I am sharing with you highlights of some of the hottest home design trends experts are seeing this year. I also offer information on the ways some homeowners are incorporating colour and natural materials to create a warm and relaxed luxe environment in their home.
Craig Finnman
Re/Max Elite
craig@craigfinnman.ca
780-982-1589
According to a RE/MAX Canada survey of Canadians, 16% said they want to enter the housing market or sell in order to “move up.” The high cost of real estate has made entering the market a challenge for many first-time homebuyers, but thanks to well-timed purchases and considerable equity gains, move-up buyers are in a great position right now, making shopping for a “forever home” feel like less of a stretch.
When you bought your first place, chances are you were young, strapped for cash, and prepared (or at the very least, warned) to make some concessions. “You can’t have it all,” they said. “So where will you take the hit – price, location, home style?” Move-up buyers, on the other hand, typically has some savings and equity to work with, making their next move less of a compromise and more of a thoughtful selection.
But move-up buyers face their own set of challenges that call for a carefully considered strategy. Here are three options for the smart move-up buyer with a plan!
1. Sell First, Buy Later
This strategy is ideal for the move-up buyer who doesn’t want to get stuck paying two mortgages simultaneously. Selling the existing home eliminates the risk of having to carry two mortgages if you don’t sell your existing home in time. It also reduces the chances of having to reduce your asking price if the sale isn’t happening quite quickly enough for your liking. This is a good option for move-up buyers who are banking on the proceeds of their sale to fund their new (and likely more expensive) property. By selling first, you’ll know exactly how much money you have to purchase your next home.
2. Buy First, Then Sell
If homes in your area of choice are selling faster than the “For Sale” signs can hit the front lawn, also known as a seller’s market, the “buy first” strategy might be the way to go. By buying your new home before selling your old one, you won’t feel rushed into settling for a sub-par property or having to seek alternative temporary accommodations while you shop the market. This move-up buyer still lives in their existing home, allowing them the flexibility to shop around and continue looking until they find that perfect place, without any added inconvenience or pressure. This move-up buyer typically requires a bridge mortgage.
3. Time and Align Your Purchase and Sale
When all is said and done, this move-up approach is the most ideal, but getting there is another story. Aligning your purchase and sale closing dates can be tricky. Remember that there are three dancers in this tango – you, the person you’re buying from, and the person you’re selling to. You’ll also have to move out and move in on the same day. In this scenario, time is your best friend and flexibility your savior.
This means you’ve planned ahead – you’ve researched neighborhoods, gotten pre-approved for a mortgage, and you’ve started the organizing and de-cluttering process well in advance.
Your move-up strategy will depend on a number of factors, such as your financial situation, current housing market conditions, and your personal comfort level. Plan ahead and get the right advice to ensure a smooth transaction at both sides of the offer table. Reach out with your questions, it would be a privilege to serve as your Realtor and I love to help!
Craig Finnman
Re/Max Elite
craig@craigfinnman.ca
780-982-1589
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Source: 3 Selling Strategies for Move-Up Buyers | Re/Max
It’s always an honor and a privilege to be acknowledged amongst all of the Realtors at Re/Max Elite; and for another month all because of my amazing clients and the tremendous people who support me. I’m continuously grateful for your trust and referrals.
#4 Individual Agent in Edmonton YTD for December 2022
#49 in RE/MAX Western Canada YTD for December 2022
Craig Finnman
Re/Max Elite
craig@craigfinnman.ca
780-982-1589
The Bank of Canada has decided to maintain the overnight rate target at 4.5%, the Bank Rate at 4.75%, and the deposit rate at 4.5%. The Bank is also continuing its policy of quantitative tightening. The global economic environment is consistent with the Bank's January Monetary Policy Report, with inflation decreasing due to lower energy prices and global growth continuing to slow.
In Canada, economic growth was flat in the fourth quarter of 2022, and there was a significant slowdown in inventory investment. Consumption, government spending, and net exports all increased, but household spending was impacted by restrictive monetary policy, and business investment weakened.
The labour market remains tight, with employment growth strong, but productivity has declined. Inflation decreased to 5.9% in January due to lower energy prices, but price increases for food and shelter remain high.
The Bank expects CPI inflation to come down to around 3% in the middle of this year. The Bank will continue to monitor economic developments and the impact of past interest rate increases, and is prepared to raise the policy rate further if necessary to restore inflation to the 2% target. The Bank is committed to achieving price stability for Canadians.
