real estate trends in edmonton

Real Estate Trends in Edmonton: What Buyers and Sellers Need to Know Right Now

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As we head into the final month of 2024, Edmonton’s real estate market continues to present unique opportunities for buyers, sellers, and investors alike. With a mix of new developments, shifting interest rates, and growing interest in the city’s housing options, staying informed is essential for anyone involved in real estate.

Here’s what’s shaping the market today.

A Balanced Market Emerges as one of the Biggest Real Estate Trends in Edmonton

Edmonton has been moving toward a more balanced market in recent months, providing a fair playing field for both buyers and sellers. While higher interest rates have tempered buyer activity compared to peak periods, steady demand for affordable housing and moderate inventory levels keep the market stable.

  • Buyers: There’s less competition compared to the frenetic pace of the past few years, giving you more negotiating power.
  • Sellers: Homes priced correctly and in desirable neighborhoods are still selling relatively quickly, particularly those that are move-in ready.

Affordable Housing in the Spotlight

Edmonton continues to shine as a city with relatively affordable housing compared to other Canadian urban centers. First-time buyers and those relocating from more expensive provinces are finding value in Edmonton’s market.

The increased popularity of townhouses and condominiums is worth noting, especially as these options remain accessible entry points for younger buyers. Detached homes, while pricier, still offer excellent value for families looking for more space.

A Growing Focus on Suburban and Outlying Areas

Neighborhoods outside Edmonton’s core, such as Windermere, The Orchards, and Sherwood Park, are gaining traction. These areas offer larger properties, newer builds, and a quieter lifestyle while remaining within reach of city amenities.

Additionally, with remote work becoming a lasting trend, more buyers are prioritizing homes with offices and outdoor space, driving demand in suburban markets.

The Importance of Energy Efficiency

Sustainability is increasingly top of mind for Edmonton homebuyers. Energy-efficient features like high-performance windows, solar panels, and improved insulation are becoming sought-after selling points. Sellers who invest in these upgrades may find their properties attract more interest and higher offers.

Commercial Real Estate Outlook

The commercial real estate sector in Edmonton is also seeing a resurgence, with industrial and retail spaces experiencing steady demand. This growth reflects the city’s robust economy, driven by energy, agriculture, and technology industries.

Edmonton’s Market with RE/MAX Elite

Whether you’re buying your first home, upgrading, or looking to invest, having a knowledgeable partner is crucial in today’s ever-changing market. As one of Edmonton’s largest and most trusted brokerages, RE/MAX Elite offers unparalleled expertise and personalized service to help you achieve your real estate goals.

Get in touch with our team today to explore more opportunities, market insights, and the perfect property for your needs. We’ve got all the information you need about Real Estate trends in Edmonton as we head into 2025!

Breaking Your Mortgage With Houses for Sale in Edmonton Canada

Breaking Your Mortgage With Houses for Sale in Edmonton Canada

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So, you want to sell, but your mortgage term hasn’t ended yet – now what? Many sellers have been caught in the situation where they need to list their home for sale but still haven’t reached the end of their mortgage term. This is common when kids flee the nest, a new baby is born or you need to relocate for a job. In most of these cases, your home no longer suits your needs and a change is necessary. If you are considering breaking your mortgage contract to sell early, it’s important to understand the nuances of doing so. In this article, we will go over everything you need to know about selling your house before your mortgage has run its course. 

What Does it Cost to Break Your Mortgage Contract?

Depending on the type of mortgage you have, breaking your mortgage contract will have a different cost. For homeowners with open mortgages, selling your home can be done without paying any fees related to breaking the contract. However, those with closed mortgages will have to pay the penalties for selling early. Of all the costs associated with listing before your term ends, the prepayment penalty will be the highest. This is the fee for breaking the contract. Sellers should know that the prepayment penalty can vary in cost from hundreds to thousands of dollars. In addition to the prepayment penalty, you will also have to pay administrative fees, appraisal fees, reinvestment fees, and a mortgage discharge fee. It is also possible that you’ll have to pay back any line of credit or cash back that you received when you got your mortgage.

