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

November 28, 2024/0 Comments/in Blog Posts, Edmonton Real Estate, Real Estate Articles/by superadmin

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

September 24, 2024/0 Comments/in Blog Posts, Blog Posts, Real Estate Articles/by superadmin

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

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!

Edmonton Properties for Sale Get Funding Boost to Support Population

June 29, 2024/0 Comments/in Blog Posts, Real Estate Articles/by superadmin

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

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!

To Sell or to Buy Homes in Sherwood Park First?

May 27, 2024/0 Comments/in Real Estate Articles/by superadmin

Should I buy a new home before I sell my current one in Sherwood Park? Or vice versa? This is a question that runs through the heads of most homeowners at some point in their lives. And, the question is certainly an important one. Choosing whether you are going to buy or sell first can be stressful. Furthermore, no matter which option you choose, there will always be pros and cons. However, it is important to be able to recognize when to buy first and when to sell first. This often is determined by the current market conditions, your risk tolerance, and other factors personal to you. In this article, we will be answering this question and giving you a general overview of how to go about buying and selling in the same timeframe. Follow along below to learn more!

Pros and Cons of Buying First, and Selling First

Pros and Cons of Buying First

When you decide to buy first, you get the peace and comfort of knowing that you have a place to live when your home sells. This can make it much less stressful for you if your home sells quickly. However, if you buy first and you aren’t getting much traction on your listing, you run the risk of owning two homes at once. For some, this isn’t a problem. But, for others, owning two homes at a time is not financially feasible. Moreover, buying first often results in sellers being overly eager to get rid of their old homes. This means that you might be more willing to take a lowball offer, just to get the property off of your hands.

Pros and Cons of Selling First

On the other hand, when you sell first you don’t have to worry about your home going stale on the market. This means that when you buy your home you won’t need to stress about selling your old one. Or, owning two homes at the same time. However, this also means that if your home sells quickly, you have a limited period of time to find a new home. This can be equally as stressful as owning two homes at once. Especially, if the market has little inventory.

Why are you Moving?

Taking a step back to reflect on the reasons why you are moving is a great way to narrow in on whether you should buy or sell first. This is because knowing the reasons why you are moving can help you establish a better timeline.

Are you building a home?

Building a home is an exciting endeavour. However, building a home often takes at least a year. And, the market can change a lot in that amount of time. This is why keeping your current home while you build can be risky. After all, if the market drops, you may be left in a lurch. Contrastively, if the market improves you could walk away with a substantial profit.

Do you want to find your dream home?

Clients who are in search of their dream homes are usually advised to buy first. Although, in most scenarios, buying first is not recommended. The reason that buying first is often prescribed in this situation, is because of the time it takes to find the “perfect” property. If you know that you want a very specific home style, it’s unlikely that you will find what you are looking for overnight.

Like with most things, it is hard to give a general answer that applies to every person’s situation. In fact, it’s nearly impossible! Because of this, we prefer to set up consultations with our clients. This ensures that we can provide the best possible answer given each individual’s situation. By chatting with a registered REALTOR®, you will be able to get all of the answers you need to make a sound decision about whether you should buy or sell first.

Contact Us About Homes in Sherwood Park!

For more information about buying or selling a home in Edmonton, contact us today! We’d be happy to help you determine whether or not you should buy or sell first. Set up a meeting with one of our awesome REALTORS® today! We hope this article was helpful and clarified some of your questions. Be sure to contact us with any questions about homes in Sherwood Park and stay tuned to our blog for more real estate-related content. You can find us on Facebook for more updates! We look forward to working with you!