Reach out with your questions about how this impacts your home buying or selling decision. And if you need a mortgage broker, I can connect to you a like-minded individual.
Craig Finnman
Re/Max Elite
craig@craigfinnman.ca
780-982-1589
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Sitting down and planning a home renovation can quickly become overwhelming when costs start adding up. Even with a budget, you’ll likely find yourself going over which is why it’s crucial to add in that 10-20% contingency fund. It’s totally possible to renovate affordably if you invest a bit of time and effort. Here’s how to renovate your home on a budget without sacrificing quality.
Increase Efficiency, Not Size
Storage can be a problem and needing to renovate to gain more can be costly. Recognizing and equipping the room for maximum utility will save you from having to remove walls entirely. If it’s vital to enlarge the size of the room, inquire if it’s at all possible to remove a wall instead of creating an addition. This helps will that brand-new feeling and improves flow without costing a ton. Be sure to check if the wall you want to remove is wall-bearing (if so, it will be more difficult to move and will cost you).
Refinish Instead of Replace
As a homeowner, it’s easy to get caught up on the cosmetics and when something looks worn down and old, instinct is to rip it down and start over. There is, however, ways to refresh a space without completely redoing it. A fresh coat of paint goes a long way; you can add an accent wall with a splash of a fun colour or keep things neutral throughout with lively décor.
Kitchen backsplashes have become increasingly easier for homeowners to install themselves which would help revamp the space. A runner down the hallway or on stairs can hide large marks and give new life to high-traffic areas. Fresh caulking around a tub can go a long way in making your bathroom look new and old furniture can be spruced up by refinishing the wood or reupholstering the material. The possibilities truly are endless.
Reuse and Recycle
What you’re tired of in one space might refresh another. Kitchen cabinets can be used in a basement kitchenette or in the garage and knobs and light switches are easily interchangeable. Simple rearranging can completely change the look and feel of a room without costing a dime.
If you are willing to put in a little time, to reap big savings, search online or thrift stores for items at a fraction the price.
Are there disadvantages of recycling? Several contractors will not work with salvaged items, or homeowner-supplied items in general, because they don’t want to assume the liability if something goes wrong. However, if you are doing most or all of the work yourself, you can find plenty of materials simply by looking around a little bit.
DIY When Possible
It’s always worth doing at least some of the work yourself. There are plenty of jobs that can be done, such as demolition, painting, sanding, or insulating to save yourself some money.
But before you begin, make sure you have a plan. If you are not specific about what you want both with yourself and any contractors, you will end up costing yourself more money by potentially performing renovations that you don’t end up loving.
Reach out with any questions anytime! It would be a privilege to serve as your Realtor.
Craig Finnman
Re/Max Elite
craig@craigfinnman.ca
780-982-1589
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Source: How to Renovate Your House on a Budget | Re/Max | February 17th, 2023
The real estate market has changed so much over the past 2 years and continues to do so! This month I am sharing details on some of the interesting trends we are seeing for 2023.
If you have any questions on these or any other real estate-related concerns, please feel free to reach out to me. I’ll be happy to help you out!
Craig Finnman
Re/Max Elite
craig@craigfinnman.ca
780-982-1589
For homeowners, a historic home is a unique opportunity to live in a local piece of history. They do, however, have issues that newly constructed homes do not have. Committing to a historic home is a big decision and you should be informed of the care that will be required.
What is a Historic Home?
They’re 50+-year-old residential buildings with some sort of heritage value and include private homes, commercial buildings that consist of residential units, landmarks, and entire districts or neighborhoods depending on criteria. The criteria is at least 50 years old (with some exceptions) and meet 1 of 4 criteria:
- It is connected to significant historical events.
- It is connected to the lives of one or more significant individuals.
- It is considered an embodiment of a particular master or historic style.
- It has provided or is likely to provide important historical information.
Historic buildings can be found everywhere and some neighborhoods are even designated as historic areas. They can be a competitive market so as a homebuyer you’ll want your finances in order prior to house hunting.
Benefits of Owning a Historic Home
Things to Consider Before You Buy
In recent years, home sellers have had the advantage but since the market conditions are expected to shift, questions may be arising about what a balanced market is. During the peak of the pandemic, cities across Canada experienced extremely high home prices, from single-family residential properties in highly populated areas to townhomes in rural communities. Homebuyers had to overcome bidding wars which resulted in some buyers ditching best practices, including home inspections. The market swiftly changed to a seller’s market due to unprecedentedly low mortgage rates.
