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.

 

Seasons Greetings!

Wed, 18 Dec by edmontonhomepros

Happy Holidays & All The Best In 2014

The Edmonton Home Pros Team would like to wish you a festive Holiday Season filled with joy and among great company. We also wish you the very best this New Year. May 2014 be your best year yet! Set high goals for yourself this year and you will be amazed with what you can accomplish.

Seasons Greetings from Stephen Lau
If one of your goals is to buy an Edmonton real estate home, contact Stephen Lau and the Edmonton Home Pros Team. We will listen to your needs, wants, and budget then work with you to find the perfect Edmonton property to call home. This Homebuyers Consultation is available to you at no cost!

If you’re interested in placing your Edmonton home on the market, feel free to contact us! Allow us to assess what your home is worth and advise you on selling your Edmonton property. Then, through our extensive Edmonton network, we will maximize your home’s exposure and find you the right buyer!

Setting The Stage- Part Two

Fri, 12 Jul by edmontonhomepros

This is the second part to the Setting The Stage blog series. To read part one click on the link below:

Setting The Stage Part 1

Whether you are preparing your home for a private showing or getting it ready for an Edmonton Open House, the right home staging techniques will have your Edmonton Home For Sale looking like new!

  • Decorate Away. You don’t have to purchase new furniture or completely redecorate your home to make it attractive. Add a vase filled with fresh flowers on your dinette or a flat surface to give your room a fresh scent. Remove and declutter items from your front entrance such as coats or shoes. Consider purchasing some decorative pillows to go along with your couch.

    Stephen's Home Staging Tips

  • Depersonalize. An important aspect to decorating is depersonalization, throughout your home remove any personal pictures or personal items. You want visitors to visualize themselves living in your Edmonton home for sale.

  • Let there be lighting. Is there a room in your home that has a dungeon-like feel? Consider adding new light fixtures or chandeliers to give that room an extra sparkle. Strategically placed mirrors serve as a window, giving the room dimension and brightening dark corners by reflecting light. For the rest of the house, open up the blinds and curtains to let in natural light. If the weather permits, pry open the window too so fresh air circulates throughout the room.

Did you know Stephen Lau and the Edmonton Home Pros team can offer assistance in professional home staging? Over the years, we have cultivated a list of trusted business contacts including professional home stagers. Contact Stephen Lau today and get your home ready for the Edmonton real estate market.

Future Community Developments- West Rossdale

Fri, 08 Mar by edmontonhomepros
West Rossdale Development

Image obtained fromThe City of Edmonton website

Edmonton has taken the next step in the river valley evolution. The development of West Rossdale will bring residents closer to nature with pedestrian friendly streets, property enhancements and new condominiums, while preserving the area’s existing open spaces and parks.

A view of the community of Rossdale from the roof of the Crowne Plaza hotel.
Image by: Bulliver

Currently, the plan also includes the placement of an esplanade along the northern riverbank with river and dock access. Developed in 2008, the West Rossdale Plan was created with the vision of carefully integrating downtown Edmonton, the river and surrounding neighbourhoods. West Rossdale would serve as a main gateway to Edmonton’s downtown core.

The West Rossdale development plan will continue to respect the existing history and archeological significance in the community of Rossdale. As one of Edmonton’s oldest neighbourhoods, Rossdale was originally home to two fur trading forts in 1802. The community has transformed over the years with the removal of mature structures and vacant properties. The Rossdale housing market is made up of single-detached homes, semi-detached triplex and fourplex, row homes, apartments over five stories and apartments under five stories. The average asking price of a Rossdale home is $432,300. West Rossdale’s housing portfolio would include a large variety of housing forms and densities, as well as nearby amenities and retail services.

West Rossdale residents can expect a pedestrian friendly neighbourhood with scenic tree-lined streets, generously wide sidewalks with seating furniture, bicycle racks and bus stops. West Rossdale will be located at the heart of three river crossings: Low level bridge, 98th avenue and 105th Street NW, which means easy travel to areas south of the river for residents.

Schools located near the future development of West Rossdale and the community of Rossdale are: Grandin Catholic School (Catholic Elementary) | Oliver School (Public School) |Centre High Campus (Contining Education)

When searching for real estate properties in or near the river valley area, look no further than Edmonton Home Pros. Stephen Lau and his team can find you the perfect home in the community of West Rossdale, or near the future developments of West Rossdale. Contact Stephen Lau today! Alternatively, you can also begin searching for properties in Rossdale.

Future Downtown Developments Will Boost Visits to Chinatown

Fri, 25 Jan by edmontonhomepros

With the ongoing revitalization of downtown Edmonton, Chinatown will soon see an increase in visitors resulting in a boost to its economy.

The City of Edmonton has invested $56 million dollars towards infrastructure and public amenities as part of the new downtown developments. In an effort to encourage area growth, the city’s downtown developments include a new urban community from 97th Street to 92nd Street and from 103A Avenue to the north of the river valley. The development, called The Quarters, consists of five districts. Designed as a pedestrian-friendly community, The Quarters residents will have instant access to many amenities including Edmonton’s river valley and Edmonton’s Chinatown.

Future Edmonton visitors will also experience the downtown lifestyle at The Quarters. During the summer of 2012, Edmonton began construction on a new 12-storey hotel in the area. This upscale downtown hotel features three underground parking levels, a conference room and 220 suites. Not to mention guests can have a near-perfect view of the Edmonton river valley! Construction is scheduled to wrap up in the spring of 2014.

Photo by: sfllaw

News of the downtown redevelopment comes at a good time for Chinatown business owners. The heart of Edmonton’s Chinatown stretches along 97th street, between 105A Avenue and 108A Avenue. With a new community development, an approved LRT line and talks of a new hockey arena a few blocks away, Chinatown and downtown Edmonton will soon be Edmonton’s hot real estate area’s.

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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