Tag Archive for: Edmonton Homes for Sale

Edmonton Houses for Sale

Foreign Buyers Banned From Purchasing Edmonton Houses for Sale!

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Canada’s housing crisis has come to a head. Provincial and federal governments are struggling to get a hold of the problem at hand. In British Columbia, a new presale policy has been announced to be integrated. And, foreign buyer taxes have jumped up in many provinces across the country. Despite the provincial efforts to cool the housing market in Canada, there continue to be issues surrounding supply and affordability. In an attempt to ease the housing crisis, the federal government is implementing some key changes to help Canadian buyers. Learn more about how Edmonton houses for sale will be affected by the following federal changes in the article below.

How Does the Government Plan to Make More Edmonton Houses for Sale?

The liberal government in Canada is making an effort to cool off the housing market in Canada through two main channels. Over $10 billion in funding has been allocated to help speed up construction and repairs of homes. Furthermore, the government has decided to put a ban on foreign investors purchasing real estate in Canada. As well as, introducing new tax measures to reduce speculation. 

These methods make up a large chunk of the federal budget. In order for everything to proceed smoothly, cooperation from other levels of government will be necessary. Ideally, the government’s plan is to double the number of homes built in the next 10 years. Collaboration from the government, construction companies, and citizens will be essential to the success of the budget. The housing section of the budget has a clear focus on increasing supply. Moreover, there is $4 billion set aside for municipalities to ensure that homes are being built swiftly. The money will go towards the planning and delivery of housing, with an estimated 100,000 new units in the next 5 years. 

$1.5 billion is set to be spent in the next 2 years to create 6,000 new affordable housing units through the Rapid Housing Initiative. In addition, there will be $475 million going towards rental assistance and $2.9 billion to provide housing to vulnerable Canadians. Other commitments include $600 million to attend to homelessness by creating new programs and supporting existing programs. Furthermore, $1 billion will be used to incentivize green energy use at home, including grants and loans. As well as, $150 million over the next 2 years for affordable housing in Northern Canada. 

The Liberal government has said that they will leverage $40 billion-plus in infrastructure to speed up the process across various cities. 

houses for sale in edmonton

Record High Months Continue To Add Pressure.

In February, the national average home price climbed 20% to $816,720. All the while, rental rates continue to rise. As for Edmonton houses for sale, supply and demand match current national trends. In March, 472 duplexes were put up for sale and 441 of those were sold. Thus, indicating a 93% listing-to-sales ratio! Nearly every duplex or townhome that gets listed is being sold. 

Although supply continues to be at an all-time low, spring has brought hope for buyers-to-be. More listings have surfaced now that spring is here. There has been an 8% increase in Edmonton houses for sale this March! Additionally, condo and apartment sales have started to grow. March saw the biggest year-over-year leap in sales, at 67%. In the past, condo and apartment sales were few and far between in the Edmonton market. Edmonton continues to be an affordable market for out-of-province buyers to find a home and settle down. 

The lack of supply in Canadian real estate markets is evident. The government has recognized this as the central problem in the housing crisis.  Liberals are hopeful that the budget will provide some relief for Canadian citizens. For the next 2 years, foreign buyers will be banned from purchasing Canadian real estate. Although, there are several exceptions to this measure. 

The Liberal government will also be reviewing the impact of large companies buying homes on the market. And, how they intend to stint the growing trend. A new bill of rights is proposed to include several measures to protect homebuyers. For instance, the right to a home inspection, no more blind bidding, possible mortgage deferrals, and more disclosures from real estate agents. 

Contact Us For Information on Edmonton Houses For Sale!

The real estate market is constantly fluctuating and buying Edmonton houses for sale can appear intimidating. However, with the help of an experienced REALTOR® in the Edmonton area, the process is much less daunting. If you have any questions or concerns about buying Edmonton houses for sale, contact us today. Don’t hesitate to reach out if you’re curious about the government’s plans for an increased housing supply. Our team can put you in touch with the resources you need to get your real estate goals on track. We look forward to working with you in the near future!

edmonton real estate and mortgages

Mortgage Forecast for Edmonton Real Estate.

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The onslaught of the pandemic saw a decrease in mortgage rates that allowed homeowners a little more wiggle room. However, the Bank of Canada announced that they will be putting an end to the ultra-low interest rates. Inflation has certainly seen a spike over the last little while and the Bank of Canada is hoping that a spike in interest rates will help combat the inflation jump. But, what does this mean for Canadian citizens? And, who is most likely to be affected by a rise in interest rates? Follow along in the article below to find out more about the impact of interest rates increases on Canadians.

Will Those Owning Edmonton Real Estate be Affected by Interest Rates?

The short answer to this question is yes. However, that is not to say that all Edmonton residents owning real estate will be affected in the same way. New interest rates have a ripple effect on borrowing costs across the economy. Although, most citizens will discover that the area that sees the biggest impact is in variable-rate loans and credit products. For instance, variable-rate mortgages and lines of credit. For anyone living in a home with a variable-rate mortgage, it is likely that you will see the greatest influence of the latest interest rates. Variable-mortgage payments are likely to raise this February 2022. 

