Sherwood Park & Edmonton Real Estate Blog

Breaking news from the Bank of Canada! The policy interest rate has just been slashed by 50 basis points, bringing it down to 3.75%. So, what does this mean for you?

For homeowners and prospective buyers, this rate cut could mean lower monthly payments, more affordable mortgage options, and new opportunities for refinancing. If you've been waiting to make a move, now might be the perfect time.

On the consumer side, inflation has eased and is back around 2%, helping lower prices on everything from groceries to gas. With this rate cut, you might find more room in your budget as borrowing costs drop.

For businesses, the lower rates create opportunities to invest and grow. Whether you’re expanding or starting a new venture, borrowing is now more affordable. Plus, the Canadian economy is expected to grow steadily over the next few years.

With the Bank of Canada reducing interest rates, now is the time to rethink your financial strategy. From housing to business to everyday spending, this decision impacts us all. Stay informed and make sure you’re positioned to benefit from these changes!

Need more insights? Contact me today to explore your options.

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Inventory is decreasing, which means less competition! While unit sales dipped 12.6% from August, we’re still seeing prices on the rise, with the average residential price up 11.7% from last year. Now’s a great time to capitalize on increased home values! Detached homes are averaging 37 days on market.

With interest rates holding steady, it’s still a great time to secure a home before the inventory tightens further. Detached home prices increased 1.3% from last month, now averaging $552,684. Row/townhouses remain affordable, with prices up 9.6% year-over-year. However, properties are staying on the market a little longer, giving you more time to make your move!

Edmonton’s market remains steady and predictable, making it a prime spot for long-term investment. Semi-detached units saw a 16.8% price increase from last year, and townhouses are up 9.6% YOY. Take advantage of stable prices and competition over lower inventory.

Get ahead of the fall market shift! Whether you're buying, selling, or investing, there's opportunity out there for you. Let’s chat about how to make the most of it!

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

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Whether you’re considering downsizing, upsizing, or just making a change, finding the perfect space is essential for your lifestyle. Check out these signs to see if it might be time to make a move! 🚀

Not sure if your current home is the perfect fit? Contact me today for a free consultation! Call, email, text, or send a direct message to start exploring your options and make an informed decision for your future. 📞📧

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

Let's break down the important factors for Sellers, Buyers, and Investors based on the market data from the Greater Edmonton Area (GEA) real estate report.

The Market is Shifting - Is Now the Right Time to Sell? While we saw an 11.8% decrease in residential unit sales from July, the market is still 15.8% higher than last year! Detached homes in Edmonton are still holding strong with a 12.5% year-over-year increase in sales and prices up 10.2% over August 2023. If you’re considering selling, now could be the perfect time to take advantage of the upward trend.

Key Stats for Sellers:
• Average Detached Home Price: $546,101 (+10.2% YoY)
• Days on Market: 35 days (up slightly but still competitive!)
• Inventory is down, meaning less competition for your home!

With new listings on the rise (+7.7% YoY), there are more options for buyers in the Edmonton market, despite a slight monthly dip. Semi-detached and apartment condo sales are up, offering diverse opportunities for first-time homebuyers or those looking to upsize.

Key Stats for Buyers:
• Semi-Detached Home Prices: $414,526 (+10.9% YoY)
• Apartment Condos: $203,742 (+5.1% YoY)
• More homes available with inventory up from last year!

Now could be the perfect time to find your dream home before the market heats up again.

Despite a cooling market from July, we are seeing significant year-over-year growth in property prices, with row/townhouse prices up 14.7% and detached homes up 10.2%. If you're looking to expand your portfolio, now is the time to capitalize on rising prices and growing demand.

Investment Highlights:
• Row/Townhouse Prices: $290,569 (+14.7% YoY)
• Detached Homes: $546,101 (+10.2% YoY)
• Apartment Condos: $203,742 (+5.1% YoY)
• Consistent demand, with unit sales still up 15.8% from last year.

Let’s explore your options in this thriving market!

Read Full Market Stats Report

Today, September 4, 2024, the Bank of Canada reduced its overnight rate target by 0.25% to 4.25%, marking a full 75 basis points below its peak of 5.00%.

Here’s what this means for YOU:

For Sellers: With lower interest rates, more buyers may enter the market, increasing demand for homes. Now could be a great time to consider listing your property!

For Buyers: Good news! Mortgage rates are likely to drop, making home ownership more affordable. Whether you're a first-time buyer or looking to upgrade, this rate cut could mean lower monthly payments.

For Investors: The economy is showing signs of slowing down, but wage growth remains elevated, while inflation is cooling off. This might be the ideal time to explore new investment opportunities, especially with variable mortgage rates expected to drop further.

Prime rates are expected to fall, so if you have a variable mortgage, your payments could soon decrease!

Stay tuned as the BoC continues its commitment to stabilize prices. The next rate announcement is scheduled for October 23, 2024.

