Edmonton Real Estate Blog

How to Save for a Down Payment When Purchasing A Home

If purchasing a home is one of your goals in the next few years, planning to save money for a down payment should be your top priority. In order to qualify for a mortgage in Canada, banks require a minimum of 5% of the sale price of a home. Depending on the price of the home you ultimately wish to purchase, this will necessitate accumulating a substantial sum of money.

Putting some thought into the amount you're willing to put down as a down payment is crucial; it will have a significant impact on the size of your mortgage payments. Naturally, a larger down payment will translate into smaller mortgage payments. Also, if you pay a down payment of 20% or more, you're not obligated to pay for mortgage default insurance, which can add anywhere from 1% to 3.5% of the principal amount.

Once you've calculated your ideal down payment amount, it's time to brainstorm...

Can a man cave improve resale value?

Edmonton man cavesBasement builders are seeing a rising popularity in ‘the man cave”. More basement renovations in Edmonton include transforming the home’s lower level into a room custom-built for recreation and though it’s named for the man in the house, it’s typically used by the whole family.

A man cave can provide a space for entertaining, socializing, relaxation and personal time. It can make your home more enjoyable for yourself while you’re living in it, but can a man cave increase property value? What happens if you decide to sell your house?

The resale value of a man cave at resale can go either way.

Basement renovations do have value and a decent return on investment, but a man...

Edmonton Real Estate Stats - January 2019

“The real estate market is still experiencing the consequences of high inventory and slow sales,” says REALTORS® Association of Edmonton Chair Michael Brodrick. “Buyers are benefiting from more choice but may be struggling with the mortgage qualification rules, while sellers will need to continue to be patient and flexible in this market.”

Edmonton Real Estate Stats January 2019

Search for bungalows in the Edmonton area.

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Benefits Of Buying A Home In The Winter

Buying a home in the winterFor many people, Winter is the least favorite season. The roads are slippery, dressing up takes longer, and leisurely strolls to the local cafe become a hassle, especially when its 30 below with the windchill. And let's not forget having to put on those winter tires!

If you're seeking to get a great deal on a home, however, the winter season could be a blessing.

Here are some of the benefits of buying a home in Edmonton in the winter:

Fewer buyers to compete with

During winter, people are less keen on venturing out to search for a home. The poor weather conditions make the entire process more cumbersome. Unsurprisingly, most homes are sold in late spring and throughout the summer.

The lull...

Edmonton Real Estate Stats - December 2018

“The real estate market in 2018 experienced record-high inventory levels, rising interest rates and the effect of the mortgage stress test, resulting in lower sales all property categories,” says REALTORS® Association of Edmonton Chair Michael Brodrick. “It was a challenging market for both buyers and sellers and it appears 2019 will be similar.”

The Edmonton Census Metropolitan Area (CMA) real estate market marked a year of stable average and median prices, decreasing sales, and increasing inventory.

Edmonton Real Estate Stats December 2018

Average days on market increased for most categories, indicating it continues to be a buyers’ market for the Edmonton CMA.

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Edmonton 2019 Housing Forecast

2019 Edmonton Housing ForecastThose wanting to sell their home in the new year will be met with some not-so-good news. With an excess of houses up for sale, the Edmonton housing market forecast hints at slower sales and lower prices.

According to real estate firm, Royal LePage, the median home price in Edmonton is expected to decrease 1.9 percent to $378,691 near the end of 2019.

The Realtor Association of Edmonton has come to a similar conclusion, showing single family homes sold for an average price of $421,715 in November. This is 4.55 percent lower than the previous year.

Condominium prices fared even worse, averaging at $218,443, a 6.07 percent...

Does Weed Hurt Your Edmonton Property Value?

In a recent poll conducted by real estate listings company, Zoocasa, 52 % of homeowners expressed negative sentiment towards cannabis and its potential impact on property values.

Edmonton Property Values & WeedWith the recent passing of the federal Cannabis Act, Canada is heading into uncharted territory. The act will allow Canadians to purchase and grow up to four plants in their homes for personal use.

There is a very real sense of trepidation among Canadians when it comes to the potential effects of cannabis on property values, and rightfully so; an individual's personal residence is usually the largest investment they will make.

Among the findings of the poll:

    57 % believe that growing the legal amount in a home would devalue the property

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5 Energy-Saving Tips for New Homeowners

5 Energy Saving Tips For New Home Buyers

Congratulations on the purchase of your new home! Now that you’ve unpacked all the boxes and set up your furniture how you like it, there are some easy home maintenance jobs you can do that will help improve your home’s energy efficiency and reduce your energy bills. 

1.    Seal the windows and doors.

Give all your windows and doors a visual inspection inside and outside of the home. If you’ve noticed any cracks or damaged seals, they could be allowing energy to escape. Your windows are the number one culprit for energy loss in the home, so you want to install new weather stripping and caulking right away. If your windows are noticeably warped, damaged or very old, you should contact some ...

Edmonton Real Estate Stats - November 2018

“Compared to 2017, listings and inventory are increasing, which means there is plenty for buyers to choose from this year,” says REALTORS® Association of Edmonton Chair Darcy Torhjelm. “As we close out the year, average prices are decreasing slightly, likely due to the slower winter sales season and higher inventory levels, so sellers will need to be patient and flexible when it comes time to negotiate.”

Edmonton Real Estate Stats November 2018

Average days on market increased for most categories, indicating it continues to be a buyers’ market for the Edmonton CMA.

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Edmonton Real Estate Stats - October 2018

“Some of the market decreases are a result of slower sales coupled with higher inventory and listings, as well, it is also common for both prices and sales to begin to decrease at this time of year due to seasonal market fluctuations.”” says REALTORS® Association of Edmonton Chair Darcy Torhjelm. “As we move towards the end of the year, we will likely see average days on market grow with inventory remaining higher.”

