Real Estate Blog - March, 2014

Single Family Homes are the Pinnacle

Single family homes are the pinnacle for most people when they envision their dream house. A single family homes typically refers to a detached home, or a home without neighbours who share walls with you. Duplexes, apartments and townhomes are not considered sing-family homes, but rather multi-family dwellings.
The reason the single family home is so sought after is because it provides far more privacy and space then multi-family homes generally do. While a single family home may come in the shape of a bungalow, two-story, back-split, side-split or even a raised home, they also come with things like garages (attached or detached), driveways, yards (fenced or not), basements and possibly attics. Depending on the age of the home, it may come with all or only…

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Buying a House In Edmonton

Many types of housing are available at a wide range of prices, so finding the right home for you and your family may take some effort. Like anywhere, prices depend on:

• local economic and employment conditions
• the number of houses and apartments available

When buying a home, you can either:

• hire a professional real estate agent to manage the purchase for you or
• buy the property directly from the owner yourself

You will also need to consult with professionals, including:

• an appraiser and home inspector to assess the worth and condition of the home
• a lawyer to protect your interests and to facilitate the transaction
• a lender or mortgage broker to arrange for financing 

Choosing a neighbourhood 
There are many…

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The Benefits of Being a First Time Homebuyer

For a first time homebuyer, realizing you’ve finally saved up enough for a down payment is a proud and exciting day. But where so you begin? There are many things you’ll want in your new home, and maybe a few different neighbourhoods you would consider living in.

Begin by searching a neighbourhood or city you are interested in, within your price range. This will give you some idea of the amount of homes available within your budget, even if you don’t necessarily find anything you love right away. Secondly, you should contact a mortgage broker. A broker will tell first time homebuyers exactly what you can afford, which may mean adjusting the budget you already had in mind. A broker will take into consideration what you have saved, your credit, your…

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Fixed rates will be better when interest rate go higher.

According to BMO capital market, longer-term fixed mortgage rate may be sooner better deal for homebuyers than variable rates. Variable mortgage rates has been cost effective for homebuyers.  As economy is improving to continue long term rate will be beneficial for home buyers. Bank of Canada and Federal Reserve might increase interest rates in 2015.

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Bank of Canda keeping interest rate unchanged.

The Bank of Canada is keeping its lending rate at 1% until 2015.Bank of Canada recognized that inflation is little higher than expectation and economic growth is little bit stronger. Bank of Canada also expecting inflation rate between 1% and 3% . Five year lending rate at 5.24% as of March 5th , 2014 which is down from January 22nd 2014 statement.  Next interest rate statement will be on April 16th 2014.

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CMHC mortgage loan insurance premiums is going up

CMHC has increased its mortgage loan insurance premiums for homeowner and will be from effective May 1, 2014. It does not apply to mortgage currently insured by CMHC.
According to CMHC, higher premium will result in an increase of approximately $5 to their mortgage payment.
Effective May 1st 2014 rates will be as follows
Loan-to-Value Ratio Standard Premium (Current) Standard Premium (Effective May 1st, 2014)
Up to and including 65% 0.50% 0.60%
Up to and including 75% 0.65% 0.75%
Up to and including 80% 1.00% 1.25%
Up to and including 85% 1.75% 1.80%
Up to and including 90% 2.00% 2.40%
Up to and including 95% 2.75% 3.15%
90.01% to 95% – Non-Traditional Down Payment 2.90% 3.35%

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Residential home sales were up in February 2014

According to Realtors® association of Edmonton active listings in February 2014 was up about 7.3% as compared to January 2014 and sales was up by 24.4%. Prices rose up to 2.9% for residential properties (including single family, condos, duplexs and row houses).Residential properties listed on MLS® at the end of February were 3906.Average Days on market was 54.

 Highlights of MLS® System activity

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