Winnipeg Home & Condo Guide - May 3, 2013

May 03 - June 07, 2013, Volume 06 Issue 04

Winnipeg Edition

Your Best Source for Homes & Condos

OXBOWCONDOS.COM

SEE PAGES 10-11

INSIDE THIS ISSUE

FIRST-TIME HOMEBUYERS SHOW RATIONAL SIDE

DON’T FRET A ‘MARKET CORRECTION’

GREEN LIVING

St Charles Golf & Country Club $514,900

St James Condo $269,900

Executive Style, Custom built by Ladco Former show Home 2440 sqft, Open plan, loaded with natural light 3 BRS + Loft. 4 Baths, FF in lower level, Rec room, Fenced Yard, Deck, Double attached Garage!

Modern upbeat 1500 sqft 2 bedroom unit Dark laminate flooring, stone fireplace, Custom kitchen 2013, white/grey. Granite counters Insuite laundry. Huge terrace attached garage

Great Charleswood Location $489,900

Westwood Rancher! $349,900

2100 sqft, 4+ Bedrooms, 2 1/2 baths. Granite/stainless steel kitchen.

Family room, Gas Fireplace, Main floor laundry. Finished basement, fenced yard, double garage

Beautifully appointed 1417 sqft bungalow. Gleaming hardwood floors, Open fireplace, Gorgeous white kitchen, 3 Brs, 2 ½ baths, Rec room, 2nd fireplace and 3rd bath, den and office. Dble attached garage.

Grace Hospital Area! $ 349,900

Kirkfield Park $289,900

Ranch style 1350 sqft bungalow. Spacoius Open & bright, Hardwood floors, 3 or 4 BR, 2 1/2 baths, Rec room, den, Dble attached garage.

Mint Condition

Great room plan! Beautiful 3 BR bungalow, Bright and Open, Cherry & stainless steel kitchen. Rec room, bar. Lots of updates. Front Drive Double Garage

Joanne Gebauer Surrounded by Success 204-889-9500 joanne@joannegebauer.com www.joannegebauer.com

Providing professional service with 30 years of experience.

2012 Gold Medallion Winner

2012

Top 100 RE/MAX Individual Agent Worldwide 2012

RE/MAX LIFETIME ACHIEVEMENT

RE/MAX DIAMOND AWARD

RE/MAX PLATINUM CLUB

PRESTIGIOUS CHAIRMAN’S CLUB

Winnipeg REALTORS® MEDALLION AWARDS 1985-2012

RE/MAX HALL OF FAME AWARD

GOLD MEDALLION 2012

#1 RE/MAX Female Individual Agent Manitoba 2012

It pays to use a REALTOR®

executives realty

Top 100 RE/MAX individual Agent Worldwide 2012

2013 CONDO WATCH WATCH 2012 CONDO The demand continues...

2011 was a record breaking year 2012 for CONDO SALES in Winnipeg If you are thinking of buying or selling a condo this year, please talk to me first!

My specialty is connecting interested buyers with the condo they are searching for.

If you would consider an offer on your condo, now or in the future, please contact me, as I will provide you with a current market evaluation at no cost or obligation to you.

KEVIN MOIST TEL: (204) 792-7000 kmoist@remax.net

performance realty #1 RE/MAX Agent - Manitoba 2006 - 2011 Transaction Award 2000 --2011 2012 WINNIPEG REALTORS “GOLD MEDALLION AWARD” 2000 TOP 5 RE/MAX AGENT WESTERN CANADA 2009 - 2011 2010--2011 2012 TOP 100 RE/MAX AGENT WORLDWIDE 2010

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Call -Call KEVIN MOIST CallCall - 204-792-7000 - KEVIN MOIST - 792-7000 Not intended to solicit properties currently listed for sale.

WINNIPEG HOME & CONDO G UID E

3

204.475.9130 mnicolas@sutton.com WhatsBetterThanSold.com

CURRENTLY LISTED...

232 Hazel Dell $169,900

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Not intended to solicit currently listed properties.

Vice-President, wall2wall media

Jacqueline Hill

OntariO and manitOba sales manaGer

Kate Nash

editOr-in-chief, natiOnal real estate

Susan Legge editOr

Elisa Krovblit Lydia McNutt (on leave)

accOunt executiVes

Kim Smith Don Walters

204-949-6801 204-949-6409

sales cO-OrdinatOr

Steve Nelson

cOntributinG editOrs

Sara Duck, Wayne Karl, PrOductiOn manaGer

contents

Bala Gnanapandithan art directOr

Sarah Jang

GraPhic desiGner/ disPlaY artist

Mike Terentiev

volume 6 issue 3 | mAy 3 – JuNe 7, 2013

Bala Menon

circulatiOn

On the cOVer

May 03 - June 07, 2013, Volume 06 Issue 04

Winnipeg Edition

PrOductiOn cOOrdinatOr

Your Best Source for Homes & Condos

Fiona Sewell

see pages 10-11 for more information

OXBOWCONDOS.COM

SEE PAGES 10-11

INSIDE THIS ISSUE

FIRST-TIME HOMEBUYERS SHOW RATIONAL SIDE

DON’T FRET A ‘MARKET CORRECTION’

GREEN LIVING

inside this issue 06. editor’s note 08. the mortgage minute: Why you shouldn’t fret over a ‘market correction’ by Peter Kinch 14. Buying and selling: First-time homebuyers showing their rational side 16. your home: Green living: Only fools rush in by Yan Gurevich

the Winnipeg home & Condo Guide is published

by Wall2Wall media located at 1765 kenaston blvd., unit t, Winnipeg, mb, r3y 1V8. home & Condo Guide is distributed free throughout Winnipeg at free pick-up locations. this magazine carefully inspects all ads for accuracy, however, the publisher and the printer shall not be responsible for any mistakes, design errors or incorrect information which is provided by the advertiser or their representative. the advertising herein, including the photographs and all artwork, is the property of home & Condo Guide and not that of the advertiser. the advertiser has purchased the right of reproduction in home & Condo Guide magazine only and does not have the right to reproduce the ad in whole or in part in any other place or publication without the consent of the publisher. the views expressed by the columnists in this publication are not necessarily those of the publication.

