Bo Knows Real Estate - Winnipeg's Real Estate Podcast

This is Winnipeg's #1 Real Estate Podcast. Information for home and condo buyers, sellers and owners in Winnipeg. Winnipeg's Real Estate Podcast is also available as a video-podcast on I-Tunes

Winnipeg's Real Estate Podcast - 2025 and Beyond 01/10/2025

Mortgage Lender Pre-Approval; Comprehensive Guide For Home Buyers 09/29/2023

EP: 205 Why Waiting For Interest Rates To Adjust Is NOT A Winning Strategy 09/27/2023

August 2023 Market Report for Winnipeg 08/14/2023

August 2023 Market Report for Winnipeg Lets take a look at how The numbers of sales and listings for houses and condos on August 1st, stack up against the previous month, and also against the previous year. For sales figures, we look at the sales that occurred during the month of July, but this year, and 2022. Currently in Winnipeg, we have 1282 houses listed and available on the MLS, That’s up from the 1196 on July 1st, and its actually VERY similar to the number of houses available on Aug 1st LAST YEAR, which was 1263. During the month of July, we sold 693 houses in Winnipeg, with an additional 17 still showing as ‘Pending’ so a potential total sales of 710. Compare that to the 843 sold in June, and you can see we’re down around 15% over the previous month. Even more important however, is comparing the stats year over year. So the number this year was 710, in in July ’22 that number was 789, so we are down 10% over last year as well. In addition, Winnipeg REALTORS reports that the average detached home price is up 2% from same period last year. During July we sold 8 homes at 1 million and more. The most expensive home sold was in Tuxedo at 4.7 million, and it only took 14 days on the market. To summarize the housing market, let me say this: The numbers of available listings are at a normal level, while sales are down 10 to 15%. Winnipeg is currently a much more buyer-friendly market, especially in the 250K to 500K range. Sales in THIS range are actually down 20%, which makes it a little easier for buyers to find and get a home. So now lets turn our attention to the condo market in Winnipeg. On august 1st, we have 369 Condos available for sale, which is up from the 349 on July 1st. This year’s 369 is very comparable to last years 365, so the amount of available inventory is pretty stable, year over year During July we sold 171 condos with another 13 showing as pending, so a potential total sale of 184 units. While that’s down 10% from the 206 we sold in June this year, its actually UP 10% from the 160 units we sold in July of LAST YEAR. This year, condos have been bucking the prevailing trend, and have outperformed houses in Winnipeg. I maintain that a 300K condo will be a nicer place than a similarly priced house. And with interest rates a little higher than we’ve been used to, condos offer a reasonably priced alternative to houses in Winnipeg. /episode/index/show/bokauffmann/id/27741498

May 2023 Real Estate Market Update 05/22/2023

May 2023 Real Estate Market Update Is spring 2023 turning into a great 'Buyers Market'? When comparing listings and sales, year over year, there is no doubt that numbers are looking favorable for home and condo buyers in Winnipeg. Let's take a look at the stats of the month of April 22 and April 23. As we can see from the 'ALL MLS' graph, active available listings (all types of houses and condos) are up 70% over last year, same time. They are actually right in line with the 5-yr average of available listings (3,548) At the same time, property sales are down by 24% from last year...... as well as being down 17% from the 5 yr average. Detached Homes in Winnipeg The numbers for stand-along houses (detached homes) is even more telling. The active listings for the Winnipeg Real Estate Board area are 1,761, which is nearly double (+84%) of the active listings in April 2022, which were 956. At the same time, sales are off by 25% when compared to last year. So these numbers alone would suggest a nod towards a buyers market. Since there are MORE HOMES for sale, and FEWER sales happening, buyers overall face less competition, more choices and fewer bidding wars. But the story does not end there. Take a look at the average prices: Last year the average detached home sold for $447,295 while this year its $409,286, a drop of 9%. A third sign of a buyers market. Increased Inventory Lower buyer activity Lower home prices Attached Homes in Winnipeg How about the so-called attached homes. These are side-by-sides and townhomes. Home builders have been constructing these as an alternative for first time buyers. Since they use less land, and less building material, they are quite a bit cheaper to build. Let's see how those are faring: Here active listings are actually more than double, going from 122 in 2022 to 252 this year. Sales are off 28%, from 109 last year to 79 in April 2023. And prices are also down 28%, to an average of $326,995. So the story is very much the same as it is with detached homes.......more availability, less competition among buyers and lower prices to boot. Condominiums in Winnipeg Does the story repeat for condos in Winnipeg as well? Yes, but not the same extreme. The 484 available condominiums are a 42% increase over last year, which sales are off by 24%. Last April we sold 224 condos, whereas this year we only sold 171. However prices have remained fairly stable, dropping just 1% for the average sale, from $261,802 last year to $258,571 this year. What about interest rates? While all those numbers point to a more buyer-friendly environment, some folks point to the higher interest rates as a deterrent. Here is another way to look at this "Interest rates will go up and down, but the purchase price is forever." Unless you're lucky (or wealthy enough) to pay your off in 5 yrs, you will most likely have to re-new it a few times. Each time you will be subject to the current interest rates of the day. Your will, of course, be based on your current outstanding debt. And right now, you can buy a house for around 10% less than last year. PLUS have more homes to choose from, AND fewer bidding wars than last year. All of this adds up to an encouraging sign for home buyers. If you're interested in exploring your options, and see how much home your current pre-approval will buy for you, call me to set up a free buyer consultation. /episode/index/show/bokauffmann/id/26905119

