As reported earlier this month by the Edmonton Journal, the Provincial government has passed some much-anticipated new rules affecting home inspections in Alberta.
Under the Home Inspection Business Regulation, Home Inspectors must:
meet minimum qualification and education standards in order to be licensed by the province (those who already hold a Registered Home Inspector or Certified Master Inspector certificate are pre-qualified)
carry $1 million in “errors and omissions” insurance
post a $10,000 security fee in case of negligence or incompetence
Home Inspectors who don’t meet these requirements can apply a conditional licence, which expires in March 2013.
In addition, the new regulations put an end to contracts that limit
According to a recent Re/Max report, first time home buyers across the country are driving the real estate market forward.
There are a few factors behind this trend. The first is the prospect that higher mortgage rates are just around the corner. In fact, most of the major banks have already hiked their standard five-year, fixed rates.
The second is the Government’s new mortgage rules, which reduce the maximum amortization period for government-insured mortgages from 35 years to 30 years. What’s very interesting here is that instead of preventing first time home owners from taking the plunge into the housing market, the new rules are simply compelling many people to change their expectations. They’re willing to bend a bit when it comes to location,
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
We recently had the opportunity to relocate to Edmonton from Halifax. We only had a limited amount of time to find a place to live and not knowing the city or the real estate market, we asked for a referral from a colleague who also recently relocated here. They recommend Patti Proctor from Maxwell Devonshire Realty.
Patti quickly arranged a meeting at our convenience to discuss our home preferences, life style expectations, whether to rent or buy, and home wish list. That evening we received an email with a detailed list of homes for us to review. She cleared her schedule and dedicated the next few days to chauffeuring us around the city, while educating us on the nuances of each prospective neighborhood we explored. We viewed quite a few homes in the short period of time and Patti made us feel comfortable and relaxed throughout the entire experience. We purchased a home and it closed on the night before we had to return home. Patti and her team guided us, via long distance, through the purchase process for Alberta quickly and efficiently, helped to arrange a home inspection, and made themselves available to questions and requests from our legal and financial agents.
Patti possesses a vast wealth of knowledge relating to local residential architectural history, home construction, city bylaws and community culture; to name a few. She and her team were always welcoming and helpful. We would be pleased to recommend her and her team to anyone considering buying or selling a home in the area.