18. Quick tips: Five tips for a safe ‘open house’ event 22. Finances: Money mistakes couples make by Gail Vaz-Oxlade 26. around the house: CIBC Poll: Canadian homeowners spending $15,000 on average for home renovations in 2013

the entire contents of this publication are protected by copyright and are intended for the sole use of the public.

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WINNIPEG HOME & CONDO G UID E

5

editor’snote

t

Shop now for the

BEST RATE

he Bank of Canada’s latest announcement to hold its bank rate at one per cent is good news for home shoppers, but it’s anyone’s guess how much longer they will be able to resist an increase. Some analysts say rates will need to rise soon – perhaps even early next year.

In light of this, you’d be wise to shop for a mortgage now. There are many excellent mortgage products available from banks and brokers that will suit your individual needs and that are likely lower than posted bank rates. With a pre-approved mortgage in hand, you’re protected if rates rise or if rates go down.

A pre-approval can be a win-win situation for shoppers since it means you don’t have to wait to get financing approval on a home when you put in an offer. This is an especially good tool to have in markets that are hot right now. Removing the “conditional on financing” clause can mean your offer is accepted first since you already have your financing in place.

So when will rates rise? “The Bank [of Canada] sets rates based on an inflation target of between one and three per cent, and it normally leans against inflation by raising interest rates,” said Gregory Klump, Chief Economist for the Canadian Real Estate Association.

“Leaving rates on hold in the face of higher inflation will likely become a communication challenge for the Bank. While the Bank said currently low interest rates will be raised ‘eventually’, there was little to suggest that the Bank is in any rush to do so.”

The Bank will make its next scheduled rate announcement on May 29, but don’t wait until the last minute to get pre-approved for a mortgage. It can take a few days or even longer.

Many lenders now offer online pre-approvals to make the process easier.

Susan Legge EDITOR-IN-CHIEF Wall2Wall Media, Susan.Legge@wall2wallmedia.com Follow me on Twitter at Twitter.com/SusanLegge

b

A comfortable

BUDGET

udget is incredibly important. You need to know what you can afford. Accuracy counts. It would seem easy enough just to focus on list prices, but there’s a lot more involved. Closing costs, upgrades, repairs and moving expenses all add up!

You need to decide if you want to create a house purchase and closing cost budget with separate budgets for renos, furnishing purchases and emergencies – or if you want to put all your available capital towards the purchase price.

Buying at the top end of your budget has its pros and cons. On the pro side, you get the most house for your money. If it allows you to get that extra bedroom or get into that prime neighbourhood it may be worth signing on the dotted line. It may make the difference determining how long you’ll stay in that house and it ups the potential for being a better financial investment in the long term.

But the con side is that you’re extended financially as far as you can go. At the top end of the budget there’s no room for expensive repairs – you’ll have to rely heavily on doing your due diligence with a home inspection and some personal introspection. You want to be sure you’re not going to have any surprise to the tune of tens of thousands of dollars. You also want to be comfortable with the fact that you likely won’t have the extra money to splurge on renovations and upgrades or furnishings. Anything that’s not in the house when you buy it – that backyard oasis or that finished basement – may have to wait for some time.

Decide on your budget and then let us help you find that perfect home. We’ve got extensive listings plus great articles and advice to help you make your move.

Elisa Krovblit EDITOR Elisa.Krovblit@wall2wallmedia.com Follow me on Twitter at Twitter.com/ElisaKrovblit

6

WINNIPEG HOME & CONDO G UID E

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Call your Sage Creek, Royalwood, River Park South, Island Lakes, Southdale and St Vital Listing Speciaist today for more information on these and other upcoming listings.

themortgageminute

WHY YOU SHOULDN’T FRET OVER A

‘market correction’ by peter k inch

P

ick up any newspaper today and no one could blame you if you got a little worried about the state of the economy or the fear of a pending market correction in Canadian real estate. Are Canadians taking on too much debt?

Have mortgage rules gone too far? Is there a housing bubble about to burst?

What if there is a market correction?

The real question is, do Canadian homeowners or prospective buyers need to be concerned? Every time there is talk about a market correction, the tone is quite negative.

But let’s take a closer look at that situation: rather than argue about whether we may have a market correction, let’s analyze what it really means to Canadians if there is one.

First-time homebuyers: If you’re a first-time homebuyer, you have likely felt the pinch of the rising cost of housing, and the new mortgage rules certainly haven’t helped any either. So a slight market correction would be welcome news for you; you can still get into homeownership with only five per cent down, but since your maximum amortization is now limited to only 25 years, a drop in pricing is exactly what you’ll need to be able to get into this market.

ConClusion: A market correction is a good thing for you.

Current homeowner buying or selling – moving up or downsizing: If you are a homeowner and you’re looking for the right time to sell your house so you can buy another, you may be concerned that the price of your current home is dropping.

But, let’s assume the value of the house you are selling drops by 10 per cent. Let’s also assume that you plan to buy another home (whether upsizing or downsizing).

Remember that the person selling their home to you is going through the exact same thing. In other words, if the value of your home dropped 10 per cent, so too did the value of the new home you are buying. Focus on what your bottom line “net” is, rather than what you thought or had hoped to sell your home for.

ConClusion: The net effect of a market correction is likely zero.

Real estate investor or second-home buyer: If you are buying real estate as an investment, this is the perfect market condition for you. When there are more sellers than buyers, you have more bargaining power. If you are able to negotiate a better deal and pay a little less for the property you are looking for, it simply makes the deal that much more affordable.

ConClusion: You should be hoping for a market correction.

Current homeowner with no plans to sell: The main reason we worry about a housing correction is the fear that it will erode our home equity and net worth. A significant amount of net worth of Canadians is tied up

8

WINNIPEG HOME & CONDO G UID E

in their home equity, which is the foundation for a lot of retirement plans – so there is obvious concern.

But should there be? For the majority of Canadians, the plan is to stay in their current house for at least the next three to five years. So here’s a simple fact: equity is only gained or lost the day you sell. In other words, if the value of your house were to drop by 10 per cent tomorrow, you may feel anxiety over the drop in your net worth – but it would only be on paper unless you actually sold your house tomorrow. If you have no intention of selling soon and you can still afford your monthly payments, then all you need to do is sit and wait until the market bounces back – which it has always done for the past 100 years.