Difference between a customer and a client 05/06/2023

Winnipeg's Spring Market Is Heating Up 04/30/2023

Offensive Odours Can Kill The House Sale 04/24/2023

Offensive Odours Can Kill The House Sale Hello…this is Bo Kauffmann of Remax in Winnipeg, with your real estate news for… Monday, April 24th, 2023… Today is National Bucket List Day and Pics in a blanket Day Today, let’s talk a little about home staging. When hearing the word, a lot of people might envision a long, involved process, including movers, decorators and stagers. In reality, even a few touch ups and clean ups can make a huge impact. Over the next few days we’ll look at several areas where a little diy and elbow grease will go a long way to make a great first impression. For today, I’ll focus on an often forgotten aspect of staging…. Offensive odours: Odours are usually traced to any of 3 sources: Pet, smoking or cooking. The problem is that home owners often no longer notice these smells, as they get used to them. But a non-smoking buyer, for example, will immediately pick up on the distinctive smell of cigarettes or cigars. I just showed a house that had an overwhelming cat odor it was like a punch in the face stepping into the home. Adding to the problem is the fact that many listing agents just don’t feel comfortable addressing this issue head-on. How do you tell a home seller that their home has offensive odors? Doing so might cause the owner to go with a different agent, one who is more effusive and complimentary and tells the seller just how beautiful their home is. Take it from me….. offensive odors can cost you serious money in lost offers, and lowball offers. Thinking of selling? Call me right now to set up a free home seller consultation, either in person or via zoom. 204-333-2202 Add us to your Daily Routine on Alexa. Go here to add to Are you interested in more in-depth real estate information? Check out our podcast, Do you have an Android Phone? Add our Do you have an I-Phone? Here is our /episode/index/show/bokauffmann/id/26625531

How much income is required to buy an average home? 04/22/2023

How much income is required to buy an average home? Hello…this is Bo Kauffmann of Remax in Winnipeg, with your real estate news for… Saturday, April 22nd, 2023… Today is National Jelly Bean Day and International Earth Day According to a new RateHub research, Canadians will need an annual income of $217,000 in Toronto to finance an average home. That’s a lot of jelly beans Even though the city's average home price has dropped by more than $200,000, the income required is actually 6,250 more than was required a year ago. According to RateHub co-CEO James Laird, Canadians now need to earn more money to buy a home due to rising interest rates and a 7.54 percent stress test rate. According to the survey, homebuyers in nine of ten Canadian cities must earn between $5,650 and $21,360 more in annual income than they did last year in order to afford a home. The only city where you can buy a home with less income than a year ago is Hamilton ONT, which requires nearly 5K LESS in annual income than a year ago. Reason is that Hamiltons average home dropped around 20% in value, which more than makes up for the rise in interest rates. Lets take a look at some of the cities in this report The average Vancouver home dropped by $119,600 March over March, but the income required rose by 21K to 221,220/year. Calgary got the double whammy. House prices went UP 5,600 on average (the only city with an increase in property values). Add the higher interest rates, and required income went from $91 to $110,000/year The only 2 cities in the report with home values below $400K where Edmonton and Winnipeg. In Edmonton, you need an annual income of just shy of $82K, while in Winnipeg, $75,650 is enough to buy an ‘average home’.. Thinking of buying? Call me right now to set up a free home buyer consultation, either in person or via zoom. 204-333-2202 Add us to your Daily Routine on Alexa. Go here to add to Are you interested in more in-depth real estate information? Check out our podcast, Do you have an Android Phone? Add our Do you have an I-Phone? Here is our /episode/index/show/bokauffmann/id/26615655

