In Winnipeg's current real estate market, the $300K to $450K price range is on fire. Homes are being scooped up in days, often with multiple offers pushing prices $50K to $100K over asking. If you're a buyer in this market, you've likely experienced the heartbreak of bidding wars and the pressure to waive conditions just to compete. But what if there was a smarter, more strategic way to buy?
Enter the fixer-upper.
Why Bidding Wars Are Costing Buyers More Than They Think
In today’s market, a home listed at $379,900 can easily sell for $450,000 or more, just from competition alone—without a single upgrade to the home itself. That extra money isn’t buying you more value; it’s simply buying you a winning bid. And in many cases, buyers are forgoing inspections or financing conditions just to stay competitive.
That’s a risky way to buy—and one that doesn’t always make financial sense.
Fixer-Uppers: The Underdogs with Big Potential
Fixer-uppers tend to sit longer on the market because they don’t photograph well or feel ‘move-in ready.’ But here’s the upside: you’re not competing with 10 other offers. You have negotiating power. And better yet—you have the opportunity to shape the home into something that reflects your style and builds equity from day one.
Let’s say you buy a home for $350,000 and put in $50,000 in renovations. You’re still potentially under the final price of that bidding war home—and you end up with a space tailored to you, not someone else’s outdated vision.
What to Look for in a Fixer-Upper
Not all fixer-uppers are created equal. The key is knowing what to look for:
Strong bones – A solid foundation, good structure, and newer mechanicals are key
Great location – You can change the house, but not the neighbourhood
Functional layout – Walls can be moved, but weird floor plans are harder to fix
Natural light – A well-lit space always feels more inviting
Steer clear of major structural issues or homes with outdated electrical, plumbing, or foundation problems unless you’ve factored that into your budget.
Financing Your Vision: The Purchase Plus Improvements Program
One of the best-kept secrets for buyers looking to renovate is the Purchase Plus Improvements mortgage. This program lets you roll the cost of approved renovations into your mortgage.
Here’s how it works:
You find a home that needs work
We get quotes for the renovations you want to do
The lender approves the work and includes that amount in your mortgage
After possession, you complete the work and submit receipts
The lender reimburses you once the work is done
It’s an incredible option if you have a vision but not a lot of cash upfront.
Design Matters: Make the Right Improvements
Renovating a fixer-upper is about more than fresh paint. It’s about smart design decisions that increase livability and resale value.
Invest in the kitchen and bathrooms—they offer the biggest ROI
Keep flooring and wall colours neutral to appeal to future buyers
Maximize storage wherever possible
Stay consistent in your finishes and materials for a cohesive look
When you work with someone who understands both real estate and interior design, you get guidance that ensures every decision is both beautiful and strategic.
Final Thoughts
If you’re feeling discouraged by the current market, don’t be. Fixer-uppers offer an incredible opportunity for buyers who are willing to look past the surface and invest in potential. With the right team and financing plan, you can skip the chaos of bidding wars and step into a home that’s truly your own.
Ready to explore this route? Let’s talk. I’d love to help you spot the hidden gems and bring them to life.
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