ConClusion: A market correction may very well have zero impact on you.

In the end, the headlines will continue to talk of impending market corrections. The key for you is to decipher one of three things: 1. Is this a real concern for you?

2. Is this an opportunity? Or, 3. Are you getting worked up about nothing?

Bottom line: a lot of people will fret about this topic over the water cooler tomorrow morning – but the majority of them really don’t need to.

Peter is an award-winning mortgage broker and best-selling author of The Canadian Real Estate Action Plan Visit peterkinch.com or contact him at peter@peterkinch.com

u

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WINNIPEG HOME & CONDO G UID E

13

T

buyingandselling

First-time homebuyers showing their rational side

Genworth Canada releases results of homeownership study

A

ccording to a national survey conducted by Genworth Financial Mortgage Insurance Company Canada (Genworth Canada), first-time homebuyers are adjusting to the new mortgage requirements and making informed choices about homeownership.

The annual poll, completed in conjunction with the Canadian Association of Credit Counselling Services (CACCS), asked 1,514 Canadians questions about their financial well-being and preparedness. The 2013 survey revealed that there was a significant rise in the number of recent first-time buyers who say they put down more than 20 per cent on their homes (56 per cent vs. 36 per cent in the 2012 survey).

In fact, the number of people that said it is getting harder to save for that down payment is on the decline (50 per cent vs. 55 per cent in 2012) with more first-time buyers finding it easier to save money nine per cent, up from five per cent in 2012). In addition, only 17 per cent of respondents thought it was a good time to buy, suggesting that low interest rates alone are not enough to entice Canadians to purchase a home.

“Canadians entering the real estate market are making financially astute choices by saving longer and putting down larger deposits on their homes,” said Brian Hurley, Chairman and CEO of Genworth Canada. “They continue to value

14

WINNIPEG HOME & CONDO G UID E

homeownership and are being responsible about the way they enter into mortgage debt.

This trend bodes well for a soft-landing of the housing market.”

Among first-time homebuyers, the proportion saving for less than two years has decreased by nearly 30 per cent, while the proportion saving for more than five years rose by more than 50 per cent. This appears to indicate that fewer first-time homebuyers feel a sense of urgency about entering the real estate market, which is consistent with the fact that fewer expect house prices to rise in the next twelve months.

“There is still a strong need for Canadians to have a better grasp on their financial situation,” said Henrietta Ross, CEO of CACCS. “More than 40 per cent don’t think their credit rating reflects them or don’t know what their credit rating is. Counselling could help ensure they are financially prepared to enter and maintain substantial investments, such as homeownership.”

The interviews were conducted by Environics Research Group using an online methodology during the week of February 11 to 19, 2013.

Genworth MI Canada Inc. (TSX: MIC) through its subsidiary, Genworth Financial Mortgage Insurance Company Canada (Genworth Canada), is the largest private residential mortgage insurer in Canada. The Company provides mortgage default insurance to Canadian residential mortgage lenders, making homeownership more accessible to first-time homebuyers. Genworth Canada differentiates itself through superior customer service, a robust risk management framework and innovative processing technology. For almost two decades, Genworth Canada has supported the housing market by providing thought leadership and a focus on the safety and soundness of the mortgage finance system.

As at December 31, 2012, Genworth Canada had $5.7 billion total assets and $3.0 billion shareholders’ equity. Find out more at www.genworth.ca.

The Canadian Association of Credit Counselling Services (CACCS) represents a Canada-wide network of accredited, not-for-profit agencies and affiliates offering preventative education and confidential services to clients experiencing financial difficulties. With a focus on financial counselling education, accreditation of agencies and certification of Financial Counsellors, CACCS is also committed to national research and policy initiatives concerning personal finance and industry advocacy.

To find a certified Credit Counsellor and qualified Financial Coach at an accredited Member Agency, call the CACCS central referral service at 1-800-263-0260 or visit www. caccs.ca for more information.

S

2

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GREEN LIVING

only fools rush in

BY YA N G U R E V IC H

L

Like a forced diet, environmentally conscious living is both a conscious choice and a forced adaptation. Chances are, government agencies, my employer, my kids’ school, and even my mother-in-law has altered my treatment of the environment. So why do I feel the pressure to do more? And if I do more, how sustainable is this effort?

My own family faced an internal clash of approaches to Greener Living that made me hit the “pause” button. We decided to take a sober point of view.

FOOLS RUSH IN: Going Green should be a gradual movement, not a crash diet. We have three kids a nanny and two SUV’s. We produce our share of garbage and an amount of carbon monoxide I don’t want to admit to. The packaging of our kids’ toys and snacks is so enormous that on birthdays we have more cardboard, plastic and wrapping than our two large recycling bins can hold. But shifting to smaller, more fuel efficient cars will take time. Buying snacks in bulk, using re-sealable bags and containers, versus pre-packaged smaller portions is not often a practical or affordable option.

IF YOU BUILD IT, THEY “MAY” COME: Larger scale residential developments have a greater chance of building an affordable “Green Home” than if you and I started to replace portions of our home with Green materials and appliances. Today’s home buyers consider location, price, neighborhood and neighbors, well before factoring in how green the structure may be. Many don’t plan to stay in the new homes or condos long enough to take full advantage of the green effect. If they build it green, will you pay more to move to that community?

RENO –“WHAT”? Our own renovation, saved energy and lowered our monthly energy bill.

New windows, sliding backyard doors and the front door prevented air leakage, and made the home more comfortable for the little ones. The furnace had to go because it sounded like a tractor trailer, but like our aged air conditioner, had it operated perfectly, the added cost of replacing it wouldn’t be justifiable.

IN YOUR FACE: Start with recycling.

Chances are your garage, or apartment building came with a number of recycling options. As I explained to my own wife... the town we live in picks up recycling every week, but the garbage man comes once every two weeks. That huge garbage bag need not sit in our garage for two weeks, when most of the stuff in it is recyclable and can be gone in half the time. That is just a practical effort at no additional cost. A great place to start.

