780.406.4000
Payload
edmonton realtors

For REALTORS® in Edmonton, things are heating up fast. In what is normally a quiet month for real estate in Edmonton, homes are being sold at every turn. Anyone who is interested in purchasing a home in the Edmonton area is advised to act fast. Homes are lasting a short time on the market according to the most recent stats from the REALTORS® Association of Edmonton. It is blatantly obvious that Edmonton’s real estate market is doing better than ever before. In addition to this, the Bank of Canada just hiked the interest rates in an attempt to rein in inflation. Learn more about the market conditions in Edmonton, recent statistics from February, and interest rate hikes in the article below. 

REALTORS® in Edmonton are Busier Than Ever.

Edmonton’s real estate market is showing strong momentum through what should be a quiet month. In comparison to other years, the market condition in Edmonton is looking up. According to Tom Shearer, in an article by the Edmonton Journal, he said “In Edmonton we’re lucky if we see more than 20 houses sell over $1 million,” no matter the month. Currently, the number of homes being sold over $1 million is much higher. 34 homes were recorded to be sold in the million-dollar-plus range. In addition, it should be noted that a February this successful is out of the ordinary. Most of the increase in sales is due to people wanting a bigger home or people looking to purchase their first home. 

Moreover, an influx of people looking to buy property in Edmonton from out-of-town are now making up a portion of sales in the city. Since housing in Edmonton is more affordable than in other major cities, investors are buying what they can. According to the same article by the Edmonton Journal this “hasn’t happened in a long time”. 

People are finally beginning to realize the opportunities that are present in Edmonton. Quality of life, housing affordability, and job opportunities are all major factors in people making the move to Edmonton. 

February Market Statistics in Edmonton

In February, the total residential unit sales increased to 69.3% in the Greater Edmonton area. This is up from last year’s 41.7% residential unit sales. Single-family homes were up 35.6% year-over-year. The average price of a single-family home was $493,545. Thus, indicating a 12.7% increase in price from 2021. 

As for condos, the number of sales increased 55.2% from February 2021. Furthermore, the average sale price for a condo was $226,811. This means a 1.8% decrease compared to last year during February. 

Additionally, duplex unit sales jumped up 55.9% year-over-year. Prices of duplexes in Edmonton saw a small spike in price by 9.1% from February 2021. The average cost of a duplex was $374,290

Homes in the Greater Edmonton Area are moving quickly as we progress into spring. Once the warmer months hit it is likely that housing sales will continue to gain momentum. During the month of February single-family houses and duplexes only lasted 42 on the market on average. This is a 5-6 day decrease from February 2021. REALTORS® in Edmonton are optimistic about the market condition for the remainder of 2022. For a more in-depth look at the February market stats, click here

REALTORS® in Edmonton on the Recent Key Interest Rate Hikes. 

remax elite interest rate

For those who are not aware, the Bank of Canada raised its key interest rate to 0.5% on March 2nd, 2022. This was done in an effort to dampen inflation. Presently, Canadians are seeing some of the highest points of inflation in decades. The decision to raise the benchmark interest rate is expected to be the first of many small rate hikes in 2022. 

The latest interest rate hike will certainly be affecting those with mortgages, lines of credit and savings accounts. In our article last month, we discussed what would be to come for mortgages in Edmonton. You can learn more about that by reading the article “Mortgage Forecast for Edmonton Real Estate”. 

Lenders are beginning to act in accordance with the most recent hike, as many are raising their prime lending rate. Mortgage payments could start to snowball as rates heighten.

Inflation is rumoured to be growing at a rate faster than what was anticipated. With the ongoing effects from the pandemic and now War in Ukraine, all outside factors are contributing to the quick, increase in interest rates.

Contact REALTORS® in Edmonton Today!

With everything going on in the world, buying real estate can appear intimidating. However, with the help of an experienced REALTOR® in Edmonton, the process is not difficult at all. If you have any questions or concerns about buying a home in Edmonton, contact us today. Don’t hesitate to reach out if you’re curious about the most recent interest rate hikes that will affect your mortgage payment. 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!

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!

homes-for-sale-in-edmonton

When listing Edmonton homes for sale the first impression of your home is critical. When potential buyers pull up to your home, the exterior of the home really needs to wow them but that’s not all, the landscaping can make a huge impact on someone’s first impression of your home. Here are some great landscaping tips that can really help sell Edmonton homes for sale.

edmonton homes for sale,top edmonton realtors,north edmonton realtors,sherwood park real estate agentsA cozy patio

Let’s face it, everyone loves to spend time outdoors on their patio, so having an amazing outdoor space is going to be a huge selling feature. Having an updated modern patio is sure to catch any interested buyer’s eye, as they can imagine themselves spending time out there with family, or entertaining friends. If you’re having a hard time figuring out what to do with your patio space, speak with the top Edmonton REALTORS® for help.

edmonton homes for sale,top edmonton realtors,north edmonton realtors,sherwood park real estate agentsThe landscaping needs to flow

When doing the landscaping on your property for the first time, or if you’re just upgrading, it is important to note that the design of the landscaping needs to flow well with your home. When choosing the colors you are going to work with (ie. Flowers, decorations, etc.) it is important that they match the colors of your home. When it comes to the decorations, make sure they also match the décor of your home. If you have a more modern looking home you are going to want to have modern decorations in your yard and garden. Ask your North Edmonton REALTORS® who they recommend for help with landscaping.

edmonton homes for sale,top edmonton realtors,north edmonton realtors,sherwood park real estate agentsKeep a healthy lawn

When people are looking at homes for sale in Edmonton, they are going to pay special attention to the yard, and especially the lawn itself. Having a gorgeous and lush lawn can really help sell your home. Prepare for the future by making sure you lawn has not dead spots, and when people are coming to view your home, make sure the lawn is mowed, trimmed, and raked.

edmonton homes for sale,top edmonton realtors,north edmonton realtors,sherwood park real estate agentsA warm and inviting fire pit

Living in a place such as Edmonton, having a nice warm fire pit in your yard can really boost the attention your home gets. During the cold nights, and the early spring and fall weather, a fire pit is a great place to spend with friends and family, and your potential buyers are sure to see that.

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

Page 1 of 3123