Interest rates have always fluctuated, but on average have hovered in the 5-10% range for the past three decades. And industry experts believe rates will potentially fall to the low 6 percent range by the end of 2024.
Connect with me for an in depth perspective if you’re contemplating buying or selling your home.
Craig Finnman
RE/MAX Elite
(780) 982-1589
craig@craigfinnman.ca
Winter is a season that brings along chilly temperatures, snow, and icy conditions. While it is a beautiful time of year, it is crucial to take certain precautions and make necessary preparations to ensure that your home remains warm and cozy during this period. As you take the time to prepare your home for winter, you can not only protect your property from potential damage but also create a comfortable and inviting space to retreat to during the coldest months of the year.
Essential Tips in Preparing Your Home for Winter
Heating System Maintenance
Schedule a professional inspection to ensure that your furnace or heat pump is in good working condition. Clean or replace air filters regularly to improve air quality and maximize efficiency. Consider installing a programmable thermostat to regulate temperature and save energy during winter. Additionally, ensure to stock up on sufficient fuel or arrange regular deliveries to avoid running out during the colder months.
Protect Plumbing and Pipe
Drain and disconnect outdoor hoses and shut off exterior water sources. Insulate exposed pipes to prevent them from freezing and bursting. In cold weather, allow faucets to drip slowly to prevent freezing. It is also advisable to know the location of your main water shut-off valve in case of emergencies. You may also insulate your water pipes if you’re planning to take a vacation during winter.
Check Your Roof and Gutter
Clean out gutters and downspouts to ensure proper drainage. Consider installing heating cables along the roof edges to melt ice and prevent the formation of ice dams. Inspect your roof for any damage or leaks and repair them promptly. Additionally, ensure the downspout is away from your home to prevent flooding and water damage. Installing gutter guards is a valuable investment as they can effectively keep debris out.
Ensure Smoke Detectors are Working
Smoke detectors play a crucial role in safeguarding our homes and the lives of our loved ones. It is essential to regularly check and ensure that these devices are in proper working condition. Here are a few steps to follow to ensure that your smoke detectors are functioning effectively:
Ensure Proper Insulation
Proper insulation is crucial in keeping your home warm and preventing heat loss. Check for gaps or cracks in windows, doors, and walls, and seal them with weatherstripping or caulk. Insulate your attic, garage, and basement, as these areas are prone to heat escape. Protect your attic from pests that may seek shelter during winter by inspecting for entry points and placing a screen beneath any vents. If you suspect an infestation, it is advisable to contact pest control.
Emergency Preparedness
Stock up on winter essentials. Keep an emergency kit handy, including flashlights, batteries, candles, blankets, and non-perishable food items. Have a supply of rock salt or sand to melt ice on walkways and driveways. Consider investing in a generator to ensure a backup power source during potential outages.
Protect Outdoor Furniture and Appliances
Remove any dirt, debris, or stains that may have accumulated during the summer months. Once your outdoor furniture and appliances are dry and clean, consider applying a coat of protective sealant or paint to wooden furniture and rust-resistant spray or paint on metal furniture to protect it from corrosion. Additionally, consider using waterproof covers for your appliances to shield them from rain, snow, and ice.
If possible, store your furniture and appliances indoors for the winter months to provide the best protection against extreme temperatures and weather conditions. If indoor storage is not an option, try to find a covered area, such as a garage or shed, where you can store them. Make sure to elevate them off the ground to prevent moisture damage.
Final Thoughts
Preparing your home for winter is not just about keeping your living space warm; it’s about ensuring the safety, comfort, and well-being of your family during the colder months. A well-prepared home not only saves you money but also allows you to embrace the beauty and serenity of winter with peace of mind. So, as the temperature drops, take these steps to make your home a warm and inviting haven for the season ahead!
Source
Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for December 2023 came to 1,229, decreasing from November 2023 by 24.4%, but showing an increase of 25.2% over December 2022.
New residential listings amounted to 1,497, which is 28.3% lower than November 2023, and 27% higher than December 2022. Overall inventory in the GEA showed decreases of 6.7% from December of last year and 15.2% from November 2023.
Total residential average prices came in at $388,637, a 2.0% increase from November 2023, and a 3.5% increase from December 2022. Overall, all residential listings averaged 52 days on the market, a month-over-month increase of 3 days and a six-day decrease when compared to December 2022.
