Google: 52619
RSS

New property listed in Zone 35, Edmonton

I have listed a new property at 3612 130 AVE in Edmonton. See details here

Welcome to this RENOVATED 4 Level Split, in quiet culdesac of great community of Belmont! Laminate floors and tile throughout. NEWER KITCHEN 2021, with tile flooring, lots of white cabinetry, quartz countertops, large island, walk in pantry, and nice size dining area adjacent. Off kitchen a few steps down, is a spacious, cozy family room with gas fireplace. On this level is a bedroom and renovated 4 pce bath. Basement level has newer vinyl plank floors, SECOND KITCHEN with dining/lounge areas, and a large storage/laundry room. On the upstairs level, you will find the primary bedroom with 3 pce ensuite and his and her closets. Two more bedrooms and renovated 4 pce bath complete the upper level. Other upgrades include new HWT 2021 and maintenance free fence. Enjoy the spacious pie shape backyard, with patio and firepit area. Walking distance to schools, close to Clareview Rec Centre, and easy access to Yellowhead Trail. This home has so much to offer! Don't miss out on this one!

Read

New property listed in Rural Strathcona County, Rural Strathcona County

I have listed a new property at 160 22458 TWP RD 510 in Rural Strathcona County. See details here

Welcome to this gorgeous Hillside Bungalow on 3.3 acres of rolling land & trees. Only 15 minutes to Sherwood Park, 10 minutes to Beaumont, & just off Highway 21! Hardwood/tile on main floor. Huge living room/dining room overlooks gorgeous front views. Kitchen has island w/built in appliances, tall pantry cabinets & convenient access to one of two maintenance free decks. Family room off kitchen has open beam ceilings & wood fireplace. Enjoy a four season room w/heated stone floor, 8 person hot tub, wet bar/lounge area, w/second deck. Fully finished basement boasts family room, rec area, bdrm/flex space w/theatre doors, & new bathroom w/large shower. Enter from garage into a huge mudroom w/kitchenette, storage rooms. Oversized garage is heated. Newer upgrades incl: shingles, soffits, dual furnaces, HWT, pump on sewer tank, decks, & some newer windows. Two sheds also included. Enjoy the firepit/coal BBQ, fruit trees, tobogganing, garden, and amazing sunrise/sunsets! This home has so much to offer!

Read

Housing Market Heating Up for an Early Spring

The Edmonton market is heating up! With a whopping 52.6% increase in residential sales from last February, it's time to seize the opportunities. Detached homes are flying off the shelves, averaging just 48 days on the market. Spring is shaping up to be BUSY! Whether you're buying or selling, let's navigate this market together. Connect with me today! 

Craig Finnman
RE/MAX Elite
(780) 982-1589⁠
craig@craigfinnman.ca⁠

Watch Video

Read

Canada's job gains double expectations, but unemployment rate ticks up higher

Exciting News for Canada's Job Market! Despite the unemployment rate ticking up, job gains have surpassed expectations, with 41,000 new jobs added in February.

As a Realtor, this signals positive momentum for the housing market! More jobs mean more potential homebuyers entering the market.

While employment growth may be trailing population growth, the surge in full-time work indicates stability and confidence in the workforce.

With job gains spread across various sectors, including accommodation and food services and professional services, the economy shows resilience and diversity.

As we navigate these economic shifts, rest assured that the real estate market remains a solid investment option.

Let's continue to monitor these trends and seize opportunities together!

Have questions? Thinking of buying or selling? I’m here to help you make the best financial decisions. Reach out today!

Craig Finnman
RE/MAX Elite
(780) 982-1589⁠
craig@craigfinnman.ca⁠

Read

February 2024 | Edmonton Real Estate Housing Market Update

There were a total of 1,966 residential unit sales in the Greater Edmonton Area (GEA) real estate market for February 2024, showing increases of 36.9% over January 2024, and 52.6% over February 2023. New residential listings amounted to 2,762, a number 27.7% higher than in January 2024, and 9.3% higher than February 2023. Overall inventory in the GEA increased 5.8% from January 2024, but is still 14.3% lower than February 2023.

Total residential average prices came in at $407,458, a 2.3% increase from January 2024, and a 10.4% increase from February 2023. The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $382,200, increasing 1.5% from January 2024, and 3.7% from February 2023.

Overall, all residential listings averaged 50 days on the market, a month-over-month decrease of nine days and a seven-day decrease when compared to February 2023.

