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

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  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!

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Edmonton Properties for Sale Get Funding Boost to Support Population

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Given Alberta’s continued affordability compared to national averages, the province’s population has exploded. Since 2022, when interest rates began to rise, Alberta has experienced an unprecedented upward trend in population growth. As a result, Alberta’s infrastructure and housing systems are under significant pressure to accommodate the influx of new residents. To help the province support these new citizens, there has been a push for increased government funding. Experts hope that with additional cash flow, they will be able to build the housing and infrastructure needed to support Canadian migrants.

In this article, we will go over the various strategies and initiatives being proposed to address these challenges. Follow along below to learn more!

Edmonton Properties for Sale to Receive Funding

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According to Alberta’s Economic Dashboard, the population of the province has seen novel growth over the past three years. And, it doesn’t seem to be slowing down. Prior to 2022, it was unheard of for Alberta to have a net migration rate above 30.0K. However, from 2022 onward, the population has skyrocketed, almost tripling its previous yearly averages. The year-to-date (YTD) net increase in population in 2023 was 185,977, indicating a 58% increase compared to 2022. This is an astonishing statistic given that in 2022, the YTD net migration into Alberta was 117,733, which was up 311.1% from 2021! Evidently, there has been a large jump in new Alberta residents since the Bank of Canada rate hikes began. 

Based on data from a new report by the Conference Board of Canada, there will be another 90,000 expected migrants to make Edmonton home by the end of 2025. It is clear that more infrastructure and housing will be needed to accommodate all of the new citizens. To help the province support its growing population demands, Prime Minister Justin Trudeau announced that $175 million would be allocated for the construction of new homes in Edmonton. This funding is being provided as part of the federal Housing Accelerator Fund. With the funding, the province will be able to build 5,200 homes in the next three years. 

However, experts have noted that the province will need substantially more homes to accommodate the new residents. A more appropriate figure would be 30,000 new homes in addition to more amenities, and improved infrastructure. With so many residents anticipating to make Edmonton properties for sale home, it comes as no surprise that the city will need additional grocery stores, schools, and rec centres. 

What to Keep in Mind as a Buyer or Seller?

Going forward with your real estate goals as a buyer could prove to be challenging. With so many new residents looking for a place to call home, there may be limited options for real estate. Moreover, when you do find a property that you love, it will be crucial to act quickly, as increased demand for real estate often results in competitive market conditions. Buyers should also be aware that with more demand, comes higher prices. However, given Edmonton’s affordability, prices will likely remain in a reasonable range. Despite busy market conditions, it’s important that buyers continue to do their due diligence before making a purchase. This means getting a home inspection done and having a lawyer read over the terms and conditions of your purchase before signing off on the deal!

On the other hand, for sellers, now could be an opportune time to list your property. With such high demand for real estate in Edmonton and surrounding areas (Sherwood Park, West Edmonton, Windermere) selling conditions are favourable. However, it’s important that you still take care in preparing your property for its listing day to get the best ROI. This means paying attention to your curb appeal, decluttering the inside of your home, and having a professional photographer do your listing photos! 

Regardless of whether you are a buyer or seller, it’s important to stay tuned to the latest news/statistics about Edmonton real estate. This way, you remain informed about current market trends and successfully navigate the Edmonton real estate landscape.

Contact us Today!

For more information about buying or selling Edmonton properties for sale, contact us today! We’d be happy to help you find a well-priced property in this growing city. Set up a meeting with one of our experienced Edmonton 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!

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Reasons to Invest in Properties for Sale in Edmonton

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Are you unsure about investing in real estate? If yes, we are here to provide you with a list of reasons why investing in properties for sale in Edmonton is a smart move. There are plenty of investment opportunities throughout the City of Edmonton. However, it is important to choose the right property for your needs, budget, and future life. If you’ve been considering buying real estate, then this article is for you. Learning about the benefits of investing in a property is a key part of making the decision to buy a home.

Follow along below to learn more about the many reasons why you should invest in real estate!

Get Tax Benefits With Properties for Sale in Edmonton.

When you own an investment property, there are several tax benefits that you can collect. Owners of rental homes are able to get special tax breaks and deductions that can help them save money. For instance, if you pay someone to advertise your rental property, you can write this off come tax season. In addition, you can receive tax deductions on your insurance, office expenses, management fees, repairs and maintenance, utilities, and accounting fees. Any costs associated with owning, operating, or managing your rental property can be deducted from your taxes. This can provide you with lots of savings come tax time!

Your Property Will Appreciate.

One of the biggest assets of owning real estate is appreciation. Over time, real estate will usually go up in value. Most real estate investors are able to turn a large profit off of their properties when it comes time to sell. Especially, if you have good timing with the market conditions. Those who invest in a property during the right time and sell when the market is hot, are likely to make good money off of their purchase. Unlike other investments, you can have peace of mind in knowing that your property will go up in value. However, as a landlord, you can also capitalize on inflation. As the cost of living rises, you can increase your rental fees. This will help you pay off your mortgage and make a little extra cash.

Overall, appreciation is a big part of owning a rental property. If you time things right and follow the trend of the market, you can stand to make a substantial return on your investment.

