As Portage la Prairie mortgage brokers, the Ideal Mortgage Solutions team knows the importance of keeping up with local market trends. Throughout their years of experience in the mortgage industry, they have learned that the more relevant information they can provide to their clients, the less stressful the entire process becomes.
In an effort to help navigate through the mortgage process, the Ideal Mortgage Solutions team has compiled some local market statistics to give you a glimpse into the local Portage la Prairie area.
The Ideal Mortgage Solutions office in Portage la Prairie is located about 75 kilometres west of Winnipeg, where the other Ideal Mortgage Solutions office is located. Portage remains on average with other Canadian suburbs with similar sizes and continues to move toward a buyer’s market as we enter the new year.
The third quarter of 2016 saw the start of 11 new properties, up roughly 83% from the 6 starts in the same quarter of 2015.
Of the new properties being built in 2016, there have been 27 completions recorded so far, which is a large increase in comparison with the 8 completions recorded at the same point in time last year.
Throughout Manitoba, the average price paid for a single-detached home in the third quarter of 2016 was $439,639. The average price for the third quarter of 2015 was roughly $14,000 higher at $453,314. There were nearly 20 fewer homes sold in the third quarter of 2016 than 2015, which could have affected the drop in home prices this year.
With the drop in local home prices and the temporary lull in competition during the winter season, now is the time to buy in Portage la Prairie!
The team of experienced and knowledgeable brokers at Ideal Mortgage Solutions are proud to offer their clients access to the latest market trends and the most knowledgeable mortgage advice around.
For more information about what mortgage is best for your situation, whether you are purchasing a home for the first time or as an investment property or are interested in refinancing your existing mortgage, call them today at 204-488-2416!