US Housing Prices On The Rise 04/20/2023

Canada House Prices Picking Up Steam 04/17/2023

Canada House Prices Picking Up Steam Hello…this is Bo Kauffmann of Remax in Winnipeg, with your real estate news for… Monday, April 17th, 2023… Today is National Crawfish Day and Bat appreciation day (the mammal, not the stick) Just a few weeks ago, we were wondering if cheap credit and government-led relief measures would stop Canada's real estate market from going down. According to figures from the Canadian Real Estate Association (CREA) that came out this morning, the benchmark home price went up a lot in March. Canadian Real Estate Prices Jump $12k Last month. In March, the average home went up 1.7%, or $12,300, to $727,700. It comes after a 1.0% rise (+$7,100) in February and is the second increase in a month since the correction started. Even though two months doesn't seem like much, it's enough to change the direction of the annual trend. In March, home prices dropped by 15.5%, or $133,300 as compared to last year. The 12-month drop is the biggest fall in CREA's benchmark's history. Since the standard only goes back to 2005, it's hard to say how this compares to the correction in the 1990s. At the same time, this might be the fastest rate of turnaround. Prices of properties don't move in a straight line, so it's too early to tell what will happen. For more on this report, go to https://boknows.homes/8c2f1d90 Here in Winnipeg, we should also focus on one figure that I just mentioned: The benchmark home in Canada sits at 727K??? Not around Winnipeg, where you can get a really nice, detached bungalow for about half that amount. In fact, I just listed a nice 1300 ft bungalow on an acre property just south of Ile des Chenes for $350K. Thinking of buying? Call me right now to set up a free home buyer consultation, either in person or via zoom. 204-333-2202 Add us to your Daily Routine on Alexa. Go here to add to Are you interested in more in-depth real estate information? Check out our podcast, Do you have an Android Phone? Add our Do you have an I-Phone? Here is our /episode/index/show/bokauffmann/id/26558373

The ONLY time you should buy a brand new condo 04/15/2023

The ONLY time you should buy a brand new condo Hello…this is Bo Kauffmann of Remax in Winnipeg, with your real estate news for… Saturday, April 15th, 2023… Today is Nat. Laundlry Day, Glazed Spiral Ham Day and take a guess…..its Nat. Take a wild guess day Should you consider buying a brand-new condo? Wanna make some quick cash by buying pre-construction units? We’ve all heard the stories of real estate investors and speculators purchasing pre-construction condos in major markets such as Vancouver and Toronto. The story goes like this: They buy a $700K unit before they are even built, and at possession time, the units are worth 800K, 900k or even more. I know of some Vancouver investors who came to Winnipeg back in 2008 and tried that with a brand new condo building along wellington Cr. They were sorely disappointed when they tried to sell a year after possession and couldn’t even get their money back. Winnipeg’s new condo market can be compared to the new car market. We all know what happens when you drive your new car off the lot, right? Same thing happens to your brand new condo. Live in it for a year, and it’s no longer brand new, but if you try and sell, you’ll be up against other units in the same building, still being sold by the builder at the brand new prices. There really is only ONE situation when you should consider buying a brand new condo in Winnipeg: It’s when you plan on living in that unit for at least 6-10 years. Why? There is actually a drop in your value for the first couple of years, which should correct itself over time…..say 6-10 yrs. So if you are certain you’ll own and enjoy your new condo for at least that long…I say go for it. But if there is a chance you need to sell in the next 5 years, consider a resale condo, where the values have already stabilized. Thinking of buying? Call me right now to set up a free home buyer consultation, either in person or via zoom. 204-333-2202 Add us to your Daily Routine on Alexa. Go here to add to Are you interested in more in-depth real estate information? Check out our podcast, Do you have an Android Phone? Add our Do you have an I-Phone? Here is our /episode/index/show/bokauffmann/id/26545584

