Canadians spent $6B on US vacation homes from 2022 to 2023. 🏡
Now might be your time to buy one too—perfect for relaxing, working remotely, or family gatherings. Real estate is a great investment and lifestyle choice
Questions? Reach out if you're ready to find your dream vacation home!
Craig Finnman
RE/MAX Elite
(780) 982-1589
craig@craigfinnman.ca
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Have you ever been on vacation somewhere and thought, “This is my idea of paradise. I wish I never had to leave.” But then you reluctantly pack up and go back home, leaving that dream behind. What if there was a way you could make that dream a reality and own a vacation home or second home in that spot? It may be easier than you think! Here are some suggestions on how to start that thought process. And of course, I am always here to help you as well, to find your next dream home, whether it’s nearby or in a far-off location.
Craig Finnman
RE/MAX Elite
(780) 982-1589
craig@craigfinnman.ca
What an incredible Sunday at the Ice Cream Shack in Sherwood Park! 🍦✨ A huge THANK YOU to everyone who came out and enjoyed some sweet treats with us. Your ongoing trust and support mean the world to me. Together, we make amazing memories and build a wonderful community. Wishing you all a fantastic summer filled with joy and sunshine!
Craig Finnman
Re/Max Elite
craig@craigfinnman.ca
780-982-1589
There were a total of 3,220 residential unit sales in the Greater Edmonton Area (GEA) real estate market during May 2024, showing increases of 3.3% over April 2024, and 18.9% over May 2023.
New residential listings amounted to 4,325, a number 13.4% higher than in April 2024, and 12.6% higher than May 2023. Overall inventory in the GEA increased 6.9% from April 2024, but is still 17.1% lower than May 2023.
Total residential average prices came in at $441,350, a 2.2% increase from April 2024, and 5.0% increase from May 2023.
Detached unit sales totalled 1,894, an increase of 2.4% over the previous month, and 12.5% higher than the previous year. Detached homes averaged $546,390, increasing 3.0% from April 2024 and up from the previous year by 6.8%. Detached homes averaged 33 days on the market, decreasing 2 days from April 2024.
The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $399,900, increasing 1.1% from April 2024, and 6.1% from May 2023.
Craig Finnman
RE/MAX Elite
(780) 982-1589
craig@craigfinnman.ca
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Start Home Evaluation
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📌 For Homeowners: The Bank of Canada has reduced the target for the overnight rate to 4¾%. This means lower interest rates, making it an ideal time to consider refinancing your mortgage. Lower rates can significantly reduce your monthly payments and overall interest costs.
📌 For Aspiring Homeowners: Now is the perfect time to get pre-approved for a mortgage! With the rate reduction, you'll find more affordable borrowing options, making your dream home within reach. Let's get you connected with a mortgage broker to start the pre-approval process.
📌 For Investors: The easing of monetary policy can stimulate economic growth, making real estate investments more attractive. Lower borrowing costs enhance your ability to finance new investment properties and improve your portfolio's profitability.
Whether you're looking to refinance, get pre-approved, or expand your real estate investments, I'm here to help! Let me refer you to a trusted mortgage broker for your pre-approval or refinancing needs. Once you're pre-approved, I'd love to assist you in achieving your real estate goals.
🏡 Ready to Make a Move? Let's Talk! 📞 Contact Me Today!
Sales are soaring compared to last year, with detached homes leading the charge! 🏠📈
✨ Detached Sales: Up 51.4%, totaling 1,858
✨ Average Price: $529,957 (up 5.8% from last year)
✨ Inventory: 20.5% lower than April 2023
✨ New Listings: Up 8.7% last month
✨ Average Days to Sell: 36 days
Thinking of selling? Now’s the perfect time! Reach out today—I’m never too busy for your referrals. 📲🔑
Craig Finnman
RE/MAX Elite
(780) 982-1589
craig@craigfinnman.ca
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Start Home Evaluation
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Owning a home is a hallmark of the Canadian Dream as well as one of the best ways to build wealth. Many younger generations, however, feel this is a dream out of reach. But what if there was a way you could help those in your family get on the ladder to homeownership? By tapping into your equity and offering them a gift, loan, lease or trust to buy their own home can help them start creating their own generational wealth and a brighter future.
Craig Finnman
RE/MAX Elite
(780) 982-1589
craig@craigfinnman.ca
Start Home Search
Start Home Evaluation
Housing Market Shows Strong Sales, Still Moderate Prices
Sales continue to outpace last year’s numbers with generous margins. Sellers are doing their best to hold up their end, adding 8.7% more new listings to the market last month, and hopefully, we’ll see even more homes up for sale now that prices are steadily rising.
There were a total of 3,128 residential unit sales in the Greater Edmonton Area real estate market during April 2024, showing increases of 27.1% over March 2024, and 54.9% over April 2023. New residential listings amounted to 3,909, a number 11.2% higher than in March 2024, and 13.7% higher than April 2023.Overall inventory in the GEA increased 2.7% from March 2024, but is still 20.5% lower than April 2023.
