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.

Happy Canada Day!

Wed, 25 Jun by edmontonhomepros

Canada Day 2014

Stephen Lau and the Edmonton Home Pros wish you a safe and pleasant Canada Day. If you would like assistance buying or selling your Edmonton property, Sherwood Park real estate home, Leduc real estate house, or your St. Albert house, look no further than the Edmonton Home Pros. Contact Stephen Lau and his team today. 

Edmonton Bikeology Festival

Wed, 28 May by edmontonhomepros

About The Edmonton Bikeology Festival

We think its safe to say Summer has finally arrived in The City of Edmonton. The weather is co-operating and the real estate market is heating up. In addition to being a great time to buy or sell your Edmonton home, Summer is also the time to enjoy outdoor activities. Whether you’re swimming at Sherwood Park’s Millenium Place, or enjoying some outdoor running through Leduc’s network of trails, this time of year fosters outdoor fun.

A favourite pastime for many Edmonton homeowners is outdoor biking, and our city strives to be as bike-friendly as possible. So much so, that’s there’s a whole month dedicated to cycling. We’re of course referring to the Edmonton Bikeology Festival. For the month of June, the Capital City will unite and celebrate our cycling culture. Local bike shops will host events throughout the month including bike-education, bike breakfasts, a commuter challenge, and learn to bike lessons for special needs children. There’s a lengthy list of events, which you can see in the Bikeology website, but we picked out events coming up within the next few weeks.

Bikeology Festival

Photo by: Bromford

  • MEC Bikefest | May 31st | Sir Winston Churchill Square
    Visit Mountain Equipment Coop’s Bikefest between 10am and 4pm, to connect with the local cycling community. According to MEC you can, “try out new great, test ride a new bike, browse exhibitor booths, score deals at the MEC Bike Swap, or learn new skills at a bike clinic.” Best of all, they’ll also have free tune-ups for attendees.
  • Bikey Breakfast | June 6th & 27th | Earth’s General Store (9605-82 Ave)
    Enjoy some delicious pancakes at Earth’s General Store and good vegan food, This event will be held the first and last Friday’s of the Bikeology Festival in Edmonton.
  • Commuter Race | June 10th | Various Locations
    The commuter race is a friendly challenge for Edmonton cyclists. Each participant will start at separate locations and ride to one location. There’s minimum distances required with the purpose of this challenge being to discover the fastest route to Downtown Edmonton. For more information visit their website.

Stay tuned to the Edmonton Home Pros blog this Summer for updates on upcoming events and real estate advice. If you’re looking to sell or buy Edmonton homes, turn to Stephen Lau and the Edmonton Home Pros, contact them today.

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. 

 

 

 

 

 

 

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!

Find Real Estate Homes In Strathcona

Fri, 22 Nov by edmontonhomepros

Strathcona’s lower crime will attract more Edmonton home buyers.

The Edmonton community of Strathcona is one of the city’s most treasured areas. Its residential neighbourhoods are filled with rich heritage, mature trees, and a renovated mature homes. The community also has a high walkability score, making it very easy for residents to access nearby amenities, dining locales, bars, pubs, grocery stores and even the Edmonton River Valley. Due to its ideal location, Strathcona homeowners can easily commute to South Edmonton or downtown.

Strathcona

Strathcona Public Building Photo by: daryl_mitchell

Strathcona is increasingly growing in popularity. From its renowned entertainment district, Whyte Avenue, to its historical features, the community is getting a lot of buzz. More recently, the Edmonton Police Service (EPS) released figures, which stated crime had dropped 31% since 2009 in Strathcona. Additional information released by the EPS can be found below:

  • Homicides have remained at zero over the last four years to-date, except for one case in 2011.
  • Robbery cases have dropped.
  • Decreased crime as noted by local businesses.

If you’re looking to buy an Edmonton home for sale in the community of Strathcona, now is the perfect time! As the crime rate continues to drop the community’s popularity continues to grow, the Strathcona real estate market will attract Edmonton homeowners from across the city.

Thinking about buying a Stratchona Edmonton home for sale? Stephen is backed by a solid team of professionals who are Edmonton area experts and can help you find the perfect Strathcona property to suit your needs and budget. Contact Stephen Lau today!

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.

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.

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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