Edmonton Real Estate Blog

RBC Lowers Mortgage Interest Rates – Other Major Banks Follow Suit

RBC was first out of the gate, so to speak. This past weekend, this major Canadian bank shaved an average of 10 basis points off of various fixed-rate mortgages. The five-year closed rate went down to 3.69 percent. No celebration, no fanfare. The rate just quietly dropped from its previous 3.89 percent. It wasn’t long before more of Canada’s major banks followed suit.

At last count three banks joined the discounting mortgage rates parade. Scotiabank lowered its five-year fixed rate to 3.49 percent this past Tuesday. Previously it was at 3.59 percent. Not to be outdone Bank of Montreal, or BMO, lowered its five-year fixed rate by 20 basis points, from 3.89 percent to 3.69 percent.  TD Canada Trust lowered its five-year fixed to 3.69 percent, a 10 basis point reduction. Other mortgage loan terms and packages also saw reductions at the latter two banks. Then there is True North Mortgage, a brokerage that is offering a mortgage rate of 3.19 percent, currently the...

Zoning in Edmonton

The city of Edmonton has bylaws and regulations in place regarding how property owners can use land in the region. These areas include those specifically zoned for commercial or residential properties. Start by looking at the residential zones, which cover areas restricted to homes and residential properties.

RF1 is a zone restricted to single detached properties, which means that the only homes allowed in this area are single family residences. RF2 is a low density infill zone that allows duplexes and other multiple family dwellings, but most of the zone features single family homes. RF3 is a low density redevelopment zone, which means buildings must contain four or less units. The area also houses a handful of row houses and properties designed for individuals and small families.

The residential small lot zone, also known as RSL, is a zone designed for single family homes. These homes often feature garages, but the homes often have small lots with little land attached...