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April 2024 | Bank of Canada Rate Announcement

Big News Alert!

The Bank of Canada decided to keep its overnight rate steady at 5%, sticking to its plan of quantitative tightening. But what does this mean for you? Let's break it down:

Global Economy: Things are looking up! The world economy is expected to keep growing at a steady pace, with the US leading the charge and the euro area on the path to recovery.

Inflation: Good news! Prices in most advanced economies are expected to stabilize, which should ease the pressure on your wallet over time.

Canada's Economy: We hit a speed bump last year, but we're getting back on track. Economic growth is expected to pick up, fuelled by strong population growth and increased spending by both households and governments.

Job Market: It's a mixed bag. While employment is growing, it's not keeping up with the number of people entering the workforce. But hey, at least there are some signs that wage pressures are calming down.

Your Money: Inflation has been high lately, but there's hope on the horizon. The Bank of Canada is keeping an eye on prices and aims to bring them back to a more stable level over the next year or so.

So, what's the bottom line? The Bank of Canada is holding steady for now, keeping an eye on inflation and the overall health of the economy. Stay tuned for more updates as the year progresses!

Got questions about how the Bank of Canada's decisions impact you? Wondering about mortgage rates and what's best for your financial future?

Whether you need answers or want a referral to an outstanding mortgage broker, reach out to me and let's navigate the world of finance together!

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Waiting To Sell?

Thinking of selling your home this Spring? Don't wait too long! In 2024, you might find yourself competing with a surge of sellers and new home constructions. Maximize your home's value this Spring! Act now to beat the competition and capitalize on the market.

Contact me today to get started!

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

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New property listed in Zone 35, Edmonton

I have listed a new property at 10 13615 34 ST in Edmonton. See details here

Belmont bungalow in 50+ complex, backing onto trees and greenspace! Great location, close to shopping and all amenities! Open concept living, with large white kitchen with lots of cabinetry and newer SS appliances. Kitchen overlooks dining area and great size living area, with patio doors to deck. Great entertaining home! This home has two bedrooms - one could also be a great office/hobby space! Convenient main floor laundry. Large primary bedroom has walk in closet as well as 3 pce ensuite with large walk in shower. Another full bath (4 pce) completes the main floor. The basement is unspoiled, ready for personal touches, or great for lots of storage too! Ample visitor parking. Walking distance to shopping, dining, and many other amenities! Don't miss out on this one!

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March 2024 | Edmonton Real Estate Housing Market Update

There were a total of 2,467 residential unit sales in the Greater Edmonton Area (GEA) real estate market for March 2024, showing increases of 25.6% over February 2024, and 35.7% over March 2023. New residential listings amounted to 3,597, a number 32.4% higher than in February 2024, and 8.9% higher than March 2023. Overall inventory in the GEA increased 10.7% from February 2024, but is still 15.4% lower than March 2023.

Detached unit sales totalled 1,462, an increase of 26.1% over the previous month, and 36.8% higher than the previous year. Semi-detached unit sales increased 34.9% month-over-month and showed an increase of 43.9% year-over-year. Row/Townhouse unit sales also increased 29% compared to February 2024 and 31.4% compared to the previous year. Apartment Condominium unit sales also increased 30.8% over March 2023, and 14.9% from the previous month.

Total residential average prices came in at $420,959, a 3.4% increase from February 2024, and an 8% increase from March 2023. 

Detached homes averaged $517,131, increasing 1.7% from February 2024 and up from the previous year by 6.7%. Semi-detached units sold for an average of $408,555, an 11.5% increase year-over-year, and a 6.1% increase from the previous month. Row/townhouse prices were up 2.5% from February 2024 and 13.9% when compared to March 2023, selling at an average of $282,557. Apartment Condominium average prices hit $194,101, increasing 7% over last month and coming in 0.6% higher than the previous year.

The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $392,600, increasing 2.7% from February 2024, and 4.4% from March 2023.

Detached homes averaged 40 days on the market, decreasing 8 days from February 2024. Semi-detached homes averaged 35 days on the market, a decrease of 7 days from the previous month, and row/townhouses’ days on the market decreased 11 days to 34. Apartment condominiums averaged 47 days on the market, dropping 18 days from February 2024. 

Overall, all residential listings averaged 39 days on the market, a month-over-month decrease of 11 days and a nine-day decrease when compared to March 2023.

If you or someone you know is looking to buy or sell this Spring, take advantage of the Spring Market and connect with me today!

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

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New property listed in Zone 02, Edmonton

I have listed a new property at 13108 83 ST in Edmonton. See details here

Welcome to this over 1400 sq ft Bungalow, with spacious rooms & great layout! Walk into large foyer leading to great size living room w/gas fireplace. Enjoy entertaining w/dining adjacent. Kitchen overlooks backyard, & has white cabinetry w/breakfast nook. Convenient main floor laundry! Primary bedroom has two closets & 2 pce ensuite. Rough in for large shower ready to go adjacent to ensuite, ready for 3 pce ensuite. Two more spacious bedrooms & 4 pce bath on main floor. Renovations have been started in basement, waiting for your completion, w/ products such as flooring, tile, toilet, & closet doors already supplied for you. Basement includes bathroom partially completed, rec room, bedroom, & second kitchen - potential as suite, or great entertainment area. Large lot, with covered patio, fruit trees, back lane access, RV parking/additional parking, oversized w/extra wide garage door. Newer windows throughout home & new furnace motor. This home has so much to offer - don't miss out on this one!

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New property listed in Sherwood Park, Sherwood Park

I have listed a new property at 25 HIGHCLIFF RD in Sherwood Park. See details here

Welcome to this EXTENSIVELY RENOVATED Split Level home in sought after Heritage Hills! 5 BEDROOMS, 3 FULL BATHS! RENOVATED CUSTOM KITCHEN w/huge island, granite counters, newer built in microwave & oven w/warming drawer, new fridge, & pantry closet. Hardwood & new vinyl plank/tile throughout home, & NEW WROUGHT IRON RAILING. RENOVATED 4 PCE BATH. Primary bdrm has walk-out patio doors to backyard, & NEW 3 PCE ENSUITE. Lower levels boast new vinyl plank flooring, two more spacious bdrms, 3 pce bath, family room w/wet bar, & another lower level - great for exercise/play room/den, w/durable deck floors. Gorgeously landscaped backyard w/NEW MAINTENANCE FREE DECK, BUILT IN FIREPIT AREA, NEW PATIO STONES, NEWER FENCE, & two sheds. Many more upgrades incl: NEW HARDING SIDING, SHINGLES, EAVES, NEW INSULATION, NEW BASEMENT WINDOWS, NEW GARAGE DOOR, CENTRAL AIR CONDITIONING, CENTRAL VAC, NEW DUAL FURNACE, NEW 70 GAL HWT, CUSTOM BLINDS THROUGHOUT! Close to schools, parks, walking trails. Get ready to be impressed!

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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!

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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!

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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

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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

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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

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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!

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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.

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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!

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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!

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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.

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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!

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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

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Start Home Evaluation

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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.