Are Edmonton Homes Becoming More Affordable?

Tue, 25 Nov by edmontonhomepros
Edmonton Homes More Affordable

Homes like these energy efficient Oxford area homes are becoming more affordable in Edmonton Photo credit: CTV

This week, RBC Economics released a report that states that overall, Canada’s real estate has become slightly more affordable.

Even with the fast-rising prices in Vancouver and Toronto (and to a degree Calgary), the country is still in relatively good shape.

RBC Economics says that rising household incomes, lowered utility costs and low interest rates are making it easier for people to enter the market.

As you might have seen in our last post, there are many factors at play that can influence affordability and pricing of real estate. The Canadian Real Estate Association quoted a 7.1% year-over-year increase over October 2013. The MLS home price index posted price gains of 5.5% over last year (which is quite a bit lower than CREA’s numbers).

Either way, with the big three markets influencing our national landscape, it may seem easy for some to believe that home affordability is slipping away.

It isn’t.

Across the western provinces, homes have slightly risen in price—once we remove Calgary and Vancouver from the equation. Both cities’ markets have witnessed growth far beyond the national average. In many other markets, we’ve seen only slight to moderate growth at rates that are very comfortable for those markets.

We call the prices respectable because the drop in fixed mortgage rates is keeping the market strong. Also, the gradual rising incomes in the west are also helping to keep homes affordable.

So many of us are preparing to hear panic about the market, but the price conditions of Edmonton homes—as well as other western cities—are robust with a firm foundation.

We have settled into a solid growth trend, and affordability for Edmonton home buyers is improving. It’s never been a better time to get into the market.


If you are thinking about buying or selling your Edmonton home, get in touch with the Edmonton Home Pros team.

We’ve got the experience to help you make sense of the market and find the home that’s right for you and your family.

 

2014 Canada Avg Home Prices and Edmonton Real Estate

Tue, 18 Nov by edmontonhomepros
Canada's Average Housing Prices: Edmonton Real Estate

Graphics designed and published by CBC.

It’s been a big year for many of Canada’s hottest housing markets.

The average buying price of a home jumped up over 7% compared to the same time last year, according to the Canadian Real Estate Association (CREA).

At the same time, the actual number of homes sold is almost identical in growth (7%).

With having a soft spell earlier this year, this is welcome news for anyone in the market or looking to get into it.

For one thing, October tends to be a softer month than the busier days in the spring and summer, as people are eager to buy and sell. But having an October that is this active bodes well for the busier housing markets, and this includes Vancouver, Toronto, Calgary and Edmonton.

Additionally, the two hottest markets in the city appear to be lifting the numbers slightly. Taking Vancouver and Toronto out of the equation, the average home price for the rest of the country is $330,596 with a year-over-year rate increase of just 5.4%.

Several of our country’s major cities have seen slight declines in year-over-year pricing. Sherbrooke Quebec saw the most dramatic with a drop of 14%. The remaining 8 cities saw pricing declines between 0.3% and 3.7%, which shouldn’t shake up those local markets too badly.

The Edmonton Home Pros Team has worked for years in the hearts and surrounding areas of these communities

We’ve seen the numerous market changes and forces at play, and we can help you navigate the market whether you are buying or selling your home.

Don’t be alarmed with steady growth. The Edmonton real estate market is strong and continues to follow a path that many in our industry have seen coming. They say a rising tide lifts all boats, and if you are looking to make a move in the marketplace, there is no better time than now.

So get in touch with us and we can have a conversation about making the right decisions for you and your family.

Military Relocation: Moving to Edmonton

Wed, 30 Apr by edmontonhomepros

Edmonton – A Place To Call Home

We know that relocating to a new place can be a very exciting experience; new beginnings for you and your family, and a new place to call home. Sometimes the only hard part is knowing where to start or establishing a game plan for your move . If you’re a Canadian Force Member and you need to relocate to Edmonton, let us assist you in this transition. We know how hard you work for our country and we’d like to pay it forward by making this process as easy as possible for you.