If you still want to sell your home, but you’re not keen on paying the costs of breaking the contract, there are other options. At some mortgage brokerages, you can extend the length of your contract and begin a new mortgage via a blended mortgage. This option allows you to blend the interest rates for the old and new terms and avoid the prepayment penalty. However, there may still be administrative fees.

Sellers should be aware that not every mortgage lender offers this option, so it’s important to do your research. In the event that your lender can’t do a blended mortgage, you will have to break the contract. As such, it is critical that you weigh the pros and cons of selling before your term is up. Ultimately, you may find that it is more worthwhile to pay down the rest of your contract and then list houses for sale in Edmonton Canada. 

Benefits and Drawbacks of Breaking Your Mortgage Contract

edmonton houses for sale and how to understand your mortgage terms

If you are serious about breaking your contract, be sure to understand the pros and cons of this decision thoroughly. While falling interest rates can make it tempting to renegotiate your mortgage or explore options like a blend-and-extend, it’s important to fully understand the financial impact of this decision before moving forward.

One of the key benefits of breaking your mortgage is the opportunity to secure a lower interest rate. This can save you money in the long run by reducing your monthly payments or allowing you to pay off your mortgage faster if you keep your payments at the same level. Locking in a lower rate also provides peace of mind, especially if interest rates are expected to rise in the future. With a lower rate locked in, you’ll have more financial flexibility moving forward.

However, breaking your mortgage contract isn’t without its downsides. The most significant drawback is the potential cost. When you break a mortgage, you are likely to face a prepayment penalty, which can be quite expensive, along with other administrative fees. These costs can quickly offset the savings from a lower interest rate, leaving you paying more overall. Additionally, there’s the risk that you may no longer qualify for a new mortgage under the current economic conditions, particularly if lending rules have tightened or your financial situation has changed.

Before making a decision, it’s essential to understand all the potential costs and benefits fully. Contact your lender to explore your options and ensure that breaking your mortgage contract is truly in your best financial interest.

Contact us About Selling Houses for Sale in Edmonton Canada!

For more information about selling houses for sale in Edmonton Canada before your contract is up, contact us today! We’d be happy to help you find a well-suited property in this quickly growing-city. Arrange a meeting with one of our experienced REALTORS® and discover how to achieve your end-of-year real estate goals. Be sure to reach out to us with any questions about Edmonton real estate for sale and stay tuned to our blog for more home-related content. Our Edmonton real estate agents look forward to working with you!

join remax elite in edmonton real estate career

Why Joining RE/MAX Elite Edmonton is a Great Career Move: A Bright Future in Real Estate

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Edmonton, Alberta, is a city with a thriving real estate market. As a result, it offers vast opportunities for those looking to start or advance their career in real estate. RE/MAX Elite Edmonton, is a top-performing real estate brokerage. As such, it stands out as an excellent choice for real estate professionals who want to succeed in this competitive industry.

In this article, we will explore why joining RE/MAX Elite Edmonton is a smart career move. We focus on the benefits of working with a leading brokerage and the advantages of living and working in Edmonton below.  Keep reading to learn more!

The RE/MAX Elite Advantage: A Brokerage that Supports Your Success

  1. Top-tier Brand Recognition and Reputation

    • RE/MAX is a globally recognized brand synonymous with real estate excellence. Joining RE/MAX Elite Edmonton means associating with a name that clients trust, which can significantly boost your credibility and lead generation efforts.
    • The brokerage’s established reputation in Edmonton makes it easier for agents to attract clients and close deals, providing a strong foundation for a successful real estate career.

  2. Comprehensive Training and Mentorship Programs

    • RE/MAX Elite Edmonton offers extensive training and development programs designed to help new and experienced agents sharpen their skills and stay ahead in the ever-evolving real estate market.
    • The brokerage’s mentorship program pairs new agents with seasoned professionals, ensuring that you receive the guidance and support needed to thrive in your real estate career.

  3. Cutting-edge technology and Marketing Tools

    • In today’s digital age, having access to the latest technology is crucial for success in real estate. RE/MAX Elite Edmonton provides its agents with state-of-the-art tools, including CRM systems, marketing platforms, and data analytics, to streamline processes and enhance productivity.
    • These resources enable agents to manage their listings more efficiently, reach a broader audience, and deliver top-notch service to clients.

