condos in edmonton ab

Buying and Selling Condos in Downtown Edmonton: What You Need to Know

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Downtown Edmonton is an attractive hub for both young professionals and downsizers seeking a vibrant urban lifestyle. With its mix of historic and modern buildings, proximity to amenities, and access to public transit, it’s no wonder that condos in this area are in high demand. As a seasoned RE/MAX REALTOR® in Edmonton, I have helped numerous clients navigate the complex world of buying and selling condos.

This article provides an in-depth look at the current market, the challenges faced by buyers and sellers, and how to overcome them in Alberta’s shifting real estate landscape.

Current Market Trends in Downtown Edmonton

The downtown Edmonton condo market is currently experiencing a period of adjustment. While prices have stabilized after previous fluctuations, inventory levels remain high, creating a buyer’s market. The ongoing recovery of the oil industry and rising interest rates are significant factors influencing both buyers’ and sellers’ decisions. Compared to other parts of Alberta, downtown Edmonton offers a more affordable entry point into homeownership, but the competition, particularly with new condo developments, is fierce.

Challenges Facing Condo Buyers in Downtown Edmonton

For buyers, one of the biggest hurdles is navigating the impact of rising interest rates and stricter mortgage stress tests. These financial factors have made it more difficult for some prospective buyers to qualify for mortgages, pushing them to consider their budgets and financing options carefully. Additionally, the influx of new condo developments in the area means buyers must be discerning when choosing between resale units and new constructions.

Another challenge is understanding condo fees and potential special assessments. Alberta’s Condominium Property Act has undergone recent changes, making it crucial for buyers to thoroughly review condo documents to avoid unforeseen costs. Working with an experienced REALTOR® like myself, can help buyers with these complexities and ensure they make informed decisions.

Challenges Facing Condo Sellers in Downtown Edmonton

Sellers in downtown Edmonton face their own set of challenges, particularly in a competitive market with numerous new developments. To stand out, sellers must price their condos strategically and may need to invest in staging, repairs, and even minor renovations to attract buyers. A well-presented property can make a significant difference in a market where buyers have many options.

Additionally, sellers need to be aware of market conditions and be realistic about their timelines. Overpricing a condo or being inflexible on closing dates can result in extended time on the market, which could ultimately lower the sale price. Partnering with a REALTOR® who understands the nuances of the downtown Edmonton market, is essential for setting realistic expectations and achieving the best possible outcome.

Legal Considerations for Condo Transactions in Alberta

Alberta’s Condominium Property Act has seen recent updates impacting buyers and sellers. These changes include new regulations around condo boards, reserve funds, and special assessments. Both parties need to understand their rights and obligations under these new rules.

For buyers, a thorough review of condo documents, including the status of reserve funds and any upcoming special assessments, is crucial. For sellers, disclosing all necessary information and ensuring compliance with legal requirements is key to a smooth transaction. The guidance of a knowledgeable REALTOR® can help navigate these legalities and protect both parties’ interests.

Tips for Buyers: What to Look for in a Downtown Condo

When purchasing a condo in downtown Edmonton, it’s important to consider not just the unit itself but also the location and amenities. Proximity to work, public transportation, and lifestyle amenities like restaurants, parks, and pet policies can greatly enhance the living experience.

Buyers should also pay close attention to the financial health of the condo corporation by reviewing documents like the reserve fund study and minutes from condo board meetings. This will help identify potential red flags, such as underfunded reserve funds or upcoming special assessments, which could affect future costs.

Tips for Sellers: Maximizing Your Condo’s Value

For sellers, timing and presentation are key to maximizing your condo’s value. The best time to sell is when the market is favorable, which often means understanding current trends and buyer demand. Proper staging and minor upgrades can significantly enhance your condo’s appeal, making it more attractive to potential buyers.

