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A Young Guest From Winnipeg!

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  3. A Young Guest From Winnipeg!

We are delighted to share a story from our latest guest blogger, a young lady living and working in Winnipeg who recently bought herself a condo. It’s nice to get some stories from outside of Ottawa because this blog like to discuss real estate from across the country!

———

Hi! My name is Nicole, I’m 23 years old and I am a new condo owner!

 

The housing market in Winnipeg is difficult for me to weigh in on. I only viewed about 8 condominiums in my search, so I would say my understanding is quite narrow regarding the overall housing market in the city. With that being said, Winnipeg has a low cost of living and affordable housing, compared to other cities in Canada. I believe the city is getting better all the time and it is a good place to invest.
Price of my 1 bedroom condominium was just under $150,000. The prices largely depend on how many bedrooms, location, building, and many other factors. I was looking at a price range between $115,000 and $165,000 and there were very good options within my desired area.
Like many young adults, my parents put the idea in my head. I was looking at signing onto a lease at my apartment, (which I shared with two roommates) when my parents recommended I purchase a property instead. I entertained the idea for a couple of weeks until I decided it was just too much trouble for me at this time. I had made my decision, yet I continued looking at condos. I then found one I really liked and things moved very fast after that. When I began to somewhat understand the financials, I was able to grasp the benefits of ownership compared to renting. I am now paying my mortgage (among other expenses) that total approximately what I would be paying if I were to rent an apartment on my own in this area. In total, I was looking at condominiums for about a month before signing a deal, as I said, it all happened very fast!
I used a real estate agent as well as a mortgage broker. Both were incredibly helpful and understanding as I was navigating my first property purchase.
——–
Congrats, Nicole! We hope this decision will pay off figuratively and literally in the next decade while you can focus on you career amongst other things.
Posted on September 17, 2018
By Eric MajdalaniFinancial Tips Mortgage Real Estate
Tags:affordablecentral canadacondominiuminvestMortgageReal EstateWinnipeg
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