According 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...
Those 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,...
“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.”
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"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."
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“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.”
More Edmonton & Area Market Statistics
For The First Time In Forty Five Years Canada Experiences Falls In Homeownership Rates
Are you put off from homeownership by the ever increasing real estate prices in Canada these days? Statistics Canada have released the latest census for 2016 and it clearly shows that homeownership rates are declining. The rate of homeownership in Canada is now lower than it has been for the past ten years and it is the Millennials that are suffering the most.
More Than 45 Years Since A Decline Like This
The Census 2016 records indicate that homeownership rates across the country are falling. Across the whole of Canada the homeownership rate stands at 67.8%. Compared to the 2011 Census this is a 1.73% drop. If you look at the figures over the longer...
How Blockchain Technology May Change Real Estate
There is no doubt that Blockchain has had a significant influence on the financial services industry and you will be hard pressed to find a segment of it that has not been impacted by this technology. The use of Cryptocurrencies has strongly impacted currency exchange, remittances and payments of all kinds. There has been the introduction of Initial Coin Offerings (ICO’s) and this has strongly challenged venture capital, the investment in stocks and loans for start-ups.
There has been a significant impact from Blockchain on the Real Estate sector as well. It was unthinkable until recently that making transactions via digital channels was even possible for real estate and other high value assets. Transactions in real estate had always been performed in the “off line” mode through face to face interactions with a number of parties. But this has now been challenged through the use of Blockchain. Blockchain platforms...
How To Find The Right Insurance For Your Condo
If you own a condo, there are a few things you need to know to keep yourself from the different risks that come from owning one. Although a condominium association covers different parts of the complex, you're still required to get separate home insurance.
Having building insurance policy is the best way to protect a condo building. A building insurance policy covers areas such as elevators, the lobby, and the gym. Building insurance only covers these areas and does not include the personal things owned by the condo owner. Also if you make improvements or cause damage to another unit, this insurance will not provide you with coverage.
After learning this, you now understand why it's important to get insurance for your condo. Although it's not something you have to get it provides you with protection from the different risks that come with owning a condo. Just like having home insurance having this type of coverage is required...
U.S. interest in Canadian real estate sees a steep upsurge following Trump’s presidential win, according to recent report
According to a recent report published by Royal LePage Americans, are progressively intrigued by Canadian real estate following President Donald J. Trump’s political victory in Washington.
Royal LePage’s web traffic that originated south of the border saw an unprecedented upsurge (329 per cent) on November 9, the day following the U.S. presidential election. The week following the election saw American browsing numbers skyrocket, quadruple in fact, rising a massive 210 per cent from just one year ago – numbers that could directly affect the Alberta real estate market and indirectly affect the Edmonton MLS® market.
Royal LePage said that this pattern of high volume from the land of red, white and blue was sustained...
The average monthly selling price for single family homes increased by 3.95% and 6.39% for duplexes and rowhouses relative to October 2016. Condominiums experienced a minor decrease in price of 1.68% relative to October 2016. Prices for single family homes grew 1.76% relative to November 2015. November’s unit sales dropped 11.41% relative to the same period last year.
According to a recent conducted study examining the priorities of millennials, travelling abroad ranked higher than most of what else might concern a young person – this included priorities like buying a home or car, savings and retirement funds, and even paying off debt. It seems that the up-and-coming generation of Edmontonians will be buying less Edmonton Homes and more plane tickets.
The study involved approximately 1,000 participants aged 18 to 35 in the U.S., U.K. and China. It posed a question to millennials: What are your priorities for the next five years? The study’s aim was to determine the emphasis that those of the younger generation place on travel and what will influence their travel decisions.
In the U.S., participants gave savings and investment funds the position of highest import, closely followed by travel and vehicular purchases. Also, travelling sat higher than becoming a home owner.
In the U.K., travelling and savings sat virtually equal, and, consequently,...
The Edmonton Real Estate Market continues to remain firm. Most average selling prices increased this month, partially due to the sale of higher priced listings. The all residential median selling price is down from last year, along with single family median and condominiums median.
Single family homes continued to sell well, with the average days on market at 51. However, condominiums and duplexes/rowhouses were both affected by the seasonal market shift.
If you have any questions about the current Edmonton Real Estate Market feel free to let us know. Also check out the latest live market statistics.
Anyone who is familiar with the Art of War will know that military deception can be a key to success, in particular, diversion tactics. If a commander is outnumbered in warfare, creating a diversion can be what decides the outcome. Create a diversion, then, while the enemy is distracted, attack. Home buying during the holiday season is very similar, the only difference being the diversion is already provided. While everyone else is busy marveling at lights and eating copious amounts of sugar, you can slip in and snag yourself a pretty great gift – the home that you want at a great price.
