Condo Fees are how much? This can be a shocker to some, it’s not uncommon for a monthly condo fee to be equal or more than a mortgage payment.

So the time has come to move out or stop renting and you’re looking to buy a new home. Maybe you’ve been putting a down payment aside while living in your parents basement, maybe you’ve been renting and tired of giving away a mortgage payment to someone else. Now it’s time to get started (or restarted) with the real estate market. 

Most people start by poking around online and start seeing some homes, get nervous when they see the prices, and start looking at condos thinking it's a more cost effective option, and then they see the condo fees. This loop leads to a frustrating place, that feeling that you’ll never be able to afford a home. But there is an often overlooked sweet spot. 

Not only are single attached, sometimes called duplexes, a great option to stretch your dollar further. They also offer greater privacy over a condo, plus you’re not as reliant on a condo board to make key decisions on your home.

The positives of an attached home are plentiful. The first and most obvious is cost, your dollar goes a long way when compared to a detached home. According to the Winnipeg Real Estate Board in March 2024 the average price of a detached home was $418,748 where a single attached home of virtually the same average size (1,387 vs 1,333 respectfully) was $373,316. This is a big chunk of change. 

When you compare it with the average condo price in March 2024 of $273,676, you are paying $100k more, but you should also consider that condo fees can be much more than you anticipate. That’s why when I work with a buyer I ensure we look at the condo fees, what's included as well as the strength of the reserve fund. 

Condo boards are great things, they work towards taking care of maintenance and management of the property. For the most part this is a great advantage to condos, however not everyone will have the same objectives. Perhaps you’re more interested in having the hallways painted but the board is interested in getting new garbage bins. Well yes your garbage will be well taken care of, but you will have to see the old paint on the walls every time you head home. To some it is not a big deal but to others this little bit of indepence is a nice advantage to controlling the destiny of your home. 

While we’re on the topic of maintenance, I have had many buyers mention they hate shoveling snow or mowing the lawn. The good news is there are companies that will do that for you, and they will most likely be less expensive than a condo fee. 

Another important thing to consider when it comes to real estate is property appreciation, if all goes to plan your home should be more valuable over time. Looking at last month we can see that single attached homes are outpacing both condos and single detached homes over the last five years when looking at average sale price.

I’ve had buyers express concern about sharing a wall with a neighbour and not very interested in that aspect, however with a condo you’re sharing more than just a wall. Usually you have someone on either side, across the hall, above and below. So my thought is always, if you’re willing to share multiple walls with neighbours, bringing it down to just one is a win-win. 

Let’s quit doom scrolling on online listings and let’s go take a look at some single attached homes and let me show you just how great of an option these little gems are. 

I can’t think of a better way to kick off the new wedding season than with the 2024 Wonderful Wedding Show. There’s lots to see and do all squeezed into two fun packed days. We want to help you make the best of your time there. Fill out the information below and we will have some customized ballot entries ready for you at the Wonderful Wedding Show. 

See you there!

It's one of the age-old debates in the real estate world – should you take the plunge and buy a place to call your own, or keep the flexibility of renting? As your friendly neighbourhood realtor, I'm here to shed some light on the pros and cons of both options so that you can make an informed decision that suits your lifestyle and goals.

Pros of Buying:

1. Building Equity: When you buy a home, you're building equity, which is essentially the difference between your home's value and the remaining mortgage balance. As you make those monthly payments, you're investing in your future.

2. Decor Freedom: Homeownership means you can paint the walls neon green, install a treehouse in your backyard, or renovate the bathroom to resemble a spa - it's all up to you (and maybe your budget).

3. Stability: No more worrying about annual rent hikes or landlords who might decide to sell the property. With a fixed-rate mortgage, you can lock in your housing costs and enjoy financial stability.

4. Tax Benefits: Homeowners get to enjoy tax deductions on mortgage interest and property taxes, which can save you some cash come tax season.

5. Pride of Ownership: There's something deeply satisfying about having a place that's truly yours. Plus, you get to join the exclusive "I have a home" club!

Cons of Buying:

1. Upfront Costs: Buying a home typically requires a hefty down payment, closing costs, and ongoing maintenance expenses. It's not for the faint of heart or thin of wallet.

2. Tied to One Location: Homeownership can limit your mobility. If you're the adventurous type or unsure about your long-term plans, buying may not be the best idea.

3. Homeownership Responsibilities: No more calling the landlord to fix a leaky faucet. You're the handyman now, or you'll need to budget for repairs and maintenance.

4. Market Fluctuations: Real estate markets can be fickle. Your home's value may increase over time, but it could also dip, and that's something to consider.

Now, let's check out the flip side.

Pros of Renting:

1. Flexibility: Renting allows you to move without the hassle of selling a property. Ideal for job hoppers or those who want to explore different neighbourhoods.

2. Lower Upfront Costs: Generally, renting requires a smaller upfront investment compared to buying. No need to scrape together a massive down payment.

3. No Maintenance Headaches: Leaky faucet? Just call your landlord. Broken heater? Your problem ends at the phone call – no need to budget for major repairs.

4. Less Financial Risk: You won't lose sleep over fluctuating home values, property taxes, or interest rates. Renters enjoy a level of financial predictability.

Cons of Renting:

1. No Equity Building: The monthly rent you pay is helping someone else build their equity, not yours. It's essentially an expense, not an investment.

2. Limited Control: Renting means living by someone else's rules. Can't paint the walls neon green? Sorry, you'll need to stick with a more muted colour.

3. Rent Increases: Rent can increase year by year, potentially making it more expensive than a fixed-rate mortgage over time.

4. No Tax Benefits: Renters miss out on the tax deductions that homeowners enjoy.

In conclusion, the choice between renting and buying ultimately depends on your unique circumstances and long-term goals. There's no one-size-fits-all answer, and that's where I come in as your friendly realtor. I'm here to help you navigate this exciting journey, whether you're dreaming of homeownership or you're happily renting.

Remember, I'm just a call away for any real estate questions or to help you find your perfect place, whether it comes with a land title or a lease agreement.