780.406.4000
Payload
edmonton real estate and mortgages

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

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!

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!

Buying a home can be tricky and confusing, whether you’re buying your first home or your third. Between finances, the market, and other many things you need to do, it can be come very overwhelming. So if you’re looking to buy Homes for Sale in Edmonton, here is a list to make the process a little easier.

Sherwood Park Real Estate Agents,Top Edmonton Realtors,Homes for Sale in EdmontonCredit Check

Checking your credit is one of the first things you should do when thinking about buying a home. If your credit score is low, then you’ll want to start taking the necessary tips to increase your score. Speak with a professional and they can teach you the best ways to prioritize your payments and the best ways to improve your score.

 

Do your research

If you have a specific neighbourhood in mind it is always good to do some research on that area before hand. Check the price of the listings both active and sold, check the average days on the market and the average price of each sold listing. It is best to speak to Sherwood Park Real Estate Agents to get all of this information.

Sherwood Park Real Estate Agents,Top Edmonton Realtors,Homes for Sale in EdmontonThe Costs

There are a lot of costs when first owning a home, so it is best to know everything before going into it. There is of course the mortgage and down payment to purchase the home, but there are also things like property tax, home insurance, etc. Also don’t forget about closing costs, the costs to buy new furniture, yard maintenance tools, etc. Speak to your real estate agent to get a list of all of the items that are going to cost money, not and in the future.

Home Search

Now that you have that information, you can work with top Edmonton REALTORS® to find the right home. REALTORS® have access to the MLS and access to all listings in the area you want. Give the REALTOR® the list of wants and needs that you desire, so they can give you a list of all the homes that meet your criteria.

Sherwood Park Real Estate Agents,Top Edmonton Realtors,Homes for Sale in EdmontonHome Inspection

The inspection of the home is one of the most important parts of the buying process. When the inspection is taking place, make sure that both you and your REALTOR® are present, and making a list of all of the concerns the inspector may have. Make sure to ask the inspector common issues found in home inspections. Once you have this info your agent can work with the seller on repairing these issues.

These are just a few of the many things you’ll need to know when purchasing Homes for Sale in Edmonton. For more information about contact RE/MAX Elite today!

Page 1 of 3123