If you have any questions about how this impacts your real estate plans, let's chat!

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

The decision to move is not always an easy one — it can feel overwhelming and stressful. Sometimes, it's the fear of the unknown that holds us back from choosing an option that we know would benefit our lifestyle.  This month I have some suggestions on how to get started. And I’m always here to help you and your family find your perfect new home!

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

As we navigate a dynamic real estate market in the Greater Edmonton Area (GEA), I wanted to share some critical insights from July 2024 that could impact your real estate decisions.

For Sellers: July saw a healthy increase in detached home sales, up 23.5% from last year, with average prices rising to $552,031. This is an excellent time to consider listing your property as demand remains strong and inventory levels are lower than last year by 15.1%. Although days on the market have slightly increased, the robust selling prices indicate a sellers' market.

For Buyers: The market remains competitive with a 27.1% year-over-year increase in sales. However, the slight month-over-month decrease in inventory suggests that finding the right home may require flexibility and readiness to act quickly. Particularly noteworthy are row/townhouses and apartment condominiums, which have shown significant sales growth and offer a variety of price points.

For Investors: The continuous increase in average prices, along with a 7.7% year-over-year growth, suggests a strong market appreciation. Apartment condominiums, despite a slight dip in prices from June, are still 4.9% higher than last year, making them a potentially lucrative option for rental investments.

Market Snapshot:

• Total residential unit sales: 2,941; up 3.5% from June.

• Detached homes: 1,708 sales; average price $552,031.

• Row/Townhouses: Significant sales growth; average price $292,072.

• Apartment Condominiums: Strong year-over-year growth; average price $204,315.

As always, I'm here to provide you with tailored advice and insights to help you make informed decisions whether you are buying, selling, or investing. Let’s discuss how this market can work for you.

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

Read Full Market Stats Report

Exciting news for homebuyers, sellers, and investors! The Bank of Canada has just reduced its overnight rate, making borrowing more affordable.

For buyers, now is an optimal time to secure a mortgage with lower rates.

Sellers can expect a boost in market activity as affordability increases.

Investors, take note of robust economic growth forecasts and easing inflation pressures, indicating favourable conditions for property investments.

Want to explore opportunities in this dynamic market? Reach out today for personalized insights and guidance. Let's navigate your real estate goals together.

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

Read Full Report

Homeownership comes with so many benefits: stability, security, and the freedom to make your space truly yours. Plus, the financial perks are huge! From tax benefits to building equity, owning a home is like having a built-in savings plan.

With mortgage rates expected to drop, the market will soon be buzzing with eager buyers and sellers. Don’t get caught in the rush! Act now to secure a solid footing for you and your family.

Give me a call to learn more about the steps you need to take today, whether it’s getting your current house ready to sell or finding your dream home.

And if you’re planning to move out of the area, I can connect you with top-notch agents across North America who provide the same great service.

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

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Considering selling your home? Here's the latest market update for the Greater Edmonton Area!

Home sales in June 2024 saw a dip compared to May, but are still up 10% from last year. 📈 New listings are down 14.2% from May but slightly up from June 2023. Inventory has slightly increased from last month, yet remains significantly lower than last year.

Average home prices:
• Detached Homes: $539,468 (up 7.9% YoY)
• Semi-Detached: $422,321 (up 10.3% YoY)
• Row/Townhouses: $290,249 (up 12.7% YoY)
• Condos: $211,583 (up 8.5% YoY)

Overall, residential prices have slightly decreased by 0.6% from May but are still up 6.6% from June 2023.

What does this mean for you? With prices holding strong and certain segments attracting investors, now could be an ideal time to sell and maximize your return!

Homes are selling faster too! Average days on market is down to 30 days.

Reach out today to discuss how you can take advantage of this market!

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

Watch Video

Here are some interesting stats on how owning a home impacts your overall wealth. I also note that there may be other financial advantages, including equity growth and possible tax benefits. 

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

Considering selling your home? Here's the latest market update for the Greater Edmonton Area!

Home sales in June 2024 saw a dip compared to May, but are still up 10% from last year. 📈 New listings are down 14.2% from May but slightly up from June 2023. Inventory has slightly increased from last month, yet remains significantly lower than last year.

Average home prices
- Detached Homes: $539,468 (up 7.9% YoY)
- Semi-Detached: $422,321 (up 10.3% YoY)
- Row/Townhouses: $290,249 (up 12.7% YoY)
- Condos: $211,583 (up 8.5% YoY)

Overall, residential prices have slightly decreased by 0.6% from May but are still up 6.6% from June 2023.

What does this mean for you? With prices holding strong and certain segments attracting investors, now could be an ideal time to sell and maximize your return!

Homes are selling faster too! Average days on market is down to 30 days.

Reach out today to discuss how you can take advantage of this market!

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

Read Full Market Stats Report