Mortgages

SPECIAL SECTION MORTGAGES & HOME BUYING mortgage rates through the different banks and then adding two points above that," Squire said. "That should bring it under five per cent then, while 5.19 per cent has been the Bank of Canada rate that people must qualify for. In a number of cases, that will make it a little bit easier to qualify." All in all, Squire forecasts that home sales in the local market will increase by two to four per cent in 2020. "We're a very healthy supplied market com- pared to other markets where there are extreme housing supply shortages. We're not in that situ- ation at all," he said. "We had over 4,000 active listings going into February. Particularly for the condominium mar- ket, it's been over-supplied for a couple years now." House prices will likely remain flat, while condo prices might even decrease slightly, Squire said. "We've only had two years in the 50-year his- tory of Winnipeg Realtors when we saw a drop in the residential detached price. We're a single- family detached market compared to most other major cities in the country," he said. "Last year, 72 per cent of our sales on MLS were single-family homes and another 13 per cent were condominiums. Given that we expanded out to some of those other rural areas, we think the preponderance of single family is going to be even more pronounced." As another option, single attached homes are gaining popularity as an affordable alternative with more than 600 sales last year. That represents an increase of nearly 25 per cent, representing seven per cent of total MLS sales. "The bottom line for Winnipeg and Manitoba is that we're a great place to live when you think of the affordability factor. I still am stunned at some of the prices I see across the country. When you look at both our single-family and condominium categories, half of those were currently listed under $300,000," Squire said. "Because of the healthy supply we have, we don't have a lot selling for above list price in general. That's pretty incredible and it's a huge selling point for those buyers. They really need to contact a realtor to see what is available. Cer- tainly, we're far more affordable than most other major markets." By Jennifer McFee Buying a home is a huge decision with much to consider throughout the process. Here are a few quick tips to help you navigate the journey towards home ownership. To start the year off, January boosted confidence with a total sales increase of 15 per cent compared to last year. • Get pre-approved for a mortgage — Buying a house can get complicated, and timing is often not on your side. Deals often fall through because financing isn't in place. "The best place to start is to get pre-approved," said Felipe Torrezan, a mobile mortgage specialist for Westoba Credit Union. "When meeting with your advisor, together you can ensure that when you're ready to buy, your money is ready too." • It's not just about the lowest rate — Mortgages come in varying term lengths and different rates are associated with different terms. When buying a home, you should select a term that best aligns with your financial goals and matches what you can realistically afford to pay each month. A mortgage specialist looks at a budget and sets a repayment schedule that works for you. "Mortgage debt is likely the lowest interest debt you'll have," said Torrezan. "We always look for the best rate and repayment schedule that works for you." • Consider a line of credit and/ or a purchase plus improvement mortgage — Buying a home can come with a long list of extra expenses. A line of credit can certainly come in handy for unforeseen expenses, and Westoba Credit Union offers purchase plus improvement mortgages to help you finance renovations into your mortgage. When you're house shopping, have an open mind and consider ways you can improve a house that needs some TLC. "With homeownership comes the responsibility of looking after your home improvements and maintenance," said Torrezan. "There's no cost to having a line of credit; you only pay interest on what you use, and it has easy repayment options." • Learn about newcomer options — Westoba's New to Canada mortgage helps newcomers reach their goal of buying their first home in Canada. "There are lots of people that leave a stable career to come to Canada. They're just getting established here, but we know they have a lot of potential," said Torrezan, who is originally from Brazil. "We're able to offer a no-income qualifying mortgage with a higher down payment, even if they don't yet have a job." • Consider a credit union — Credit unions often offer low fees, and great rates for borrowing and investing. They are member owned and focus on investing profits back in the communities they serve. "Westoba is big on flexibility. We look at every application on a case-by-case scenario and use common sense to do our best to understand and improve your financial health," Torrezan said. • Plan ahead — If you plan to buy a home this spring or summer, Torrezan suggests you seek mortgage pre- approval right now. "If you're unable to get approved, we can advise on the steps you need to take in order to get your application approved in the near future," he said. "My services are free of charge and I'm happy to help." MORTGAGE RATES AS LOW AS 2.79% * *Rate subject to change. Some conditions may apply. Local, convenient and fluent in Portuguese & English. Felipe Torrezan MOBILE MORTGAGE SPECIALIST Cell: 204-570-3383 felipe.torrezan@westoba.com AVOID DISAPPOINTMENT — GET PRE-APPROVED Felipe Torrezan, mobile mortgage specialist for Westoba Credit Union < Continued from previous page

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