The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $435,000, increasing 0.7% from November 2023, and a year-over-year increase of 3.5% from December 2022.
For December, detached unit sales totalled 701, a decrease of 24.4% from November 2023, but up 22.6% from the previous year. Detached homes averaged $489,392, amounting to a 3.8% year-over-year increase, a 2.2% increase from November 2023. Detached homes averaged 53 days on the market, increasing seven days from November 2023.
Take advantage of the dynamic opportunities in the Greater Edmonton Area real estate market! Connect with me today to navigate these changes and make the most of your property goals. Let’s shape your real estate success together!
Craig Finnman
RE/MAX Elite
(780) 982-1589
craig@craigfinnman.ca
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I have listed a new property at 100 11104 109 AVE in Edmonton. See details here
CORNER UNIT, with its own ATTACHED SINGLE GARAGE! CENTRAL LOCATION - just minutes from transit and downtown, NAIT, MacEwan, LRT, Royal Alex Hospital and downtown entertainment district! SUNNY SOUTH FACING balcony, backing onto Queen Mary park/gardens! OPEN CONCEPT layout. Great size white kitchen with ample storage/countertops with tall pantry cabinet and eating bar. Cozy dining room and large living room with laminate flooring. Primary bedroom is huge, with dual closets as well as 4 piece ensuite. Adjacent to the second bedroom is a 3 pce bath with large shower. IN SUITE LAUNDRY ROOM/STORAGE ROOM completes this amazing condo. Additional amenities include: social room, secure bike room, elevator and storage locker. Titled parking is included! Don't miss out on this beautiful condo, in a great location - close to all amenities!
As we start a new year, the real estate market is once again shifting. Many experts project that home sales will continue softening throughout most of the country due to higher for longer interest rates and lack of inventory.
Here is some information on the state of the housing market along with historical mortgage data to provide some perspective for the time we are in. We will also look at the place we call home, and why Canada so often makes it into the top places to live charts.
I am always here to answer any questions you may have. Feel free to reach out any time!
Craig Finnman
RE/MAX Elite
(780) 982-1589
craig@craigfinnman.ca
Thrilled to be recognized as a Top Producer at RE/MAX Elite for November 2023! Congratulations to my colleagues for their outstanding achievements too! The hard work and dedication truly shines, and I'm proud to be amongst such amazing people.
To our clients, your trust in us fuels our passion for real estate. Thank you for allowing us to be a part of your journeys – your satisfaction is our greatest reward!
As a Realtor, there's nothing more fulfilling than turning dreams into reality and building lasting connections. Here's to more success, and more dreams achieved.
Here are some creative ideas on how to wrap or present your holidays gifts without using traditional wrapping paper. You may already have some of these materials on hand or they can be purchased inexpensively at discount stores.
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!
hen you’re in the process of selling in Canada, it can be confusing to navigate an offer on your house and figure out whether any are worth accepting. Assessing offers on a house involves carefully considering various components to ensure the best outcome for the seller. Whether you are in the vibrant cities of Toronto and Vancouver or the tranquil landscapes of rural Canada, our guide can help you secure an offer that meets your financial and real estate goals.
Assess Financial Components
The financial components of the offer are the first thing sellers look at when considering an offer. This step involves a detailed examination of the offered price, the earnest money deposit, and any additional financial considerations that might impact the transaction.
Evaluate the Offer Price – The offer price is often the most immediately scrutinized component of an offer. Compare the offered price with your property’s appraised value and the insights gained from your Comparative Market Analysis (CMA). This comparison will help you determine how the offer aligns with your expectations and the current market conditions.
Weigh Against Financial Goals and Needs – Beyond market comparisons, assess how the offer on your house aligns with your financial goals and needs. Consider the net proceeds from the sale after accounting for closing costs, agent commissions, and any outstanding mortgage or liens on the property. Reflect on whether the offer meets your financial objectives and accommodates your plans.
Assess the Buyer’s Commitment – The deposit reflects the buyer’s commitment to the transaction. A larger down payment typically signifies a serious buyer, reducing the risk of the deal falling through. Some buyers might even include a deposit cheque or personal letter indicating they are just as interested in buying the home as you are in selling it.