WHO’S GONNA PAY FOR ALL THIS? The cost associated with buying Greener products, changing our vehicles, adjusting our commute schedules, switching lighting and energy sources, all add up to a huge up front bill. Despite the long term potential savings and benefit to environment, there are plenty of financial woes for Canadians to deal with today. Budget for your moves, and make sure that your larger investments like solar panels, more efficient appliances, AC and Furnaces have a reasonable chance of saving energy and are affordable.

FOLLOW THE LEADER: If interested in purchasing homes with environmentally friendly materials or that actually carry a certain Green standard, your Real Estate agent should be able to identify such properties for you.

For more information on Green Building and Home Designations go to www.yanguru.com/greenliving

A Real Estate Sales Representative with Harvey Kalles Real Estate, Yan shares his creativity, sales, finance and negotiating skills with his colleagues and clients.

Email: yan@harveykalles.com; Phone: 647.209.4004;Twitter: @brokeryan

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WINNIPEG HOME & CONDO G UID E

CONSTRUCTION NEARING COMPLETION

POSSESSION SUMMER 2013

Would you drive 20 minutes to save $30,000?

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The Country Community of Landmark, MB

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WINNIPEG HOME & CONDO G UID E

17

Moving, Remodeling o Just Storing?

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5 tips for a safe EJPODS ‘open house’ event

An open house is An opportunity to mArket your investment to A wide rAnge of potentiAl buyers And it cAn be A rewArding experience if executed wisely.

H

osting an ‘open house’ is an effective real estate sales tool that your agent will likely recommend, but how can you be sure your security will be kept in check?

“Ask your Realtor questions about how to prepare for visitors,” says Carla Bouchard, a broker with Royal LePage Metro. “Make sure that you understand what occurs during the open house and how to safeguard your possessions and your home.”

Bouchard recommends the following five safety tips as you prepare for the event: 1. Put away items of value.

Stow away items such as jewelry and family heirlooms. Store prescription drugs in a location other than your medicine cabinets.

2. Ask your Realtor if they plan to escort people through your home.

By giving guided tours to one small group at a time, you won’t lose track of the visitors.

18

WINNIPEG HOME & CONDO G UID E

3. Keep personal documents out of view.

Documents containing financial or personal information should be put away to give you peace of mind when it comes to your privacy.

4. Take inventory of any remaining personal property.

Make notes or take photographs of items that you were not able to store and share them with your Realtor prior to your open house.

5. Find out if visitors will be asked for identification.

Keeping a list of visitor information is not only a useful safety tip; it also provides a list of prospects to follow up with. An open house is an opportunity to market your investment to a wide range of potential buyers and it can be a rewarding experience if executed wisely. More information on open houses can be found at www.royallepage.ca. nc

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(204) 475-9130 mnicolas@sutton.com jwall@sutton.com

www.creekbendhollow.com www.whatsbetterthansold.com This is not intended to solicit currently listed properties. *GST not included.

JUNE 2013 POSSESSION

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Show suite 155 Sherbrook • Sherbrook Street south of Broadway Ave • Starting in the $180’s • Concrete and Steel Construction • High quality granite kitchens with stainless steel appliances

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C 9 C

Lynne Dubienski 204.295.9067

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UNDER CONSTRUCTION Headmaster Row & Lagimodiere Boulevard

Nancy Lemieux-Bohemier Liz Cardno Deb Chiborak

204.987.2189

NOW SELLING 16 Townhouse Condominiums COMING SOON 93 Apartment Condominiums

Sales Office Open Onsite: Wed. & Thurs., 4-8 pm Sat. & Sun., 1-5 pm closed on long weekends Developed by Headmaster Row Inc.

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ART ENNS 204.346.3503 art@ennsrealty.ca www.ennsrealty.ca

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Gorgeous Custom Built Home in River Grove Community. 2100 sq ft of living space awaits your comfort! 18’ ceilings, Gourmet kitchen w/36� gas range, soft close dove tail drawers and granite countertops highlight the common area. Natural daylight flows through the oversized triple pane windows creating a warm cozy feeling. Main floor also features an office and laundry room. Custom designed glass/aluminum staircase railing leads you to the 2nd floor featuring large master bedroom with walk in closet and 4 piece en-suite. Two other oversized bedrooms and 4 piece bath complete this area. This home also features R32 insulation rating, tankless water heater providing constant hot water for all your needs, family room surround sound and insulated basement waiting your development.

Call Me Today for your personal Tour!

PANORAMIC CITY VIEW 702-811 GROSVENOR HOUSE

ROD PEELER

A rarity! Stunning, remodeled two Bedroom Condo offering the most awe inspiring views of downtown Winnipeg and West Winnipeg. The City Lights at night are incredible. Located in the heart of Crescent wood, walking distance to the Corydon Village Shopping and Restaurant area it offers 1010 sq ft plus a 22 ft x 7 ft Balcony. It features a modern open layout with outstanding outside views from all rooms.. The Kitchen is open to the Living, Dining rooms and is highlighted by updated Melamine Cabinets, Island center with electric Fireplace, Granite Counters, Ceramic floors, Glass ceramic back splash, four S/S appliances. Oak hardwood flooring throughout.

Bathroom is completely remodeled with Granite Counters ceramic floors and Glass Stall shower.

real estate “I never sleep” Thank you Winnipeg for 30 great years “I am going for 40” I would be pleased to assist you with The Selling or Purchasing of your RESIDENTIAL HOME, CONDOMINIUM, INVESTMENT, COTTAGE PROPERTY For a no obligation consultation please call Rod Peeler

204.477.0500 rodpeeler@remax.net

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For more information, please contact A&O at 204-956-6440 or visit our website at www.ageopportunity.mb.ca

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WINNIPEG HOME & CONDO G UID E

CONNECTING FAMILIES TO HOMES

PRESENTED BY PRAIRIE LIFE DEVELOPMENTS

www.theoaksidc.ca The Oaks Condominiums are located only 8 minutes from the south Perimeter of Winnipeg in the community of Iles des Chenes.

1 2 3

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ONLY 6 LEFT HURRY!