Properties for Sale in Edmonton Can Help Generate Cash Flow

If you’re looking for a way to generate a new stream of income, owning an investment property could be right for you. Rental properties are a great way to add to your cash flow and build your wealth. Once you’ve paid off your mortgage, the net income that you make will be substantial. You can use the money from your lessees to pay off your mortgage and other expenses that come with owning the property. As work towards paying off your mortgage, your cash will grow. By owning properties for sale in Edmonton, you can build your equity.

Build Your Wealth

As you pay your mortgage, you will start to build equity. In turn, this will grow your net worth and support you as you continue to add to your investment portfolio. The more money you have, the more you will be able to leverage your financial situation to buy more properties. Thus, helping you build your wealth even more! Once you get started, you’ll quickly start to reach your financial goals!

Diversification

Diversifying your investment portfolio is incredibly important in building financial security. The future of the economy is always uncertain, and it is crucial that you have multiple streams of income so that you can remain afloat when times get tough. Adding properties for sale in Edmonton to your investment portfolio is a great way to diversify your portfolio and lower the overall risk factor of your investments. This is because real estate generally has a good ROI and the potential to make a profit. There are plenty of powerful strategies that you can employ to make the most of your investment property. Whether that be long-term rentals, short-term rentals, room rentals, or flipping your property. The options are endless!

Contact Us About Investing in Properties for Sale in Edmonton!

For more information about investing in properties for sale in Edmonton, contact us today. We’d be happy to help you find the right investment property. For more information on rental guidelines and buying real estate in the Edmonton area, feel free to reach out to us. One of our skilled real estate agents would love to answer any questions that you may have. Be sure to check out our social media for the latest updates and more. We look forward to working with you in the near future.

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Navigating Homes in Edmonton as a Buyer.

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Understanding the difference between a buyer’s market and a seller’s market is critical when you are looking for real estate. Timing is so important when you want to buy or sell homes in Edmonton. Navigating the housing market as a buyer can be tricky, especially when the conditions aren’t ideal. In this article, we are going to go through some tips and tricks to help you navigate home buying. As well as, the difference between a buyer’s and seller’s market. Follow along below to learn more!

Buyer’s Market Vs. Seller’s Market.

The difference between a buyer’s and seller’s market has to do with supply and demand. A buyer’s market often happens when a change in the market occurs that favours buyers over sellers. For instance, if there is an increase in supply and/or a decrease in demand the market will likely shift to favour buyers. In a buyer’s market homes usually sit on the market for longer periods of time and sell for a lower price. There is often more competition between sellers via price wars during a buyer’s market. 

By contrast, a seller’s market will typically occur in the event that there is a low supply and high demand. This generally causes a seller’s market because buyers will get highly competitive with one another via a bidding war to secure a home. Thus, causing the listing price of homes to drive upwards. The lack of supply during a seller’s market will usually create a tense environment between buyers. 

The most recent example of a seller’s market would be 2021 to early 2022 in most provinces across Canada. Post-pandemic, many people were looking for new homes and supply was at an all-time low across the country. This caused one of the hottest seller’s markets ever recorded. In fact, many major cities are still experiencing the heat of low supply and high demand in Canada. 

How to Buy Homes in Edmonton?

During a Buyer’s Market:

It can be tricky to buy homes in Edmonton, especially if you’re new to the city or a first-time buyer. Now that we have gone over the difference between a buyer’s and seller’s market, it is important to identify which of these you are stepping into as you look to buy homes in Edmonton. If the market is favouring buyers, then you shouldn’t have too much of an issue when it comes to securing a property. In fact, you may have more time to make a decision and shop around for a home you love. 

During a Seller’s Market:

On the other hand, during a seller’s market, it is crucial that you are overly prepared. Seller’s markets can be extremely heated for buyers and it can be hard to secure a home. So, before you begin the house hunt, you need to determine a few key factors. 

First off, you will want to decide on the area(s) that you are interested in buying a home in. Then, you can see what houses are selling for and how long they are sitting on the market in that location. This will give you a good idea of what budget you’re looking at and how quickly you’ll need to make an offer on a home. Secondly, you will want to hire a great real estate agent. Having an experienced real estate agent by your side will help smooth the process. Especially when the market is scorching hot. 

Next, you’ll need to determine what you are willing to compromise on. Whether that be location, number of bedrooms, size, yard space, etc. It is important to know what your negotiables and non-negotiables are. Furthermore, as a buyer, you’ll need to line up your financing. This means going to a mortgage broker and getting a pre-approval from 2-3 lenders. Having a mortgage pre-approval can help you prove to sellers that you are serious about buying their home.

Contact Us About Homes in Edmonton.

It is vital that you understand the difference between buyer’s and seller’s markets when you go to purchase homes in Edmonton. If you are looking to buy a home during a seller’s market make sure you are prepared. Deciding to buy homes in Edmonton can offer you more financial comfort. If you have any questions or concerns about buying houses in Edmonton, contact us today. Be sure to visit our social media for the latest updates and more. Don’t hesitate to reach out if you’re interested in a specific property. Our team will get in touch with you as soon as possible! We look forward to working with you in the near future.