Analyze Offer Conditions
Analyzing the conditions within an offer is a crucial step, as these stipulations can significantly impact the progress and finalization of the transaction. Conditions are clauses within the offer that must be fulfilled for the sale to proceed, and they often include aspects related to financing, inspections, and additional terms that can be deal-makers or deal-breakers.
Buyer’s Mortgage Pre-Approval and Financing Stability – Evaluate the buyer’s financial readiness by reviewing any financing conditions. A buyer with a mortgage pre-approval is generally more reliable, as this indicates a lender’s preliminary commitment to lend. Assess the stability of the buyer’s financing, considering factors such as the down payment amount, type of loan, and the lender’s reputation.
Home Inspection Conditions – Home inspection conditions are standard in most offers. Anticipate potential issues that might arise during the inspection, such as necessary repairs or system upgrades. Be prepared to address these concerns by negotiating price adjustments or agreeing to undertake repairs before closing.
Closing Date – Evaluate whether the proposed closing date aligns with your relocation plans, giving you ample time to move out and ensuring a smooth transition to your next residence. While a sooner closing date might be tempting for quicker access to funds, it’s essential to balance convenience with practicality. Assess your ability to meet the proposed closing date and consider whether a more flexible timeline might benefit both parties, reducing stress and allowing for unforeseen delays or complications.
Accept, Reject, or Counteroffer?
After meticulously evaluating the offer, understanding your property’s value, analyzing financial components, and dissecting various conditions, you reach a critical juncture: deciding whether to accept, reject, or counter the offer.
Accepting the Offer – If the offer aligns well with your expectations and needs, communicate your acceptance promptly and clearly. Ensure that all parties are informed and that acceptance is documented in accordance with local and provincial regulations.
Crafting a Counteroffer – If some aspects of the offer are not satisfactory, identify areas for negotiation. Be clear about your requirements and what adjustments are needed to reach an agreement, whether it’s the price, closing date, or specific conditions.
Rejecting the Offer – If the offer falls significantly short of your expectations and there is little room for compromise, it may be in your best interest to reject it. Communicate your decision diplomatically, providing clear reasons for the rejection and, if possible, offering guidance on what would make the offer acceptable.
Navigating through the intricacies of assessing an offer on your house in the Canadian real estate market is a journey that requires knowledge, diligence, and strategic thinking. Reach out to us to learn more.
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As a continuation of our 'The Advice You Need' campaign featuring Kyle Lowry, we've got a contest for you!
You can enter at remax.ca/gethypedinmiami for the chance to watch Kyle Lowry play in his house with our RE/MAX 'Get Hyped in Miami' contest until Dec. 13, 2023.
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Bank of Canada maintains policy rate, continues quantitative tightening. The Bank of Canada has maintained its target for the overnight rate at 5% and is continuing quantitative tightening. The global economy is slowing, and inflation has decreased.
In the United States, growth remains strong, but it is expected to weaken in the coming months due to past policy rate increases. The euro area has experienced weakened growth and lower energy prices, impacting inflation.
Oil prices are $10-per-barrel lower than assumed in the previous report.
Canada's economic growth stalled in 2023, with a 1.1% contraction in the third quarter. Higher interest rates are constraining spending, leading to minimal consumption growth.
The labor market is easing, and despite rising wages, the overall economic data suggests no excess demand.
The slowdown in the economy is reducing inflationary pressures, contributing to a drop in CPI inflation to 3.1% in October. Shelter price inflation has increased due to faster growth in housing costs.
The Bank's preferred measures of core inflation have been around 3.5-4%. With signs that monetary policy is moderating spending and alleviating price pressures, the Bank has decided to hold the policy rate at 5% and continue normalizing the balance sheet.
The Governing Council remains concerned about inflation outlook risks and is prepared to raise the policy rate further if needed. The focus is on sustained easing in core inflation, balancing demand and supply, inflation expectations, wage growth, and corporate pricing behaviour.
The Bank is committed to restoring price stability for Canadians, with the next rate target announcement scheduled for January 24, 2023.
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I have listed a new property at 123 Edison DR in St. Albert. See details here
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.
Your Trusted Real Estate Partners. Contact us at 780-982-1589 for all your property needs.
