Edmonton Real Estate Blog

Questions to Ask a Contractor When Discussing Renovation Plans

 

Edmonton ContractorRenovating your home is fun and exciting. It allows you to bring to life that great idea you've had stashed away, a vision to make your home truly your own.

While you may not lack the enthusiasm, you may not have the time or possess the expertise to carry out the task of renovating your home. Unless you're prepared to put in the work (and learn things along the way), it's always a better option to hire a professional.

When discussing your project with a prospective contractor, it's prudent to focus on some of the more crucial aspects of the job they will be doing. Asking the following questions will help ensure the project is carried out smoothly, on time, and without hurting your wallet.

  1. Is my plan achievable?

Asking...

Millennials Earn More than Previous Generations - But Is It Enough?

Millennials Mortgage DebtAccording to a new Statistics Canada report studying the economic well-being across generations, millennials are earning more money than previous generations - but it may not be enough.

The data agency analyzed several factors, such as income and wealth, for different Canadian generations, and compared them to each other to see how well they are doing from key financial metrics.

One of the main takeaways from the study is that while millennials earn more money than baby boomers and gen-Xers, they are also burdened with more debt, resulting in a lower net worth.

When it comes to income levels, millennials earn more than gen-Xers and boomers when they were the same age. For example, the study found household income levels for millennials were $66,500,...

Edmonton Real Estate Stats - April 2019

Prospective home buyers continue to remain on the sidelines and this is largely due policy including interest rates and borrowing requirements. However, signs point to lower mortgage interest rates this year which should bring some activity back into the market as buyers take advantage of this.

Edmonton Real Estate Stats April 2019

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Edmonton Real Estate Stats - March 2019

Prospective home buyers continue to remain on the sidelines and this is largely due policy including interest rates and borrowing requirements. However, signs point to lower mortgage interest rates this year which should bring some activity back into the market as buyers take advantage of this.

Edmonton Real Estate Stats March 2019

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Edmonton Real Estate Stats - February 2019

Housing market conditions continue to favour home buyers. Home buyers face less competition today and have more selection to choose from and more time to make their decisions. Economic conditions continue to be weak with GDP figures coming in lower than previously forecast. This should continue to weigh on the overal real estate market.

Edmonton Real Estate Stats February 2019

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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 some...

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 cave...

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

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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 in the...

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 drop....

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. They conduct research...

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 a high-risk borrower....

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.

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Buying and selling a home...

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 for alarms, motions...