Looking to Refresh Your Space in 2024? Here are the Hottest Renovation Trends! Whether it's for family milestones, house functionality, or the need for extra space, renovations are on the rise! Need expert advice or looking to make a move? Let's chat!

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

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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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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

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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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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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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