STARTING AT $216,500

(INCLUDES NET GST)

FALL POSSESSION

RENEE DEWAR E 730 ST. ANNE’S RD, WINNIPEG MB R2N OA2 204 979LIST@GMAIL.COM I WWW.979LIST.COM

204.979.LIST(5478) L I F E S T Y L E S

R E A L

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The units offer 1200 square feet of open concept living on the main floor complete with 2 piece bath. The second floor encompasses 3 good sized bedrooms and laundry station. The 4 piece bathroom can be accessed from the master bedroom as well as the hallway. The basement offers 600 sq. ft. for future development as well as roughed-in plumbing for 4 piece bath has been included. All appliances included: fridge, stove, washer, dryer, dishwasher, microwave.

One parking spot is provided per unit with the option of purchasing an additional stall for a second vehicle (first come basis).

These units are evidence to good planning and superb quality construction by Prairie Life Developments.

moneymatters

Money mistakes

couples make // b y g a i l va z - o x l a d e

S

ometimes, a poor way of relating can really muck up the money. Whether you’re planning a walk down the aisle or you’ve already been hitched for aeons, there are some common mistakes couples make that can throw a wrench into their moneyworks.

01 Keeping secrets.

I’m truly amazed at the number of people who hide things from their partners. They go shopping, bring home a bag of stuff, and rip off the tags – because, of course, their partners are morons and won’t recognize a new outfit when they see it. One woman shoved her new purchases in the laundry hamper, first thing. Another kept her new purchases in the trunk of her car until she could slide them into the house. Many people lie about what they’ve paid for an item because if it’s a good enough deal they can slip it past their buddy. And then there are all the folks who hook up only to find their partner is a financial disaster.

If you can’t be open about what you’re buying, that should tell you something. If you think your partner is going to object to your spending, listen up! And if you’re planning to mate and you haven’t sat down to talk about your money, you’re foolish, plain and simple.

Communication is job one in the survival of any relationship, and if you can’t bare your financial soul to your partner, if you can’t trust that person to tell you the truth, you should not be getting married.

22

02 not having a budget.

It isn’t going to come as a surprise to you that I think every couple should have a budget. Whenever you combine two lives, two ways of looking at things, two spending profiles into one, you need to have a plan to ensure both bodies are on the same page about where the money should be going.

Having come up with a budget you both agree to, it’s easy to decide what to buy and when. You simply ask each other, “Where does this fit in the budget?” If it doesn’t then you work together to make room, cutting a little of her golfing and his beer-with-the-boys to come up with the cash to make the purchase. Working together with a plan beats the bejezus out of flying solo blind and bumping into each other.

A budget can be a relationship-saver when one of you is a spender and the other is a saver, since by having a plan you can address both your needs. It’s particularly important when you are both spenders heading to the brink of bankruptcy. Knowing where you stand financially means you can make informed decisions about your spending without a huge debt hangover.

03 putting one guy in charge.

It’s not unusual for one person to assume the nitty-gritty of daily finances. It often falls to one partner to pay the bills, check the insurance coverage, decide on how to invest the retirement savings, figure out how much to put away for education savings, negotiate with lenders, pay the taxes – the list is virtually endless. Often it’s because one partner is more inclined toward these tasks. The problem is that when one person is excluded, or totally abdicates responsibility, it means the other can mess things up with no monitoring or grow resentful at always having to do the detail. It’s important for each partner to not only to feel involved in the big financial decisions but also understand the day-to-day details.

Taking turns managing the chequebook, and having regular conversations so that both of you are clear about what’s going on, means you’re both in the know and working to the same ends. It also Continued on page 24

WINNIPEG HOME & CONDO G UID E

36 Merganser Drive, Lac Du Bonnet - $499,000 Year round home on Lee River has everything you’ll need to live a luxurious life style. This 1440 sf open concept bungalow features 3 bedrooms, 1.5 bath, attached gazebo & detached double garage. Oak hardwoods throughout entire home. Granite countertops. Only 3 km from the prestigious Granite Hills Golf Course. Excellent location for fishing, boating, golfing, snowmobiling & entertaining!

Virtual Tour: http://www.myvisuallistings.com/fsvt/81946

114 Bridgewood Drive - $373,000

To Be Built by Trikor Builders. Open Concept, 1655 sq ft, 3 bedrooms & 2 bath bungalow is waiting for your final design expertise! 9’ ceilings throughout main floor, beautiful open staircase to a spacious lower level. Master bedroom includes 4 pce ensuite & walk in closet. If this isn’t the right plan for you, call today and we can design a plan that suites your needs. Exterior not exactly as shown.

31 Terry Scott Bay - $395,000

Brand New Design! To be built, 1805 sq ft, 2 storey, 3 bedroom, 2.5 baths features open two storey living area with 18’ high ceiling and 9’ ceilings in remainder of main floor. Kitchen features maple cabinetry, island & large walk in pantry. Master bedroom includes 4 piece ensuite & walk in closet. Second floor laundry!! Exterior not exactly as shown.

Customize to your specifications.

35 Terry Scott Bay - $439,900

Possession May 15, 2013 Award winning 2 storey show home, “The Riley” greets you by immense pillars with cultured stone. The home has soaring ceilings, an abundance of windows, laminate flooring, through main area with upgraded flooring. 1738 sq ft home includes 4 pce bath, 3 pce ensuite and 2 pce main floor bath. Includes 5 yr New Home Warranty. Exterior not exactly as shown.

DianeYaskowich Diane Office: 204-475-9130

Cell: 204-771-7343

Sutton Group-Kilkenny Real Estate

Continued from page 22

NEVER SIGN FOR EACH OTHER’S DEBT. WHEN YOU DO, YOU ASSUME RESPONSIBILITIES THAT MAY CHOKE YOU TO DEATH. IF YOUR BUDDY NEEDS HELP PAYING OFF THE DEBT, YOU CAN DO THAT WITHOUT PUTTING YOUR NAME ON THE PAPERWORK. means that one person doesn’t have to deal with everything, while the other merrily laughs off the stress and frustration with, “You’re managing the money, so this is your problem to deal with.” (Yes, there are people who say this).

04 denying the debt.

