Condo Buyer Resources

Summary

What Can I Afford

You will need to estimate your income, expenses, investments, savings and debt to determine what would be an appropriate mortgage for you. Your mortgage specialist can help you with this, by asking you a few questions about your spending and working through your day to day expenses.

Some examples of these guidelines include:

  • Total monthly mortgage payments should not exceed 27% - 32% of your monthly income before taxes.
  • Total monthly payments for the mortgage and other loans and credit cards should not exceed 37% - 40% of your monthly income before taxes.
  • In condominiums, monthly expense can include: utility expenses (phone, cable, Internet), entertaining, taxes, credit card payments, to name a few. A good idea is to check your latest monthly banking statements to get the best idea of your spending.
  • Beyond the actual purchase price of the home, there are other costs associated with buying a new condominium. This can include: closing costs, monthly contents insurance, land transfer tax and moving and storage fees.

For further information, we suggest the following websites: the Royal Bank, Steinbach Credit Union, and Assiniboine Credit Union (ACU).

Benefits of Buying a New Condo

These are some of the advantages to buying a new condominium:

Great Value
The earlier you purchase in the construction process, the better the price. Typically pre-sale prices are the lowest at the start of a project. Also, for the most part, your investment has already appreciated when you are ready to move in.
More Choice
With a new building, you have the ability to choose what unit you would prefer, and where in the building you would like to be located - based on availability. You can also have more choice in the layout and unit type, along with the opportunity to personalize your space with your own upgrades and features.
New Design
Newer homes are built with modern technology, have large reserve funds, and require low maintenance. Most new condominiums too have energy-saving devices. Green buildings perform more efficiently and can help lower costs and condominium monthly fees.

Know Your Builder

There are several builders in Manitoba, so you will need to take some time to determine which builder you would like to work with. To learn more about a builder, visit their web sites, drive by locations and meet the sales representatives. You can also learn about a builder's reputation through someone who actually lives in one of the buildings that they have developed. To find out about the level of experience the builder has, look at how long they have been building, and the amount of projects they have worked on.

Condominium Act of Manitoba:
http://web2.gov.mb.ca/laws/statutes/ccsm/c170e.php