Well, it’s official, you’re obsessed with real estate. You find yourself looking at shiny home buying websites and property pictures in the early hours of the morning, and you investigate every open house sign or posting you see. But, sometimes it’s hard to tell if both your head and heart are in on the idea of home ownership.
If you exhibit any of the following symptoms, you may be a victim of “looky-loo-itis.”
Symptom No. 1: Your search is limited to open houses and internet browsing
Open houses give you the opportunity to explore and enjoy a home, but they are low-commitment, and no one is pressuring you to make an offer. But wait, you say, everyone starts the process with open houses and internet listings, how do I know how much is too much? It’s simple, if you haven’t yet considered moving to...
2015 was a steady year for real estate in Edmonton. Edmonton and the surrounding areas experienced a decline in sales due to economic uncertainty, but we saw a slight increase in price that demonstrated that the market remained relatively stable. This began to cool in the fall months as inventory remained higher than normal.
We continued to see home buyers take advantage of low mortgage rates. An influx of listings at the beginning of the year, meant that buyers had a larger selection of homes and were able to take more time selecting properties than in previous years.
Paying property taxes some say is the beauty of owning real estate. At times, we meet people who want to sell their home and want to use the value on their property assessment to determine the selling price of their home. We also meet buyers who compare the asking price of a home with the property assessment of the city.
However, your property tax assessment reflects the estimated market value of you property on July 1st of the previous year, and the home’s physical condition as of December 1st the year before.
To determine the market assessed value of your home, the city of Edmonton uses one of three ways, depending on the type of property:
- The Sales Comparison: meaning the sales of similar properties
- Income: capitalize the income being generated by the property, when it is a rental
- Cost: land value, plus the depreciated replacement cost of the improvement.
Clearly, looking at the city assessment to determine a selling...
In the city of Edmonton, the city staff discovered cost savings in a number of areas such as a bus scheduling program that will save the city 27 million dollars. These savings will be derived from a proposed tax increase of 4.9% for each of the next preceding years. For the average single family home with an assessed value of $401,000, taxes will increase as follows:
- 2016 - $109
- 2017 - $114
- 2018 - $120
According to Edmonton’s CFO, Todd Burge, “This is a fiscally responsible budget.” Increases in taxes in nothing new. For many years, citizens within the community have dealt with tax increases to pay for various city operations including, but not limited to, neighborhood revitalization, transit, and law enforcement.
While the council members see these dedicated tax increases as a way to find a balance of sorts between giving Edmontonians what they desire and keeping taxes low, the citizens see it as just political fluff.