Edmonton Real Estate Investing

A few weeks ago we helped a very nice couple purchase a home in the Newton area. During the home inspection the inspector recommended that the couple get a Home Energy Assessment before they purchase any new appliances or preform any renovations to the home.

I figure that since today the weather sucks and old man winter is upon us, why not explain what a Home Energy Assessment is. Plus it will put some extra money in your pockets.

Energy assessments are usually executed in two stages. Before the home improvements and after implementing the improvements but before sending in the paperwork for your rebates.

The preliminary assessment is also known as the “D” assessment, while the “E” assessment is the post-retrofit evaluation. Most…

Sometimes the simplest idea can take years to develop. Take for example public transit to the international airport. Well it looks like Edmonton might finally be getting this service; Edmonton, welcome to 2011.

The City’s Transportation committee is backing a regularly scheduled bus to The Edmonton International Airport from the South Century Park LRT station.

Scheduled bus hours will be every half-hour during peak times which are 5am-9am and 3pm-7:30pm, and once an hour during mid-day and evenings until 12:30am. The fee will be $5 or a monthly fee for $100.

The new service is not only a good alternative for flight passengers, but it also provides a new mean of transportation for airport employees. With the future closing of the municipal airport…

Verification of Income:

Salaried or Hourly Wage Employees

• Letter of Employment on company letterhead with name and contact information for party authorized to verify the information; must state minimum guaranteed income/hours, rate, tenure and position

• Most recent pay stub: showing year-to-date earnings if possible

• Most recent T4 or ROE*

• Most recent 2 years’ Notice of Assessment

*These items may be requested if you are not guaranteed hours

Self – Employed**

• Most recent 2 years’ Notice of Assessment

• Most recent 2 years’ T1 General with Statement of Business Activities

• Articles of Incorporation with list of directors or shareholders

• Business Registration

• Corporate Tax Return/T2 General

**Any two or more items in this…

The Royal Canadian Mountain Police, better known as the RCMP has launched a new program outlining the locations of recently busted homes which may have been Marihuana Grow Op Operations in Canada.

According to the RCMP; currently there are 3 Edmonton homes outlined as past grow op operations:

• #61-51109 Range Road 220 Strathcona County AB 748 plants Nov. 4, 2010
• 10-96 106A Ave SW Edmonton AB 484 plants May 10, 2011
• 8708 150 Ave Edmonton AB 426 plants Jan. 1, 2011

The Edmonton Real Estate Board has expressed their full support of the program. This new program will ensure properties are fully repaired and cleaned up before they can be re-sold and purchased.

Grow op homes that have not been properly repaired can pose as a large heath risk to occupants…

With the average cost of renting a two-bedroom apartment in Alberta at about $1,029, it makes good sense to consider purchasing a home. According to Lai Sing Louie, Canada Mortgage and Housing Corporation regional economist, rates on rental properties began rising in 2006 due to a healthy economy and increased demand for housing, and rental rates have remained high ever since.

Louie also stated that as migrants start returning to Alberta, incentives that have been offered by landlords (such as free rent for one month) are on their way out because of a substantial increase in demand for housing.

While demand for apartments and rental homes continues to soar because of a strengthened economy, it is getting harder to find apartments and a bit more costly.…

Do you have a mortgage? Then there’s likelihood you have mortgage insurance. This type of insurance is provided by the lender and not the government (CMHC insurance). The purpose of lender mortgage insurance is that if you become utterly ill or pass away before paying off the mortgage, the coverage will kick in and pay it off for you. It is intended to offer the consumer assurance that your family will not have the financial burden of a mortgage when you are deceased or gravely ill.

There’s a huge grey area when it comes to this. In this video (provided by CBC Marketplace), two families who acquired the coverage and thought they were protected, later realized that their claims had been turned down when loved ones became sick or died. In each case,…

Homeowners in Edmonton will be paying, on average, $119 more in property taxes this year. That is a 4.8 percent increase. A property with an assessed value of $365,000 will see a tax of $2,599 compared to the $2,480 seen last year. Property taxes go up roughly $10 per month. Apartment suite taxes, however, will go down 4.9 percent. An average tax for a suite in 2010 was $802. This year that amount goes down to $763. Landlords, not tenants, pay these taxes, but they may be figured into the rental price.

 The manager of Edmonton’s assessments and taxation department, Rod Risling, advised the reasoning behind this polar opposite in taxing. In the residential home market, the assessments went up an average of eight percent. On the other hand the apartment…

Condominium maintenance costs Maintenance are also known as Condo Fees. They are the payments that the condominium owner pays to cover the common expenses of the entire complex. Usually these payments that are not part of the mortgage are made on a monthly basis to the condo association.

Most often the condominium fees include:

• Snow removal & Landscaping
• Interior & Exterior Maintenance
• Garbage disposal
• Heat
• Water
• Power for common areas
• Parking lot maintenance
• Professional management
• Reserve fund
• Insurance for common area

Condo fees will vary for different properties because they often cover different expenses. When comparing fees at different Edmonton condo and suburban properties be sure you know what is covered. For…

Rental Terms

• The lease can relate to a calendar week, month, or year. Also a lease can be a fixed term, periodic term or a mix of both fixed followed by a periodic term.
• A signed lease is NOT required, but if a tenant presents a signed lease agreement to the landlord, the landlord is required to sign and return the agreement back to the tenant within 21 days. The tenant is allowed to holdback payment of rent until he/she receives the signed lease back from the landlord.
• A signed move in/move out checklist is required.
• A maximum deposit of one month’s rent is permissible.
• Landlords may request post-dated cheques.

Rent Increases & Rental Termination

• Six months must pass between rent increases for monthly tenancies.
• Alberta does not have any…

Have you found your dream home but were denied a mortgage? A problem with your application doesn’t necessarily mean that you’ll be stuck paying rent for the rest of your life. There are ways of working around issues like debt; credit ratings and low income so don’t despair.

Appeal the Decision - First, find out what the issue was and rectify it. After it has been addressed resubmit your application. A little restructuring can go a long way.

Find a Guarantor - If you were denied for a second time it might be a good idea to find a guarantor. It can be a great help but the deal is only as good as the guarantor’s credit. In fairness don’t resort to this unless you have to because if you default on the loan it’s then the guarantor’s responsibility to pay.…