Edmonton Real Estate Stats October 2018

Average days on market increased for most categories, indicating it continues to be a buyers’ market for the Edmonton CMA.

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Are You a Collector or Hoarder?

Do you have a fondness for collecting, be it comic books, coins, sport memorabilia, shoes, or ninja weapons?

Stars Wars fans fork over insane amounts of money for anything even tangentially related to the Star Wars franchise. Basketball fans wait for hours, even camping out near stores, in order to get their hands on the the latest sneakers. Bibliophiles search far and wide to acquire rare and elusive first editions of iconic books.

Most people have at least one personal obsession they dedicate time and money to. The question is: Are you a collector or a hoarder?

The Characteristics Of A Collector

CollectorCollectors have a keen eye for what is valuable and worth procuring. They are passionate and dedicated, and ensure what they purchase is cared for and has some underlying purpose....

CMHC Self-Employment Qualification Updates

On Monday, October 7, new guidelines from Canada Mortgage and Housing Corp. (CMHC) came into effect that could make it easier for self-employed individuals to qualify for mortgage financing.

The changes apply to individuals who have put down a down payment of 20 percent or less, as well as all mortgages not already insured under the 20 percent down payment rule.

Under these new guidelines, lenders will be given more flexibility when it comes to providing mortgage financing for self-employed individuals. The options will allow them to assess a broader array of variables when determining self-employed individuals' qualification for a mortgage.

Prior to the changes, it was difficult for self-employed individuals to obtain mortgage financing. Some could not meet the qualifications at all, despite having adequate savings and low expenses, while others would be forced to seek out financing from alternative lenders, who would aptly charge them higher interest rates, due to their perception as being...

Edmonton Real Estate Stats - September 2018

“Stable prices coupled with decreasing sales and increasing days on market indicates sellers are most likely staying firm on their prices and choosing to wait longer to get the price they feel is best for their properties,” says REALTORS® Association of Edmonton Chair Darcy Torhjelm. “As we move further into our final quarter, we will likely continue to see sales decreasing as is typical for this time of year.”

Edmonton Real Estate Stats September 2018

Average days on market increased for most categories, indicating it continues to be a buyers’ market for the Edmonton CMA.

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Tips For Buying and Selling a Home at the Same Time

Buying and Selling At The Same TimeSelling your home can take up a lot of time and energy. Showcasing your home to prospective buyers, advertising, negotiating, preparing a mountain of paperwork, etc. Now try doing that and buying a new home at the same time! While this may seem like a monumental task, some shrewd and careful planning can make the process smoother than you think.

Assess Your Personal Financial Situation

Is it economically feasible for you to buy and sell a new home at the same time? You should review your income, expenses, job stability, level of debt, and credit rating, among other things.

Given the difficulty of the undertaking, you should ensure that you have the financial flexibility to weather any contingencies that might arise.

Research The Real Estate Market

Buying...

Automated Home Security System

Security is a top priority for many homeowners. No one wants to come home to find their valuables stolen and personal property damaged. Even worse, no one wishes to find themselves at the mercy of an armed intruder; those who've experienced such an ordeal sometimes end up traumatized, living in fear in what should be their safe haven.

Fortunately, with today's affordable and versatile technology, homeowners can avail themselves of a wide assortment of devices to prevent unwanted intrusions and decrease the chances of being the victim of a break and enter.

Automated security systems allow homeowners to construct a personalized security system that is flexible, reliable, multi-faceted, and easy to manage.

DIY or Professional?

Home security systems can be as simple or complicated as you'd like. The typical configuration consists of an in-home dashboard, or alternatively, the capability of being controlled remotely via smartphone, tablet, etc. Depending on your needs and budget, you may opt...

Edmonton Real Estate Stats - August 2018

“Both sales and listings typically decrease during August, as many buyers and sellers shift their focus on preparing for the new school year,” says REALTORS® Association of Edmonton Chair Darcy Torhjelm. “As we move into the fall, buyers still have a lot of inventory to look at in all categories of residential properties. For sellers, they may have to be more patient and flexible when selling their properties, but they should still be able to get a good price for their house in the end.”

Edmonton Real Estate Stats August 2018

Average days on market increased for most categories, indicating it continues to be a buyers’ market for the Edmonton CMA.

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Edmonton Real Estate Statistics - July 2018

“The overall real estate market is softening as the summer selling season begins to slow,” says REALTORS® Association of Edmonton Chair Darcy Torhjelm. “Average prices are decreasing and that may continue in the rest of the year due to the high inventory levels. It is important for sellers to be prepared to negotiate more and expect to be a bit more flexible with their property prices.”

Edmonton Real Estate Stats July 2018

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Edmonton Real Estate Statistics - June 2018

"Average prices are remaining stable, however sales are slower than typical for this time of year,” says REALTORS® Association of Edmonton Chair Darcy Torhjelm. “With increasing inventory and days on market, couple with decreasing sales, sellers will need to be patient and consider their homes’ competitive advantages to stand out in the current buyers’ market."

Edmonton Real Estate Stats - June 2018

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Edmonton Real Estate Statistics - May 2018

“Prices and unit sales in the Edmonton CMA market remain stable. This is good news for sellers who have been concerned about selling their properties before the summer months in a ‘buyer’s market’,” says REALTORS® Association of Edmonton Chair Darcy Torhjelm. “Buyers continue to have a great selection of properties to choose from, which means sellers need to be competitive with their listings.”

Edmonton Real Estate Stats - May 2018

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