Marketing your condo effectively is also crucial. Professional photography, virtual tours, and targeted online marketing can help your property stand out in a crowded market. My expertise in crafting a tailored sales strategy ensures that your condo reaches the right audience, increasing the likelihood of a successful sale.

Buying or selling a condo in downtown Edmonton can be a rewarding experience, but it comes with its own set of challenges. Understanding the current market, being aware of legal considerations, and working with a knowledgeable REALTOR® like myself are all essential steps to success. Whether you’re looking to buy your first home or sell your current property, I’m here to provide expert guidance every step of the way. Contact me today to learn more about how I can help you navigate the downtown Edmonton condo market with confidence.

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Buying New Houses for Sale in Edmonton: Mortgage Broker Vs. Bank

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When getting a mortgage for new houses for sale in Edmonton, it can be tricky to decide whether to go with a mortgage broker or a bank. Knowing the difference between the two in your home-buying journey is essential. Both options present several pros and cons that could help you make a smarter choice that saves you time and money. In Canada, it is common to use a bank to secure a mortgage due to its established presence and reputation. However, it is not unusual for homebuyers to outsource a mortgage broker. In this article, I will help you better understand the differences between mortgage brokers and banks when it comes to applying for a mortgage. Follow along below to learn more. 

All About Mortgage Brokers

Mortgage brokers are often referred to when it comes time to make a home purchase decision. But, what is a mortgage broker and how are they different from a bank? According to ratehub, mortgage brokers are licensed mortgage specialists with access to multiple lenders and mortgage rates. They act as an intermediary between you (the buyer) and the lender. A mortgage broker’s commission is ultimately paid by the lender who provides the mortgage. Mortgage brokers represent 43% of all mortgage originations in Canada according to the 2023 CMHC Mortgage Consumer Survey. 

Mortgage brokers, like banks, will put together a mortgage application. Some examples of mortgage brokers in Canada include: CanWise Financial, Dominion Lending, Safebridge Financial and The Mortgage Centre. One of the greatest perks to working with a mortgage broker is that they essentially do the “shopping around” on your behalf. They also negotiate for you, and present you with the lowest rate that you qualify for given the market conditions. Any sort of discount that the mortgage broker gets can be passed on to you, which can be of great benefit.

Despite these benefits, there are also some downsides to working with a mortgage broker. For example, they often charge fees that are incorporated into your contract. While using a mortgage broker may appear “free” for creditworthy borrowers, it’s important to be cautious of these potential costs. Another possible risk of using a mortgage broker is the variability in service quality. Not all brokers have the experience and knowledge to secure the best deal for you. Therefore, it’s crucial to find someone trustworthy with a positive reputation. Additionally, if you are purchasing a home for the first time, you might find it advantageous to acquire a mortgage through a bank with which you have an existing relationship.

Using a Bank to Secure a Mortgage for New Houses for Sale in Edmonton

A more common route to securing a mortgage in Canada is through a bank. According to the 2023 CMHC Mortgage Consumer Survey, banks accounted for 57% of mortgage originations. This number has gone down in recent years, due to the growing popularity of mortgage brokers. When you acquire a mortgage from a bank, it usually means that you go through a chartered banking institution that offers personal banking, credit, loan and mortgage services. There is no middleman involved when you receive your mortgage from a bank. This is because the bank acts as a lender. 

When you apply for a mortgage at a bank, they will put together an application for you. Some examples of Canadian banks that you can receive a mortgage from include TD, RBC, BMO, CIBC, Scotiabank and Tangerine. Unlike a mortgage broker, banks can only offer their mortgage products. This can leave you somewhat limited in terms of options. It also requires that you shop around and compare lending rates on your own. As a first-time buyer, this can be somewhat daunting. What’s more, is that even though banks offer discounts on their posted mortgage rates, it is up to you to negotiate to receive them at a cheaper cost. 

