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Edmonton Houses for Sale

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

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. 

real estate in edmonton alberta

December is here, and that means 2021 is coming to an end! We hope you have enjoyed our past 11 months of real estate content. To celebrate our final month of 2021 blog content, we have decided to recap all of our articles from the year. This way, you can catch up on everything you missed from the year’s content. Follow along as we go through a short summary of each article. Be sure to check out the full posts by clicking the link below.

January 2021 – Sherwood Park Real Estate Agents Prepare For A Busy 2021

sherwood-park-real-estate-agentJanuary started with a market report to ensure all buyers and sellers were in the loop about Edmonton’s market conditions. Throughout this post, we gave predictions and valuable information about how real estate in Edmonton was doing. To find last January’s market report, view “ Sherwood Park Real Estate Agents Prepare For A Busy 2021”.

February 2021 – Sherwood Park Real Estate Agents are Excited about 2021

Top Edmonton RealtorsIn February, we wrote all about Sherwood Park real estate. We gave information about the neighbourhood wineries, parks, and wildlife. This article also happens to have a video that goes with it! By watching the video and reading the post, you’ll understand everything you need to know about Sherwood Park. Read the full article “Sherwood Park Real Estate Agents are Excited about 2021”.

April 2021 – What Separates The Top Edmonton Realtors from the Rest of the Pack?

The differences between a great Edmonton real estate agent and a bad one are evident. In this spring article, we wrote about how a REALTOR® at our brokerage can make a difference in your transaction. We have a unique set of skills and advantages like brand recognition, local expertise, and specialized training to guarantee our customer’s satisfaction. Read the entire post “What Separates The Top Edmonton Realtors from the Rest of the Pack”.

May 2021 – Edmonton REALTORS® & Real Estate Investing

houses-for-sale-edmontonReal estate investing is a popular way to kickstart your investment portfolio. Through real estate investing people can create lasting sources of income. There are many ways to get into real estate investing. For instance, REITs, REIGs, and Rental Properties. For more information view the article “Edmonton REALTORS® & Real Estate Investing

June 2021 – Edmonton Real Estate Agents Use Tech to Their Advantage

homes-for-sale-in-edmontonWith technology becoming such a large part of people’s everyday lives, it’s no surprise that we use technology to give customers a better experience. Edmonton real estate agents are being taught how to use technology to enhance communication and marketing. These are two crucial areas that many REALTORS fall short of. Learn how we are using technology to better achieve client goals by reading the article “Edmonton Real Estate Agents Use Tech to Their Advantage”.

July 2021 – Transportation & Edmonton Homes for Sale

remax transportation real estate edmontonFiguring out transportation in a new city is crucial. For both kids and parents, transportation is an essential part of our day-to-day lives. And, not everyone is drawn to travel by car. In fact, for many families, it’s more convenient to use public transit services to get from one place to another. Of course, this is all dependent on you and your needs. Learn all about Edmonton’s transit services by reading the full article “Transportation & Edmonton Homes for Sale”.

August 2021 – Student’s Guide to Homes for sale in Edmonton!

real estate in Edmonton studentsIn August, we wanted to get students thinking about real estate. Many university students and kids coming out of high school will want to know how to get on the property ladder. In lieu of this, we wrote an article that went step-by-step through how to gain ownership of your first property. From generating income to learning about the market, this article has it all. Read the full post “Student’s Guide to Homes for sale in Edmonton”.

September 2021 – Schools Near Sherwood Park Real Estate

sherwood park real estateSeptember was the first month of our schooling content. We started by writing all about the elementary schools in the neighborhood. This article contains information about classes, principals, school size, staff, bell schedule, programs, and more! Read more about “ Schools Near Sherwood Park Real Estate

October 2021 – Schools Near Sherwood Park Homes For Sale

sherwood park homes for saleOctober’s article was dedicated to schooling content about junior high and middle schools in the Sherwood Park area. This article contains the same valuable information that our elementary school article had. Find out where to send your child in the new year by reading about “Schools Near Sherwood Park Homes For Sale”.

November 2021 – Sherwood Park Houses Near Schools!

sherwood park schools in edmontonIn November we concluded our Sherwood Park schooling content. This article is all about high schools in the Sherwood Park neighbourhood. Students and parents can use this article to find out which school is best suited for them. And, give them an idea of which classes and programs they’ll enroll in. View the full article “Sherwood Park Houses Near Schools”.

We want to thank our clients for another great year in the Edmonton real estate market. We hope to come back next year with more helpful blog articles! Be sure to contact us with any questions about a property. Happy holidays, and see you all in the new year! Make sure to keep up with us over on Facebook!

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!

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