Edmonton Housing

Being the Provincial capital, the Edmonton housing market has plenty of options available. If you are intending to buy, please read the Home Buying page in conjunction with this and always enlist the advice of a real estate professional.

We are proud to be able to recommend the services of Experienced Edmonton Realtor, Cliff Turner, for anyone relocating in/or to the Edmonton Area. Cliff provides an exceptional service to his clients whilst adhering to strict codes of business practice. He kindly provides the following monthly real estate market update courtesy of the Realtors Association of Edmonton:

In the first quarter of 2008, housing prices remained relatively stable. Small monthly fluctuations resulted in slight overall price increases since January 1 according to the REALTORS® Association of Edmonton for sales through the Multiple Listing Service®.

"Now is the time to be buying," said Marc Perras, president of the REALTORS® Association of Edmonton. "The selection of available homes is very high and prices will increase by year end as inventory levels drop. The interest rate dropped last month and that made it possible for a wider range of buyers to enter the market as well."

At the end of March, there were 9,464 residential properties available in the Edmonton area. That is up 1,220 properties from February and up 268% from a year ago. With the high inventory, demand was strong with residential sales near traditional volumes. There were 1,557 residential properties sold in March with new listings of 4,236 for a sales-to-listing ratio of 37%. Days-on-market dropped one day to 51 as compared to last month.

Single family home prices rose for the second month in a row to an average* sale price of $387,632 in March. After two months of price increases condo prices dropped back slightly (-0.48%) to $263,023 and duplex and rowhouse prices ($308,908) recovered from a five month slide to increase 4.8% over the previous month. The average residential price (which includes SFD, condo, duplex, mobile homes and other types of residential property) was up another 1.6% to $343,760. The average residential price is 5.66% higher than March 2007.

"Total MLS® sales are off as compared to a year ago. Total sales of $610 million in March were down 31% from the record setting pace in March 2007," said Perras. In the first quarter REALTORS® sold over $1.5 billion worth of real estate in Edmonton and area.

Cliff Turner provides an exceptional service to his clients - to learn more about how he can help YOU with the Edmonton Housing market simply complete the contact form below:

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Renting

Most people will want to rent somewhere when they first arrive before they commit to a mortgage. As with all of Canada, Rentals are not cheap but they are relatively plentiful.

Always ensure you understand your Legal Obligations and also your rights as a tenant in the Edmonton Housing Area. Try to rent through an agency as they are more likely to have good quality, well kept property on their books.

A normal agreement is a 6 month initial lease that is then renewed monthly, you will probably have to pay a damage deposit equivalent to one months rent up front as well. You will be responsible for your contents insurance - check to make sure you are not required to cover the buildings insurance though this is normally the responsiblilty of the landlord. Some utilities may be included in the rent.



Real Estate Market

In comparison to other parts of Canada, Edmonton Housing is becoming more expensive to buy a residential property with an average price of $344,286 in September 2007. Obviously, prices will vary depending upon the location, age and size of the property.

The 4 Municipalities of Parkland, Leduc, Strathcona and Sturgeon are becoming increasingly popular to commute from in the Edmonton Housing with a good selection of towns and villages to choose from.

Some extremely creative financing is available to enable those who wouldn't normally qualify for the full mortgage amount to purchase their own property. Because of the unique opportunities for financing your own home in Alberta it is imperative that you take expert advice to ensure that you know all of your options.

New Builds

With the new builds you can buy a "spec home" normally already built to a builder's standard floor plan. Or you can meet with the different New Home Builders and either choose the home you want from their selection of blueprints with different "upgrades" or have one designed for you.

There are a multitude of builders in the Edmonton Housing area and it is definitely worth teaming up with one of the reputable firms. They may be slightly more expensive, but will be worth it in the long run. This is especially true when it comes to warranty work and attracting competent tradesmen to complete the project on time.

With a new home you will receive a minimum 1 year builders warranty (some builders now offer more) backed up by a 5 year (extendable to 10 for a small fee) Alberta New Home Warranty. The builder should schedule a series of inspections throughout their warranty period to deal with any issues and should also respond to urgent problems (loss of heat in winter, dangerous faults etc.).

In most cases you will be able to use the builder's lawyer free of charge to close the transaction but in the event of legal issues they will represent the builder and you will have to find your own. The mortgage provider will require a home inspection which is normally a paperwork exercise with a fee attached!

New Build homes in the Edmonton Housing Market will attract GST of 6%, 3% should be rebated directly to you by the builder off the price and this will then be confirmed by Canada Revenue about 6 months after the sale. It's a very long winded way of doing it, but basically you will be charged GST at 3% on the sale depending upon the purchase price of the property!

Depending upon the deal negotiated with the builder, be prepared for a lot of expense to landscape and fence the gardens, any basement development and all the "small" things add up like curtains and fittings. If you don't mind landscaping yourself or paying for it, the benefits of a new home are obvious. It is one less thing to worry about during your first few years of settling if the house is under warranty!

Pre-Owned Homes

There are a lot of pre-owned homes in the Edmonton Housing market and are advertised in the free Real Estate Weekly. They are also listed on the "Multiple Listing Service" (MLS) on the net.

The neighbourhood you move to should be thoroughly researched. It's definitely worth renting for at least 6 months if you don't have any reliable connections in the area to guide you.

At the minimum I'd check with the local Police station or RCMP detatchment to take advice on bad areas. Also, visit the area at different times of the day and night over several weeks - even take a few walks around and talk to people. You'd be surprised how much information - good and bad - you can gather, as well as how the place feels. A realtor who is a recognised expert for the Edmonton Housing area like Cliff Turner will be able to offer guidance on the suitability of neighbourhoods.

Some of the benefits of a pre-owned home are that it will normally be landscaped, could be developed in the basement and any teething problems should have been dealt with. There will be no GST applied to the house price which is quite a saving, though the price of the house will be adjusted for the landscaping etc. The most important benefit is that you may be able to take possession very promptly and could save you money on a rental property.

Hiring a lawyer is essential for your legal protection, to explain all the jargon and ensure a smooth possession. Lawyers perform similar duties to those around the world but be prepared for it to be a lot faster. It's possible to take possession in just a few weeks!

Good luck with your dealings in the Edmonton Housing market and we hope you find the home of your dreams.