Edmonton Real Estate Blog

January Housing Marketing Statistics for Edmonton

As reported by the Realtors Association of Edmonton, housing prices in January followed a “business as usual” pattern for this time of year: slightly lower prices than December, and about the same volume.

“We are predicting a slow but steady growth pattern for the market in 2012 and, as usual, this year started off slowly but is already showing signs of strength as we roll into spring,” commented Doug Singleton, President of the REALTORS® Association of Edmonton. “Listing and sales activity is up markedly as compared to a year ago. Listings in January as compared to December are up over 126%.”

In terms of specific numbers for January:

• The average price of a single family detached (SFD) home dropped 1.1% from the previous month to $362,926, but…

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Edmonton Real Estate Market Update for June

As reported by the Edmonton Journal, last month Edmonton home sales jumped a healthy 7.6% compared to a year ago, according to the Realtors Association of Edmonton. In total, the June housing market saw 54% of listed homes sell for a total of $584 million (1,768 sales; 3,260 listings).

A couple of key factors behind this boost in sales are, of course, the hot Alberta economy and those good ol’ historically low interest rates – which make home ownership a reality for many people, especially first time home owners and former renters. 

However, another factor that is boosting home sales appears to be a slight dip in average selling prices, which further makes ownership affordable and attractive. The average price for a single family home fell 2.86% in…

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Mortgage Rate Hikes on the Horizon

As reported by the Canadian Press, home buyers and sellers should gear up for mortgage rate hikes sooner instead of later.

That’s because, while the Bank of Canada this week declined to change its current 1% overnight rate (which banks use to formulate their mortgage and other lending rates), it announced in a statement that the economic recovery, if it continues, will inevitably lead to hikes in the near future. 

"To the extent that the expansion continues and the current material excess supply in the economy is gradually absorbed,” the Bank of Canada noted in its statement, “some of the considerable monetary policy stimulus currently in place will be eventually withdrawn."

For those who have been closely following the Bank of Canada’s actions…

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New Rules for Home Inspectors in Alberta

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…

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Open Houses for May Long weekend!!

Hi Everyone,

Come check out our open houses this weekend!

STUNNING, renovated Terwillegar Towne 2-storey. Saturday May 21 2-4 p.m.

1917 Tanner Wy

Unbeatable Location of this Parkallen GEM! Sunday May 22 2-4 p.m.

11123 70 Ave

Can't wait to see you there!!

-Chris

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First Time Home Buyers Driving Real Estate Market: Report

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,…

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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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