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steve leddy sherwood park alberta real estate agent blog recap

Looking Back on Houses for Sale in Sherwood Park Alberta in 2024!

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As 2024 winds down, it’s time to look back and reflect on the year that was! Keeping with tradition, I’m excited to share this annual year-end blog recap. Reflecting on the past is a powerful way to set the stage for what’s next, and this year’s content has been packed with insights, ideas, and inspiration. In this post, I’ll revisit the content from 2024, organized by season and month, so you can easily catch up on any articles you may have missed. Whether you’re passionate about houses for sale in Sherwood Park Alberta or condos in downtown Edmonton, this recap offers a comprehensive look at the year in review.

So, grab a cup of coffee and follow along to rediscover the highlights that shaped the year and look ahead to what’s next!

Winter and Spring in Review

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Jan – Houses for Sale in Edmonton: 2024 Market Outlook

In January, I kicked off the year with a detailed market outlook focusing on houses for sale in Edmonton. This post offered an in-depth analysis of the current market landscape, highlighted key trends to watch, and provided predictions for 2024. 

Feb – Should You Renovate or Buy Houses for Sale in Edmonton South?

Choosing to renovate or choosing to buy come with very different pros and cons. In this article, I covered everything you need to know to make the right decision for you. 

Mar – Edmonton Luxury Real Estate is Forecasted to Boom in 2024

Canada’s luxury real estate market remained relatively quiet throughout 2023. However, in 2024, things started to pick up. Revisit this article to see how the market shifted in March.

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

If you’re looking to capitalize on Edmonton’s real estate market and buy a home in 2025, this guide is worth reading. Here, you’ll learn about everything you need to know regarding the steps to attaining homeownership in Sherwood Park 

May – Real Estate Sherwood Park: New Bremner Hydrogen Powered Community

In May, I focused on something a little different—the Bremner Hydrogen Powered Community. This post features information about Bremner’s cutting edge development coming soon to Sherwood Park. Check it out if you’re in the market for a new home in 2025. 

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

Since interest rates began to climb in 2022, Alberta cities have remained relatively affordable compared to national averages. To help you get a better idea of the current market climate, I shared some information about the current market sentiments amongst buyers and sellers in Canada. 

Summer and Fall Focused on the Important Things

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

Knowing the difference between a securing a mortgage from a mortgage broker vs. a bank is a key aspect of purchasing a home. To help you find your way through the financing process, I wrote this post highlighting the key differences between the two. Check it out if you’re looking to buy in the New Year!

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

In August, I focused on informing readers about what you need to know when buying or selling condos in Downtown Edmonton. This article showcased current market trends, common challenges, and provided an overview of what you can expect. 

Sept – Exploring Houses for Sale in Edmonton Alberta This Fall

As the Bank of Canada continued to lower its key rate throughout the fall, this blog post explored strategies for buyers and sellers to make the most of these shifts. If you’re looking to position yourself financially for the changes ahead in the new year, this is a must-read.

Oct – Work with Steve Leddy, Your Local Real Estate Expert, and Discover Why Sherwood Park is the Ideal Place to Buy or Sell Your Home!

In October, I highlighted why Sherwood Park is an excellent choice for real estate investment. Considering buying a home in this area in 2025? Discover why this neighbourhood is a favorite among Albertans!

Nov – How New Rate Cuts Will Affect Downtown Edmonton Homes for Sale

If you’ve been following the Bank of Canada’s rate changes, you’re likely curious about how the latest cuts could affect downtown Edmonton homes for sale. For insights and details, be sure to check out this article!

Contact Me Today!

As we approach 2025, it’s clear that houses in Edmonton continue to be a smart investment for the year ahead. I want to take a moment to give thanks to all my clients for making this past year in the Edmonton real estate market so rewarding.

If you’re considering buying or selling a home, I’m here to help you steer through your real estate journey. Whether you have questions about the market, need advice on achieving your goals, or are ready to take the next step, don’t hesitate to reach out.

Stay tuned for more real estate insights and updates in the coming months. Here’s to a successful and exciting 2024! Wishing you and your family a wonderful holiday season and a happy New Year!

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How New Rate Cuts Will Affect Downtown Edmonton Homes for Sale

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No matter who you are or what your real estate goals may be, chances are that you’ve been paying close attention to the various rate increases and cuts from the Bank of Canada (BoC). Every six weeks, homeowners and investors anxiously await the BoC’s rate announcement, eager to see what direction they head. At the end of October, the BoC made its most recent change and slashed its benchmark interest rate. After a whopping 0.5% cut the rate has gone from 4.25% at the beginning of September to to its present value of 3.75%. This has marked the fourth rate cut in a row, leaving interest rates comparable to those in 2021. If you’re curious about how new rate cuts will affect downtown Edmonton homes for sale, continue reading this post!

How Will This Rate Cut Alter the Real Estate Market in Edmonton?

Prospective homebuyers stand to save thousands of dollars each year in interest payments when interest rates are low. This frees up cash for buyers to spend on their down payments, savings, or even travel expenses. When interest rates drop low, you’ll notice that many homeowners and buyers will try to take advantage of the cheaper cost by committing to a fixed-rate mortgage. And, when real estate becomes more affordable, the market gets busier. This is why you’ll typically see a big jump in market activity when interest rates are cut back. 

Since dropping to 3.75%, the lower rates have instilled confidence in new buyers. In a study conducted by RE/MAX as part of the fall 2024 market outlook report, the thought of lower rates alone is contributing to high hopes of first-time buyers being able to purchase a property. Of Canadians, 25% are currently saving for a home purchase and have conveyed confidence in their ability to do so soon. 35% of these prospective buyers are Gen Zs between the ages of 18 and 24. However, for some Canadians, this rate cut is a day late and a dollar short. Some 14% of current homeowners who need to renew their mortgages feel they will need to sell in the near future to maintain their financial stability. 