Regardless of who has the debt, the impact on the family unit will be significant. If you can’t be debt free when you get hooked up, the very least you should have is a plan for how you’ll get that debt paid off.

Never sign for each other’s debt. When you do, you assume responsibilities that may choke you to death. If your buddy needs help paying off the debt, you can do that without putting your name on the paperwork.

“But he won’t be able to get a car if I don’t help him,” I’ve heard. Then he shouldn’t have a car. “But she’ll pay an outrageous amount of interest.” Then she shouldn’t take the loan. “We’re partners in everything.” Maybe that’s how you feel now, but how will you feel when (s)he doesn’t pull her/his weight on the debt repayment, and you’re on the hook for his or her past self-indulgence?

As for blowing your brains out on a big wedding when you’re walking around with a ton of debt, give your heads a shake! Wedding mania, exotic honeymoons, and a houseful of brand new furniture is wonderful, providing you have the money to pay for it. Going into debt for massive self-indulgence is down right dopey.

05 sWeating the sMaLL stuFF.

If you’re going to spend your relationship getting your britches in a knot over every little thing, you’re going to be miserable. Or you’re going to get divorced. You have to figure out which battles are worth fighting, and when negotiation makes more sense.

If the small stuff adds up to big problems it’s usually because you don’t have a budget and aren’t on the same page when it comes to your priorities. It’s not unusual for couples to spend $30 a month here, $25 a month there, $60 on this, $97 a month on that, and when it’s all added up, it’s a whopping amount of money. If you’re tracking your expenses, it’s easy to decide what has to go and when to stop shopping.

One of the ways some couples deal with the money is to allot each partner a weekly or monthly “allowance” that can be used for anything that body desires. Since the allowance is part of the budget, the plan stays in place while the individuals have some personal freedom when it comes to how they’ll spend their personal money.

Once you have a slush fund you can each spend as you wish without questions or recriminations; you can then agree that on purchases above a certain amount you’ll consult with each other before buying.

06 FaiLing to pLan For eMergencies.

While no one likes to think about bad things happening, the fact is that bad things do happen

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WINNIPEG HOME & CONDO G UID E

to good people. If you don’t have a stash of cash at the ready to deal with whatever life throws your way, you won’t have the means to cope. One of the big upsides of joining up is that you’re able to act as a safety net for each other through life’s storms. But that doesn’t happen magically. And often couples over-estimate their partner’s ability to take over the entire financial burden should one partner lose a job, someone become ill, or suffer some other disaster. It takes a plan.

And part of that plan includes creating a pretty hefty emergency fund. Another part includes reducing your risks in whatever ways possible. Every couple should have enough money available to cover six months’ worth of living expenses. And each partner should make it a priority to get adequate insurance coverage.

Communication and negotiation are the keys to dealing with money issues when you partner. Of course you also need some practical money-management skills to actually pull the whole thing off.

Gail Vaz-Oxlade is the host of Til Debt Do Us Part, author of Debt Free Forever and blogs daily at gailvazoxlade.com. Follow Gail on Twitter at twitter.com/GailVazOxlade

Back by popular demand for a Limited Engagement!

er ng egg Gehri w! p i n Win elnyk hit sho M er a th h bar Bar rns wi retu

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Tom Hendry

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WINNIPEG HOME & CONDO G UID E

25

aroundthehouse

CIBC Poll:

Canadian homeowners spending $15,000 on average for home renovations in 2013 HGTV’s Scott McGillivray offers advice on keeping your renovation budget in check ›› Regionally, Alberta residents are among the most likely (52 per cent) to say they plan to renovate their home in the next 12 months, while British Columbians are among the least likely with only 25 per cent of home owners saying they plan to renovate ›› Among demographics, Canadians aged 45-54 plan to spend among the most on their home renovations this year ($18,300 on average), nearly $3,000 more than the national average

A

fantastic kitchen is one of the most effective ways to up the value of your home and attract a great tenant.

There are lots of quick and easy ways to upgrade your kitchen that don’t have to cost the bank.

A new CIBC (TSX: CM) (NYSE: CM) Poll conducted

by Harris/Decima reveals more than one-third of Canadian homeowners plan to take on some form of home renovation project this year, with an average expected renovation cost of just over $15,000.

Highlights of the poll include:

›› $15,300 is the amount Canadian homeowners say they will spend on their home renovations this year, on average ›› 39 per cent of Canadian homeowners say they plan to renovate their home in the next 12 months ›› Among Canadian homeowners planning to renovate, Alberta homeowners plan to spend the most on their home renovations this year ($22,900 on average), while Atlantic Canadians say they plan to spend among the least ($11,000 on average) 26

“Whether it’s replacing an old roof or updating a kitchen, home renovations can help you get more out of your property, but you do need to consider how the costs will fit with your overall financial plan,” said Colette Delaney, Executive Vice President of Mortgage, Lending, Insurance and Deposit Products, CIBC. Previous CIBC research shows that Canadians named paying down debt as their top financial priority for 2013, suggesting that those Canadians taking on a home renovation will need to keep a close eye on their renovation budget to stay on track towards their financial goals.

“Most people taking on a renovation have a clear vision of how they want their home to look when it’s done. Our message is you need the same clear plan for repaying any debt you might incur along the way,” added Ms. Delaney.

HGTV’s Scott McGillivray Notes that Planning is Key to a Successful Renovation Scott McGillivray, host of HGTV’s “Income Property”, also stressed the benefits of planning when it comes to making improvements to your home while managing your budget.

“The most important part of a renovation is the planning.

It sounds cliché, but planning really is half the battle. In my experience, the homeowners who plan ahead are also more likely to be happy with the end result, and are better at sticking to their budget.”

For Canadians looking to stretch their renovation budget, it’s important to prioritize your renovations by mapping out where you are going to invest within your home, and how much money you will need to allocate to each job.

“Kitchens and bathrooms are always value-adds, so if you’re prioritizing your renovations and looking to make your dollars go further, plan on doing those rooms first,” added Mr. McGillivray “I also like to add an income suite in where possible, but that’s a personal choice.”

Continued on page 28

WINNIPEG HOME & CONDO G UID E

BUILDERS CLOSEOUT PHASE 1 & 2 SOLD OUT

DISPLAY SUITES NOW AVAILABLE FOR PURCHASE CONDOMINIUMS 1145 St. Anne’s Rd.