Home buying during the holidays gives you, the buyer, an advantage in the Edmonton...
Energy efficiency is a topic of particular importance to modern consumers. As more consensus is reached regarding how humanity’s actions affect the planet’s climate, it has become clearer to more people that environmentally conscious efforts are the best way to move forward. Here are some of the top technologies and methods to boosting the energy efficiency in your home.
1. Smart Home Technology
Many new smart appliances and other home tech (including temperature control systems) have the ability to link to mobile devices. This allows homeowners to monitor their energy output with real-time data. Some smart appliances even have the ability to pair with smart thermostats like Nest, which can monitor who is in the home and what is in use, adjusting energy use of devices and ...
Smart technology has facilitated a dramatic shift in the way we live and work. Thanks to tech like smart phones, the easy access we enjoy to computing power is unprecedented. Smart technology has redefined the way we interact with the outside world, now it wishes to change how we do things inside the home. In the near future, Edmonton homes could feature some of the newest tech the world has to offer, impacting Edmonton real estate significantly.
Many products already in stores for consumers feature functions that allow users to connect to their smart phones. Some dishwashers and laundry machines can be operated entirely from your phone, including the ability to set cycles and monitor water and energy efficiency. There are microwaves that have sensor technology that can set cooking times automatically. Preparing decadent meals can become easier with new stove tops which feature two ovens that operate...
Since it was founded in 2008, Airbnb has seen exponential growth in the vacation rental industry. The innovative company is not without its controversy but, regardless, it remains the easiest way for virtually anyone to list their property for vacationers. If you are considering renting your property on Airbnb, here are some tips to success.
First of all, quality photography makes a huge difference. Consider hiring a professional photographer as the average quality of photographs on the site is quite high. If you are an inexperienced photographer, it will show in your photographs.
Second, a considerable amount of time must be devoted to this process if it is to be successful. Dedicating some time each day will increase your chances at solidifying clients. Since an Airbnb rental requires multiple interactions with guests, being prompt...
Why Tesla’s solar roof tiles and home battery are potential game changers
On October 28, renewable energy innovator Tesla unveiled its newest product. The company makes a venture into roofing with its new solar roofing tiles. Despite, maybe, people’s initial reaction that may have been similar to “Ok?”, the tiles are functional solar panels that could represent something significant – perhaps, a positive change in the relationship between consumers and renewable energy.
Well sure it looks really cool, but what the actual expletive is the big deal? Why does cosmetic value matter when the true point is sustainable energy?
The new tiles may just represent another product whose cost (immediate or acceded) will no doubt be expensive to implement and will still not achieve the mainstream success needed if a true difference is to be made. Though, on the contrary, they may not.
Looks are Pretty Important
Aesthetics are easily paid no mind but are, nevertheless, very...
In the fallout after Donald Trump’s unexpected – or maybe expected – win in the American presidential race, Canada could be looking at an influx of population from its southern neighbours. It would appear that large swaths of Trump opposers are looking to jump the world’s largest unguarded border and flee to the Great White North to escape their perceived doom.
The prospective American emigrants managed to crash Canada’s immigration website on election night and the following day with, essentially, an unintended DoS (Denial of Service) attack; not to mention, huge traffic increases in the search terms “Canada immigration,” “Canada,” and “move to Canada” in the U.S were reported by Google Trends.
Seattle-based real estate database Zillow Group is now revealing that some wish...
Top Places in Edmonton to Get Your Dessert Fix
We all have those moments where the only thing we wish for is the warm (or cold), sugary embrace of our sweet treat of choice. Here are a few places in Edmonton that you can go in those moments to find some sweet, sweet respite.
Duchess Bake Shop
This little bake shop on 124 St. has garnered extended national and local media coverage in addition to numerous accolades, including being called “one of the world’s best bakeries” by the Globe and Mail and making it onto Buzzfeed’s list of “23 bakeries around the world you need to eat at before you die.” Enough said? Its vast selections of handcrafted traditional French pastries, pies, cakes and macarons make for not only a delicious dessert but a visual one as well.
You can find Duchess in the trendy neighbourhood Inglewood & ...
So, you’ve decided to renovate your outdated kitchen in the hopes of improving their property value and accelerating your sale. You’ve always wanted to try out customized, concrete countertops, and are wondering if concrete is the best choice in Edmonton’s market.
While not as common or popular as hallowed and oft-envied granite countertops, cement countertops have gained popularity in recent years because of their versatility, customizability, and durability. Still, as a real estate agent looking to turn over the property, there are a few variables you need to consider before giving your go to contractor the green light.
When renovating or updating, Edmonton home owners often choose concrete countertops because of the versatility and customizability they provide. Unlike granite, marble, or laminate, which come in more or less...