Winnipeg is one of the best cities in Canada to buy a house, whether you’re a long-time resident or a newcomer attracted to the affordability and availability of real estate. There’s no doubt that the city is growing fast, and many new housing developments are in the works to meet the demand.

One of the first questions you will have when looking for your next (or first) home is whether to choose a resale property that has already been on the market or if you should turn your sights to one of these fabulous new builds. In this post, we’ll outline the highlights and considerations of either scenario. 

Why Choose Winnipeg

The resale market in Winnipeg is one of the best in the country. Not that you won’t face competition from other buyers, but the all-out bidding wars that you often see in Toronto and Vancouver are far more rare. In addition, you’re never looking at $1 million plus for an entry-level home!

Housing prices are lower here. This could mean one of two things for you as a buyer:

1. You can get more home for your money, with more square footage and expansive outdoor living spaces, maybe even a driveway and detached garage!
2. You can get into the housing market sooner here than almost anywhere else. As soon as you do, you can start building equity and say goodbye to paying rent every month.

As a world-class city, Winnipeg offers the best of the best, including beautiful scenery and a fantastic dining and entertainment scene. Whether you choose resale or brand new, one thing is certain; you and your family will be happy and engaged for years to come! 

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We could write a whole book on all of the benefits of living in Winnipeg. The posts below would get us started:

• 5 Reasons To Move To Winnipeg Right Now
• How To Find A Great School In Winnipeg
• A Guide To Winnipeg’s Entertainment District

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When and Why to Buy Resale

A resale home is one that someone already owns. In Winnipeg, this could mean anything from a heritage home constructed in the 1800s to a modern new build with only one owner so far. If you want to move in quickly or budget is your top concern, buying resale is probably the best way to go. 

Most transactions on resale homes close within 30 to 45 days, which means you can take possession quickly. And you may be able to negotiate a slightly lower price, especially if the market is on the slower side or you have a very skilled real estate agent working on your behalf. Even with the purchase price, closing costs, and any repairs, it is usually less expensive to purchase a resale property than a brand new build.

Many home buyers also prefer a resale home even when not constrained by time or budget. Older houses tend to have more character and charm. Plus, they are also located in established neighbourhoods with convenient amenities. With more mature trees and landscaping, they are often visually appealing as well.

What to Consider Before Buying Pre-Construction

Have you ever experienced the thrill of a new car smell? It’s one of the most enviable experiences anyone can ever enjoy. Now, increase that thrill exponentially, and you can begin to imagine what it might be like to own a brand-new house. The allure is understandable.

• Everything in your home is untouched and in perfect condition.
• You’ll benefit from the latest technology and the maximum in energy efficiency.
• New homes also feature open-concept layouts and large windows that let in a flood of natural light.

Pre-construction projects in Winnipeg include a stunning array of condos, townhouses, and spacious detached homes that are perfect for those looking for generous amounts of living space. However, before you start visiting model homes, there are a few things you’ll want to consider first.

What to Consider When Buying Pre-Construction

• The base price only includes the basics. Most model homes showcase every available upgrade. If you want those hardwood floors or state of the art appliances, you’ll need to be prepared to pay more.
• Delays are common. If you have a specific move-in date in mind, pre-construction may not be for you unless you’re ready to make alternate plans.
• Pre-construction homes are subject to occupancy fees and HST, which adds to your costs even more. 
• The landscaping may not be established yet, which means green space in your neighbourhood may appear rather sparse for the first few years. 
• As clear as the floor plans may be, a few variations in the final result can happen. What you see may not be exactly what you get once you take possession.
• The price is the price, and developers are rarely open to negotiation. If you have a very savvy real estate agent, you might be able to get an upgrade or two thrown in.

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Are you still deciding what type of home you should buy? The posts below will give you more food for thought:

• Should First-Time Buyers Jump Straight To A Forever Home?
• Why Buying A Condo In Winnipeg Is Better Than Renting
• Benefits Of Buying An Older Home In Winnipeg

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A Few Final Considerations

Sometimes, all of the logic points you in one direction, but your heart is still set on something else. A few minor compromises can lead to a satisfying outcome. For example:

Imagine that you’re dreaming of a pre-construction home but don’t have the bandwidth to handle any delays in completion. The good news is that not every resale house is “old.” Many are still in brand-new condition, with only one owner. And many established homes are well-maintained or fully renovated. 

One of the main reasons people choose pre-construction is that it is move-in ready, with no work to be done once you take possession. However, you will eventually want to update your home here and there no matter what path you choose. 

There really is no one-size-fits-all solution when it comes to finding the right home for you. Downsizers and first-time buyers might be thrilled with a new build no matter how long it takes because they aren’t working on a deadline. Other buyers who can be flexible will still choose a resale home because being in a particular neighbourhood matters more than anything else. 

Working with an experienced real estate team will help you make the best decision for you when the time is right.

Do you want to discuss your options in greater detail? Our Winnipeg real estate experts are happy to help. Reach out to info@goodfellowrealty.com or call 204-224-2551 to connect with us today.

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