Total residential average prices came in at $431,387, a 2.5% increase from March 2024, and 5.4% increase from April 2023.
The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $397,200, increasing 1.2% from March 2024, and 5.4% from April 2023.
Overall, all residential listings averaged 36 days on the market, a month-over-month decrease of 3 days and an 8-day decrease when compared to April 2023.
Do you think you'reu ready to seize the opportunity? Whether you're thinking of selling or buying, NOW could be the perfect time to leverage this strong market!
Tag someone who needs to see these numbers or share this post to keep your friends and family in the loop!
💬 We'd love to hear your thoughts — what do you make of these rising trends?
📞 For a personalized analysis or to jump on these opportunities, just call me! Let’s discuss how these trends can benefit you.
Craig Finnman
RE/MAX Elite
(780) 982-1589
craig@craigfinnman.ca
Read Full Market Stats Report
Start Home Search
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Whenever the Canadian real estate market topic comes up in conversation, it typically surrounds how first-time homebuyers are struggling to get their feet in the door. Whether the challenges of putting together a down payment or qualifying for a mortgage, aspiring homeowners have many hurdles to overcome.
But while these labours of Hercules are undoubtedly real, move-up buyers also have an uphill battle to overcome as they are contending with comparable issues, from higher borrowing costs to more expensive residential properties in their communities or a faraway distance.
Wait a minute. What is a move-up buyer anyway? This person currently owns a home and intends to sell this property to acquire a new one that is typically larger. The reasons for this decision will vary, but some common factors of moving up include needing more space for a growing family, upgrading to a better neighbourhood, taking advantage of favourable market conditions, and searching for a differently designed home.
At a time of tightening lending standards and above-trend mortgage costs, move-up buyers will need to determine how to finance this transition, which could happen at a snail’s pace or the speed of light. Let’s dig a bit deeper to consider your financing or borrowing options.
What Every Move-Up Home Buyer Should Know About Financing Options
Here are four financing options that every move-up homebuyer should know:
Using Your Home Equity Wisely
Did you buy your home before the coronavirus pandemic? Did you acquire one in the early days of COVID when rock-bottom interest rates fueled a buying frenzy? Whatever the case may be, you might have accumulated a tremendous amount of tax-free equity over the years. It might be enough to fund your next home purchase or the down payment on your next single-family house in Victoria, townhome in Halifax, or two-bedroom plus den condo in downtown Toronto.
Of course, the question becomes: Should you touch your home equity? The reality of the situation is that you can employ the gains from the sale of your home, but you should do so wisely or conservatively. Rather than use up 100 percent of your home equity, perhaps you can dedicate a certain percentage of the proceeds to your move-up acquisition.
Like buying a home will be the most significant financial decision of your lifetime, so is the decision to sell your home, since you might access hundreds of thousands of dollars in equity.
Line of Credit or Bridge Loan
Because you own your home, tapping into credit is a little easier. It will vary on a case-by-case basis, but generally, homeowners will be given favourable terms for a larger amount of capital.
As a result, you could be tempted to fund your move-up purchase with a line of credit. Or, if you need time between selling your current property and buying your next one, you may consider using a bridge loan. While it is imperative to speak with a mortgage broker about your financing options, making the necessary calculations, from interest rates to extra charges, is vital.
Both credit instruments can be useful and affordable mechanisms at your disposal. A line of credit can be an easier way to fund your purchase if it is only a small mortgage or purchase. A bridge loan can be a helpful tool in this transition period of listing your property and buying a new one without enduring immense financial pressure.
Are Second Mortgages Reasonable Options?
Typically, homeowners will use second mortgages to help consolidate debt when they have lost a job, suffer from a health ailment, or endure credit challenges. Private lenders usually offer them, and they come with higher interest rates (in this climate, it can be in the double digits!).
That said, conventional mortgage lenders might be willing to offer second mortgages with customizable terms and conditions. Many families use these financial products to help their kids buy a house or pay for their children’s post-secondary tuition.
At the same time, financial institutions will often push through a home equity line of credit (HELOC), as borrowers can receive up to 65 percent of the value of their home.
Ultimately, it is about weighing your financing options and determining what is best for you, your family, and your wallet. Communicating with both your real estate agent and the bank is crucial.
Cash-Out Refinance
A cash-out refinancing option consists of obtaining a new mortgage for your home, whether from a current lender or a new source. You will then pay the first loan in its entirety by using the second one, which will help you lock in a new interest rate and loan term.
This might seem enticing, but there are a few things you need to know:
Other Money-Related Tidbits of Information
In addition to your financing options, it is essential to think about other factors related to your move-up homebuying experience:
Takin’ Your Time
The last few years have been a chaotic time in Canada’s housing market. The roller coaster ride of mortgage rates, the buying frenzy, the dramatic rise in home valuations, the modest correction, and everything else that occurred in the Canadian economy. As we learned, being impatient can often burn buyers and sellers. Therefore, you do not need to put the pedal to the metal. Instead, be patient and precise so you can be confident you made the right choices throughout the move-up homebuying process.