Detached unit sales totalled 1,159, a number 32.5% higher than the previous month, and 60.5% higher than the previous year. They averaged $508,411, increasing 5.2% from January 2024 and up from the previous year by 10.7%. Detached homes averaged 48 days on the market, decreasing 12 days from January 2024. 

Semi-detached unit sales increased 36.2% month-over-month and showed an increase of 28.0% year-over-year. They sold for an average of $385,163, a 7.7% increase year-over-year, and a 1.8% increase from the previous month. Semi-detached homes averaged 42 days on the market, a decrease of 11 days from the previous month.

Row/Townhouse unit sales also increased 44.6% compared to January 2024 and 49.2% compared to the previous year. Prices were up 2.4% from January 2024 and 9.7% when compared to February 2023, selling at an average of $275,735. Row/townhouses’ days on the market decreased eight days to 45. 

Apartment Condominium unit sales also increased 46.7% over February 2024, and 48.0% from the previous month. They averaged $181,347, decreasing 5.7% over last month and coming in 3.2% lower than the previous year. Apartment condominiums averaged 65 days on the market, showing no change from January 2024.

Considering buying or selling? I love to help!

Craig Finnman
RE/MAX Elite
(780) 982-1589⁠
craig@craigfinnman.ca⁠

Read Full Market Stats Report
Start Home Search
Start Home Evaluation

Read

March 2024 | Bank of Canada Rate Announcement

Exciting update from the Bank of Canada! Today, they've decided to maintain the policy rate at 5%, signalling a commitment to restoring price stability for Canadians.

Despite global economic growth slowing down, Canada's economy showed resilience, growing more than expected in Q4, albeit at a modest pace.

With employment growth trailing population growth, there are signs of easing wage pressures.

CPI inflation eased to 2.9% in January, but underlying pressures persist.

The Bank remains focused on balancing demand and supply, inflation expectations, and corporate pricing behaviour.

Now is the time to take action in the real estate market. Whether you're looking to sell, buy, or invest, take advantage of the opportunity presented! I'm here to guide you and help you make informed decisions.

Reach out today and let's discuss how you can leverage this moment for your real estate goals!

Read Full Report

Read

What's Going On With The Stress Test?

At a time when mortgage rates are hovering between five and six per cent and home prices remain above their pre-pandemic levels, discussions surrounding the mortgage stress test have been prevalent across the Canadian real estate market.

The mortgage stress test is a federal government mandate requiring that borrowers prove they can afford higher payments if mortgage rates rise in the future. Typically, the stress test is the current mortgage rate plus two per cent. At the height of the current tightening efforts by the Bank of Canada (BoC), the stress test was north of eight per cent.

The purpose behind the rule is to prevent borrowers from taking on more than they can afford and to stop lenders from lending money to financially stressed or would-be fiscally challenged clients.

But now that the post-crisis real estate market is an environment where interest rates are at their highest levels since before the Global Financial Crisis, critics have wondered if the stress test is excessive, with some urging Ottawa to ease or suspend the measure.

For now, it appears that everything will remain the same, according to the country’s chief banking regulator.

What’s Going on With the Mortgage Stress Test?

According to the Office of the Superintendent of Financial Institutions (OSFI), the qualifying rate for uninsured residential mortgages will continue to be higher than 5.25 per cent, or the mortgage contract rate plus two per cent. Peter Routledge, the OSFI chief, stated in a December 2023 report that the stress test has resulted in a more robust and resilient mortgage financing system as it helps both borrowers and lenders better manage risk.

The federal government reiterated the OSFI’s stance shortly after its confirmation.

Others agreed, including Fitch Ratings.

The credit ratings agency supported the OSFI’s decision, calling it a positive for the Canadian real estate market, the nation’s banking system, and the broader economic landscape.

Underlying Risks in a Stable Mortgage Market

Despite everything that has transpired since the start of the coronavirus pandemic, both the Canadian real estate market and the mortgage industry have remained solid and cushioned the blows from the crisis-era fallout. In other words, delinquencies and forced sales have been largely absent in Canada.

However, the Canada Mortgage and Housing Corporation (CMHC) recently warned that approximately 2.2 million mortgages will have to be renewed in 2024 and 2025. This would represent nearly half (45 per cent) of all outstanding mortgages, totalling roughly $675 billion.