Edmonton is a very welcoming city that we know you’re going to love once you explore its streets, trails, and the breathtaking river valley.  While you get familiarized with your new surroundings and workplace, we’ll help you organize, plan, and understand what this relocation means for you, your family, and your job.

Take advantage of our expertise and years of experience helping families find the perfect place home in a new city. Contact us today and tell us more about your situation so we can start getting your new home ready for you!

Thank you for all you do for our country. 

 

 

 

 

 

 

More First-Time Edmonton Homeowners Are Young Couples

Wed, 04 Dec by edmontonhomepros

Thinking of Becoming A First-time Homeowner?

Are you and your partner Edmonton residents who are thinking about becoming first-time homeowners? Purchasing an Edmonton real estate property before tying the knot is becoming increasingly common among young couples. An article released by The Real Estate Magazine states more and more couples will purchase a home for sale before getting married. The information was collected through a study, and reveals a strong shift of mindset when it comes to homeownership among younger generations. Other interesting numbers in the article include:
Young Couple Moving House

  • — Over 1 in 3 married homeowners bought their first home together in time for their second wedding anniversary.
  • — A small 16% of married adults in the survey had not purchased a home together with their spouse.
  • — 80% of participants said that buying a home with their spouse strengthened their relationship as a couple and family. More than any other purchase they made together.
  • — 35% of married homeowners confessed they regret not entering into homeownership sooner.

“About one in four married couples between the ages of 18 to 34 purchased their first home together before their wedding date, compared to 14 per cent of those ages 45 and older….While life goals and expectations continue to weigh on young couples, their views of homeownership are transcending their plans of marriage and starting a family, creating a direct effect on the patterns of buying a home altogether,” Click here to view the full article.

If you’re thinking about becoming a first-time Edmonton homeowner, get in touch with the Edmonton Home Pros team. Stephen Lau and his team of professionals have extensive experience in successfully helping couples take the plunge into homeownership. Through a complimentary Home Buyers Consultation, they can determine you and your partner’s needs then help you find an Edmonton property perfect for you. Curious about homes currently on the market? Use this interactive search map to browse through listings. Once you find what speaks to you, give the Edmonton Home Pros team a call!

Mortgage Repayment Tips

Fri, 25 Oct by edmontonhomepros

Supersize Your Mortgage Payments with the Edmonton Home Pros

Do you want to become mortgage free? It is easier than you think! Let Stephen Lau and the Edmonton Home Pros team show you how. Together they’ve developed some interesting tips that can help you make smarter choices when it comes to your mortgage; which can save you money and take years off your mortgage:

Mortgage Repayment Tips

Get pre-approved. The last thing that you want is to purchase a property that you cannot afford. Getting a mortgage pre-approval will not only help you better balance your budget, but will also help you understand your limits when house hunting.

Pay often. Once you’ve purchased your home, consider making bi-weekly payments rather than monthly. These payments help your overall credit rating and will add up at the end of the year.

Pay Double. At least once per year, pay twice the amount that is necessary. You would be surprised how much money you can remove from your amortization period with it.

Pay more. It is recommended that you pay more than the minimum amount required on a property’s mortgage. Homeowners who pay only the minimum amount on a mortgage typically take longer to pay it off due to the interests.

In a 2012 survey conducted by the Royal Bank of Canada, over 65% of Canadian homeowners are concerned with their mortgage rates and over 50% confess that their mortgage is much higher than anticipated. Before you take the step towards homeownership, educate yourself and take the guesswork out of mortgages. This will save you stress, time, and money down the road.

The Edmonton Home Pros team has a large number of business affiliates who are ready and willing to work with Edmonton homeowners. These professional associates include: lawyers, mortgage specialists, and financial institution representatives. For more information contact Stephen Lau today.

