September 14, 2016
Edmonton Realtor News Release - September 2016
The Edmonton Realtors Association of Edmonton has sent out a report stating marginal dips in the number of August sale signals a stable market. The following are keys points taken from the news release.
Key Inventory Points
1) Number of residential inventory at month end is 7,908
2) There are 7.4% more listings than end of August 2015
3) Days on market for Edmonton condos was 62 days
Key Sold Points
1) Number of residentia sales this month 1,433 (-2.18 % Y/Y)
2) Edmonton condo average selling price $251,526 (-1.12 % Y/Y)
3) Single family home average selling price $$434,362 (-0.80% Y/Y)
Steve Sedgwich, Chair of Realtors Association summarizes the report nicely by stating "Alberta's economy has been under enourmouse pressure for same time, but prices and unit sales are down from last year, down less than 1% and 2%"
Please feel free to call if you need some help!
September 2, 2016
Edmonton Realtor News Release - August 2016
We have had a lot of changes so for this year in Alberta... If you are interested in knowing how these changes are effecting Edmonton's real estate market, check out our latest August 2016 News Release with analysis and statistics from our Edmonton Real Estate Association...
1) Residential sales are down -16.39% since last year.
2) Average condo price month-over-month dropped partially attributed to the sale of
several luxury properties in June that bolstered the average price.
3) The average duplex/rowhouse sale price was down 2% year-over-year (y/y).
4) The median sales price for all residential is up less than a percent from last year.
5) We are continuing to see stable pricing throughout the Edmonton region despite slower sales.
Call me if I can be of any help!
January 18, 2016
REMAX Edmonton Real Estate Forecast 2016
Canada's real estate has posted year-over-year gains in average residential sale price, including Edmonton. Find out which regions are expected to see an increase next year in the 2016 RE/MAX Housing Market Outlook Report: http://rem.ax/1NbrACN
June 28, 2015
Remax Recreational Properties Report 2015: Part II Sylvan Lake, Alberta
Hard to believe that the average waterfront property value at Sylvan Lake, AB, is $798,900..this is higher than Kimberly BC! Sylvan lake does offer everything from fishing, hiking, restaurants and even scuba diving. Don't be discouraged with the prices, Alberta has many other beautiful lakes for recreational properties for very affordable prices... See below for more information from Remax Recreational Properties Report:
Situated halfway between Calgary and Edmonton, Sylvan Lake is very popular for recreational property owners as well as tourists. Less than a two hour drive from Alberta’s two largest cities,city dwellers can escape to one of Canada’s top ten beaches and enjoy the northern lights. Sylvan Lake is the perfect location for those who are looking for a four season property near lots of amenities and activities. This luxury region offers fabulous restaurants, lake cruises, water activities, and golf as well as ice fishing and snowmobiling. Boating enthusiasts will enjoy the Sylvan Lake Sailing Club’s weekly races across the lake. As the region’s primary real estate drivers are families with children, economic factors suchas the price of oil as well as proposed changes to taxation are having a dampening effect on Sylvan Lake’s recreational property market. The most expensive property this year sold for $1.47 million for a fully developed four bedroom property on the water.
Information from 2015 Remax Recreational Properties Report
June 24, 2015
The RE/MAX Recreational Property Report 2015 is out!
Highlights of this year's report:
- The majority of Canadians prefer long weekends at the cottage or cabin over big city getaways
- The low Canadian Dollar and foreign buyers are creating demand in well-established Canadian recreational property markets
- The recreational property market buying season has had a strong start and is expected to remain active throughout the summer as continued low interest rates and consumer demand fuel activity
According to the 2015 RE/MAX Recreational Property Report, almost 68 per cent of Canadians would rather spend a long weekend at the cottage or cabin over a big city getaway. The survey, conducted by Leger, found that Canadians, of all ages and from all regions, were enthusiastic about spending time at the cottage or cabin.
RE/MAX also examined what Canadians would consider sacrificing inorder to afford their dream cottage or cabin. Interestingly, giving up destination vacations is listed as number one on the list. Another notable finding was that 21 per cent of Canadians would downsize their main residence in order to purchase a cottage, cabin or ski
chalet demonstrating that Canadians are looking for alternative ways to finance their dream properties.