Even if the central bank engages in lowering its benchmark policy rate and the bond market responds, it might not be swift enough to prevent borrowers from paying higher rates.

In fact, the CMHC projected that as households renew in the coming years, the higher mortgage rates will equal about $15 billion in additional payments for households each year.

Ultimately, this could result in consequences for the economy since the funds will be reallocated from other sectors, the CMHC says.

Mortgage Rates in 2024

Financial markets are bracing for rate cuts this year. Investors think they could happen as early as March, while economists believe the likelihood is sometime in the middle of the year. This will lead to lower bond yields and, as a result, lower mortgage rates, with experts saying the conventional five-year fixed mortgage could slide to around 4 per cent. But whether this will help or hinder the Canadian real estate market and the national economy remains to be seen.

Whether you're a homeowner, prospective buyer, or industry enthusiast, connect with me to discuss more about the latest developments shaping the Canadian real estate landscape.

Source

Read

New property listed in Zone 03, Edmonton

I have listed a new property at 4007 161 AVE in Edmonton. See details here

Welcome to this over 1400 sq ft, cozy 2 Story in Brintnell, close to all amenities! Enjoy the full size front verandah! Walk into spacious living room that leads to a well appointed kitchen, with large peninsula island, lots of cabinetry, stainless steel appliances and pantry. Great size eating area off kitchen, with built in display/book shelves. Main floor is complete with 2 pce bath. Upstairs you will find three spacious bedrooms. Primary bedroom has 4 pce ensuite and his and her closets. Basement is partly finished, ready for your final touches. Backyard has deck with garage pad, ready for a garage. Convenient back lane access. Welcome home!

Read

New property listed in Zone 02, Edmonton

I have listed a new property at 5008 152A AVE in Edmonton. See details here

Perfect for extended families! Your dream home awaits in the charming neighborhood of Casselman. This spacious 2828 sqft residence is situated in a quiet cul-de-sac, boasting a breathtaking open-to-above entrance sitting room. With a convenient Main Floor Bedroom and Full Bathroom, it offers versatility for accommodating older relatives or creating a home office. Boasting a total of 7 bedrooms and 5 bathrooms, this property presents ample space for everyone. Additionally, it features a separate entrance to 2 bedrooms, 2 full bathrooms, and second laundry. Priced competitively for a quick sale. Welcome to your new home!

Read

Open House. Open House on Sunday, February 25, 2024 1:00PM - 3:00PM

Please visit our Open House at 123 Edison DR in St. Albert. See details here

Open House on Sunday, February 25, 2024 1:00PM - 3:00PM

There is tremendous value in this BRAND NEW 2 story home. Side entrance to the basement with suite potential, a rare find in St. Albert. The home is finished with gorgeous feature walls, beautiful attention to details, and a smart floor plan that maximizes the square footage for a comfortable and welcoming family home. You'll love the owner's retreat with the bright natural light, 5 piece ensuite, and monster closet space. Upstairs laundry is always nice, of course, and the large closet spaces are an added bonus that often get overlooked. Everywhere you look, you'll see great features and gorgeous details.

Read

New property listed in Zone 59, Edmonton

I have listed a new property at 327 West Brook WAY NW in Edmonton. See details here

Welcome to Westview Village! This home offers over 1200 sq ft, with 3 bedrooms and 2 full baths. Spacious living room with built in cabinetry. Bright kitchen with skylight, loads of cabinetry, walk in corner pantry, and laminate floors. Primary bedroom has walk in closet as well as 4 pce ensuite with soaker tub and separate shower. Two more spacious bedrooms with another 4 pce bath. Convenient, separate laundry area as well. Enjoy sitting out on the deck attached to the side of the home. Great find for someone wanting to get into a home, or to downsize!

Read

Buyers Are Coming

The future looks bright! Here are three reasons why these trends are impactful:

Growing Families: With 3 million marriages and 7 million births projected, we're witnessing a significant increase in family formation. This not only signals personal milestones but also indicates a surge in the demand for larger homes or homes in family-friendly neighbourhoods.

Pent-Up Housing Demand: As more people get married and start families, combined with declining mortgage rates, there's a pent-up demand for housing. This creates a favourable environment for sellers as the market experiences increased competition and potentially higher selling prices.

