Tag Archive for: Sherwood Park Homes For Sale

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! 

blog recap steve leddy real estate in edmonton

Houses in Edmonton: A Year-End Blog Recap!

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2023 is quickly coming to an end! In lieu of this, I thought it would be best to keep with our annual theme of writing a year-end blog recap. After all, one of the best ways to move forward is by reflecting on the past! In this post, I’ll go over all of this year’s content so that you can catch up on any missed articles. All of the content will be categorized by the season/month in which it was published. Follow along below to see what was on my blog about houses in Edmonton during 2023!

Houses in Edmonton – Winter and Spring Recap

donwtown edmonton real estate

Jan – Want to Buy Houses in Sherwood Park? Then, here are 5 Goals to set in 2023

When the New Year hit, I kicked off 2023’s blog content with an article that listed five goals to set for those who were looking to purchase a house. Check out the post if you haven’t already to get inspiration for your 2024 New Year’s resolutions!

Feb – Owner’s Rights of Condos in Downtown Edmonton

Buying a condo and buying a house is very different. In this article, I answered your most commonly asked questions about owning a condo. 

Mar – Condos in Edmonton: All About Condo Fees

Often, condos are praised for their affordability compared to traditional homes. However, once you dig past the surface, you might find that condo fees are the catch. If you’re curious about the fees associated with condos in Edmonton, read this article.

Apr – Energy Efficiency & Sherwood Park Homes for Sale!

Energy efficiency is becoming increasingly important. With the rise in climate concerns, a number of homeowners across the country are looking for ways to reduce their carbon footprint. To learn more about how to make Sherwood Park homes for sale energy efficient, check out this April blog post!

May – All About Home Inspections For Properties in Sherwood Park

Having a home inspection conducted by a trusted professional will ensure that your dream home doesn’t come with any costly issues. Although home inspections aren’t mandatory in Canada, they are strongly recommended! In this article, I discussed everything you need to know about home inspections for properties in Sherwood Park. 

Rewinding to Summer and Fall

apartment in Downtown Edmonton

Jun – Apartments in Downtown Edmonton: Creating Your Own Space in a Shared Home

Sharing an apartment with another person can help to significantly reduce your cost of living. In this article, I went over some tips for living in a shared apartment in downtown Edmonton! 

Jul – How Does an Agent Help Buyers of Homes in Edmonton South?

Are you looking to buy homes in Edmonton South in the New Year? If you are, you may be wondering how an agent will help you accomplish your goal. In this post, I wrote about all of the ways that an agent can help a buyer. 

Aug – Closing Costs to Consider When Buying Edmonton South Real Estate

Unfortunately, when you purchase a home, it’s not just the house you have to pay for—there are an assortment of closing costs that must be paid before the home is officially yours. To help you out, I created a list of typical closing costs associated with buying Edmonton South real estate. 

Sept – Real Estate in Edmonton: Pros and Cons of a Cashback Mortgage

Many Canadians have been opting for cashback mortgages to aid in the purchase of real estate in Edmonton. In this article, I discussed the pros and cons of a cashback mortgage. 

Oct – 6 Reasons to Buy a Condo in Edmonton

Living in a condo comes with a variety of benefits. Many of which, most homeowners aren’t aware of. In this blog post, I wrote about six different reasons that you should consider investing in a condo in Edmonton. 

Nov – A Buyer’s Guide to Edmonton Condos for Sale!

Buying a condo is very different from buying a single-family home. To help you out, I compiled a list of tips that you can refer to as you work towards buying your first condo!

Contact me Today!

Houses in Edmonton are a great investment for the new year. I’d like to thank all of my clients for another wonderful year in the Edmonton real estate market. For more information on selling or buying homes, contact me today. I’d be happy to answer any questions you have about how to achieve your real estate goals in 2024. 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. Happy holidays everyone!

edmonton real estate mortgages with cashback options

Real Estate in Edmonton: Pros and Cons of Cashback Mortgages

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Buying a home in Edmonton is a big purchase. And, it often comes with unexpected expenses like closing costs, moving costs, and any immediate repairs that need to be made. After saving for a down payment and getting approved for a mortgage, you might find yourself scrambling to afford these additional costs. This is why many Canadians have been opting for cashback mortgages to aid in the purchase of real estate in Edmonton. With a cashback mortgage, homeowners receive a lump sum of cash on closing day to assist them in covering the additional costs of buying a home. In this article, I will be going over the pros and cons of a cashback mortgage. Follow along below to learn more. 

What’s a Cashback Mortgage? How Does it Help Me Buy Real Estate in Edmonton?

A cashback mortgage is a type of mortgage that provides homeowners with a lump sum of cash at closing. With a cashback mortgage, a person will take out a loan that is more than what is needed to pay off the house. The excess amount is then provided to the person once their mortgage closes. Homeowners can then use this additional money to pay for an assortment of expenses like closing costs, making renovations, moving, or furnishing their new residence. Typically, lenders offer 1-7 percent of the purchase price in a cashback mortgage. The most common amount is 5 percent. 