Penthouse unit with a spectacular river view also offered for sale. Options still available to customize colours, flooring and cabinets

from $264,900 inc. net GST 1100-1150 sq ft • Peaceful setting with Seine River views • Heated underground parking available • Stainless steel appliances included • Fitness & common room • Insuite laundry

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204.989.7900

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Find out how we keep unit owners / board members / developers / realtors in the loop with our complimentary management web portal.

WWW.IMPERIALPROPERTIES.CA/CLARITY

Continued from page 26

Renovation Tips from Scott McGillivray:

To make sure you stick to your renovation budget, while getting the greatest return on your investment, Mr. McGillivray offers the following tips: Plan THe WoRk You don’t want to be in the middle of a home renovation project when you realize you are unable to meet your timeline or budget, especially if you are operating with a tight budget.

SeT youR PRIoRITIeS If you are taking on multiple renovations, decide which ones are the most important to you, and tackle those first. Kitchens and bathrooms make good choices for a renovation because of the potential to add value to your home. exPeCT THe unexPeCTed Regardless of how much you plan in advance, leave a cushion in your budget for the unexpected. You should aim to have a cushion of 20 per cent to over any unexpected costs.

GeT IT In WRITInG You should always get quotes from contractors before any work starts, have a signed agreement on the scope of work they will be doing and everything that’s included. You also need to be clear on what’s not included so that you’ll know about any expenses that will be your responsibility.

mortgage with the flexibility of a line or credit, and the ability to access the funds whenever you need them, should you need to make a future repair or in the event of an emergency.

An Unsecured Line of Credit (UPLC) is another option that can be used to finance home renovations. An Unsecured Line of Credit represents a good option for borrowing of smaller amounts with a plan in place to repay the amount owing.

L

Financing advice from CIBC:

To help fund their home renovation, CIBC offers the following tips: dRaW on SavInGS - if you are able to draw on savings to fund part or all of your renovation, it may be the best option. Be sure to leave yourself some emergency funds in your savings account so that you still have a cushion against other unexpected expenses that can arise.

CHooSe a loW CoST BoRRoWInG oPTIon A secured line of credit, like CIBC’s Home Power Plan, offers Canadians with equity in their homes a low cost borrowing solution that can be used to finance expenses such as home improvements.

CIBC’s Home Power Plan provides Canadians the fixed payment schedule of a 28

WINNIPEG HOME & CONDO G UID E

Scott McGillivray is host of television’s Income Property airing Thursdays at 9 p.m.

ET/PT on HGTV

A

BUNGALOW CONDOS located only 10 min from Winnipeg

St. Adolphe

284,900!

$

incl. gst

Laura Stuart 204.475.9130 SUTTON GROUP KILKENNY REAL ESTATE

Breathtaking 1370 sq. ft. open concept bungalow condo with 2 bedrooms, 2 baths, spacious kitchen & breakfast nook, dining room with garden doors to a sunroom, main floor laundry and full basement. Comes with front porch, concrete drive and double attached garage.

Another quality development by RS Capital Corporation www.rscapitaldevelopments.com

IN THE MARKET FOR A

NEW HOUSE

OR A CONDO?

We think finding a home is a lot more than simply finding the right property.

That’s why we put you right in the middle of the search process.

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View new construction projects and register to get the latest info

Visit the new real estate section on canpages.ca and start looking for that special place.

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WINNIPEG HOME & CONDO G UID E

330 BOYD AVE. $174,900

184 BRIDGEWOOD DRIVE $389,900

Newer family home in well-established area.

Features 3 bedrooms, 2 full bathrooms, open and spacious living room/dining room combo, a fully finished basement with rec room, games area and 2 extra potential bedrooms(bars must be removed from outside windows to use as bedrooms), central airconditioning, and large backyard with sliding fence door for security. All 4 major appliances included. Close to shopping, restaurants and transportation. A great house for a great price

D L O

S

To be custom built by Gino’s Homes.

Spacious 1500 square foot bungalow plan. For specific details come visit us at our showhome at 59 DENNIS LINDSAY ROAD.

NOT EXACTLY AS SHOWN

NEW 51 DOUBLEDAY DRIVE

67 BRUNKA PLACE $379,900

Great solid 3 bedroom 3 bathroom bungalow in a great family area.

Features an L shaped living room/ dinning room combo, spacious kitchen, fully finished basement with recroom, games room/family room with wood burning fireplace, wet bar and extra room perfect for a home office with attached 3 piece bathroom.

Brand new 1500 square foot 2 storey to be custom built to your specifications. No house currently on this lot, sample plan only, picture is of a previously completed plan.

NOT EXACTLY AS SHOWN

NOT EXACTLY AS SHOWN

for more info go to www.100massaliadrive.com

NOT EXACTLY AS SHOWN

for more info go to www.80massaliadrive.com

75 BRUNKA PLACE $364,900

Brand new 1200 square foot bungalow to be custom built to your specifications. No house currently on this lot, sample plan only, picture is of a previously completed plan.

Brand new 1800 square foot bungalow to be built by Gino’s Homes. Similar plan and options as our current show home at 59 Dennis Lindsay Road. Build as advertised for this price or choose a different plan and options or have new plan custom designed. Features 3 main floor bedrooms, a large open great room concept, a fully finished basement with a 3 piece bathroom and 2 extra bedrooms, over sized 22x22 foot double attached garage, upgraded exterior with stone finish.

Beautiful park lot with view of the lake. Price is subject to change without notice (prior to purchase).

80 MASSALIA DRIVE $669,900

278 AMHERST $184,900

D L SO

2200 square foot bungalow to be custom built by Gino’s Homes in the final phase of lake lots to be developed. 3 bedrooms, a full walkout basement with piles, steel beams and structural wood floor, allowances for upgrades to exterior, hardwood and ceramic floors, 9 foot main floor ceilings, granite counter tops in addition to all of Gino’s high quality standard items such as oak trim and doors, maple kitchen cabinets and bathroom vanities, gas fireplace, rounded drywall corners, triple attached garage, etc. Build as advertised for price shown or have your own plan custom designed and choose your own options (price adjusted accordingly). Price includes lot and g.s.t.