Acquiring a mortgage through a bank offers the perk of consolidating your financial services with a provider you already know and trust. This familiarity can simplify your banking experience by allowing you to manage multiple financial products, such as savings, investments, and insurance, under one roof. By leveraging an existing relationship, you may also benefit from streamlined communication and potentially better integration of services tailored to your financial goals. This consolidation can enhance convenience and efficiency in managing your finances.

Contact me Today!

Understanding the difference between mortgage brokers and banks is important as you look towards achieving your real estate goals. Contact me today to learn more about new houses for sale in Edmonton. I’d be happy to answer any questions you have about how to achieve your 2024 real estate goals. Feel free to reach out to me at any time! Be sure to check back next month for more real estate-related information. I look forward to working with you in the near future. 

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How do Canadians Feel About Buying Edmonton Real Estate for Sale?

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Since interest rates began to climb in 2022, Alberta cities have remained relatively affordable compared to national averages. As such, many Canadian homebuyers have looked to this province to find an inexpensive place to live. However, with such a great number of buyers relocating to Alberta, prices in major cities like Edmonton and Calgary have been forced in the upward direction. Consequently, this causes Alberta residents to be a bit more cautious before pulling the trigger on purchasing a home. To give you a better idea of the market for Edmonton real estate for sale, I put together this market update. Here, you’ll find the latest trends and best places to buy real estate in the city. Follow along below to learn more. 

BMO Survey Reveals Hesitance in Canadian Homebuyers

At the end of April, BMO released its BMO Real Financial Progress Index. This survey is designed to indicate how consumers feel about their personal finances and whether they are making financial progress. The inaugural release of this survey was in 2021 to help Canadians navigate the uncertainty of the pandemic. Now, it serves as a way for Canadians to check in and see how they’re coping with current economic challenges. For example, inflation and rising interest rates. The index reveals insights into spending behaviours, financial confidence, and areas causing financial anxiety. Thus, offering a comprehensive view of Canadians’ financial well-being. 

In the most recent release of this index, BMO found that 72% of aspiring homeowners are still waiting for interest rates to drop off before buying a home. This value is up 4% year-over-year, indicating rising concerns for affordability and financial stability. Within this report, 58% of people noted that they were worried about the cost of living. Another 56% said that inflation was a major concern, and 38% said they were uncertain about their overall financial situation. For buyers who are set on waiting until interest rates come down, there is a possibility that the Bank of Canada could make cuts this month or the month following (July). 

What’s interesting is that among all of the financial concerns, 85% of Canadians still believe that they are making real financial progress. Furthermore, 67% went as far as to say that they are confident in their financial situation. Despite this, housing costs remain the top source of anxiety for Canadians, with 74% of people highlighting this in the report. The main factors contributing to this anxiety include a shift in the Canadian dream, pent-up demand, refinancing troubles, climate considerations, and the cost of homeownership itself. 

What Does This Mean for Buyers and Sellers of Edmonton Real Estate for Sale?

For buyers, these statistics highlight several key trends in the real estate market. First, there is limited demand for homes until interest rates decrease. This is because many buyers are hesitant to enter the market given such high borrowing costs. Buyers who do not wait for rates to drop will benefit from reduced competition, giving them more time to conduct due diligence and explore their options. Less buyer-to-buyer competition means decreased pressure to make a quick decision—something that is common in a crowded market. If you’re ready to act now, work with a REALTOR® to leverage the current market conditions. 

Another trend that is becoming more prevalent across Canada is the redefinition of the Canadian dream. While many Canadians aspire to one day purchase a home, this goal is becoming increasingly hard to achieve. As such, Gen Z and Millennials are being forced to look at alternative paths to homeownership. Over half of people in these generations are aspiring homeowners, but most believe that this goal won’t be achieved until 2025 or later. Gen Z and Millenials are the most likely to expect to receive or plan to ask for financial help from their parents/grandparents. Other homebuying strategies include rent-to-own agreements, co-owning with someone other than immediate family, or renting out a portion of the house. 