This means that anyone who has a variable-rate mortgage can expect to be forking out a lot more money over the course of 2022. An example from The Globe And Mail said that a $720,000 home, with a variable rate of 1.15%, a 10% down payment, and amortization of 25 years, would have a $2,762 monthly payment. A rate increase of a quarter of a percentage point would change the same monthly payment of $2,762 to $2,844. Thus, signifying an $82 monthly increase and a $984 increase over 12-months. 

There is hope yet for those concerned with their financial situation after interest rates start to rise. For example, Canada’s mortgage stress test ensures that borrowers can afford their mortgages. Understanding your financial position is a key part of finding ways to soften the jab of rising interest rates. Ask a financial advisor or your mortgage broker if you are unsure of how to proceed during the coming months.

Rising Interest Rates to Come.

Interest rates are rumoured to rise in March of 2022. And, they will continue to rise throughout the year by a quarter of a point (0.25%). If you are wondering how this is going to affect buying and selling Edmonton real estate, reach out to us today. At RE/MAX Elite we understand how difficult it can be to find proper housing during this time. Contact one of our experienced professionals today to get help on finding the right Edmonton real estate for you. For more real estate-related information, be sure to return to our blog next month. We look forward to working with you in the near future. 

Prepare your home for sale this fall

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Prepare your home for sale this fall

Well the fall season is now upon us in Edmonton, and this is the perfect time to get your home ready for Sherwood Park real estate.

Fall in Sherwood Park generally starts in September and stays around until about late October. The temperature is going to drop and people are going to start changing shorts and sandals, to jeans and shoes. People may be starting to focus on Sherwood Park real estate now that the summer is over. Here are some tips on what you can do to prepare your home for sale this fall.

sherwood park real estate,sherwood park real estate agents,windermere real estateYard Work
You’ll want to make sure there are no leaves or debris in your yard, especially when those leaves start falling. Make sure that any plants or trees near the house are trimmed down, so that they are not blocking any window views and let the sun shine in.

 

sherwood park real estate,sherwood park real estate agents,windermere real estateWindow Cleaning
Most people don’t realize that the summer can wreak havoc on your windows. As there isn’t much rain happening in the summer, people don’t think your windows can get that dirty, but don’t forget about the dry dust and dirt being blown around in the wind. When preparing your home for sale you’ll want to make sure your windows sparkle. Potential buyers will definitely notice smudgy windows. You will want to wash the windows inside and out.

sherwood park real estate,sherwood park real estate agents,windermere real estateSweep that Chimney
As the temperature falls you may want to start using that fireplace to keep warm and get that nice wood-burning smell in your home. But before you do this, you’ll want to make sure you clean that chimney. You can sweep it yourself to get those cob webs and dust out, but hiring a professional would be the best bet, as you’ll want that chimney to be perfect.

 

These are just a few tips to prepare your home for sale this fall for Windermere real estate. For more information contact your local Sherwood Park real estate agents, RE/MAX Elite, today!

4 Cost effective improvements you can make to your home

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When people are looking to list their home for sale they often overlook the improvements they can make to the exterior of the home and just focus on the interior. When people are looking at Edmonton Homes for Sale the exterior is the first thing they see when they pull up to your house, so making sure the exterior looks its best is very important. Here are some cost effective ways you can improve the exterior of your home.

Edmonton Homes for Sale,Sherwood park real estate agents,Homes for Sale in EdmontonClean the yard

One of the most effective and easiest things you can do to improve the exterior of your home, is keeping the yard clean and decluttered. This tip is the easiest and takes the least amount of time, but is very effective.

 

Lawn maintenance

Now that the yard is clean and clear of clutter, it’s time to do some landscaping. This doesn’t mean you need to invest hundreds of dollars into new plants, ornaments, etc. Even just by mowing the lawn, trimming trees or bushes, and cleaning up pathways can really spruce up the look of your yard.

Edmonton Homes for Sale,Sherwood park real estate agents,Homes for Sale in EdmontonRoof repairs

This one alludes a lot of people but is actually one of the most important. Your roof over time can take a lot of damage and cause leaks that can be very expensive to fix, especially if there is water damage in your home. Roof repairs can be pricey, but not if you do your research. Speak with Sherwood park real estate agents to see who they would recommend for fair pricing.

Upgrade the front door

You may be confused by this one, but the entrance to your home is actually quite important, as you want to make your guests feel warm and welcomed into your home. Replacing your front door or even just doing some minor upgrades is very cost effective. If you have a nice door but feel it just needs to be improved, replacing the door handle and lock, as well as painting it a nice accent color can really improve the entrance way.

There are many ways that you can improve the exterior of your home. So if you’re looking to improve your homes exterior, contact your expert Sherwood park real estate agents today!