In a separate RE/MAX survey of brokers and agents, almost half of the regions are reporting an increase in buyers looking to rent out their recreational properties part- or full-time and this trend is most
common in Ontario and British Columbia. However, very few regions are listing investors as primary market drivers. Typically, recreational property buyers in Canada are families with children, and retirees.The low Canadian dollar is having a positive effect on local recreational property markets as Canadians are choosing to stay in Canada where their dollar will go further. Some are selling US properties that appreciated inrecent years to take advantage of the exchange rate. The low Canadian dollar is also attracting foreign buyers to well-established recreational property markets across the country including Whistler, Tofino, Muskoka, Shediac, and PEI. Regions reporting an impact from the low Canadian dollar but no increase in foreign buyers include Shuswap, Lake Winnipeg, Penticton, and Thunder Bay. In large markets where there are large enough sample sizes within housing types for year-over-year comparisons, all regions are witnessing year-over-year price appreciation and an increase in sales, with the exception of PEI’s coastal properties where prices remain flat but sales have increased. Markets with both increased year-over-year median prices and sales include Muskoka, Whistler, the Kawarthas, Haliburton, and Wasaga. Peterborough and the Kawarthas witnessed a 27.9 per cent increase in median price, attributed to a surge of sales in the upper-end of the market, as buyers from the GTA look to properties on Stony Lake and Clear Lake as alternatives to the more developed Muskoka lakes. The low price of oil has had an effect on recreational property markets in regions where buyers are typically employed by the oil industry in both Western Canada and Newfoundland. However, in Newfoundland, waterfront properties located within a two hour drive to St. John’s are seeing a respectable start to 2015 with relatively flat sales. The recreational property market buying season has had a strong start and is expected to remain active throughout the summer as continued low interest rates and consumer demand fuel activity. Information from Remax Recreational Report.
March 6, 2015
100% Sale to Listing Ratio - All Listings Sold in 2014!
I would to thank all of my clients for a successful 2014...
Every home and condo that I listed in 2014 had sold, and therefore I had a 100% sales to listing ratio. While the market was some what of a contibuting factor, I also have to give thanks to my clients for their cooperation and diligence when taking my advise on preparing their homes for sale.
It was a great 2014...looking forward to 2015.
Alison Murray, Realtor
Remax Real Estate Central
August 5, 2012
Changes to How Edmonton Real Estate Will Be Sold!
The Real Estate Council of Alberta (RECA) is arranging to implement a rule change that will make written service agreements mandatory between brokerages and clients. What this means is that all Edmonton Realtors will have to enter into a written service agreement when working with buyers. A mandatory service agreement is already required when selling Edmonton Real Estate.
When using a Realtor to help you with your biggest investment of a lifetime the key professional services that you receive are, the nuances of the process (specific to the market you are in) and advice on features and faults that you may miss. I have worked within BUYER AGENCY SERVICE AGREEMENTS for over 9 years and have found that there are many benefits to having a service agreement that assure a professional service for buyers, sellers and Realtors:
Improving Education & Professionalism: A Realtor is a professional who is hired to help people with their largest financial investment and should carry out their business in a professional matter. By outlining exactly what each other’s roles are and responsibilities, a buyer will have a better understanding of the process and services involved. This education creates a dialogue about how a Realtor would be getting paid which is also very important.
This is all good news for buyers when purchasing real estate in Edmonton, and other Alberta cities. Things have not changes with respect to the market norm - the seller still pays for the buyer’s real estate fees. The buyer’s fees still normally come out of the transaction and are paid by the seller upon closing. In my opinion this just makes sense….. it is very diffucult for a buyer having to come up with cash for a down payment on a property, and to come up with cash for real estate services. Since most buyers use a Realtor to help them with the buying process, as a seller, it would be in my best interest to market my home with a buyer’s agent fee to assure that I don’t illiminate this huge pool of qualified buyers. Read more detail by visiting... Buying Edmonton Real Estate
May 1, 2012
Proposed Motgage Changes for Alberta
The Office of the Superintendent of Financial Institutions is currently reviewing how Mortgages are approved for Canadians. Over the last few months we have seen some changes to the way self-employed individuals are assessed as well as a change in how investor mortgages are considered. In the upcoming weeks the following issues are on the table for Edmonton real estate:
1) Currently mortgages are simply renewed at maturity with most lenders. There is discussion of having Canadians requalify or at the very least, be assessed for risk at time of renewal. This could affect renewal rates and terms.
2) The viability of future income is being considered as a factor in debt ratios. This could affect your older clients nearing retirement. Currently mortgage are approved based on current income. The consideration of future income is now on the table.
3) A discussion of reducing LTV to 65% for non-conforming mortgages is in play. There is also a discussion for further increasing the rates for these types of clients. This will affect your self employed clients even further should this be implemented.
4) Clients can currently take a cash back or borrow the down payment to purchase their home in limited circumstances. This may end quickly as a trade-off to retain the ability to have a 5% down payment. There is discussion to increasing this to 10%. This will significantly affect all first time buyers.
5) Heloc’s (or lines of credit) are under review. The OSFI would like to see the maximum LTV reduced from 80% to 65%. In addition to this proposed change, the OSFI would like to see Helocs amortized like a mortgage which means the interest only payment option is now under scrutiny.
Our world is ever changing. Your clients need to be well informed and prepared for the future. Having a professional with a pulse on the industry is critical. These are not scare tactics but possible realities down the road. This is just a glimpse into 5 key areas but there are several more in the pipeline. Have your clients aware and please have them call or email me with any question. www.InfoEdmonton.ca
Sr. Mortgage Consultant
March 27, 2012
Changes to Mortgage Rules in 2012
Earlier this year the Federal government announced some changes to protect Canadian Consumers and their mortgages, including rule changes to credit cards and mortgage prepayment information.
