Here's
What Manitoba Seniors Should Know
About Utilizing a Reverse Mortgage...
Real
Estate in Manitoba at a Glance:
Unlike
much of Western Canada, Manitoba is actually a seller's market,
and prices are on the rise. Some real estate news sources
are saying that "Manitoba is experiencing the same coming-of-age
effect that Saskatchewan did in 2006, but without the drama
and speculation hyper-growth, which eventually led to a free-fall
correction". In Manitoba's case, prices should keep rising
incrementally without fanfare.
Note:
For more information, and for up-to-date real estate and economic
news & data, we suggest visiting CMHC's
Housing Market Info Center for new reports each
quarter.
Average
House Values in MB and the Major Cities:
|
Location
|
AVH*
2009
|
AVH
2010
|
|
MB
(province-wide)
|
$202,898
|
$216,327
|
|
Winnipeg
|
$209,593
|
$222,598
|
*
AVH = Average House Value
What's
the Outlook for Manitoba Seniors?
According
to real estate authorities in Winnipeg the market is currently
very strong price-wise, and will continue to trend upwards
as vacancy continues to decline. However, sales are expected
to slow through the winter, which means prices may not rise
as sharply as they have in the past 6 months. Right now may
be a good time to lock in a quote based on equity.
The
long-term outlook for Manitoba is strong, and the economy
has strong tertiary roots - meaning that no one industry supports
the Province over another - it's well diversified.
It
will never have the values of BC, but Manitoba is expected
to come close to matching Saskatchewan housing prices over
time, and should do so with a pattern of stability instead
of volatility.
Borrowing
against the value of your home should always be done from
a position of conservative assessment and logical thinking.
Don't consider peak trends as "cash value". Instead,
take a look at what the housing market has done over the years,
and consult a real estate professional to gain a clear indication
of what your house will be worth in 5 - 10+ years down the
road.
Currently,
the average senior in Manitoba can get up to $86,530
(40% of the avg. MB house value) in tax-free cash/income
through a reverse mortgage against existing equity.
A
word of caution...
As
the "baby-boomer" population matures into retirement
age amidst a trailing recession, there are bound to be some
desparate people looking for relief. This creates an environment
ripe for scam-artists.
Manitobans
should be aware that though there are many legitimate retirement
strategies (such as CHIP™, which is also registered bank
in Canada), unfortunately there are also scams and unscrupulous
tactics that are harmful in the long-run. We suggest consulting
the Manitoba
Securities Commission to research a company or program
before betting your retirement on it.
Where
do I go from here?
If
you would simply like more information - or if you'd like
to discuss it further with us directly, please fill out our
quick inquiry request form at the top of the page, and we'd
be delighted to help you and answer any questions you may
have.
In
fact - if you'd like to speak to a reverse mortgage professional
who can provide you with answers and information so as to
assist you in making a decisions that's best for you, why
not call us right now?
It's
toll-free, and we'd be delighted to hear from you!
Call
Right Now:
1-877-686-4246
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