There are several lenders in Canada who offer cashback mortgages. In order to receive a cashback mortgage, you need to meet some specific criteria. These criteria may differ from lender to lender, however, they generally are as follows:

  • You need to have a reliable job where you earn a specific salary or are paid by the hour. (Self-employed individuals do not often get approved for cashback mortgages)
  • A credit score of at least 650
  • You are going to occupy the home you are purchasing—ie: you don’t have plans to rent it out. 

Pros of a Cashback Mortgage

A cashback mortgage can be advantageous for a number of reasons. For instance, it can help homeowners pay for the initial expenses of buying a home. Or, refinancing a current mortgage. This is especially helpful for those who are buying a home for the first time or homeowners who need a little extra cash. 

Another benefit to taking out a cashback mortgage is that you can complete any renovations you anticipate need to be done once you move in. It’s also smart for homeowners who need some extra wiggle room to cover basic expenses during the first few months after moving. Some homeowners even use this money to pay down high-interest debt or student loans. 

Those who are looking for some added financial security and flexibility can benefit from a cashback mortgage. The ability to use the lump sum for any expenses makes it an incredibly versatile option. However, this is not to say that a cashback mortgage is an entirely positive decision. 

Cons of a Cashback Mortgage

While a cashback mortgage certainly comes with its pros, it also has some significant drawbacks. One of the biggest being high-interest rates. When comparing the average interest rate of a traditional mortgage with a cashback mortgage, it’s easy to see that borrowers of the cashback option will pay more interest over time. Thus, resulting in a higher overall cost. 

Additionally, since the lump sum is tacked onto your mortgage, you will end up paying more for your mortgage and it will take longer to pay off. 

Besides being more expensive, cashback mortgages are also very restrictive when it comes to refinancing or prepaying. In turn, making it difficult for borrowers to switch their mortgages down the road. There are also major penalties for breaking/changing your contract! As well as, no variable-rate option. 

Lastly, if you have plans of paying your mortgage off quickly, a cashback is likely the wrong fit. This is because borrowers will delay paying off their mortgage and accrue more interest charges over time. 

Contact me Today About Real Estate in Edmonton!

Deciding on a mortgage is a big deal. This is why it is important to understand all of the details before you sign off. Contact me today to learn more about mortgages for real estate in Edmonton. I’d be happy to answer any questions you have about how to achieve your 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 or visit me on Facebook! I look forward to working with you in the near future. 

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Energy Efficiency & Sherwood Park Homes for Sale!

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Energy efficiency is becoming increasingly important. With the rise in climate concerns, a number of homeowners across the country are looking for ways to reduce their carbon footprint. Thankfully, there are tons of new energy-efficient alternatives to basic home fixtures. And, contrary to popular belief, most of these options can be implemented without breaking the bank. In fact, the majority of homeowners who incorporate green alternatives, end up saving money! In addition to this, a Vancouver-based company has just released new software to generate energy efficiency ratings for single-family homes in Edmonton and Calgary. To learn more about how to make Sherwood Park homes for sale energy efficient, continue reading this article!

Minimizing the Carbon Footprint of Sherwood Park Homes for Sale

  1. Replace Incandescent Bulbs with LEDs

Incandescent light bulbs make a huge impact on your carbon footprint. Those who still have incandescent bulbs in their homes will have a much higher carbon footprint than those who use LEDs. In general, LED bulbs use 85% less energy than their incandescent counterparts. By replacing 30 incandescent bulbs, you can save as much as 4000 lbs of CO2 per year. Not to mention, LEDs are way cheaper since they require less energy. Furthermore, LED bulbs are good for roughly 50,000-100,000 hours. By comparison, incandescent bulbs only last about 1,200 hours.

  1. Air Seal and Insulate Your Home

Air sealing your home can vastly improve its energy efficiency. Closing up any gaps in your insulation will keep your home cooler during the summer and warmer during winter. Hiring a professional air sealing company and upgrading your insulation can eliminate a host of household problems. For instance, eliminating that pesky draft, or keeping critters from getting inside. Ensuring that your home is sealed properly has also been proven to enhance the efficiency of your HVAC system as well—talk about a win-win. 

More Ways to Go Green!

  1. Use Less Water (Specifically, Hot Water)

Another way that homeowners can minimize their carbon footprint, is by using less water. More specifically, by using less hot water. Hot water is much more resource intensive than cold water. One of the easiest ways to reduce your hot water usage is to do your laundry with cold water. This simple switch can bring down your carbon footprint and make your clothes last longer.

  1. Switch to Solar

While this solution is not as affordable as the others, it does make an impactful difference. Solar energy is a great way to cut down on carbon emissions and reduce monthly energy bills. Depending on where you are located, your municipality may have solar initiatives that incentivize homeowners to invest in solar by paying for a portion of the cost. So, solar doesn’t always have to be expensive. Investing in solar wherever possible is a great idea. Even solar-powered generators can make a huge difference. 

