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Fifth in terms of Canada’s total population, Manitoba is a popular place to live for many Canadian citizens. As a result, the economy is booming, and so is the housing market. Affordable Manitoba mortgage rates are encouraging many people to buy a home in the province. This is the best place to find the lowest interest rates in Manitoba. Our connections within the mortgage lending industry allow us to get the most competitive mortgage rates in Manitoba, and our knowledge of the provincial real estate market is unparalleled. Both of these advantages help you know when and where to buy a home in Manitoba. Keep reading to find out more about the housing market, and choose a rate on this page to get started.
What Affects the Housing Market in Manitoba?
A positive move in several different areas is contributing to growth in Manitoba’s housing market. These influences on the market are particularly important:
• Economy — Manitoba’s economy is experiencing tremendous growth in comparison to the rest of the nation. During the first 4 months of 2012, the province experienced 1 percent growth in total employment, bringing the unemployment rate down to 5.4 percent. This is a full 2 percentage points lower than the national average. Growth in the aerospace industry, which is an increasingly important part of Manitoba’s economy, is one of the main drivers of this positive economic activity. Chemicals and primary metals are also seeing increased sales. Employment growth should continue throughout 2012, although it is not expected to be as significant as it was in 2011. Average weekly earnings are up nearly 2 percent. All of these signs point to a continuing steady demand in housing, which means that now is likely a good time to take advantage of the lowest mortgage rates in Manitoba.
• Foreign Trade — Although foreign trade is a subset of Manitoba’s economy, its tremendous growth warrants a special mention. Exports to countries other than the United States increased 24 percent in 2011, and they are up nearly 13 percent in the first quarter of 2012. This is a much greater increase than Canada has enjoyed as a whole.
• Population — Manitoba is also experiencing growth in the total number of provincial residents. The Provincial Nominee Program has led to the largest number of immigrants in more than 60 years. The net population gain in 2011 was just under 10,000 people, which was due primarily to international immigration and births to existing residents. All of these people will need housing, so those who buy a home in Manitoba stand to benefit from higher demand in the future.
The State of Manitoba’s Housing Market
As you might expect, Manitoba’s housing market should be in an excellent position for several years to come because of economic and population growth. Housing starts are forecast to top 6,000 units in both 2012 and 2013, with slight growth year over year from 2011–2013. Given the flooding the province endured in 2011, some experts believe that builders may have difficulty maintaining their rapid current rate of construction, but the forecasts mentioned above take the flooding into account.
Several residential observers are predicting moderate growth in MLS sales in 2012 and 2013, with a total of 14,200 and 14,500 home sales, respectively. Current sales numbers back up this prediction. As far as Winnipeg, the total value of MLS sales in April was the highest in over 100 years of recorded sales history, and the volume was only about 10 homes lower than the high recorded in 2008. Total MLS sales in Winnipeg were 1,148, which represents a 17 percent increase over the previous year. Total MLS sales for the province of Manitoba in the first quarter of 2012 reached 2,635, which is 19 homes less than the total for the same period in 2011. This slight decline should not impact what is expected to be a record-breaking year for home sales in the province.
Real estate observers predict that home prices will rise faster in Manitoba than anywhere else in Canada over the next few years. Currently, experts foresee an increase of 3.5 percent this year and 3 percent in 2013. That will bring the average price of a home in Manitoba to about $243,000 by the end of 2012 and $250,000 in 2013. As for current mortgage rates, Manitoba residents can expect to pay anywhere between 3 and 6.5 percent, which are historically low interest rates. Given the low mortgage rates and the prospect of price appreciation, those who are interested in living in Manitoba will likely want to buy now before homes become more expensive.
Where Should You Buy a Home in Manitoba?
Manitoba is a large province, and there are many excellent places to buy a home. Certain cities and towns stand out, however, so you should give these locations a serious look when you are considering Manitoba real estate:
• Winnipeg is the provincial capital and most populous city in Manitoba. The vast majority of housing starts and sales occur here, so housing is always in demand. Its diversified, job-creating economy includes important sectors such as retail, finance, tourism, transportation and manufacturing. The city is increasingly taking on an international flair as more foreigners immigrate to Manitoba.
• Brandon is another great place to buy in Manitoba. This city, the second most populous in the province, is an important job center. As of February 2012, moderately priced homes were in high demand, so it is probably wise to buy now before lower home inventories cause prices to rise dramatically.
• Winkler is much smaller in terms of population than any of the aforementioned cities, but it is an economic center in Southern Manitoba. The economy is largely dependent upon agriculture and manufacturing, and new businesses have been regularly coming to the city for the past decade or so. There are many job opportunities in the city, so the housing demand is also significant.
The Best Manitoba Mortgage Rates
What are you waiting for? Manitoba is clearly a choice place to buy a home in Canada. Choose a mortgage rate on this page or fill out the mortgage application form on this page to get the most competitive mortgage interest rates in the province.
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