Hiring A Contractor

Fri, 18 Oct by edmontonhomepros

Do you want to renovate your Edmonton home, but lack the patience and knowledge? To save time and stress: Ask a contractor for help. Their experience, access to materials, and technical knowledge set them apart as expert home renovators. Many home improvement contractors operate in Edmonton; however, not all of them are true professionals. So take some precautions when hiring a contractor: 

Hiring A Contractor

Contractors work with you to enhance your Edmonton home.

  • 1) Do your research. Ask around for referrals, your neighbours might know of a professional contractor! When you find someone, make sure they are licenced to work in Edmonton, bonded, and insured.
  • 2) Interview potential contractors. Once you have narrowed the list down to a few potential contractors, setup some interviews. Ask questions such as: What is the project cost? Are you doing the work yourself or subcontracting? Do you have any work samples I can see? What other projects have you done that are similar to this?
  • 3) Review the contract. It is the contractor’s responsibility to provide you with a written contract detailing the work to be done. Go over the contract carefully it should state: What materials they are using, detailed payment schedule, and what you are obligated to pay for. Consider putting some Terms and Conditions into your contract, such as: times the property is open to them, requirement for them to cleanup at the end of each day etc…
  • 4) Remember: You get what you pay for. You may end up with low quality materials, rush jobs, or unreliable workers if you hire a cheap company in an effort to save money. Cheaper is not always better, so always put everything in writing and schedule a walkthrough after the work is completed.

The most important thing to remember is to choose a contractor that you feel comfortable with. Being mindful and confident when hiring a contractor can empower you to make educated decisions and have a smooth home renovation process.

For more great tips and advice, stay tuned to the Edmonton Home Pros real estate blog.

Condos & First Time Home Buyers

Fri, 11 Oct by edmontonhomepros

Are you tired of making rent payments that don’t go towards something? Transitioning from renter, to first-time home owner is easier than you think! Edmontonians are fortunate to live in a city that has a strong housing market, low interest rates, and favourable conditions for first-time home buyers. Choosing a condominium property as your first home has many benefits:

First-Time Home Buyers & Condos

  • 1) Low Competitive Prices: There is an array of condos to choose from in the city with more and more developments in the pipeline. Search through our extensive list of Edmonton Condos For Sale and you will surely find something!
  • 2) Extensive Support For Home-Buyers: The Edmonton Home Pros Team are industry leaders and professionals. They provide extensive Real Estate support to first-time home buyers. Stephen Lau and his team also makes sure you have tons of resources and information available to help you along the way.
  • 3) Attainable Mortgage Rates: Low interest rates make a huge impact your opportunities to purchase an Edmonton condo. Depending on the property your mortgage payments could be lower than what you currently pay for rent!

If you’re concerned about making the Down Payment on your first condo, consider turning to a financial institutions for support. Many of them offer programs to help you with the deposit on your first Edmonton condo. The Edmonton Home Pros team also has a list of business associates which include Mortgage Professionals, Lawyers, and even Developers. Start a conversation today and you will be well on your way to home ownership. Contact Stephen Lau and the Edmonton Home Pros Team!

What Type of Edmonton Home Can Suit Your Needs?

Fri, 04 Oct by edmontonhomepros
Edmonton House

Photo by: Miken32

The City of Edmonton has a home for every family and a long list of options for current house hunters. But do you know what type of Edmonton home can suit your needs? As you prepare to purchase a For Sale property, the Edmonton Home Pros recommend that you know how to recognize these types of homes in the Edmonton Real Estate Market; as it will help keep your home buying experience stress-free. Some of the Edmonton homes you will encounter are:

Bi-Level Edmonton Homes
Typically, Bi-level homes have steps leading up to the entrance or veranda. Basement rooms of a Bi-level home can accommodate big windows and are well lit compared to other basements.

4-Level Split Edmonton Homes
These homes are similar to a Bi-Level house, except they are bigger. These types of homes are common in Edmonton Suburbs among larger Edmonton families and homeowners looking to start a family.