On the other side of the market, sellers will need a strong marketing strategy to sell their property until local buyer activity resurfaces. Working with a trusted REALTOR® is a great way to ensure that your home sells in the toughest market conditions. Despite many buyers still waiting on the sidelines, there remain several out-of-town buyers who are actively seeking homes in Edmonton. Appealing to this demographic may be sellers’ ticket to success in the current climate. 

Contact me Today!

Paying attention to market trends and statistics is critical for those looking to buy or sell real estate this summer. Contact me today to learn more about Edmonton real estate for sale. I’d be happy to answer any questions you have about how to achieve your 2024 real estate goals. Feel free to reach out to me at any time! Be sure to check back next month for more real estate-related information. I look forward to working with you in the near future. 

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A Buyer’s Guide to Sherwood Park Real Estate for Sale

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If you’re looking to capitalize on Edmonton’s real estate market and invest in a home, this guide is for you. Buying a home involves many nuances that both new and previously sidelined buyers should review. From understanding the risks of homeownership to making sure you’re financially ready, there’s a lot to consider. For those who are eager to purchase Sherwood Park real estate for sale, we will be going over everything you need to know about the steps to attaining homeownership in this neighbourhood.

Follow along below to learn more about buying in Sherwood Park, Edmonton. 

Taking Your First Steps

As you start on your journey to finding Sherwood Park real estate for sale, it is important that you begin by assessing your needs and wants. This is an essential step that can help you narrow your search and ensure that buying a home is the right decision. To do this, take some time to reflect upon your future plans. Do you see yourself moving in the next five years? Did you just accept a new job? Are you planning on starting a family or approaching retirement? Asking these questions is a critical first step. If you determine that buying is the most appropriate choice for your situation, you can then start considering more specific questions about purchasing a property. For instance, what size and type of home you want, how many bedrooms/bathrooms you need, and so on. 

The next step is to set your budget. Budgeting is likely the most important part of your buying journey. Finding a price range will dictate several factors. For example, what homes are in your price range, what kind of mortgage you will be looking for, and how much your down payment will be. To get a better idea of your budget, it is a good idea to speak with a mortgage advisor or financial planner. During this step, getting pre-approved for a mortgage of your choice is also a smart decision.

Another key step in the early stages of buying a home is hiring a local real estate agent. Partnering with a real estate agent who understands the local market can play a major role in the success of your purchase. An experienced agent will have great negotiating skills, an in-depth knowledge of the area you’re buying in, and several industry connections to help ease the process. 

What to Know About Buying Sherwood Park Real Estate for Sale?

For those who are interested in buying Sherwood Park real estate for sale, it is a good idea to get a sense of the neighbourhood before narrowing down your search. Sherwood Park, formerly called “The Park”, began in the mid-1950s as a satellite community for Refinery Row industrial employees. However, today, Sherwood Park is a highly sought-after community known for its safe and amenity-rich neighbourhoods. From recreational facilities to greenspaces, Sherwood Park is a desirable area that many Edmonton residents aspire to call home. Within the community exist several high-quality schools and nearby police/ambulance services. 

One of the newer developments in Sherwood Park is called Centre in the Park. This neighbourhood combines modern residential homes with retail services, public spaces, and municipal services. Furthermore, it integrates with older amenities in the community such as Broadmoor Lake Park, the Heritage Trail System, and Festival Place. There are also several businesses and schools connected within the area offering a complete sense of community. 

Another important aspect of Sherwood Park is its hamlet status. In Alberta, the term hamlet is used to define an urban centre governed by the municipality in which it is located. To grasp the significance of this classification, it is important to know that Sherwood Park is a part of Strathcona County. Strathcona County was incorporated in 1996 as a specialized municipality due to its combination of urban and rural areas. This means that the county can receive grants and other provincial benefits available to both rural and urban municipalities. 

Contact me Today!

