Online Real
Estate Services
Provided By: Trevor LeVasseur – REALTOR®
Brokerage: Greg Michie Realty Group
Email: Trevor@GregMichie.com
Mobile Phone: 204.612.0586
Office: 204.336.2800
Next, partner with a trusted REALTOR® who can guide you through every step. By working with a professional, you’ll gain access to exclusive listings and market insights tailored to your preferences. Once you’re ready, begin your home search by browsing listings, attending showings, and exploring potential homes to find the one that fits your needs.
When you find the right property, your REALTOR® will help you draft a competitive offer. This includes negotiating important terms like price, possession date, and any conditions such as a home inspection or financing. After your offer is accepted, it’s time to conduct a home inspection to assess the property’s condition. If any concerns arise, you can address them before proceeding.
Once the inspection is complete, finalize your financing by working with your lender to complete the mortgage approval process. Ensure all necessary documents are submitted, and confirm the loan details. Afterward, you’ll move on to closing the deal, where you’ll sign the final paperwork with your lawyer or notary. At this stage, you’ll also pay closing costs, which may include legal fees, land transfer taxes, and other adjustments.
Finally, it’s time to celebrate! Once everything is finalized, you’ll receive the keys and can move into your new home, starting the next exciting chapter of your life.
Closing Costs
When purchasing a home in Manitoba, buyers should budget for several closing costs in addition to the purchase price. One of the primary expenses is the Land Transfer Tax (LTT), calculated based on the property’s value, with rates ranging from 0.5% to 2%. Legal fees, typically between $1,000–$2,000, cover essential services like title searches and document preparation.
Title insurance, costing around $250–$400, provides protection against potential title issues. If the down payment is less than 20%, buyers may also need to pay mortgage default insurance, with premiums ranging from 2.8–4% of the mortgage amount.
Additional costs may include adjustments for prepaid expenses like property taxes or utilities, a home inspection (approximately $400–$600), and moving expenses, which can range from $500–$2,000. Buyers should plan for these costs, typically amounting to 1.5–4% of the home’s purchase price, to ensure a smooth and stress-free closing process.
Interest Rates
Interest rates represent the cost of borrowing money from a lender, expressed as a percentage of the loan amount. In the context of mortgages, the interest rate determines how much you’ll pay in addition to repaying the principal loan. Rates can be fixed, staying the same throughout the loan term, or variable, fluctuating based on market conditions.
A lower interest rate typically results in smaller monthly payments and reduced overall costs. It’s important to consider both the rate and the loan term, as even small differences in rates can significantly impact your budget over time.
Always shop around and consult with a mortgage professional to find the best rate for your needs.
The prime rate in Canada today, January 10, 2025, is currently 5.45%. The prime rate, also known as the prime lending rate, is the annual interest rate Canada’s major banks and financial institutions use to set interest rates for variable loans and lines of credit, including variable-rate mortgages. (source:Prime Rate in Canada | Ratehub.ca)
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