Tag Archives: Manitoba Canada

Manitoba’s Homeownership Costs Among The Lowest In Canada: RBC Economics

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Manitoba was one of only two provinces where homeownership costs stood below long term averages for all housing categories tracked by RBC in the fourth quarter of 2010, according to the latest Housing Trends and Affordability report released by RBC Economics Research.

“Manitoba’s housing market enjoyed the best of both worlds in the fourth quarter as home price moved a little higher yet ownership costs were lower,” said Robert Hogue, senior economist, RBC. “Continued growth in household income coupled with drops in mortgage rates late last year more than offset the affordability-eroding effect of small gains in property values in the province.”

The RBC Housing Affordability Measures for Manitoba eased for all housing categories in the fourth quarter, pushing levels further below their long-term averages in the province.

The RBC Measures capture the proportion of pre-tax household income needed to service the costs of owning a specified category of home. In the fourth quarter, the measure for the benchmark detached bungalow eased to 34.2 per cent (down 0.6 percentage points), the standard condominium decreased to 20.7 per cent (down 0.1 percentage points) and the standard two storey home dropped to 37.0 per cent (down 0.2 percentage points).

Sales of existing homes in the province significantly ramped up in the fall, reaching near historical peaks by December.

“The demand for housing is being boosted by the strongest net international immigration in the province since the mid 1950s and improved job prospects. Manitoba boasted Canada’s lowest unemployment rate in the fourth quarter of 2010, and we expect this to continue in 2011,” added Hogue.

RBC’s Housing Affordability Measure for a detached bungalow in Canada’s largest cities is as follows: Vancouver 68.7 per cent (down 0.4 percentage points from the last quarter), Toronto 46.8 per cent (down 0.5 percentage points), Montreal 41.3 per cent (down 0.4 percentage points), Ottawa 38.7 per cent (up 0.5 percentage points), Calgary 34.9 per cent (down 3.1 percentage points) and Edmonton 31.0 per cent (down 2.4 percentage points).

The RBC Housing Affordability Measure, which has been compiled since 1985, is based on the costs of owning a detached bungalow, a reasonable property benchmark for the housing market in Canada. Alternative housing types are also presented including a standard two-storey home and a standard condominium. The higher the reading, the more costly it is to afford a home. For example, an affordability reading of 50 per cent means that homeownership costs, including mortgage payments, utilities and property taxes, take up 50 per cent of a typical household’s monthly pre-tax income.

http://www.newswire.ca/en/releases/archive/February2011/24/c5440.html

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Manitoba’s market performance in the early quarter of 2010

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As is typical each year in most commercial real estate circles, the past three months have generally been characterized by the conclusion of 2009 business while preparing for 2010 initiatives. The latter part of January and most of February are often called “white board weeks” as landlords, tenants, property managers, brokers and investor plan for 2010 acquisitions, dispositions, new stores, upcoming renewals, and the like. But before doing that look at  some of the  market observations in the early quarter of 2010.

  • Several larger investors have suggested they are back in “buy” mode and are sitting on uncommitted capital. This signifies that the current supply of good-quality offerings is unlikely to keep pace with overall demand moving forward into 2010, which should intensify competition and pricing even further in Manitoba and across Canada.
  • Apartments remain the most sought-after asset class in Winnipeg, as overall vacancy rates remain near one per cent and condominium conversion opportunities are being capitalized on by local specialists. A combination of TIF announcements by both local and provincial governments as well as a move by Canada Mortgage and Housing Corporation (CMHC) to increase minimum down payment on new home and condo purchases would influence this sector in 2010.
  • Moving into 2010 it is expected that new investors and existing landlords will step up their focus on the “quality” of a property’s rental income as opposed to the “quantity” of same.
  • Buying respectable investment real estate remains a very competitive business in Winnipeg, suggesting buyers should work diligently to understand the fundamentals of the property they are considering by using professional advisors and high-quality underwriting information.
  • With the yield in 10 year government of Canada bonds hovering around 3.4 per cent, the allure to real estate is obvious after the impact of taxes and inflation on fixed income investments. Typical investments in commercial real estate can comfortably generate levered yields of upwards of nine per cent.
  • Leasing fundamentals in Winnipeg appear to be holding across the office, retail and industrial sectors, but the market will be monitoring potential tenant failures to ascertain those business that have exhausted all sources of case waiting for the economy to rebound. While economic growth in Winnipeg was among the strongest in the country last year, this market is by no means immune to the global impact of the 2008 and 2009 recession.

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Meet an Assessor in a Community Nearby You

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Meet an Assessor in a Community Nearby You :

As well as being available at individual offices  assessors will hold “Open Houses” in many communities across the Province of  Manitoba , Canada as well as throughout  the City of Winnipeg in many communities offering you a most convenient opportunity and opportunities to conveniently and fully discuss your property tax assessment and assessments.

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Updated Property Assessment Notices

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An updated assessment may affect your 2010 property taxes.  It is best to take some time to review your notice , that was sent to you.

Include the important information on the back

The Manitoba Government is reducing property taxes across the full province of Manitoba , Canada by:

- increasing the Education Property Tax Credit since 1999 to $ 650 in 2009

- eliminating the Education Support Levy on residential property saving residential taxpayers $ 100 million dollars annually

- increasing the Farmland School Tax Rebate to 75 % in 2009 from 33.33 % in 2004 .

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