Edmonton Real Estate Blog

Edmonton Home Prices Stable: Report

According to a report by the REALTORS ® Association of Edmonton, housing prices remained stable in April vs. March. And after a shaky 2010 and an even more volatile 2009, stability in the housing market seems like just what the doctor ordered if you ask me!

Here’s the statistical snapshot:

• All-residential average price decreased $310
• Single family home prices decreased $425
• Condo prices rose $1,305
• Residential sales were down 7.8%
• Residential listing activity rose 9.8%
• Inventory of homes on the Multiple Listing Service® increased 4.6%
• The average days-on-market in April was 49 days.
• The residential sales-to-listing ratio was 45% in April

So what do all these numbers mean for buyers and sellers? Well, it means a few…

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Edmonton Scores High on Nationwide “Livability” List

While our Oilers may not be making the playoffs (again…sigh) and the Eskimos haven’t had a parade in more years than I’d care to remember, there’s one place where Edmonton is doing extraordinarily well – and that’s on the MoneySense “livability” list.

Of course, it’s NO surprise to me that Edmonton has solidified 8th spot on the list of Canada’s Best Places to Live – ahead of Toronto, Vancouver, Regina, Montreal and – wait for it…Calgary!

Edmonton has always been a world class city and home of the friendliest people I’ve ever come across. And while I have no doubt we’ll climb our way up the ladder and reach number one (a spot currently held by Ottawa-Gatineau), I think 8th place is a fine showing. 

So what, you may ask, qualifies a city to make…

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Choosing the RIGHT Neighbourhood for your next Edmonton Home

When buying a home in Edmonton, obviously you’ll be looking at key details like square footage, price and condition. However, just as important to your home buying decision is the neighbourhood.

Now, everyone who knows me knows that I love Edmonton, and there are “gems” (some of them hidden) in every neighbourhood. So I’m not suggesting here that one area is necessarily better than another. It all depends on your unique needs, lifestyle, and future plans.

However, when it comes to choosing the right neighbourhood for your next home – which, again, is the neighbourhood that is RIGHT for you –here are some important things to pay attention to:

Schools: Many families narrow down their home search by focusing on school districts, and seeing what…

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REALTORS Association of Edmonton President Predicts Market Stability in 2011

At the beginning of a new year, it’s always fun to play “what might happen in the 12 months ahead?” and then see, in time, if you were right.

But there are instances where correctly guessing trends is more than fun – it’s fantastic – and incorrectly guessing them is…well, not fantastic. In fact, it can be really lousy.

One such instance is trying to get a handle on the Edmonton real estate market. Frankly, when it comes to either buying or selling, you really don’t want to be on the wrong side of any trend – because it can cost you tens of thousands of dollars, not to mention add all kinds of stress to your life.

Fortunately, there are experts who have the knowledge, credentials and experience to help Edmonton home buyers and sellers prepare for…

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An Overview of the Government’s Home Buyers’ Plan (HBP)

A valuable incentive that home buyers can take advantage of is the Government’s Home Buyers’ Plan (HBP). In my experience, however, there is some confusion surrounding this program, and so I’d like to take this opportunity to provide you with a clear, simple overview.

The HBP allows would-be home buyers the opportunity to withdraw up to $25,000 from their RRSP without incurring any withholding or income tax, and use it towards a home. The amount withdrawn then needs to be paid back into an RRSP over a 15 year period, with equal amounts due each year (i.e. 1/15th).

However, not all homes qualify for the HCP program. The home must be in Canada, it must be a principal place of residence, and it must be purchased or built by October 1st of the year…

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A Look at Pre-Qualified and Pre-Approved Mortgages

In my experience helping numerous home buyers – especially first timers – knowing the difference between a pre-qualified mortgage and pre-appoved mortgage is a VERY important. Unfortunately, there is a lot of confusion surrounding the two (probably because they "seem" to be the same thing if you just go by what they're called). 

To help you avoid any unpleasant surprises or needless stress, let me explain the difference between the two in a simple and jargon-free way.

Pre-Qualified Mortgages 

A pre-qualified mortgage is a fairly simple process, and it can usually be done over the phone or over the Internet. You provide a lender (e.g. a bank or other financial-type institution) with a snapshot of your financial picture. This includes your income,…

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Tips for Buying a Home in a Winter

I’ve blogged about how to sell your home in a winter, so now it makes sense to look at things from the other side: buying a home in the winter.

Generally speaking (and this winter is no exception so far), buyers tend to hibernate a bit and wait for the spring before they shift their house hunting into a higher gear. Everything from weather to taking care of those holiday season credit card bills (ouch) contribute to this trend.

However, if you’re in the market for a new or next home, then this doesn’t mean that you should necessarily follow suit. On the contrary, because there are fewer buyers out there for you to compete with -- especially when it comes down to making an offer -- you stand a very good chance of getting an incredible deal. 

…

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Government of Canada Announces Changes to Mortgage Rules

On January 5th, I wrote about the Minister of Finance’s concern over Canadians’ household mortgage debt, and how some changes to borrowing rules were probably in the works. Those changes were clarified and confirmed this morning. 

Per the Department of Finance’s website, here are the changes to mortgage rules that people in Edmonton and across Canada will face in the coming year:

• Effective March 18, 2011, the maximum amortization period will be reduced from 35 years to 30 years for new government-backed insured mortgages that have a loan-to-value ratio of more than 80%. According to the government, this will reduce the overall interest payments that Canadians must make on their mortgage, which will free up more money to go towards principal.

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Edmonton Housing Marketing Dips in December

I’ve written a few times about Edmonton (and Alberta’s) growing housing market, so this latest news may seem as a shock – but really, it’s nothing to worry about and, on the contrary, quite predictable.

So what’s this latest news? Well, it’s the one that points out that in December, Edmonton’s housing market dipped in a couple of ways. First, average home prices fell to $308,496, or about $10,000 vs. November. Second, the total number of homes sold also fell from 1,120 in November to 784.

Now, at first glance this news may seem shocking and scary. But when you recall that we’re talking December in Edmonton here, you can see that the dip is normal for this time of year. Not only were many folks preoccupied with holiday tasks, but there were fewer…

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5 Tips for Selling your Home in Winter

When most folks in Canada talk about “harsh winter weather,” we Edmontonians – as polite as we are – tend to roll our eyes a bit. That’s because, as we all know, winter in Edmonton isn’t like winter in, say, Vancouver or Toronto (have they called the army in to dig them out, yet?). 

So what does the weather have to do with Edmonton real estate?

If you’re selling your home, it has a lot to do with it – because, frankly, selling a home in winter can be a relatively tougher sell. It’s more of an effort for folks to get around, they spend less time milling about the outside of a property (not fun to do when there’s a wind chill of -15), and it can be hard to envision what a house will really look like when it’s covered under 30 cm of snow.

However, if…

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