  4. Collaborative and Supportive Work Environment

    • At RE/MAX Elite Edmonton, collaboration is key. The brokerage fosters a supportive environment where agents can share knowledge, resources, and strategies, creating a culture of collective success.
    • The team-oriented atmosphere at RE/MAX Elite encourages professional growth and continuous learning, making it an ideal place for both new and experienced agents to flourish.

edmonton real estate careers

Why Edmonton is an Ideal Place to Build a Real Estate Career

  1. A Booming Real Estate Market

    • Edmonton’s real estate market has been experiencing steady growth, driven by a strong economy, population increase, and an influx of investments. This creates abundant opportunities for real estate professionals to capitalize on a diverse range of property transactions, from residential homes to commercial real estate.
    • The city’s real estate market is characterized by affordability, which attracts first-time homebuyers, investors, and families looking to settle down. This variety in clientele provides agents with numerous avenues for career development and financial success.

  2. A High Quality of Life

    • Edmonton is renowned for its high quality of life, making it an attractive destination for families and individuals alike. The city offers a perfect blend of urban amenities and natural beauty, with extensive green spaces, cultural attractions, and recreational facilities.
    • The cost of living in Edmonton is relatively lower compared to other major Canadian cities, making it easier for residents to achieve a comfortable lifestyle. This affordability extends to the housing market, where buyers can find diverse property options that suit various budgets.

  3. A Family-Friendly Community

    • Edmonton is a family-oriented city with excellent schools, safe neighborhoods, and numerous family-friendly activities. This makes it a prime location for families looking to put down roots, ensuring a steady demand for residential properties.
    • The city’s strong sense of community and friendly atmosphere make it a welcoming place for newcomers, which is a significant selling point for real estate agents working with families relocating to Edmonton.

  4. Economic Stability and Growth

    • Edmonton’s economy is diverse and resilient, supported by industries such as energy, technology, education, and healthcare. This economic stability translates into a reliable real estate market, with consistent demand for both residential and commercial properties.
    • As a real estate agent, working in a city with a stable economy ensures that your business can withstand market fluctuations, providing a solid foundation for long-term career growth.

Building a Successful Real Estate Career with RE/MAX Elite Edmonton

  1. Networking and Growth Opportunities

    • RE/MAX Elite Edmonton provides ample networking opportunities through events, seminars, and community involvement. All of which allows agents to connect with industry leaders, potential clients, and other professionals.
    • The brokerage’s emphasis on personal and professional development ensures that agents are continually improving their skills. Because expanding their knowledge positions them for long-term success in the real estate industry.

  2. Financial Rewards and Career Advancement

    • A career in real estate offers significant financial rewards. Especially when you align yourself with a successful brokerage like RE/MAX Elite Edmonton. The potential for high earnings is driven by commissions. Commissions are scalable and grow as you build your client base and close more deals.
    • RE/MAX Elite provides a clear path for career advancement, with opportunities to move into leadership roles, specialize in luxury real estate, or even open your own RE/MAX franchise in the future.

  3. Flexibility and Work-Life Balance

    • Real estate is known for offering flexibility, and RE/MAX Elite Edmonton supports agents in achieving a healthy work-life balance. Whether you’re a parent looking to spend more time with your family or someone who values your personal time. A career in real estate allows you to set your schedule and work at your own pace.
    • This flexibility is especially valuable in Edmonton. The lifestyle encourages a strong work-life balance. Thus, allowing you to enjoy everything the city has to offer while building a successful career.

Joining RE/MAX Elite Edmonton is more than just starting a job—it’s an investment in your future.

You have all the ingredients for a successful and rewarding career in real estate with a supportive brokerage behind you. We offer cutting-edge tools, and access to a thriving real estate market with an unparalleled quality of life. So, whether you’re a seasoned professional or just starting, Edmonton and RE/MAX Elite Edmonton provide the perfect environment. One in which you can continue to grow, thrive, and achieve your real estate goals.

