The City of Winnipeg has just added to the cost of purchasing/selling a home in Winnipeg. A city council committee has approved a plan that will require homeowners to prove all additions, sheds, decks and other work complies with zoning regulations before properties are sold. The bylaw requires home buyers to obtain zoning memorandums within two months of purchasing residential properties.

In effect, home sellers will wind up paying for the memorandums, which will cost $100 for new homes or $180 for existing homes. The city plans to spend $301,000 to hire five additional inspectors to ensure the memoranda are processed quickly enough to ensure property sales are not affected. Some Real Estate experts have expressed skepticism five new inspectors will enable the city to keep up with demand. They also claim the real cost to people selling their homes will be well over $180, as some will be required to obtain surveyors' certificates at an additional cost of $300 to $500.

Some other changes to the Real Estate market were announced earlier this month by the finance minister Jim Flaherty. After determining earlier this year that it was not a good economic decision to increase interest rates the finance minister recently announced the following changes to mortgage lending.

• Borrowers will be required to meet the standards for a five-year fixed rate        mortgage. The maximum amount that Canadians can withdraw when refinancing their mortgages will be lowered from 95 per cent to 90 per cent of the value of their homes.
• Minimum 20 per cent down payment for government-backed mortgage insurance on non-owner-occupied properties purchased for speculation.     

I am available at anytime to discuss the Real Estate market. Get the FACTS. Whether buying, selling or if you just have questions, call me. I would be pleased to assist you, your friends or your family with your Real Estate needs.