Economic Implications: The housing market is not just about buying and selling homes; it's a crucial indicator of economic health. Increasing marriage rates and birth rates, along with favourable mortgage conditions, can stimulate economic growth by driving demand for construction, home improvement, and related industries, contributing to overall economic prosperity.

Ready to make your move? Reach out today!

Craig Finnman
RE/MAX Elite
(780) 982-1589⁠
craig@craigfinnman.ca⁠

Start Home Search
Start Home Evaluation

Read

New property listed in Zone 28, Edmonton

I have listed a new property at 7231 161 AVE in Edmonton. See details here

Welcome to this RENOVATED 2 Story home in Ozerna, TOTAL 6 BEDROOMS, 4 FULL BATHS and FULLY FINISHED BASEMENT. Walk into grand foyer with curved staircase & open to above. NEW LAMINATE throughout main floor. RENOVATED KITCHEN, with gorgeous quartz countertops, new appliances, island and corner pantry. Family room has gas fireplace. Main floor is complete with a bedroom and renovated 3 piece bath with large shower. Primary bedroom upstairs is a great size with walk in closet and 4 piece ensuite with JACUZZI TUB. Two more good size bedrooms upstairs with another 4 piece bath. Basement boasts two more bedrooms, 4 piece bath, and huge recreation area with wet bar, as well as laundry room with sink. Other upgrades include: NEW HWT 2 yrs ago. NEW SHINGLES 2 yrs ago. NEW PATIO STONES 2 yrs ago, insulated garage, and rough in for future central vac. South facing backyard. Walking distance to St. John Catholic School, lake, Mayiewlan Park, walking trails, and transportation.

Read

New property listed in Zone 15, Edmonton

I have listed a new property at 10712 60 AVE in Edmonton. See details here

Welcome to sought after neighbourhood of PLEASANTVIEW! Over 2300sq ft CUSTOM BUILT BUNGALOW resting on a DOUBLE LOT (75ft x 169.8ft), on a quiet street! Absolutely IMMACULATE home, w/PRISTINE HARDWOOD throughout! Open concept, well designed layout, w/huge living/dining areas, and cozy family room off great size entertaining kitchen w/breakfast nook, & tons of cabinetry and solid surface counters. Enjoy the huge, landscaped backyard from the kitchen/family room. Great size, maintenance free deck off kitchen. Primary bedroom boasts walk in closet, and 4 pce ensuite with jacuzzi tub. Two more spacious bedrooms and 4 pce bath/laundry chute completes the main floor. Beautiful curved staircase leads you to the lower level w/ high ceilings. This space has great potential - ready for your own personal design! Other upgrades include: NEW SHINGLES 2023, insulated oversized garage, California knock down ceilings, and Hunter Douglas blinds. No smoking, no pets home. Close to schools and parks. THIS ONE WON'T LAST!

Read

Real Estate Terms: RE/MAX Home Buyer’s Glossary

Home Buyer’s Glossary: Real Estate Terms You Should Know

Amortization
The length of time allotted to paying off a loan – in home-buying terms, the mortgage. Most maximum amortization periods in Canada are 25 years.

Assessed Value
The dollar value assigned to a property by a public tax assessor for taxation. This valuation forms the basis for determining property taxes owed by the owner.

Balanced Market
In a balanced market, there is an equal balance of buyers and sellers, which means sellers often accept reasonable offers, homes sell within a good amount of time, and prices remain stable.

Bridge Financing
A short-term loan designed to “bridge” the gap for homebuyers who have purchased their new home before selling their existing home. This type of financing is common in a seller’s market, allowing homebuyers to purchase without having to sell first.

Buyer’s Agent
The buyer’s agent represents the homebuyers and their interests in the transaction. On the other side of the transaction, the listing agent represents the seller and their interests.

Buyer’s Market
In a buyer’s market, there are more homes on the market than there are buyers, giving the limited number of buyers more choice and greater negotiating power. Homes may stay on the market longer, and prices can be stable or dropping.

Closing
This is the last step of the real estate transaction, once all the offer conditions outlined in the Agreement of Purchase and Sale have been met and ownership of the property is transferred to the buyer. Once the closing period has passed, the keys are exchanged on the closing date outlined in the offer.

Closing Costs
The costs associated with “closing” the purchase deal. These costs can include legal and administrative fees related to the home purchase. Closing costs are additional to the purchase price of the home.