Edmonton Duplex
A property large enough for 2 families under 1 roof is known as a Duplex. An Edmonton Duplex can have side by side units, or units similar to a 2-Storey home. Each unit operates like a self-contained home.

Edmonton Townhomes
These are also known as row houses or townhouses. Perfect for first-time homeowners or young couples, Edmonton townhouses are placed side-by-side and share common walls.

This knowledge combined with the help of the Edmonton Home Pros real estate team can help future home owners make a well educated decision. There is also an Edmonton community perfect for every family. When you contact Stephen Lau he will pair you up with the Right Agent that specializes in the area of the city you are interested in.

Green Edmonton Homes

Fri, 27 Sep by edmontonhomepros

Green Edmonton Home

Photo by Chris Potter

Environmentally Friendly Edmonton Homes

There are many things Edmonton homeowners can do to reduce their ecological footprint and protect our planet. If you’re not sure what goes where or where to begin, the Edmonton Home Pros Team has developed some handy tips for you:

  • Garbage VS Recycling: Put all of your recyclable products into a blue bag and place it outside with your garbage. Recyclable items include: glass, metal, paper and cardboard, as well as plastic.
  • Cloth Napkins VS Paper Napkins: According to Environment Canada, “paper products account for more than ⅓ of Canada’s waste.” To reduce your impact on the environment by saving trees, consider using cloth napkins instead of paper and microfiber towels instead of paper towels.
  • Natural Light VS Light Bulb: Don’t reach for the thermostat during the daytime, open the blinds and let the sun’s natural rays warm up your home. To save even more energy, rely on the morning and afternoon sun to light your home instead of turning lights on.
  • Grasscycle VS Grass Clippings: Did you know that almost half of all the waste produced in Edmonton during Spring and Summer is made up of grass clippings? Grasscycling is less effort and fertilizes your lawn in the process. Simply mow your lawn and leave the clippings on the lawn. It’s that easy.

Even the smallest changes can make a large impact on “greening” your Edmonton home. Something as simple as unplugging your electronic devices or kitchen appliances when not in use, will greatly reduce your power consumption as well as your ecological footprint. For more great tips and advice on maintaining a Green Edmonton Home, stay tuned to Stephen Lau’s Real Estate Blog.

Whether you’re looking to buy or sell Edmonton, choose Stephen Lau and the Edmonton Home Pros team for your real estate needs!

Edmonton Schools & Real Estate

Fri, 06 Sep by edmontonhomepros

Its back to school season in Edmonton! From cheerful Elementary kids taking the yellow school bus to University students on the LRT, Edmonton streets are once again filled with backpacks and coiled notebooks heading to class. So how do educational institutions affect the local real estate market? To start with, housing prices are always higher near reputable schools due to the strong demand. If you are looking to buy an Edmonton home for sale during the late Summer of Fall, there are couple of things you should keep in mind:

Edmonton Schools & Housing Prices

  • Find a home that is within your child’s school district. It can be tough for kids to relocate and start over. If you’re moving outside their school district try not to move halfway through the school year.
  • If you’re moving to Edmonton do your homework. When house hunting check the nearby schools, their ratings, programs, and distance to the residential areas you’re interested in.
  • Don’t think that finding the #1 school in the city and paying hundreds in your child’s tuition is a guarantee that they will succeed. While it’s certainly huge benefit for them to be in a reputable school, it is ultimately up to your child’s willingness to learn. So don’t stress if the school closest to your dream home is not the best in the city.

If you’re ever unsure about choosing between two schools, check the school boundaries and bus routes. Whether you’re looking to buy or sell Edmonton real estate properties, the Edmonton Home Pros team can be your real estate solutions. Contact Stephen Lau for more information.

We wish all the Edmonton students a great school year!

The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the REALTORS® Association of Edmonton. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.
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