Get in touch with us now to learn more about starting your real estate career with RE/MAX Elite today!

questions to ask your edmonton realtor

Questions to Ask When Buying New Houses for Sale in Edmonton

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Buying your first home is an exciting milestone, but it also comes with a lot of important questions. Asking the right questions is crucial to making an informed decision. As you work towards buying new houses for sale in Edmonton you want to ensure that the purchase fits well with your financial situation, family needs, and future plans. Whether it’s sitting down and researching the market or crunching numbers on a spreadsheet, the right questions will guide you through one of the biggest decisions of your life.

So, what should you ask when you’re starting your homebuying journey? The basic questions are often the most important. Let’s explore the key inquiries to make as you start the process of buying a new home.

Questions to Ask in the Early Stages of Buying New Houses for Sale in Edmonton

  1. Will I Qualify for a Mortgage?

Before you start house hunting, it’s crucial that you get pre-approved for a mortgage. This step gives you a clear idea of how much you are able to borrow and the interest rate you can expect. Lenders generally take into account factors such as your income, employment status, credit score, down payment amount, stress test results, and debt service ratios (DTI ratios). Before you get pre-approved for a mortgage, you may want to consider improving your financial situation. This can be done by paying off debt, consolidating debt, and acquiring a stable work position. 

  1. What’s My Budget?

Knowing your budget is fundamental. The Canadian Real Estate Association (CREA) reported that the average home price in March 2024 was nearly $700,000. However, prices can vary widely by location. For example, Vancouver’s average exceeds $1 million, while Edmonton’s sits just below $500,000. Understanding your budget helps determine the type of property and location that you can afford. It’s worth noting that Edmonton remains one of the most affordable major cities in Canada. This is great news for aspiring Edmonton homebuyers!

  1. Can I Afford to Put 20% Down on My Home?

Having a down payment of 20% or greater can streamline the homebuying process. It allows you to borrow less, pay lower interest rates, and potentially avoid mortgage insurance premiums. The Canada Mortgage and Housing Corporation (CMHC) will often enforce additional fees for buyers with low down payments. So, if you have 5-15% saved for your down payment, be prepared to pay extra. More information about minimum down payment amounts in Canada can be found on the federal government’s online mortgage information centre. 

Looking Deeper Into the Costs of Homeownership

new houses for sale in edmonton

  1. Have You Accounted for the Hidden Costs of Homeownership?

In addition to the purchase price and mortgage, there are several hidden costs associated with buying a home. These may include land transfer taxes, GST/HST, title insurance, land surveys, legal fees, utility hook-ups, moving expenses, and potential condo fees or mortgage default insurance. Beyond these, there are also home maintenance costs, which often get forgotten during the buying process. Some examples include yard care, repairs, and unexpected replacements (like a new roof or HVAC system). These costs can fluctuate, so having a financial buffer is a must.

  1. Do I Need a Home Inspection?

Many homebuyers often skip getting a home inspection. While this may seem like a harmless choice, it can have serious consequences that leave you reeling in buyer’s remorse. A thorough home inspection is not something you want to opt out of. Especially, when finalizing a purchase agreement. While it involves an additional cost, a professional inspection can uncover hidden issues with the property’s structure, systems, or major appliances. This knowledge empowers you to negotiate repairs or price adjustments with the seller. Moreover, it can also provide you with a legally sound reason to back out of the deal. 

  1. How Old Are the Major Systems and Appliances?

Understanding the age and condition of major systems and appliances (like the roof, HVAC, water heater, and kitchen appliances) is a must. Newer components typically mean fewer immediate maintenance expenses. On the other hand, older ones may require costly repairs or replacements sooner. The last thing you want when moving into a new home is to have to replace large household components. As such, it is important to do your due diligence and find out how old each system is inside the home. 

Contact the RE/MAX Elite Team Today!

For more information about buying new houses for sale in Edmonton, contact us today! We’d be happy to help you find a well-suited property in this fastly developing city. Set up a meeting with one of our experienced REALTORS® and discover how to achieve your 2024 real estate goals. Be sure to reach out to us with any questions about Edmonton real estate for sale and stay tuned to our blog for more home-related content. We look forward to working with you in the near future!