Condominium Ownership
A form of ownership whereby you own your unit and are interested in common elements such as the lobby, elevators, halls, parking garage and building exterior. The condominium association is responsible for building and common elements maintenance and collects a monthly condo fee from each owner based on their proportionate share of the building. Condos often have guidelines regarding noise, use of common areas and allowable renovations within the units.

Contingency
A condition or clause in a real estate contract that specifies certain events must occur or certain conditions must be met before the contract is legally binding.

Curb Appeal
The visual attractiveness of a property when viewed from the street or sidewalk. It’s often the first impression potential buyers have of a home and can significantly impact their perception of its value.

Debt-to-Income Ratio (DTI)
A financial metric used by lenders to evaluate a borrower’s ability to manage monthly payments and repay borrowed money. It is calculated by dividing an individual’s total monthly debt payments by their gross monthly income, often expressed as a percentage. A lower DTI suggests that the borrower has a good balance between debt and income, making them a less risky loan candidate.

Deposit
An up-front payment is made by the buyer to the seller at the time the offer is accepted. The deposit shows the seller that the buyer is serious about the purchase. This amount will be held in trust by the agent or lawyer until the deal closes, at which point it is applied to the purchase price.

Down Payment
The down payment is the amount of money paid upfront for a home to secure a mortgage. The minimum down payment in Canada is five percent of the home’s total purchase price. Down payments of less than 20 percent of a home’s purchase price require mortgage loan insurance. The mortgage loan amount is the selling price minus the deposit and down payment.

Dual Agency
Dual agency is when one real estate agent (or real estate brokerage) represents both the homebuyer and the seller in a real estate transaction. There are limitations and requirements around dual agency, which differ by province.

Equity
The difference between a home’s market value and the amount owing on the mortgage. This is the portion of the house that has been paid for and is officially “owned.”

Fixed-Rate Mortgage
A fixed-rate mortgage guarantees your interest rate for a pre-determined amount of time, typically five years. When the term expires, you can stay with the same lender or switch to a different one.

Freehold Ownership
A form of ownership whereby you own the property and assume responsibility for everything inside and outside the home.

Foreclosure
The legal process through which a lender takes control of a property due to the owner’s failure to make mortgage payments. Initiated after a series of missed payments, foreclosure ultimately results in the sale of the property, usually at a public auction, to recoup the lender’s losses.

Gross Debt Service
The percentage of your total monthly income that goes toward housing costs. Canada Mortgage and Housing Corp. recommends your GDS remains at or below 39%. Check out CMHC’s Gross Debt Service calculator.

High-Ratio Mortgage
A high-ratio mortgage is a mortgage where the borrower has less than 20% of the home’s purchase price to make as the down payment. A high-ratio mortgage with a down payment between 5% and 19% of the purchase price requires mortgage loan insurance. In Canada, 5 percent is the minimum amount required for the down payment.

Home Appraisal
A qualified professional provides a market value assessment of a home based on several factors such as property size, location, age of the house, etc. This is used to satisfy mortgage requirements, giving mortgage financing companies confirmation of the mortgaged property’s value.

Home Buyers’ Amount
This is a $5,000 non-refundable federal income tax credit on a qualifying home, providing up to $750 in tax relief to assist first-time buyers with purchase-related costs.

Home Buyers’ Plan
federal program that allows first-time homebuyers to withdraw up to $35,000 interest-free from their Registered Retirement Savings Plan (RRSP) to help purchase or build a qualifying home. The borrowed amount must be repaid within 15 years to avoid paying a penalty.

Home Inspection
The home inspection is performed to identify any existing or potential underlying problems in a home. This protects the buyer from risk and gives the buyer leverage when negotiating a reduced selling price.

Home Warranty
A warranty that protects the homeowners against future problems with the home for a determined period of time. New home builders are required to offer warranty protection to homebuyers, such as Tarion in Ontario. Home warranty requirements and providers differ by province. Home warranty programs also exist for resale homes.

Land Survey
A land survey will identify the property lines. This is not required to purchase a home, but it is recommended and may be required by the mortgage lender to clarify where the owner has jurisdiction over the property. This is important if issues arise between neighbours or the municipality, should the owner wish to make changes in the future, such as installing a pool, fence or other renovations involving property lines.

Land Transfer Tax

This is the tax payable by the buyer to the province in which the transaction occurred upon transferring land. The amount varies depending on the municipality, land size, and other factors. Most provinces have Land Transfer Tax, though it may have a slightly different name (such as property purchases tax). If you are a first-time homebuyer, you may be eligible to receive a rebate, typically processed at the same time as the land registration, to offset the costs.