The Future of Energy Efficiency in Edmonton Homes

Earlier in the article, I mentioned a new technology that can generate energy efficiency ratings for single-family homes. This software was rolled out on March 30th by a Vancouver-based company called Lightspark. According to Lightspark, the site’s beta version will run for three to six months as a pilot project. However, it has been under development for the past few years. 

This technology uses artificial intelligence and machine learning to determine the energy efficiency of homes in the area. On the map on their website, you can see which homes in Calgary and Edmonton are more energy efficient and which homes are less efficient. Houses that appear red are considered inefficient and houses that appear green are very efficient. 

Lightspark uses data from the census, EnerGuide labels, light detection, and property tax rates to approximate the efficiency of each home. To help advance the software, homeowners can register their homes with Lightspark and provide more information to improvise the scores’ accuracy.

Edmonton city officials are excited about this software as it will ideally help the city reach its carbon reduction targets sooner. Unfortunately, as it is right now, both Edmonton and Calgary would require homes to undergo energy-efficient upgrades every year until 2050 in order to reach their goals surrounding carbon emissions. 

Contact me About Sherwood Park Homes for Sale

Considering ways that you can cut back on carbon emissions is essential to our future. Plus, in most cases, being energy efficient means spending less money over time. 

Contact me today to learn more about Sherwood Park homes for sale. For more information on reducing your carbon footprint, feel free to reach out. I’d be happy to answer any questions you have about how to achieve your real estate goals. Be sure to check back next month for more real estate-related information. I look forward to working with you in the near future. 

sherwood park first time buyer advice

Want to Buy Houses in Sherwood Park then here are 5 Goals to set in 2023

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Happy new year everyone! 2023 is finally here and we are excited to bring you this year’s content. If you have plans of purchasing houses in Sherwood Park in the new year, this article is for you! Buying a home is one of the most challenging and important purchases that a person can make. In addition, buying a home requires extensive planning and lots of prior tasks. In order to make your dream of buying a home come true, it is important to set yourself some goals. In this article, we have listed the top five goals that you should set in 2023 if you are looking to purchase a house.

Continue reading below to learn more to get inspiration for your new year’s resolutions!

Goals to Help you Purchase Houses in Sherwood Park!

  1. Improve your Credit.

Your credit score is a crucial part of the home-buying process. In fact, your credit score can significantly affect the amount of money you pay for a home. Furthermore, it can determine whether or not you qualify for a mortgage. Depending on how good or bad your credit score is, you may need to pay a larger down payment and get charged higher interest rates on your loan. If homebuying is a near-future goal for you, then we recommend you start taking the necessary steps to raise your credit score. 

You can improve your credit rating by doing simple tasks every month. For instance, lowering your monthly spending, paying dues on time, eliminating debt, and not opening or closing credit accounts. Additionally, you’ll want to avoid applying for things that require a hard inquiry. Keep up to date with your score by checking your credit report via a credit bureau or by a creditor.

  1. Pay off Debt.

The amount of debt you carry will also significantly impact your ability to purchase a home. Not only does debt affect your credit score, but it also affects the size of the mortgage loan you can acquire. Most mortgage lenders will want to see a debt-to-income ratio of 40% or lower. Anything higher than 50% generally prevents you from attaining a loan with better interest rates. Focus on one payment at a time and make minimum payments on other cards or loans while you work to pay off debt. 

  1. Avoid Big Purchases!

If buying a home is your main goal in 2023, then we suggest that you avoid making large purchases. This means no vacations, no new cars, and anything else that is non-essential. Making an effort to reduce spending will help fast-track your way to buying a home. 

More Goals!

  1. Save for a Downpayment.

Any person who is planning on buying a home should have “saving for a down payment” as their number one priority. Downpayments are one of the most challenging and tedious processes of buying a home. It takes lots of planning and effort in order to wrangle the funds for a down payment on a home. Moreover, the larger your down payment is, the more you’ll save in the long run on interest and insurance. In order to successfully save for a downpayment, it is important to budget each month, spend less, and find resources like grants in your local area for first-time home buyers!

  1. Don’t Start a New Job!

Many people make the mistake of switching jobs when they are looking to purchase a home. Especially at the beginning of the year when most people have new year’s resolutions to improve their lifestyle or change their career path. While it might seem like common sense that a higher-paying job would make you look better at a lender’s office, it’s not necessarily true. In reality, most lenders require you to be at your current job for a specific amount of time in order to prove financial stability. However, if a job change is absolutely necessary, there are steps you can take to mitigate risk. For example, staying in the same field or providing proof of a four-year degree in a similar field. 

Contact Me Today!

For more information about what new year’s resolutions, you should consider setting as a first-time buyer, contact me today! I would be happy to help you set the right goals to buy houses in Sherwood Park in 2023. If you have any questions about buying or selling a home in the new year don’t hesitate to reach out. Be sure to check back on my blog each month for more real estate-related information. For now, happy new year’s everyone! I look forward to working with you all in 2023.