Edmonton Real Estate Blog

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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Alberta Economy Looking Up!

While the nationwide economic picture still looks pretty grim, Alberta’s economy experienced relatively strong growth of about 4% in 2010, and is expected to enjoy modest growth through 2011, according to Troy Media.

Recovering crude oil prices seem to be driving most of this growth, which would be even higher were it not for sluggish natural gas prices. Still, in the shadow of the Great Recession and the biggest economic freefall since the 1920s, 4% growth – heck, 1% growth – is a good news story; especially when we note that other parts of the country are still struggling mightily to right their local and regional economic ship.

How the “Modestly Growing” Alberta Economy Impacts Home Buyers and Sellers

As I’ve blogged about a few times – and…

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Edmonton Property Taxes to Rise an Average of 3.85% in 2011

As reported by the Edmonton Journal, most Edmonton home owners are in for a jolt when they receive their 2011 tax assessments from the City of Edmonton. That’s because after two years of declining prices, Edmonton’s 2010 property value assessments jumped an average of 9%.

Overall, the City of Edmonton assessed 319,608 properties worth $134 billion. The average home price in 2010 was $363,000.

Property value assessments are made up of a number of factors, including location, features, current selling prices for comparable properties, and more. In addition, neighbourhoods play a significant factor in overall value increases (or decreases). For example, Mactaggart and North Glenora are seeing average 20% price increases, while Windermere and Oliver are…

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US Style Housing Meltdown Not Expected Here

Few scenarios keep home owners, or would-be home owners, anxiously awake at night more these days than the fear of a US-style housing meltdown making its way up here to Edmonton and the Great White North.

Indeed, we’ve all seen the pictures of American ghost towns full of foreclosed homes, and anguished home owners who are either barely staying above water, or who actually can’t afford to sell their homes – because they owe more than the home’s going market value.

However, as dismal and tragic as that situation is, last week real estate lawyer Mark Weisleder wrote an interesting article in the Toronto Star, which attempted to sooth jangled nerves and let Canadians know that they’re not headed for a US-style housing meltdown anytime soon.

…

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Edmonton and National Real Estate Market Returning to Normal

After a couple of years of unprecedented volatility, the housing market across Canada seems to be returning to normal.

That’s the good news reported by the CBC last Wednesday, which pointed to newly minted statistics released by the Canadian Real Estate Association. According to the numbers:

• In November, the national average price for a home in Canada was $344,268; an increase of 2% over the same period in 2009
• The seasonally-adjusted volume of home resales climbed 4.8% in October and November – the fourth consecutive monthly increase in a row.
• Seasonally adjusted sales in November climbed 19.5% over the year’s lowest point in July.
• November sales in 2010 are closing in on the average levels for the past 4 November’s (2006 – 2009) 
• …

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Edmonton Employment Set to Increase – How Will it Affect Home Buyers and Sellers?

Edmonton real estate buyers and sellers may think that the only factors affecting their home’s (or future home’s) value is the condition of the house, the neighbourhood, and even nearby amenities such as schools, recreational facilities, malls, and so on. And while these are certainly a part of the story, there’s another key consideration that both buyers and sellers should be aware of, and prepared for: increasing employment rates.

True, it may seem strange to think that the health of employment in Edmonton should matter to buyers and sellers –after all, we’re talking about selling a house, not hiring or firing an employee – but in the bigger picture, it makes sense. That’s because more employment typically means the following:

• More demand for…

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Edmonton Real Estate Marketing Heating Up

Though it may be freezing cold outside, the real estate market in Edmonton is heating up again!

As reported last Friday by the Edmonton Journal, Edmonton home buyers are enjoying a happy combination of: competitive home prices, healthy inventory, strong national sales growth, and historically low interest rates. All of that led to a boost in November MLS sales – the first such increase in five months. 

According to the Realtors Association of Edmonton: 

•  The average price of a single-detached home sold for $362,657 -- .5% lower than October 2010, and 2.5% lower than October 2009.

• Condo prices dipped to an average of $229,604 – a 2% dip from October 2009, and a 3% drop from November 2009.

• The average number of days a house remained…

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Save up to $750 when you Buy your First Home!

 Are you in the market for your first home?

Or, with historically low interest rates and lots of selection to choose from, are you thinking about taking the (smart) step from renting to owning?

If so, then I’ve got some fantastic news for you that will put a smile on your face – it’s called the First Time Home Buyers Tax Credit (HBTC).

Launched by the Federal Government in 2008, the HBTC gives qualifying first time home buyers a non-refundable tax credit based on an amount of $5,000. The exact amount of the tax credit depends on the tax year’s lowest personal income tax rate.

For example, in 2009, this amount was 15%, which meant that qualifying first time home buyers received a tax credit of $750 (15% x $5000). In 2010, the…

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CREA Lowers Resale Forecast for 2010 and 2011

Earlier this month, the Canadian Real Estate Association (CREA) lowered its resale housing forecast for 2010 by a modest 4.9%. The decline is expected to reach 9% in 2011.

The revised forecast, which is based on the Multiple Listing Service’s (MLS) home sales activity, is due to less-than-stellar national economic growth. Factors such as slow job creation, shaky consumer confidence, and slowly rising interest rates are also playing a role.

However, the overall picture – especially in places like Alberta, which has a relatively strong and growing economy – is not grim. Really, the decline is a realistic correction in the marketplace, which saw massive, record-level activity in 2009 and into 2010. It’s still a “friendly” housing market…

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Deal Reached Between Federal Competition Bureau and CREA

For months, real estate professional and home sellers have been closely following negotiations between the Federal Competition Bureau and the Canadian Real Estate Association (CREA).

At issue was whether home sellers could select specific services from real estate professionals, and then pay for only those services when selling their home. Historically, sellers were not provided with this choice.

However, under a deal struck on October 24 between the Federal Competition Bureau and the CREA, home sellers will enjoy more choice and selection from their realtors® when selling their home.

Also, among other immediate changes, CREA realtors® will stop blocking so-called “discount agents” from accessing the Multiple Listings Service® (MLS®) system.…

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