Working towards buying Sherwood Park real estate for sale is an exciting process. Contact me today to learn more about the real estate market in this area. I’d be happy to answer any questions you have about how to achieve your 2024 real estate goals. Feel free to reach out to me at any time! Be sure to check back next month for more real estate-related information. I look forward to working with you. 

edmonton houses for sale real estate outlook 2024

Houses for Sale in Edmonton: 2024 Market Outlook

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Happy New Year to everyone! If you’re considering entering the Edmonton housing market this year, you’ve come to the right place. Throughout 2023, Edmonton consistently ranked among the top places to live in Canada in terms of affordability and opportunity. Additionally, it boasted some of the most stable housing prices, as reported by CREA. Now, you might be wondering about the changes expected in 2024. What can buyers and sellers anticipate in this year’s market? In this article, I will provide a market outlook for the New Year, offering insights into the latest trends and projections. Join me below as we delve into what to expect from the housing market in Edmonton in 2024!

Trends to Expect From Houses for Sale in Edmonton in 2024

In 2024, buyers and sellers can expect to see some shifts in the market. One of the predictions outlined by experts this year is that the market will shift from one that is balanced to one that favours sellers. This means lower inventory levels and more demand from buyers. So, for those who have been waiting for the right time to list their homes for sale, now may be your chance. 

In Edmonton, RE/MAX forecasted that the two greatest trends that will impact the area will be rising interest rates and interprovincial migration from Ontario. Interest rates will continue to play a crucial role in shaping the dynamics of the real estate market. As interest rates go up, the cost of borrowing will follow suit which is likely to affect the decisions of both buyers and sellers. Higher interest rates in Edmonton may cause changes in affordability in Edmonton which is something the city has yet to see thanks to its stability over the past year. 

As for new residents migrating from Ontario, this will likely equate to more competition for housing. Thus, influencing the value of property in Edmonton and surrounding areas. With Ontario being one of the least most affordable provinces to live in Canada, it’s no surprise that many will be making the move to Edmonton this year. 

Sellers should be aware that single-family homes will be the most popular in 2024. This prediction suggests that among all property types, single-detached homes will be preferred among buyers. If you’re looking to list your single-family home, be sure to tailor your listing in accordance with this trend. Factors such as a growing desire for more space and a heightened sense of privacy are driving the popularity of this housing type. 

Other Items to Note Going Into the Edmonton Real Estate Market in the New Year

Whether you are a buyer or seller going into the Edmonton real estate market, there are some other items worth noting. For instance, in 2024, the city is expecting to experience a four percent increase in average residential prices and a decline of five percent in regard to sale transactions. 

During 2024, experts envision that the top three most desirable neighbourhoods in Edmonton will be Oliver/Downtown, Rutherford/Heritage Valley, and Terra Losa. Recognizing the desirability of these areas holds value for both sellers and buyers. For instance, buyers may want to begin their search in one of these neighbourhoods, as current popularity often signals a smart investment opportunity. Furthermore, sellers in these locales can enhance their market appeal by highlighting unique characteristics that make their property stand out. Thereby, minimizing their home’s days on the market and attracting prospective buyers!

It has also been noted that similar to national trends, the rising interest rates have had a cooling effect on the Edmonton market. However, despite the growing rates, Edmonton has been able to remain relatively affordable. Thus, reinforcing the province’s resilience. Edmonton’s low housing prices and high household incomes are two of the main reasons driving Canadians from out of province to relocate to this city. 

Contact me About Houses for Sale in Edmonton in 2024!

If you’re looking to jump into the real estate market in Edmonton in 2024, now is the time to begin. 2024 is going to bring plenty of opportunities for sellers and buyers alike. Contact me today to learn more about buying or selling houses for sale in Edmonton this year. I’d be happy to answer any questions you have about how to achieve your New Year’s real estate goals. Feel free to reach out to me at any time! Be sure to check back next month for more real estate-related information.

I look forward to working with you in 2024!