While consumers have more options than usual at the moment, experts predict that this level of affordability won’t last forever. As we return to more healthy market conditions, those invested in real estate can expect to endure more changes to the key lending rate. Industry professionals have rumoured that the market will tighten again come spring, but this is not guaranteed. 

How Will Mortgages of Downtown Edmonton Homes for Sale be Affected?

The recent interest rate cut to 3.75% is poised to significantly impact mortgages for downtown Edmonton homes. One of the most immediate effects is the reduction in monthly mortgage payments for new buyers who secure loans under these lower rates. This translates to greater affordability and improved purchasing power, enabling more potential homeowners to consider entering the market or expanding their real estate portfolio.

For those already holding variable-rate mortgages, this cut can offer financial relief by lowering their interest payments, allowing them to allocate funds towards savings or home improvements. This is particularly important as Edmonton’s downtown continues to develop, attracting new residents who want investment opportunities and a home in the city.

However, not everyone will benefit equally. Homeowners who recently locked into fixed-rate mortgages during previous rate hikes might not immediately enjoy these savings unless they opt for refinancing—a step that comes with its own set of fees and considerations. Additionally, individuals with upcoming mortgage renewals may find this a favourable window to renegotiate their terms under the more competitive rates.

Industry experts warn that while the rate cut is a positive sign for homebuyers and sellers, it is crucial to remain cautious. This period of affordability might be short-lived if economic conditions shift, prompting the BoC to raise rates again soon. Such fluctuations could impact long-term mortgage planning and should be factored into any real estate strategy.

Ultimately, while lower rates encourage those looking to purchase or refinance downtown Edmonton homes, buyers and current homeowners should stay informed and proactive. Consulting with a mortgage professional can help you navigate these changes and secure the most beneficial terms in the changing market. 

Contact me Today!

Staying informed about current changes in BoC’s interest rates is critical if you plan to invest or are invested in real estate. Interest rates play a major role in the cost of living. By keeping in the loop, you can better avoid common financial pitfalls. Contact me today to learn more about Downtown Edmonton homes for sale. I’d be happy to answer any questions you have about how to achieve your end-of-year 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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Exploring Houses for Sale in Edmonton Alberta This Fall

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As a homeowner or eager buyer in Edmonton, understanding the fall market conditions can be challenging. As the Bank of Canada (BoC) continues to lower its key lending rates, the market is undoubtedly shifting. Experts have informed the public that these rate cuts are likely to persist throughout the year.  As a result, those invested in real estate have raised questions about how this will affect their portfolios. If you are a buyer or seller looking to capitalize on the fall market buzz in Edmonton, it is important to understand the current climate. In this article, we will cover a brief overview of what you can expect based on your real estate goals. 

How to Sell Houses for Sale in Edmonton Alberta in the Months to Come?

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With the rate at which interprovincial migration to Edmonton is going, the housing supply in Edmonton continues to be limited. A large majority of new Edmonton residents are coming from Ontario to escape sky-high prices. While Edmonton city planners are working hard to create more housing developments, demand is still outpacing inventory. Consequently, this has resulted in a market climate that overwhelmingly favours sellers. 

If you are a seller looking to capitalize on these conditions, there are a few things that you can do. The first is to find a way to set your property apart from the rest of the market listings. Even though demand is outpacing supply, it is still critical that you take the time to market your listing well. Before you put your home for sale, consider adding a fresh coat of paint, decluttering and hiring a landscaping company to refresh your home’s exterior. Another great way to make sure that your home stands out is by having a professional photographer take your listing photos. Photographing your listing by an expert will ensure that your home’s best features are displayed. 

Another important tidbit for sellers to remember is that older, low-end condos are selling very well in the current market. If you are an eager seller who has been sitting on an older property, it could be worth putting it up for sale this fall. Many properties that fit into this category are being snatched up by investors and first-time homebuyers looking to get their foot on the property ladder. If you’re still unsure about selling your home, chat with an experienced real estate professional to see what your options are! In many cases, several options are available to move up and cash in on lower-end properties. 

Buying During a Seller‘s Market

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As a buyer looking to purchase a home in a seller’s market, there is a lot to keep in mind to make the best financial decisions. While the rate cuts are increasing consumer confidence, it’s still important to tread with caution. Even though interest rates are on their way down, the value of real estate in Edmonton is rising faster than the savings produced by the BoC’s cuts. As a result of this, experts are warning buyers not to wait until rates drop to enter the market. For those that wait too long, they may find themselves lowering their expectations about what they can purchase due to the jump in the value of houses for sale in Edmonton Alberta. 

Buyers waiting for more inventory to hit the market could be sidelined for a while longer. There is lots of inventory currently locked up, which real estate professionals are calling “shadow inventory”. The reason this real estate is unable to sell is because the homeowners of shadow inventory don’t want to list their property for sale until they line up a new home to buy. If this sounds like you or someone you know, it’s important to work with an expert. Navigating this issue can be done with the right help from a REALTOR® and mortgage broker. 

With all of this in mind, buyers looking to purchase a property 10 years or older in the $600,000 to $1 million range, finding a property is no problem at all. In fact, in this scenario the market is favouring buyers. The same rings true for those searching for a property in the luxury market ($1 million+). However, when you start getting into the $500,000 range and below, the market is increasingly competitive. 

Contact me About Houses for Sale in Edmonton Alberta!

Understanding the current market climate in Edmonton is critical as you look towards achieving your real estate goals. Contact me today to learn more about houses for sale in Edmonton Alberta. I’d be happy to answer any questions you have about how to achieve your fall 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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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.