Tag Archive for: Real estate for sale downtown Edmonton

homes for sale in edmonton

Exploring Houses for Sale in Edmonton Alberta This Fall

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?

Houses-for-Sale-in-Edmonton-Alberta-This-Fall

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

Exploring-Houses-for-Sale-in-Edmonton-Alberta

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.

condos in edmonton ab

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

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.

moving to edmonton from canada

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. 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. 

luxury homes for sale in edmonton real estate

Edmonton Luxury Real Estate is Forecasted to Boom in 2024

Canada’s luxury real estate market remained relatively quiet throughout 2023. However, this year, experts are predicting that luxury homes will start to pick up the pace in terms of sales in the months to come. With interest rates at all-time highs last year, it’s no surprise that several Canadians put a pause on purchasing luxury assets. Now that interest rates are steadying, and rumours of decreases are circulating, eager buyers and investors are looking to make their move on high-end properties. Edmonton, Toronto, Montreal, Calgary, and Vancouver are among the cities looking promising for luxury property transactions in 2024. In this article, I will focus on the Edmonton luxury real estate market and provide some advice for those considering entering the market this spring. Follow along below to learn more!

The 411 on Edmonton Luxury Real Estate

During the bulk of 2023, luxury market sales struggled. Now that mortgage rates are stabilizing, Edmontonians who have been waiting for the right opportunity to purchase, are impatiently waiting to capitalize on the potential upswing in luxury property transactions. 

According to data from the REALTORS® Association Edmonton, the activity in this sector of the market was the lowest it’s been since 2020. This is in part due to the fact that many luxury property buyers were moving away from investing in condos. Rising fees associated with condos led to a perceived increase in value for single-family homes. Consequently, buyers found it more appealing to invest in detached houses than condominiums. 

Edmonton’s neighbour and rival to the south, Calgary, saw tremendous growth in its luxury sales during 2023. Homes with values over $1,000,000 saw sales increases of 13% year-over-year. All the while, properties valued at $4,000,000 and above witnessed a 50% jump in sales year-over-year. Not surprisingly, 88% of these purchases were single-family homes. Although, condo sales in Calgary also remained fairly steady, growing 16% year-over-over. It’s worth noting that the majority of the activity in this sector occurred during the latter half of the year. 

Similar to Calgary, Edmonton also recorded strong activity from the second half of the year onward in the luxury market. This is mainly due to the fact that the luxury market in Edmonton starts at $1,000,000. As a result, it is much easier for buyers to purchase high-end properties compared to cities like Vancouver or Toronto. 

The affordable price tag on luxury properties in Edmonton has been an attractive factor for out-of-province buyers and investors. For those used to the cost of housing in B.C. or Ontario, the value of real estate in Edmonton seems like a bargain. 

Tips for Investing in Luxury Properties

  1. Find Your Limit

When investing in luxury properties, it is critical that you know your limit in terms of price. Having a clear-cut budget is essential as you work towards marking a purchase. Luxury properties are often more expensive to maintain than your average single-family property. This is because many come with additional amenities and features that you wouldn’t normally have with homes in the regular market. Not to mention the average listing price will also be higher than usual. Getting pre-approved for a mortgage is a great first step to take. 

  1. Choose a Great Location

Location is paramount with luxury real estate. Especially, if you have plans of reselling or operating a business out of your home. You’ll want to ensure that your luxury property is zoned in accordance with your intended uses and in a place where future buyers would consider it to be an attractive investment. Choosing a home that’s near great shopping, dining, educational institutions, or a recreational experience is ideal. Talk with a real estate agent to determine what area is best for you!

  1. Work With a Trusted Agent

One of the best things you can do when investing in luxury real estate is to work with a REALTOR®. A trusted agent is going to know the ins and outs of the local market. This can ensure that you get the best deals, information and advice as you work toward accomplishing your goal. When buying a luxury property, it is often hard to determine a fair price. With the help of an agent, you can guarantee that you are getting the best value for your money. 

Contact me Today!

Choosing to invest in Edmonton luxury real estate is an exciting endeavour. Contact me today to learn more about the luxury 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 in the near future.

edmonton houses for sale real estate outlook 2024

Houses for Sale in Edmonton: 2024 Market Outlook

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!