The Bank of Canada (BoC) continues to raise interest rates and the housing market in Canada is moving towards a balanced market. So, what does this mean?
Craig Finnman
Re/Max Elite
craig@craigfinnman.ca
780-982-1589
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Source: What Is A Balanced Market | Re/Max | January 14th, 2023
"The RE/MAX 2023 Canada Housing Barometer Report examined average price and new mortgage values published by CMHC-Equifax Canada in 12 major markets from British Columbia to New Brunswick, to compare loan-to-value (LTV) ratios between Q3 2012 and Q3 2022.
The report found that LTV ratios had declined in 67% of markets (8) over the past decade, with the greatest drops noted in London and Moncton (21%), Halifax (15%), Hamilton (14%), Toronto (10%) and Ottawa-Gatineau (9%). 4 markets, including Calgary, Edmonton, Saskatoon, and Regina, were up over 2012 levels, a trend that is set to reverse in the years ahead as Alberta and Saskatchewan’s economic engines gain momentum and drive home-buying activity.
The lowest loan-to-value ratios were found in the most expensive markets, including Vancouver (50%), Toronto (53%), and Hamilton (54%) while the highest loan-to-value ratios were found in Regina (88%) and Edmonton (83%). Nationally, loan-to-value ratios hovered at 57%."
Craig Finnman
Re/Max Elite
craig@craigfinnman.ca
780-982-1589
Read More | Canada Housing Market Risk Low, Despite Short-Term Contraction | Re/Max
For over 15 years I have been providing professional real estate services throughout Edmonton and surrounding communities. With a reputation for my honest, client-first approach, I have consistently provided top-notch real estate services backed by honesty, integrity, and results — and have had the privilege of earning some of the highest recognitions Re/Max has to offer including the Rising Star Award, the Re/Max Hall of Fame Award, the Platinum Club Award, the Exclusive Chairman Club Award, and Top Producer out of 230+ agents.
It's a great privilege to have been announced a recipient of this year’s Top 10 Real Estate Agent Award. With consistently excellent service and client care throughout 2022, I appreciate being a member of the Edmonton real estate community who has demonstrated exceptional dedication to local clients and their needs. This is amazing, and I am honored to be recognized for hard work and dedication.
Craig Finnman
Re/Max Elite
craig@craigfinnman.ca
780-982-1589
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The target for the overnight rate increased to 4.5%, with the Bank Rate at 4.75% and the deposit rate at 4.5%. Quantitative tightening will continue. Inflation remains high and broadly based globally, but is trending down in several countries, reflecting lower energy prices and improvements to supply chains.
In the US and Europe, slowing economies are proving to be more resilient than at the time of the Bank’s October Monetary Policy Report (MPR). China’s lifting of COVID-19 restrictions revised the growth forecast and poses an upside risk to commodity prices. Russia’s war on Ukraine is still a source of uncertainty and financial conditions remain restrictive. The Canadian dollar has been relatively stable against the US dollar.
It’s estimated that the global economy grew about 3.5% in 2022, but will slow to about 2% in 2023 and then grow to 2.5% in 2024. Economic growth in Canada is stronger and the economy remains in excess demand. The labour market is tight as the unemployment rate is near historic lows. Businesses, however, are reporting ongoing difficulty finding workers. There’s evidence that the restrictive monetary policy is slowing activity, especially household spending. Services and business investments are expected too slow in addition to weaker foreign demand helping to allow supply to catch up with demand.
It’s estimated that Canada’s economy grew by 3.6% in 2022 but is expected to stall through to the middle of 2023, and then picking up again later in the year. GDP is expected to grow 1% in 2023 and 2% in 2024. Inflation has declined from 8.1% in June to 6.3% in December, reflecting lower gasoline prices and durable goods.
Canadians are still feeling the hardship of high inflation in their essential household expenses, with persistent price increases for food and shelter. Short-term inflation is expected to remain elevated but inflation is projected to come down significantly this year.
Governing Council decided to increase the policy interest rate by a further 25 basis points. Governing Council is prepared to increase the policy rate further if needed to return inflation to the 2% target, and remains resolute in its commitment to restoring price stability for Canadians.
Reach out with your questions in regards to how this impacts your home buying or selling decision.
Craig Finnman
Re/Max Elite
craig@craigfinnman.ca
780-982-1589
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Read Full Report
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