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.

 

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.

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!

Landscaping & Your Edmonton Home

Fri, 16 Aug by edmontonhomepros

This Summer, Edmonton Home Pros invites you to explore the world of Landscaping. Whether you are building a new home and want to give it a special touch, or creating an outdoor oasis, the team has some handy tips for you before you begin your next Landscaping adventure.

Research: Know your plants, facts, and landscape designs. Have fun with researching all the different options for your yard or backyard. Remember that you are not trying to “Keep Up With The Joneses,” you are creating an outdoor living space that’s right for you, based on your personal budget and taste.

Low Maintenance VS Regular Upkeep: Decide how much time you are willing to invest in your garden. While all Gardens require attention and tending, some need a little more than others. If you plan on having an elaborate garden setting, be prepared to keep it immaculately groomed with crisp clippings on your hedging and well-pruned flowering shrubs. If you prefer a low key garden, consider going with self sufficient shrubs, trees, and plants.

Calling A Pro: There is no shame in consulting with a professional on your Edmonton Home’s garden and landscaping plan. Don’t underestimate the amount of work associated with your project. Some homeowners setting up the landscaping on their Edmonton homes will require large equipment and intense labour. There are multiple landscaping companies in the city, so be sure to research each one and compare prices. Feel free to ask them lots of questions about your Edmonton home’s landscaping potential.

Do you have your own Edmonton landscaping tips, or stories to share? Leave your comments below. For all your Edmonton real estate needs, trust the Edmonton Home Pros team of professionals to be your real estate solution. Contact Stephen Lau today.

Colour Series – Red & Blue

Fri, 09 Aug by edmontonhomepros

What do the colours in your Edmonton home say about you? Whether you are thinking about painting a room or redecorating- the colour palette you choose will set the atmosphere and tone. Before you start making any major furniture or paint purchases, allow Stephen Lau and the Edmonton Home pros team show you colours and their meanings in Edmonton homes.

We conclude this series with fire and ice, two powerful tones that evoke different feelings.

Red: If you want to make an impression on a room of your Edmonton home, we recommend you add a splash of Red. By placing it in strategic locations, eyes will be drawn to certain features of your room. Add a Red pillow or bedding to accentuate the couch. Not only is Red the colour of romance and passion, but it has also been proven to stimulate appetite. Add hints of Red to your dining room for a Victorian feel. For a toned down look, choose earth tones such as brick Red or cinnamon.

Blue

Photo by: ooh_food

Blue: Who said Blue is for Boys? Over the years, Blue has proven to be an appealing tone to both Men and Women. Many Edmonton Homeowners choose to place Blue in bathrooms as it promotes a fresh and invigorating feel. Many interior stylists also recommend placing soft Blues in bedrooms for a soothing and relaxing ambiance. For a classic colour combination, pair Blue and White together.

We hope this colour series helped you better understand colours and their functionality. If you’re still hesitant or unsure about the colour scheme to use on the walls of your Edmonton Home, consider hiring a colour consultant. These professionals have a strong understanding of colour psychology and will help you dress your home’s interior and exterior.

For more great tips and advice on caring for your Edmonton home, trust the Edmonton Home Pros team. Whether you’re looking to buy or sell Edmonton real estate, let Stephen Lau and his team be your guides.

Colour Series – Grey and Yellow

Fri, 19 Jul by edmontonhomepros

Edmontonians have seen a lot of Grey and Yellow tones this Summer. We’ve witnessed seemingly endless Grey skies during a rainy week, and intense yellow sunlight in +35 weather! While the meaning of these colours sit on opposite sides of the spectrum, they constantly make numerous appearances in the lives of homeowners. As such, the second blog of this Colour Series will provide Edmonton homeowners with tips and advice on introducing these two colours into their homes, without dramatically affecting the mood.

Yellow

Photo by: Ann

Yellow: Although yellow represents happiness, optimism, and confidence, we recommend you use this colour in a safe and controlled environment. Pairing it with its tonal white can add softness to the room and create a lively atmosphere. This is a great combination during the Spring and Summer months. There are many members of the yellow family, from Cream to Canary and Gold- you want to select the shade that resonates with you while maintaining harmony. Feel free to play with the colour yellow in the darker spots in your Edmonton home such as hallways or basements.

Grey Room

Photo by: Chris Moody

Grey: The colour Grey is often misunderstood, largely due to its plainness and lack of personality. Grey draws no attention to itself, allowing homeowners the opportunity to pair it with multiple colour combinations. Grey or Silver furnishings with Navy Blue tones can add a modern and elegant feel to a room. Grey can serve as the perfect background to rooms that are naturally showered by daylight. Since it’s a more formal and serious tone, we recommend you use Grey in offices, studios, or even kitchens, while steering clear of adult bedrooms, nurseries, and children’s bedrooms.

Want to learn more about colours? Check out the rest of our Colour Series blogs:
Pink & Green.

Stay tuned to this colour series for more great tips and advice. Whether you’re looking to buy or sell Edmonton real estate, let the Edmonton Home Pros team be your guides.

 

Colour Series – Pink and Green Colours

Fri, 05 Jul by edmontonhomepros

What do the colours in your Edmonton home say about you? Whether you are thinking about painting a room, or redecorating the colour palette you choose will set the atmosphere and tone of the room. Before you start making any major purchases, Stephen Lau and the Edmonton Home Pros team recommends you read our colour series and educate yourself on common colours.

We begin this series with two colours commonly seen in nature: Pink and Green.
Green & Pink
Pink – Over the years, Pink has upheld the reputation of being associated with femininity and relaxation. It promotes calmness and psychologically reduces aggressive behaviour or angry emotions. In fact, some prisons are known for placing inmates in a “pink room” for a certain period of time, studies have shown that this treatment helps calm the prisoner. Despite Pink’s soothing effects, when it comes to most Edmonton Homes, it is used occasionally. Unless Edmonton homeowners are using this colour for a little girl’s room, Pink goes unnoticed by many. Try adding a splash of pink to one of your rooms, for a special and relaxing touch.

Green – Similar to Pink, the colour Green has relaxing tendencies. It is commonly seen in the natural world and blends a nice combination of earth tones. If you are looking to incorporate the colour Green to your Edmonton home, lean towards a dark shade of Green, Olive tone, or Sage Green – pairing these tones with a Burgundy or Deep Blue can accentuate some of your room’s best features.

Stay tuned to this colour series for more great tips and advice. Whether you’re looking to buy or sell Edmonton real estate, let the Edmonton Home Pros team be your guides. Contact Stephen Lau today for more information!

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.
Our Sites
Edmonton Home Pros Real Estate

You are currently on this site.