Real Estate Blog - real estate Edmonton

Things to Consider When Buying a New Home

Buying a new home is becoming much more popular as people’s ideas of ‘necessity’ continue to change. New homes offer buyers a ton of choice in terms of finishing touches, whereas resale older homes often need to be improved upon, or have been altered to suit the specific preferences of the previous owner. A new home is a blank slate, and more and more people are desiring to get everything they want right away, without having to go through the whole “starter-home” process.
The pros
A new home often means a builders warranty and lots of customization. From paint colors to countertop materials, it’s your choice when you buy direct from the builder. If you are buying in a new development, this also means you get to move into a brand-spanking-new neighbourhood.…

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Are You Looking at New Home Listings?

So you’ve decided that a brand new home is the way to go, but now what? First you’ll want to find a realtor you like and trust, and then you’ll want to visit some show homes. Builders build show homes, usually multiple ones, to showcase the various home models available for purchase, as well as all the possible additional features you could have. Generally these homes are run like offices so you will need to find out when they are open for tours in order to have a walk-through.
Where to begin…
If you know where you are interested in living, or the name of the development in question, look it up online and view the neighbourhood plans. Here you will be able to tell how many homes are planned, what kind of homes (multi-family, townhomes, single-family) they…

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Using MLS Home Listings Over Other Sites

MLS, or the Multiple Listing Service, is a great tool for home buyers, sellers and real estate agents. This database is a collection of all available homes in any given region in Canada – that are listed with a realtor. You can search by city or neighbourhood, and narrow things further by choosing the style of home or its features. MLS home listings guarantee buyers that what they are seeing is accurate and trustworthy. Unlike private sale homes that are advertised with networks such as Comfree, where there are no realtors, and getting in touch with the seller can be painful. Also, homes advertised on sites like Kijiji, are also unreliable because information is frequently out of date and sellers often don’t answer buyers trying to book viewings.
MLS home…

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Looking at Edmonton Condos for Sale and Trying to Decide

There are a ton of Edmonton condos for sale, or ones that are ready for presale. No matter where you drive in the city, you can see condominium construction underway. Downtown on Jasper Avenue is probably the most notable building site at the moment. The Fox Towers and Ultima Towers are taking advantage of the future site of the arena and building in a highly desirable location. These condos, available for presale right now, will offer residents a host of amenities including built-in fitness facilities, and dozens of restaurants and retail stores within walking distance.

Why condos?

Condos seem to be for a specific type of person. Although, even those who live in condos may eventually want to mow their lawn on a Sunday morning someday, condos are…

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Renting vs. Buying and Looking at the Numbers

Renting is common and certainly the most convenient way to get a roof over your head when you are first starting out. Everyone has rented a property at one point or another, either as a student, newlywed or bachelor. Renting is quick and easy and doesn’t involve the financial or legal commitment that comes with home buying, however, the renting vs. buying debate isn’t much of a debate when you consider all the facts.
In the Beginning
Initially home ownership may seem like a pipe dream because saving up a down payment can be hard and requires a lot of discipline (not to mention excess funds). But if you can stash away a little bit of money each month you will be successful. It may take you years to achieve your goal but its worth it in every way. Renting vs.…

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Figuring Out the Rent to Own System

Ever wonder how the rent to own system works? It’s similar to leasing a car in that you make monthly payments and after an agreed upon period of time you may purchase the home. The difference between homes and cars is that the one renting the home takes a portion of the rental amount and puts it toward the down payment for the future purchase of the home.
When should you rent to own?
The rent-to-own system is great for first time buyers who don’t have a down payment or aren’t in a position to put one together. Although you may pay a slightly higher rental rate to compensate for both saving a down payment and paying the current mortgage, the system works. This is also a great option in a tough market where its too expensive to get in on the ground floor, or…

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Options for Financing a Home

Not many people can afford to outright purchase a home, which means financing a home is common place. Everyone finances their home, the only part that differs is how much of the home gets financed. In Canada first time home buyers are allowed to put down only 5% of the total value of the home as a down payment, meaning they need to finance 95%. If it is not your first home purchase, the banks require at least 20% be put down, allowing for 80% to be financed.
Financing Options
There are a few ways you can go about financing a home purchase. Most people choose to go through their bank, particularly if they have a good relationship with them and a variety of other products, such as RRSP’s, car loans or lines of credit. For all intents and purposes, it just…

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Seeing Growth in Edmonton’s Luxury Real Estate Market

A Growing Market
It may surprise you to learn that the Edmonton luxury real estate market is gaining some momentum. You might be thinking, homes in Edmonton are expensive as it is, how can there even be a luxury market? But there is, and it’s heating up. Although the luxury real estate market here still pales in comparison to the Calgary luxury market, Edmonton is picking up steam. In 2012, 89 properties sold in Edmonton that had list prices of a million dollars or higher, and in 2013 that number rose to 115 – a 29% increase over 2012. There were even vacant lots in Edmonton that fetched prices of a million dollars or more, with one going for $2.5 million.
What Does it Mean?
This increase in luxury real estate sales certainly bodes well for the state of the…

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The Current State of Edmonton Real Estate

Recent History
There is always a lot of talk about how healthy the Edmonton real estate market is, but it hasn’t always been that way. During the recession, when oil prices tanked across the country, Edmonton suffered too – most notably in real estate. There was such a massive population boom in the city in the mid-2000’s that housing construction went through the roof, and not three years later the national economy took a major blow. This halted much of the cities expansion, however, with the recovery of the economy came renewed interest and population influx into Edmonton and other areas of Northern Alberta. The surplus of homes seen in and around 2008 and 2009 have long since disappeared and a new construction boom is well underway.
Is the Price Right?
…

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The Shortfalls of the Edmonton Housing Market

Trends
There are some interesting things happening in the Edmonton housing market as of 2013, and continuing into and throughout 2014. With the average single-family home price topping out at about $400K, many first-time buyers or budget conscious buyers found themselves thrust into the condo market as a means to an end. The rise in average price seems to a precluded many from the market altogether, but it’s had a much more profound effect than all that.
Changes to Come
$400K is a lot of money to most people and despite a great labor force and job opportunities in Western Canada, it’s a difficult amount of money to manage as a young family or bachelor. Obviously this speaks to why many of these people have sought refuge in condos, which average out at about…

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