Low-Ball Offer
An offer on a home that is significantly below its market value or the asking price set by the seller. In a buyer’s market where supply exceeds demand, you might have more leeway to make a lower offer. When demand exceeds supply in a seller’s market, making a low-ball offer is generally not advisable as sellers have the upper hand.

Multiple Listing Service (MLS)
A database where real estate agents list properties available for sale or rent. It is a centralized platform allowing agents to share comprehensive information about listings, including photos, features, and prices. The MLS is often considered the most accurate and up-to-date source for real estate listings, and it provides the data for many consumer-facing real estate websites.

Mortgage Loan Insurance
If your down payment is less than 20 percent of the home’s purchase price, mortgage loan insurance is required. It protects the lender in case of payment default. Premiums are calculated as a percentage of the down payment, changing at the 5%, 10% and 15% thresholds.

Mortgage Pre-approval
A mortgage pre-approval helps buyers understand how much they can borrow before going through the mortgage application process. It allows you to make an immediate offer when you find a home since you know how much you’ll be approved for that lender and locks in the current interest rate for a period of time, insulating you against near-term rate increases.

Offer
An offer is a legal agreement to purchase a home. An offer can be conditional on several factors, the most common being financing and a home inspection. If the conditions are not met, the buyer can cancel their offer.

Porting
Transferring your mortgage (and the existing interest rate and terms) from one property to another.

Refinancing
Replacing an existing loan with a new one, typically to secure more favourable terms such as a lower interest rate. Homeowners often refinance their mortgage to reduce monthly payments, shorten the loan term, or access equity for home improvements or debt consolidation.

Seller’s Market
In a seller’s market, there are more buyers than there are homes for sale. With fewer homes on the market and more buyers, homes sell quickly in a seller’s market. Prices of homes are likely to increase, and there are more likely to be multiple offers on a home. Multiple offers give the seller negotiating power; conditional offers may be rejected.

Title Insurance
Title insurance is not mandatory in Canada, but it is highly recommended to protect both the buyer and the mortgage lender against losses related to the property title or ownership, such as unknown title defects, existing liens against the property’s title, encroachment issues, title fraud, errors in surveys and public records, and title-related issues that could prevent you from selling, leasing or obtaining a mortgage. Your lawyer can advise you on this.

Underwriting
The process by which financial institutions like banks and insurers assess the risk associated with a loan, insurance policy, or investment. Underwriters evaluate a borrower’s creditworthiness, the property’s value, and other factors to determine loan eligibility and terms. This risk determines whether the loan should be approved, and if so, at what interest rate and down payment requirements.

Variable Rate Mortgage
A variable rate mortgage fluctuates with the prime rate. Your monthly payments remain the same, but the proportion of your payment going toward principal versus interest can change.

Virtual Deals
The home-buying process completed using technology in place of face-to-face contact. Some common technology tools include 360 home tours and video showings, video conference calls, e-documents, e-signatures, and e-transfers.

Mastering real estate terminology and understanding the nuances of real estate terminology in Canada are critical steps for anyone buying, selling, or investing in property. Whether you’re navigating mortgage rates set by the Bank of Canada or simply trying to interpret the language of a property listing, a solid grasp of the terms used can empower you to make smarter decisions and provide you with the tools you need to navigate the Canadian real estate landscape with confidence.

Source

Read

January 2024 | Edmonton Real Estate Housing Market Update

Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for January 2024 came to 1,439, an increase of 17.5% from December 2023, and 46.8% higher than January 2023. New residential listings amounted to 2,195, a number 49.3% higher than in December 2023, and 2.3% lower than January 2023. Overall inventory in the GEA decreased 1.9% from December 2023 and 12.1% from January 2023.

For January, detached unit sales totalled 876, higher than the previous month by 25.0%, and up 51.0% from the previous year. Semi-detached unit sales held steady at just 0.7% higher month-over-month but showed an increase of 41.0% year-over-year. Row/Townhouse unit sales had a similar nominal increase of 0.5% compared to December 2023 and an increase of 31.1% from the previous year. Apartment Condominium unit sales also saw a significant year-over-year increase coming in at 50.0% over January 2023, and increased 16.9% from the previous month.