Winnipeg Condo & Townhouse Market Update 04/14/2023

Winnipeg Condo & Townhouse Market Update Hello…this is Bo Kauffmann of Remax in Winnipeg, with your real estate news for… Friday, April 14th, 2023… Today is National Gardening Day, National Pecan Day and National Ex Spouse Day. Yesterday we opened up the Winnipeg Regional Real Estate Board Market report for March 2023, and saw that listings were up, sales were down, and prices of detached homes were down by 12% Total let’s look at attached homes and condos. First, attached homes which are side by sides and townhouse style buildings. Here, available listings are more than double the number last year, up 132% while sales are down around 31%, Prices have dropped around 6 % from an average of $349k to a little over $328. Itt should be noted that builders love to build these townhouse style homes because they are more cost-effective. The property size is smaller, and thus cheaper, and these 2, 3 and 4-piece units are cheaper to construct. Next, condominiums are in a similar boat. Numbers of available listings are up, although not as much as attached homes. Listings are up 35% and sales are down by the same 35%. Prices are also down 6% over last year, from an average 260K to just $245K. Condos also offer a great way to get into home ownership at a lower cost. However, BEFORE you buy a brand new construction condo, listen to my next episode as I will share a couple of thoughts on this topic. You are NOT going to want to miss this, so please listen BEFORE you make that type of decision. Thinking of buying? Call me right now to set up a free home buyer consultation, either in person or via zoom. 204-333-2202 Come back tomorrow when we’ll dive into the attached homes and condo market stats for the month. Add us to your Daily Routine on Alexa. Go here to add to Are you interested in more in-depth real estate information? Check out our podcast, Do you have an Android Phone? Add our Do you have an I-Phone? Here is our /episode/index/show/bokauffmann/id/26536254

Winnipeg March Market Update - Detached Home Sales 04/13/2023

Canadian home owners not selling right now 04/10/2023

Canadian home owners not selling right now Hello…this is Bo Kauffmann of Remax in Winnipeg, with your real estate news for… Monday, April 10th, 2023… Today is National Siblings Day and National Cinnamon Crescent day A newly published article in Better Dwellings reports the fact that Canadian real estate owners are not selling right now, and examines the reasons why. The article reports that two of Canada’s trend leading markets, Toronto and Vancouver, saw new listings in March fall by 44% and 34% respectively. They identify the main reason as being ‘little reason to sell’. Higher interest rates ‘normally’ cause prices to drop, but that’s not happening this time around. The report somewhat falsely claims that the shortage of listings is a country wide phenomenon, affecting all markets. For the full report, go here; https://boknows.homes/4b74e290 But again, Winnipeg is bucking the national trend. On April 1st this year, Winnipeg had 961 houses of all types, styles and sizes available for sale. That was more than double the numbers available on April 1st last year. While we can agree that last year’s 426 houses was an abnormally low number, April 2021 still only had 615 available. We have to go back to the very start of the pandemic, to find over 1,000 listings on any April 1st date. So Winnipeg right now is actually seeing more choices for buyers than at anytime in the past 2 yrs. How about prices. The most recent report from Winnipeg REALTORS shows that the average house in Feb. this year sold for $375k, which is down 13% from the average of 429K the same period of the previous year. The March sales stats should be out in the next day, and I’ll be happy to report them here… Looking to buy or sell in Winnipeg? I am a, Accredited Buyer Representative, AND Certified Luxury Home Marketing Specialist and can help you buy or sell any house or condo in Winnipeg and surrounding areas. Call me anytime at 204-333-2202 Add us to your Daily Routine on Alexa. Go here to add to Are you interested in more in-depth real estate information? Check out our podcast, Do you have an Android Phone? Add our Do you have an I-Phone? Here is our /episode/index/show/bokauffmann/id/26489544

