Real Estate Blog - Edmonton real estate

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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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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Real Estate Tips

Real estate can be an exciting venture in life, whether you are looking for a private residence or you are in search of investment or recreational property. Whatever you are after, it is likely you have more than a few questions about it. Below are some tips and guidelines to consider when you begin to shop for real estate.

First things first…
Get a mortgage preapproval. This will mean ensuring your credit score is in good order, and that you have some money stashed away for a down payment. Not only does a preapproval give you peace-of-mind and surety of your real estate price range, it also looks good to sellers when you make an offer and there are competing bids.

Be willing to compromise
Unless you are in a position to purchase a million dollar…

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More Positives in Edmonton Real Estate

The Edmonton real estate market is promising to remain healthy according to forecasts announced by the Realtors Association of Edmonton early in January. According to this announcement, current home owners can expect to see a 3% increase in the value of their single-family homes, with condominiums and townhomes seeing an approximated increase of 2%.

First Time Buyers

For first time buyers these statistics can seem alarming, but what the Association also stated was that the sales of condominiums and alike homes will increase this year – with about 11 500 predicted to be purchased (an increase of 1000 from 2013). The reason this increase is predicted is because while the Edmonton real estate market is healthy and growing, condos and townhomes (also…

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Shopping Edmonton Homes for Sale and Why Not to be Intimidated

Edmonton Homes for Sale are popping up every minute and selling out faster than you can blink. In the South end of the City alone, there are over a dozen developments in various stages of completion. Now is a great time to buy in this part of the City because you’re pretty much guaranteed to see a return on your investment.

While you may only be purchasing a lot at this time, depending on the development, one thing is a fact: getting in on a development in the earliest stages is going to offer you the best prices (on lots or homes). As developments complete, construction noise dissipates, landscaping is finished and the area more or less settles. All the amenities and features of the community are in place for residents and a whole neighbourhood is now…

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Edmonton Real Estate and First-time Home Buyers

If you are looking at purchasing some Edmonton real estate but are just getting your feet wet in the real estate market here, there are a few things to consider. It can be very exciting when you finally decide to buy your first home, and many people hop right online and begin browsing through listings. It’s only natural to dive right in like this, but actual house-hunting isn’t the first step you should be taking. What you need to do first is figure out what you can afford.

To do this, begin by talking to your bank or a mortgage broker. Together, they will show you how all your current assets, debts and expenses, come together to paint the picture of the price-range you can comfortably afford to shop in. Once this is taken care of, you will…

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Edmonton Real Estate Sales were high in November

Winter did not slow Edmonton real estate sales in November according to figures released by the REALTORS® Association of Edmonton. One month sales in November were the highest in five years. The figures are based on sales through the Multiple Listing Service® System in the Edmonton CMA.

The number of all-residential sales in the Edmonton CMA in November (adjusted to account for late reported sales) was 1,116 highest number of sales in the month since 2009. There were 672 (622 reported) Edmonton sales of single family homes, 349 (323 reported) condo sales and 83 (77 reported) duplex/row house sales in November. Total residential sales were up 10.5% over November 2012 with SFD sales up 7.9% and Edmonton condos sales up 13.7%.  

The average…

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Youthful buyers continue to drive housing sales in October

REALTORS® Association of Edmonton released market housing statistics for the month of October based on sales through the Multiple Listing Service® in the Edmonton CMA. The all-residential average price in the Edmonton CMA is $337,599 as compared to $332,232 in October 2012, a +2.5% change. The median price for a home in Edmonton is up at $327,250 compared to $315,600 last October.

All-residential sales totalled 1,454 (adjusted for late reported sales, 1,346 reported) in October, a positive change of 15.6% from the same month last year when there were 1,258 residential sales. There were 888 (822) adjusted SFD sales, 449 (416) adjusted condo sales and 90 (83) adjusted duplex/rowhouse sales (reported sales in brackets).

“Total annual sales are…

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September housing prices up 5.4% from last year

The REALTORS® Association of Edmonton released market housing statistics for the year to date (YTD) including the month of September. The all-residential average price for the first three quarters of the year in the Edmonton CMA is $350,741 as compared to $340,090 in 2012.

In September, the all-residential average was $352,057, up 5.4% from a year ago and inching up from $351,455 in the previous month.

Year-over-year sales were also up 19.4% with 1,466 (adjusted, 1,357 actual) all-residential sales in September. There were 13,691 residential sales in the Edmonton CMA in the first three quarters of 2013 as compared to just 12,876 sales at the same time last year.

“Our members report that the market is very active with many properties…

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