D L O S

100 MASSALIA DRIVE $549,900

50 TERRY SCOTT BAY $399,900

Wonderful Bruce Park location, meticulously maintained and upgraded bungalow, perfect for singles, young couples with low taxes and monthly costs. Detached garage currently used as storage, car door closed off on inside. Newer windows with transferable warranty, ask for details. Low cost of ownership on this well located and cozy home.

Furnace installed in 2009, Sump pump 1/2011, roof shingles installed May 1997 with 20 yr warranty from install date, All newer windows with warranties, Exterior House Vinyl Coating 5/2008.

ONLY 19 LOTS AVAILABLE

To be built by Gino’s Homes. 1600 square foot bungalow featuring 3 bedrooms, 2 bathrooms. Built on piles.

Built as advertised for price shown or have your own plan custom designed and built to your specifications.

Pictures of a completed plan, sample only as there is currently no house built on this lot.

1.37 acre lot available in new upscale subdivision in West St. Paul. Frontage 177 feet, total lot size 59,677 sq. ft.

Choose your own builder and build your dream home in a peaceful country setting just minutes away from the city and all its conveniences.

Jordan Katz & Associates IF YOU ARE PLANNING TO BUY OR SELL A HOUSE AND NEED GREAT RESULTS CALL NOW

Jordan Katz TEAM LEADER

More Listings Available - Not Shown here!

Call for Details 204-777-9999 or Email katzhomesellingteam@live.com

Priscilla Santos Marc Goldberg TEAM ASSOCIATE

TEAM ASSOCIATE

WINNIPEG HOME & CONDO G UID E

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For commercial leasing opportunities please contact the administration office:

204-957-5904 Office hours: Monday - Friday 8:00 - 4:30 p.m.

Unit MZ 50 - 81 Garry St., Winnipeg

Looking for Prime Furnished Suites in Downtown Winnipeg?

FORT GARRY PLACE offers completely furnished one and two bedroom suites for short or extended term stays at very competitive rates. Included in the rate: in-suite laundry, weekly housekeeping, parking, utilities, high-speed internet, use of the pool, gym facilities on a pay as you go basis or monthly membership. Excellent downtown location, close to the Forks, shops, restaurants. for more information call 949-1010 ext. 263

G  W S S 

Fort Garry Place offers a unique environment that blends old-world charm with modern convenience.

“We moved last fall for a larger space at a reasonable price and Fort Garry Place had all the features we were looking for. The facilities are modern and well–maintained.

The Fort Garry staff are courteous, very helpful and professional, they’re always available when we need them. The on-site amenities are great as well, there’s a store, dry cleaning, restaurants and it’s just a short walk to the Forks” GERI NEILSON

Furnished apartments for business travellers. For information about our furnished suites please contact the Leasing office at 204-949-1010 ext. 263

Office Administrator, Affinity Achitecture

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On-site management and maintenance staff as well as affordable enclosed parking

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Affordable amenities for the busy executive including convenient access to entertainment, dining, shopping and the historic forks market

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Wheelchair access from street level

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Fully equipped gym, indoor pool and hot tub (membership required) as well as convention and banquet areas

NOT ALL CONDOMINIUMS NOT ALL CONDOMINIUMS ARE CREATED EQUAL ARE CREATED 13 EQUAL 0 2 G

CUSTOMIZED CONDOMINIUM MANAGEMENT SERVICES

IN N E P O E IC F F O A B TO I N Awe created and implemented a successful M For this reason L A R U customized condo management program in the following areas: R

For this reason we created and implemented • Newlycustomized constructedcondo condominiums a successful management program in the following • Condominiums that areas: were converted from

rental

• Financial only for smaller condominiums • Newly constructed condominiums • Condominiums that were converted from rental • Condominiums established and operating for over one • Financial year only for smaller condominiums • Condominiums established and operating for over one year • Enquire our elite property management program • Enquire aboutabout our elite property management program Contact Brydges Property Management to arrange for a customized management proposal tailored to your condominium’s Contact Brydges Property Management to arrange for a needs. customized 830 Scotland Avenue, Winnipeg, MB R3M 1X7 management proposal tailored to your condominium’s needs.

Phone: (204) 489-9510 Fax: (204) 975-1540

Email: reception@brydgespropertymanagement.com www.BrydgesPropertyManagement.com

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WINNIPEG HOME & CONDO G UID E

C

Carefree Living in Beautiful Charleswood

55 Windmill Way ONLY A FEW UNITS REMAINING

2013 PARADE OF HOMES GOLD MEDAL AWARD

ALL WITH GREAT AMENITIES • CONCRETE & STEEL STRUCTURE • 9’ WALLS • 6 APPLIANCES • EXTRA LARGE BALCONIES • WELL EQUIPPED COMMON ROOM • TOP OF THE LINE EXERCISE EQUIPMENT • INSIDE HEATED PARKING AVAILABLE

STARTING AT

257,900

$

*

*DORCHESTER / GST & HEATED PARKING NOT INCLUDED

WWW.GREENTREEGROUP.CA OR CALL 204-477-6950

GREENTREE HOMES MASTER BUILDER

IMMEDIATE POSSESSION

GLEN MACFARLANE IMAGE REALTY CORP. 204-802-7873 204-477-6950 HOURS: THURS. 3-8 P.M. SAT. & SUN. 1-6 P.M. OR BY APPOINTMENT

Final Phase Selling Out Fast

SOUTH POINTE

204-558-JOYY (5699)

jumpforjoyy.com Joyy is Winnipeg's freshest new townhome project. Located in the desirable community of South Pointe, Joyy is close to the University and nestled in over 30 acres of park space threaded by over 4 km of trails. The community of South Pointe fits harmoniously into Mother Nature's design and your healthy lifestyle. With attractive townhomes starting from $199,900* it's no wonder the final phase is selling out fast. Register today to ensure you don't miss out on all the Joyy!

BUNGALOW TOWNHOMES

2 STOREY TOWNHOMES PRICES STARTING FROM $199,900* *Prices do not include GST

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TOWNHOMES WITH GARAGE