With one of the most accessible housing markets in Canada, Winnipeg is a beacon of hope for many first-time home buyers. For some young people starting out, it can be the difference between buying a home now and never being able to afford it. 

For others, it can be about getting more home for the money. In other words, you might be able to land a detached house with a backyard and even a driveway instead of settling for the typical starter condo. Should you consider jumping straight to your forever home? Let’s explore your options in more detail.

Defining Your Starter Home

What comes to mind when you think of a “starter” home? Generally, a first-time buyer will enter the market at a price between $350,000 and $450,000. Some may spend less and others may go higher. First-time buyers with more financial resources may also consider a townhouse or a small bungalow rather than limiting their options to the condo market.

No matter what, buying now gets you on the property ladder so you can begin building equity and increasing your purchasing power. 

What that original starter home might look like depends not just on your budget, but where you are looking. If you’re currently browsing listings in Toronto, your starter condo may be slightly bigger than a closet. 

The upside is the spectacular view, but unfortunately, your cost is also sky-high. In Toronto, the average condo comes in at over $720,000 (as of the first quarter of 2024). In Vancouver, it gets even worse, with a benchmark price of $770,700.

If high housing prices have you down, why not consider a condo in Winnipeg? The posts below will help you get started:

• Why Buying A Condo In Winnipeg Is Better Than Renting
• What You Need To Know About Disclosure Certificates When Buying A Condo
• Should You Buy Your First Condo In Winnipeg?

Winnipeg Wins for First-Time Homebuyers

It’s no secret that housing prices are rising all over the country. As a result, some first-time buyers are no longer settling for starter homes. Instead, they find themselves pushed out of the market altogether.

A 2023 survey by Mortgage Professionals Canada indicated that as many as 48% of Canadians who don’t already own a home believe they never will. Nearly half of the young people in the nation have resigned themselves to a lifetime in renting.

In Winnipeg, that does not have to be the case. The average price of a house falls just below $400,000 as of early 2024. And that’s not just for a starter home—that’s the average across the board. 

At the time of this writing, it is still possible to get a condo anywhere from $175,000 to $249,000. Lower average prices in Winnipeg mean many first-time buyers can get into the market after all, whether with a starter condo or a more spacious home.

Are you curious about Winnipeg’s condo market? Learn about our condo expertise here.

One Buyer’s Starter Is Another’s Forever 

It can be challenging to pin down what a starter home looks like compared to a forever home because everyone has a different vision for their lives. For example, your decision to buy a condo might be one small stepping stone, as you plan to upgrade the minute you have the financial means.

However, someone else may just may fall in love with the ease and convenience their condo allows. In their case, their starter and forever homes could be one and the same.  

Other buyers move the goalposts with every new purchase, upgrading to larger and more luxurious homes as their purchasing power grows. In addition, keep in mind that there are other ways to upgrade. Maybe it isn’t so much about having a bigger home, but being in a different neighbourhood with better amenities and high-quality schools. 

When Forever Isn’t Forever

Your first venture into real estate can be challenging, and skipping the “starter” phase can be even more complex. You’re not just looking for a foothold. Instead, you’ll want to take your time to carefully consider what you want for the long term. 

At this point, there is a danger of “paralysis by analysis,” where you have so many criteria and questions that it’s hard to take any action at all. 

The first step is to realize that “forever” doesn’t mean that you’re never allowed to move again. It just means that you’re jumping to the second rung of the property ladder rather than stepping up onto the first. Buying any home is a life-altering decision, but you’re never stuck. Remember that some homeowners will actually move several times before they find “the one” they live and raise their families in.

Another danger for first-time buyers skipping the starter home is the tendency to hold out for perfection. Even if a house doesn’t check every box on your list, you can make changes as your time and budget allow. 

• A few minor upgrades can transform the entire ambiance of any space.
• New windows and doors allow a flood of natural light, and a kitchen remodel can make your house magazine-worthy. 

The first step to making any of this magic happen is to make a list of features that you absolutely must have. If everything else is negotiable, you are more likely to find a suitable option within your budget.

Next, connect with a local real estate team who can uncover new listings and negotiate for the best possible results on your behalf. 

Do you want to learn more about the thriving and dynamic City of Winnipeg? You may enjoy these related reads below:

• 5 Reasons To Move To Winnipeg Right Now
• What Are Winnipeg’s Most Popular Festivals?
• A Guide To Winnipeg’s Entertainment District

A Day in Your New Life in Winnipeg

Should you consider searching for a new home in Winnipeg? The benefits of living in the city known as the Heart of Canada go far beyond affordability. Residents also enjoy the friendly vibe, with endless recreational opportunities and highly anticipated community events. We are not known as the “Festival Capital of the World” for nothing! 

Combine a world of beautiful green spaces and scenery with a second-to-none shopping and dining district, and you’ll quickly see why Winnipeg is one of Canada’s fastest-growing cities. 

Are you ready to start the hunt for your first home? We are happy to answer any questions about your opportunities in Winnipeg. Reach out to info@goodfellowrealty.com or call 204-224-2551 to take the next step.