Total residential average prices came in at $398,724, a 2.5% increase from December 2023, and a 7.6% increase from January 2023. 

Detached homes averaged $484,365, decreasing 1.0% from December 2023 and up from the previous year by 7.3%. Semi-detached units sold for an average of $378,421, resulting in a 6.6% increase year-over-year, and a 4.0% increase from the previous month. Row/townhouse prices were up 2.8% from December 2023 and 8.6% when compared to January 2023, selling at an average of $268,948. Apartment Condominium average prices hit $192,660, increasing 12.8% over last month and 1.1% higher than the previous year.

The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $376,700, decreasing 0.1% from December 2023, and a year-over-year increase of 2.9% from January 2023.

Detached homes averaged 60 days on the market, increasing seven days from December 2023. Semi-detached homes averaged 53 days on the market, an increase of 12 days from the previous month, and row/townhouses’ days on the market increased three days to 53. Apartment condominiums averaged 65 days on the market, showing a nine-day increase from December 2023.

Overall, all residential listings averaged 59 days on the market, a month-over-month increase of 7 days and a 7-day decrease when compared to January 2023.

Considering buying or selling? I love to help!

Craig Finnman
RE/MAX Elite
(780) 982-1589⁠
craig@craigfinnman.ca⁠

Read Full Market Stats Report
Start Home Search
Start Home Evaluation

Read

Home Renovations

Now that the winter is here and we’re all inside more of the time than usual, you may be feeling that your home is a bit cramped. If so, you’re not alone. One in four people say they’ve outgrown their home.

This month I’m sharing some information on why and how people decide to renovate their homes. It could be an easy fix, like reconfiguring existing rooms or a much bigger project, such as building an accessory dwelling unit (ADU) or adding a second story. I’ve also included typical costs for these projects as well as the ROI. (Of course, costs will vary based on scope of project and location).

If you need a professional to help you with any home renovations, feel free to reach out and I’ll connect you to one in my trusted network.

Craig Finnman

RE/MAX Elite
(780) 982-1589⁠
craig@craigfinnman.ca⁠

Read

3 Ways to Stand Out in the Spring Market

Spring – the flowers are blooming, the birds are chirping, and the “For Sale” signs are sprouting up on lawns all around you. This can be one of the best times to list your home, which also makes it one of the most competitive times. So, how can sellers stand out in a busy spring market? We asked RE/MAX affiliates across Canada to share their top tips.

Clean up Outside

Pressure washing your driveway, sweeping your front walkway and picking up winter debris such as twigs and branches are incredibly important steps to take to make your property look its best once the snow has cleared.

It’s important to wash windows and frames on the outside of your house and touch up exterior doors and trim with paint if necessary. Roof gutters and siding should also be cleaned and maintained.

Any extra cars should be parked away from the property, and spring toys and bikes shouldn’t be left outside.

Steps can also be taken to improve landscaping. Adding flowering plants and shrubs will add colour to your home. Be sure to tidy flower beds and maintain your lawn. If you have a pet, be sure to clean up any droppings on a regular basis.

A well-manicured curb appeal can make the difference when everything is in full swing. Don’t overdo it with the flowers and plants, as there are also people thinking about high maintenance yards when buying a home, which could end up being a turn off, even when it looks pretty.

Freshen up Inside

The inside of your home should be tidy with no clutter. Light fixtures, appliances and windows should be cleaned. Be sure to move large appliances and clean in and around where they usually sit.

If you have a garage, make sure you keep the floor swept. Make sure doors and windows throughout the house aren’t squeaking.

You might want to consider purchasing a new welcome mat at the front door, adding new bedding and purchasing candles that have a nice smell that’s not overwhelming. A fresh bouquet on your kitchen table or counter is a great way to keep the space smelling and looking great.

Once your house is clean, get professional photos taken to make each room look its best. Good photography can go a long way in helping a home stand out from the others.

Be Sure the Price is Right

The spring market is an incredibly popular time of year for sellers to list their homes. If you have priced your home too high, buyers will likely opt to look at similar, more reasonably priced homes. I will take in many factors to help you list your home at a price that is competitive with other listings, yet a fair deal for you.

Also consider putting the home on the market a bit earlier than the regular spring crowd. This will limit the amount of competition and get the eyes of serious buyers on your property first.

Source

Read
Copyright 2024 by the REALTORS® Association of Edmonton. All Rights Reserved.
Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.