 Home Buyer:

  • Purchase and Sale Agreement
  • Copy of MLS Listing with photo
  • Name, address, phone and fax number of your LawyerMortgage Application

 Home Owner:

  • Recent Mortgage Statement
  • Current Home Owner Insurance Policy
  • Most Recent Property Tax Statement
  • Legal Description Of Property

 Employment History:

  • T4 slips from two most recent tax years
  • Letter of Employment confirming Position, Start Date, Salary Information, and it must be signed and dated on Company Letterhead
  • Two most recent pay stubs
  • If self-employed, T1 General and Notice of Assessments for past three years
  • Written explanation of any gap in employment

 Assets:

  • Savings and/or investment statements from past three months
  • Sale of an existing property - a copy of the sale agreement
  • Gift letter - If any financial gift is provided by immediate family member(s)
  • Withdrawal from RRSP through Home Buyer's Plan

 Liabilities:

  • Statements of all debts, including loans, credit cards and other bills
  • Written explanation of any past credit problems
  • Full details of bankruptcy during the past seven years, if applicable

Sold HouseThank you Darcy Penner for this great checklist!

If you'd like to reach Darcy, here is his contact info:

Darcy Penner, Business Development Manager

Mortgage Alliance Acquire Capital Inc.

204-797-4947


About the Author:

Harry Logan is a REALTOR with RE/MAX executives realty in Winnipeg, Manitoba, Canada. Harry represents Buyers & Sellers in all aspects of buying and selling residential real estate and commercial real estate in Winnipeg, Manitoba and the surrounding areas.

Harry can be reached at 204-667-SOLD (7653) or through his websites. Click here for Harry's Winnipeg residential real estate website or click here for Harry's Winnipeg commercial real estate website.  

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