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After sitting on the sidelines waiting out the market, you have decided on selling your home. You are not alone. This past fall, a NerdWallet study found that a fifth of homeowners plan to sell their homes in the next three years, and 41 per cent intend to list their homes in the next five years.
If they plan to follow through on these plans, this could mean an injection of supply in a tight Canadian real estate market, which could help improve the housing affordability situation.
For now, according to the Canadian Real Estate Association (CREA), home prices are up, demand is robust, and mortgage rates look more likely to have peaked at around the six per cent mark.
So, is this your time to erect a for-sale sign on your front lawn? If so, it is vital to understand the Canadian real estate market when selling your home. What should you be looking for anyway? Let’s dig deeper and assess some trends and factors to monitor during this exciting – and at-times daunting – period.
Here are eight things to consider when selling your home in today’s real estate market:
Work with Your Real Estate Agent
Some homeowners will make the mistake of going it alone. This is a misstep. Whether buying or selling, working with a real estate agent is imperative. Yes, you will pay commissions or fees, but it takes the guesswork out of the intense and crucial process. This industry professional understands the current market, knows the neighbourhood well, and comprehends the many facets of the sector’s rules and regulations. Remember, realtors have your best interests at heart, so it is wise to work with one.
Strategic Pricing
Should you strategically price your home or list it at whatever you want? Depending on where you are located, it could be a buyer’s or seller’s market. As a result, it would be prudent to strategically and correctly list your home’s genuine worth. Ultimately, it is about discovering the ideal listing price that strikes a delicate balance of fair market value and attracting buyers.
Here are a few measures you can employ to garner the right price:
Request a home evaluation to determine your property value compared to the rest of the area’s market conditions.
Perform a home inspection to ensure everything is ready to showcase.
Collaborate with your real estate agent on pricing.
Timing Your Listing
Believe it or not, even in today’s housing market, it is crucial to list your home at the right time. While it is not always possible, it should be prioritized, industry experts say. Why? You want to sell when prospective homebuyers want to acquire a property.
Here are a few things you need to know:
Winter is usually the slowest time of the year, particularly around the holidays.
People are typically ready to purchase a home when it is warmer outside.
Selecting the best day of the week can offer a competitive edge.
Your real estate agent’s online and offline marketing strategy will also consider the timing of your listing.
Check Emotion at the Door
Do you think your home is worth much more than what is being listed? Do you think it will be hard to part ways with the keys to your house that you saw your children grow up in? Would you reject a request from the homebuyer to toss in a new refrigerator?
Whatever the case may be, experts recommend checking your emotions at the door and making intelligent decisions. Remember, your objective in selling your home is to sell it fast and garner the best price possible.
Staging the Right Way
Staging is a critical tool in your selling arsenal. You want to present your home in the best possible light. Even if your home is crammed with so much stuff, you should try to remove many of these things and stage your living room, bedrooms, or kitchens so that they are attractive to buyers.
Here are several tips:
Yes, during the coronavirus pandemic, the buying frenzy meant anything goes, and buyers were indifferent to the conventional approaches to purchasing a property. Conditions have stabilized, and now it is best to utilize traditional methods in the real estate market.
Repairing Major and Minor Problems
From a leaky roof to a leaky faucet, sellers should be responsible enough to help repair major and minor problems throughout your house – inside and outside. By doing this, you can maximize your listing price rather than having to haggle with a buyer about having to repair or replace something. Additionally, homebuyers will request inspections anyway (they have made a comeback in the post-pandemic market!), so these professionals will inevitably find out sooner or later.
Expect Smart Buyers
In the end, many prospective homebuyers are equipped with a heavy arsenal of knowledge. Be it smartphone apps or an exceptional real estate agent at their side, you should definitely expect intelligent buyers to walk through your doors.
Finalize the Sale
After both sides of the transaction have agreed to the terms, it is time to sign a purchase agreement. Your attorney or a notary will have likely performed the legal aspects. The title is clear, the required documents have been filled, and the paperwork officials transfer ownership from you to the buyer. When closing day arrives (yay!), the buyer will visit the attorney’s office to finish the paperwork and offer the funds. At this stage, the transaction is complete, keys are exchanged, and proceeds from the sale will be distributed.
When Selling Your Home, It’s About Confidence
Indeed, buying and selling your home can be an arduous experience. There are many steps involved on both sides of a deal. That said, as long as you have trusted and seasoned professionals on your team, be it a real estate agent or a lawyer, you can be confident that selling your home in today’s real estate market is simple and hassle-free.
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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!
Your Trusted Real Estate Partners. Contact us at 780-982-1589 for all your property needs.