Features Which Help Sell Your Luxury Home Faster 04/07/2023

Canadian Luxury Homes Market Report 04/06/2023

Canadian Luxury Homes Market Report Hello…this is Bo Kauffmann of Remax in Winnipeg, with your real estate news for… Thursday, April 6th, 2023… Today is National Burrito Day, New Beers Eve and Nat. Employee Benefits Day Growing demand for homes has made its way up to the higher end of the Canadian real estate market. In most of the country's major markets, luxury sales went up in the first quarter of 2023 compared to the fourth quarter of 2022. RE/MAX Canada looked at luxury market patterns in 15 locations across the country, from coast to coast. They discovered that the significant loss of home stock is pushing up prices at lower price points and increasing demand. 10 of the 15 markets that were looked at are on par with or ahead of Q4 2022. As sales and temperatures rise, this pattern is likely to keep going until the second quarter of 2023. Calgary and Hamilton saw the largest jumps at 34% and 39% respectively. A lot of the activity is thought to be due to demand that has been building up since the middle of 2022. Buyers are taking advantage of the chance they have right now to buy a property. Listings, on the other hand, are hard to come by in most parts of the country, making it hard to find the ideal home. In summary, the report identified 3 trends: 1) Overall national demand for luxury homes has increased 2) Sidelined buyers are back, and 3) The activity is expected on continue and rise. Once again, Winnipeg is one of 5 cities bucking the trend, although just barely. Luxury home sales were down in St. Johns NFLD by 68%, Edmonton AB by 30%, Kelowna BC by 17% and London ONT by 9%. Winnipeg saw the smallest drop at only 3.8%. Looking for a luxury home in Winnipeg? I am a Certified Luxury Home Marketing Specialist and can help you buy or sell any luxury property, house or condo in Winnipeg and surrounding areas. Call me anytime at 204-333-2202 Add us to your Daily Routine on Alexa. Go here to add to Are you interested in more in-depth real estate information? Check out our podcast, Do you have an Android Phone? Add our Do you have an I-Phone? Here is our /episode/index/show/bokauffmann/id/26460306

$100 Million Tear-Down, April 5th 04/05/2023

Real Estate Flash Briefing April 4th 04/04/2023

April 3rd Flash Brief 04/03/2023

April 2nd Real Estate Flash 04/02/2023

Tax Free First Home saving Account 04/01/2023

March 31st Flash Briefing 03/31/2023

March 30th Flash Briefing 03/30/2023

March 29th Real Estate Flash Briefing 03/29/2023

March 28 Briefing ; Luxury Home Survey in Canada 03/28/2023

March 27th Briefing ; Underused Housing Tax in Canada 03/27/2023

(EP: 180) March 26th Flash Briefing 03/26/2023

(EP: 180) March 26th Flash Briefing Hello…this is Bo Kauffmann of Remax in Winnipeg, with your real estate news for… Sunday, March 26th, 2023… Today is Epilepsy awareness day, and National Spinach Day and National Nougat day. Spinach doesn’t deserve a day…….but I digest Spring time Sundays mean Open Houses. If you’re planning on attending an open house in your city, remember that the agent there, works for the Seller. Try to keep your oohhs and aaaahs to a minimum, as they may weaken your negotiating position if you do want to make an offer. Also remember that you do have the right to be represented by your own agent, even after visiting the open house. Here are 6 questions you should ask the open house agent. 1) How long have the sellers lived here? You want to determine whether this is a flip house, or a loved family home. 2) How long has the home been on the market? If it’s been up for a long time, have they had price adjustments? 3) How much are the heating costs? Especially important in older homes, which had originally been insulated with newspaper clippings. 4) Has the seller done any renovations or additions? If so, have they pulled the necessary permits, and obtained the follow up inspections 5) Is the seller making any disclosures? Sellers must make disclosures of ‘hidden defects which could affect structure or health issues”. 6) Has the seller had any offers? Good to know if they’ve turned down offers or how much action there has been on the home. Don’t let heavy foot traffic intimidate you into thinking that the house will sell today. Spring time open houses see a lot of action, and much of it is by tire-kickers. If you’re interested in the home, thank the agent, and call your own realtor asap to book your private showing for a 2nd, more indepth look. Interested in more indepth real estate information? Download our free podcast app, available for IOS and Android devices, by going to boknows.homes/apps…. /episode/index/show/bokauffmann/id/26323749

(EP: 179) March 24th Flash update 03/24/2023

Bo Knows Real Estate - Winnipeg's Real Estate Podcast

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