Real Estate Blog

New year, new mortgage rules. As of January 1, 2018, Canadian home buyers will be facing more rigid guidelines when qualifying for a mortgage with a federally regulated lender. Thanks to Canada’s banking watchdog, the Office of the Superintendent of Financial Institutions (OSFI), a first-time home buyer will be able to afford about 20 percent less house in the new year. So, what do these changes mean for the want-to-be home owners out there?

1. All uninsured mortgage customers will be subject to a qualifying rate stress test

Under the new stress test, uninsured mortgage customers must qualify for a mortgage at a rate that is the greater of two indicators: either 200 basis points (2 percent) higher than the mortgage rate they qualified for, or

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We are seeing increased prices across the board – Single Family Houses, Condos, and Row houses, however the number of sales have slowed down, but what does all this really mean?

Single Family detached homes are basically seeing for every 2 listings on the market 1 is selling within average time of 48 days.

Condos are seeing approximately for every 5 listings 2 are selling within the average time of 60 days.

Row Houses/Duplexes are also seeing approximately for every 2 listings 1 unit is selling in an average of 64 days.

In summary the number of sales are down overall from April 2016 but we are seeing a promising increase in activity. Average Sales prices are up, the number of days properties are listed on the market are unchanged and overall

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Edmonton's real estate market continues to strengthen even into the winter months and even more impressive November's average sale price was second highest all year, with the exception to the month of July.  Single family homes and duplex/rowhouses saw increases in overall prices though condos experienced a minor decrease in price, not bad for November!

In our experience winter months bring serious buyers and sellers, so if your thinking about making a move contact our team to discuss your options.

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Good news for Edmonton’s real estate market – prices are stable and holding steady. We are seeing slight decreases in price but overall we seem to be in a balanced market. Many sellers we meet seem to be holding off until the new year to list their properties so 2017 is looking promising!   If you are interested in buying or selling call us first to discuss your options and how the current market conditions will affect you.

Edmonton Market Stats Oct 2016

 

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Edmonton real estate prices continue to be fairly flat with very slight decreases compared to August and this time last year. Going forward, the chair of the REALTORS® Association of Edmonton says “We expect to see listings and sales slow as winter approaches. We may begin to see the effects of slight downward pressure on prices, but do not expect to see any drastic movement as our market continues to remain stable. Sellers can expect to wait a little longer than previous years for their property to sell.”

For single family homes it took on average 54 days to sell with an average price of $430,461 and a median price of $397,250. This represents a slight decrease in average price of .9% compared to August, and .24% compared to September of 2015. Sales

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Announced today by the Government of Canada's department of Finance, home-buyer's are going to see some changes in how their mortgage application is processed come October 17, 2016.  This comes as no surprise with recent news that Canadians are taking on more than they can handle when it comes to financial debt.  These changes will ensure home-buyers qualifying for mortgages can actually afford them.  All Canadian Insured mortgages (mortgages that have less than a 20% down-payment), this is not mortgage insurance, will now have to undergo a "stress test".  Prior to this change, 5 year fixed mortgages were exempt from this approval process but this is coming to an end.  You now MUST qualify for the Bank of Canada's current benchmark rate which is currently

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 hamptons duplex for sale - sold

4918 213 Street, Edmonton

Stunning two story half duplex located in the Premier neighborhood of the Hamptons. Walk in and be impressed with bright open concept floor plan that features, chocolate cabinets, granite countertop, upgraded appliances, hardwood & tile flooring, gas fireplace in living room, large dining area, half bath, main floor laundry/mudroom that leads to the attached double car garage. Upstairs has a large master bedroom with four piece ensuite, walk-in closet, two additional spare rooms, 4 piece main bath and bright bonus room. The front and back yard are fully landscaped with trees and shrubs, fully fenced with a deck off the dining area. Other wonderful perks on this turn key home is the central air conditioning & Central Vac

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anthony henday access to northeast real estate

You have heard right, the final leg of the Anthony Henday will be open to the public this Saturday October 1, 2016.  This is a going to be such a great transportation route for us, as your local REALTORS, we  travel to and from every part of the city and surrounding areas such as Sherwood Park.  The dread to have to head "EAST" is going to be a distant thought for us with access to the east section of the Anthony henday coming tomorrow.  We are so excited to see this finally be complete and with quick and easy access to Sherwood Park, Strathcona County and Fort Saskatchewan it is going to open possibilities for potential home buyers  with communities they may consider residing in. 

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