Last week a the draft of guidelines proposed by Brock Kruger from The Office of the Superintendent of Financial Institutions was released. In it you can see how the current economic state of the US is causing anxiety for lenders and economists. The proposal will affect nearly everyone, it will change how mortgages and secured lines of credit are offered and is seen by many as an unnecessary move.
The new purposed guidelines, AKA: Draft B-20 tightens mortgages and Home Equity Lines of Credit (HELOC) given out by the banks, however it does not target other lenders, leaving smaller institutions in a prime position. While media coverage has been sparse, you may find this article by Peter Foster in the National Post insightful, you can see it here (http://www.nationalpost.com/opinion/pain+RMUP/6333773/story.html
In Short Here is a Summary of Possible Changes:
1. Cash back mortgages may be gone for good. As it stands, a bank may give out a mortgage for 95% of the purchase price and then give 5% cash back, which intern may be used for down payment. As many banks already caution against such practises, it comes as no surprise that this is first on the chopping block.
2. Upon the time of renewal, property would be have to be appraised in order to determine the a value and possibility of renewal. There is cause for debate with this change. If for example, after 5 years your mortgage comes up for renewal and the Real Estate market has dropped, you could be asked to pay down your loan, or worse, the bank could call in your mortgage.
3. Changes to Home Equity Lines of Credit (HELOC). Here the changes include: The maximum loan amount would be reduced from 80% to 65% of the value of the property. This comes on the heels of the more recent change from 90 to 80% in the last few years. In addition to the new maximum, HELOS's would now be amortized, effectively ending “Interest Only Payments”. Unfortunately this action would have an immediate affect on the self-employed seeking a loan, those looking to finance a business by using their homes as collateral and individuals looking to access their equity investments.
4. Mortgages would require tighter debt servicing guidelines, which would make exception approvals by the banks a very rare thing.
I will be updating you as more information is released on these changes and the possible repercussions to the Edmonton Real Estate market.
March 20, 2012
Online Scam Implicating REALTORS® Resurfacing in Edmonton
Alberta Real Estate Association has recieved more reports of a scam that is being perpetrated in Alberta that not ony takes advantages of consumer, but implicates our members without their knowledge.
How it works is a rental property is advertised on sites like Craigslist or Kijiji and the used to describe the property and the name of the listing Realtor apprears to have been scraped from Realtor.ca or elsewhere. The scammer impersonates the Realtor when responding to prospective renters.
Alberta Real Estate Association anticipates that, as markets heat up and rental property becomes more scarce, this type of scam may be seen more frequently. AREA is taking actions to protect both our members and the consumers they serve.
In addition to alerting the real estate boards and you, AREA has drafted a media release that, in partnership with local boards, will be forwarded to the media so that consumers can be warned about this type of scam. AREA will aslo communicate with Kijiji so that this scam can be added to the list of common scams on their site.
When the prospective renter posted an inquiry, here is the response they received:
Thanks for your interest in my Duplex. My name is (AREA: name of listing REALTOR® inserted here) I am a construction Engineer and I am the owner of the 3 bedroom Duplex . I have been transferred to one of our branches in West Africa and that is why I am putting up the Duplex for rent. The Duplex vital informative documents and the entrance keys to my Duplex is with us, we try to look for dependable agent to handle the rent but could not find one due to the limited time we had before leaving the country. Mostly we do not want our property to be given to any sort of person to avoid damages and troubles.The Duplex is available for rent and is available for long term and short term lease.
Duplex Address: XXXX XXX Ave Edmonton AB, Canada
This unit is available for immediate move in. Modern 3 beds and 3 Full Bath Basement:Full Suite the Duplex is strategically located in a very cool and lovely environment with five (5) appliances including dish washer with in-suite laundry and plenty of storage space and parking space . Professional and mature neighbors ensure peaceful living arrangements. Freshly painted and immaculately clean with private bathroom.
We are looking for a responsible person that can take very good care of it as we are not after the money for the rent but want the property to be kept clean all the time as it is our hard-earned property. If you are honestly interested and will absolutely maintain our property (Taking care of it like yours) as I hope I can put my trust and confidence in you presently, I earlier wanted to sell the Duplex but had a second thought to rather put it up for rent. The rent is ($900 )including utilities Damages Deposit Fee ($400) So I will like you to get back to me so that I can forward you the full interior pictures to you to have an idea how beautiful and spacious the inside looks and i will like you to fill out the rental application form below.......
Full Name :
Phone # :
Are You Married:
Marital Status :
Do you Drink Alcohol :
Do you smoke :
How Many People Will Be Living In The Duplex:
Your Move-in Date :
Your Move-Out Date :
Thanks for taking your time in writing me and hope to hear back from you.
(AREA: name of REALTOR®) And Family
What to Do?
If you come across an instance where you name is being used in this type of scam, after taking the appropriate steps, please email specifics to AREA (firstname.lastname@example.org) so that we can track the extent of this problem.
Alberta Real Estate Association