• Edmonton Home & Condo Specialist
    Edmonton Home & Condo Specialist

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
 
 

Mary Poburan

Sr. Mortgage Consultant

INVIS

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Welcome to this Rare Gem in Riverbend!  Half duplex with 4 bedrooms and double garage is located in an ideal Southwest Edmonton location across the street from spectacular single family residences.  Open floor plan with over 1594 Sq.ft. of developed living space and soaring vaulted ceilings.  Dining room opens to your large living room with fireplace.  Upper level features 2 spacious bdrms with 1 and a half renovated baths.  Lower level has large windows with 2 more roomy bdrms with another full baths. Delightful kitchen with upgraded cabinets, Teak hardwood floors, subway backsplash, and granite kitchen island. Garden patio door looking over your deck and large mature trees for privacy. Recently painted, fixtures upgraded, and custom Hunter Douglas blinds. Shingles, eaves troughs, HWT, furnace and carpet replaced in 2010.  Steps from River Valley trails; walk to 5 schools, and Riverbend Club. 10 min to U of A. 20 min. to Downtown! NO CONDO FEES! 4511 Whitemud Road. $379,999

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Hi Alison, Helena and I would like to thank you for your proficiency and diligence in selling and buying our homes. I know at times we were not the easiest clients to work with, so we would also like to thank you for your patience.  Again thanks for everything and have a happy holiday.  Mauro Bagnariol and Helena Taveras

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Edmonton Realtor, Alison Murray has launched her new website, focusing on Edmonton Condos http://www.edmontoncondosinfo.comEdmontoncondosinfo.com will provide clients with a wealth of news, tips, advice and resources with buying or selling a condominium in Edmonton Alberta. From how to decorate and maximize your living area in a small space, to how to get top dollar for your property, this site promises to deliver.

Visit the today for a complementary home market evaluation; or for buyers,  fill out our search form and let Alison find the perfect condo to suit your needs.  http://www.edmontoncondosinfo.com Edmonton Condos

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Thank you so much for helping us with our recent sale and purchase of our West Edmonton homes.  Again, we couldn't have been more pleased with the service you provided.  You were always professional, knowledgeable, and very hard working.  Our home sold so fast, and we received a fair price that we were happy with.  We have been living in the new house for a month now, and every single day we find ourselves saying," we are so happy ".   Our son Cooper plays in the back yard while I watch from the kitchen window.  Or, he is playing in the mountain of toys in the finished basement - he loves it here. Giuseppe is happy with the oversized garage and has done a few small projects around the house - couldn’t be home if he didn't, you know how he likes to work on things.  The bungalow is much better for my arthritis as well.  We truly feel at home here.  Thank you Alison for finding us such a wonderful West Edmonton home.  You were a pleasure to work with and we would definitely recommend you!

- Giuseppe & Jessical Piscopo

 

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May 2011’s monthly stats update from the Edmonton Real Estate market:

Our average days on market (50 days) are the lowest that it has been in 4 years.  The sales-to-listing ratio is 53% and is the highest it has been in 4 years.  Both the days on market and the sale-to-listing ratio are good indicators of markets conditions and both have improved from 4 years ago. 

Average Condo Selling Price       -2.96% from May 2010

Medium Condo Selling Price       +3.64% from May 2010

Average Single Family Home       -2.48% from May 2010

Medium Single Family Home      + 2.19 from May 2010

The summer is historically a busy time for sellers putting their homes up for sale.  Slightly above average levels of inventory for the Edmonton real estate market at 8,180 in the month of May, gives buyers a good selection.   With an increase of interest rates scheduled for the end of the summer, there is good chance we will see an increase in buyers getting their purchase wrapped up before the interest rates erode their purchasing power.    Source:  Edmonton Real Estate Board

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Edmonton-CondoHello Alison, 
I just wanted to thank you for all your help with getting my Downtown Edmonton Condo sold so quickly. As a first-time seller I had a lot of questions and apprehension about the selling process, but it was great to have someone with your knowledge and expertise to guide me through it. To have an offer within 48 hours of listing in this challenging market, went beyond my expectation. Now that the sale is complete and I'm finally moved into my temporary home, I can sit back and enjoy some of that organic wine you left for me. Much appreciated! Once I am back from my trip mid-May I should be ready to start looking for my new property and hope to engage your services again.

Radka

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Edmonton-Condo“I had the very great pleasure of meeting Alison for the first time in 2006 and have had the subsequent pleasure of unhesitatingly recommending her to both close friends and even closer family members since. Her encyclopedic market knowledge, outstanding service, unfailing attention to detail and patient explanation through every step of the listing and sales process made the experience of selling my (very sorely missed since) Edmonton condo virtually worry and trouble-free in every way imaginable.

Alison is that rare combination of professional aptitude and "personal touch" attitude that makes her every client feel like "her only client".

I simply cannot imagine anyone looking for the "perfect" condo for their needs in central Edmonton NOT talking to Alison. She defines, in my view, the very best of what Real Estate agents can do for both buyers and sellers. And, as if that weren't enough, she is an extraordinarily thoughtful, gracious and lovely woman.” February 22, 2011 Top qualities: Great Results, Personable, High Integrity

christopher heatherington,

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Updated: Wed Jan. 12 2011 12:49:28

ctvedmonton.ca
The president of the Realtors Association, Chris Mooney addressed thousands of Edmonton realtors during the annual Realtors Housing Forecast Seminar and said that he predicts that housing prices will say steady for 2011.

"The average price for single family detached Edmonton homes over the entire year was up 2.5 per cent in 2010 And for the second year in a row, condo prices are expected to remain flat with no significant increase in the year-long average price.

Realtors Association of Edmonton predicts buyers can expect to pay an average of $240,000 for a condominium next year, which is about what they would have paid in 2010.

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