Welcome to the Edmonton Realtor® Blog!

In this section of the website you’ll find articles and reports pertaining to the market, from local conditions to advice on when to buy and sell.  We do our utmost to keep on top of market conditions and we hope you will find this helpful.
 

Edmonton Realtor® Blog - Saturday, June 26, 2010 - Edmonton Will Get $800 Million In Transit Funding For NAIT LRT Line

Edmonton will be getting its hoped for $800 million in transit funding, ensuring the NAIT LRT rail line will be finished by the targeted 2014 date. There was fear that the scrutiny of the $2 billion Green TRIP plan would throw the NAIT schedule off but that was not the case. Most of that fund will go to Edmonton and Calgary, as promised back in 2008.

Edmonton’s transportation manager Bob Boutiller is now on a mission to get plans approved and order 10 LRT cars ASAP so they can be delivered by 2013. Contractors will be contacted to begin demolition duties by end of year and the project will be underway. The city needed to get vendors on board by the fall or the target finish date may not have been met.

Some of the property has already been purchased and some of the designing has been started. The $45 million tunnel that is under the Epcor Tower is already under construction. Edmonton can now look at extending LRT service to Mill Woods and Lewis Estate, but must wait for federal funding for that project. The city is also looking at an expansion of the LRT to St. Albert.

Edmonton Realtor® Blog - Tuesday, June 1, 2010 - Nine Schools Open in Edmonton’s Suburbs – Enrolment More Than Encouraging

Downtown Edmonton recently announced the closure of schools due to a lack of enrolment. It is a completely different story on the outskirts of town. New communities such as the Hamptons and Glastonbury have an overabundance of children and Edmonton’s Public and Catholic school systems are rushing to accommodate them.

One example is the Sister Annata Brockman School which will open its doors for the first time this September. So far roughly 500 students have been enrolled. This is the first Catholic school opened that is to the west of Anthony Henday Drive and the demand is great. So great, in fact, that the Edmonton Catholic district has had to limit enrolment to Catholic families, a rare occurrence in the city.

Nine schools are scheduled to open in the suburbs this fall. Three, including Brockman, are under Catholic jurisdiction; the other six are operated under the Edmonton Public School banner. The schools, in total, were built to service 6,600 students. So far, over 4,000 have already enrolled.

Younger families tend to gravitate towards the suburbs because of the larger lots and the slightly less expensive cost of real estate. It has also become the trend to buy new homes rather than a used structure that may be in need of work in the near future. The suburbs tend to be more spread out, more relaxing and there is more open space for kids to play. As the downtown core’s population ages, the up and coming suburbs are attracting the young, the vibrant and the families. It is the way of things.

Edmonton Realtor® Blog - Tuesday, April 27, 2010 - Real Estate Appreciation of Special Interest to Canadians

The real estate industry has certainly had its share of press time lately. Either it is stories about the impending interest increases or reports of losses or gains in the industry or even commentary about practices within the real estate community. But what most Canadians really want to know is how much their homes will appreciate, especially those who have bought larger homes based on the productivity of the market in the last ten years.

Normally, according to Phil Soper, president of Royal LePage Realty, house prices appreciate in concert with incomes, usually 2.4 percent per year after taking inflation into consideration. That is known in the economic world as real return.

Sometimes other factors cause dramatic fluctuations in house prices, ether up or down. It could be nationwide or confined to a certain city or region. To put it bluntly, things could be quite unpredictable.

During the 1980s houses appreciated at a faster rate because of high demand from maturing baby boomers starting their own families. Interest rates were reasonable, but then they started to go up and by 1989 Canadians were putting a considerable amount of their incomes into keeping the mortgage current.

After that, housing prices fell during the decade of the 1990s as the market corrected. Since 2000, incomes have increased more than housing costs and home values have appreciated roughly eight percent over the last decade. Today it takes much more of a Canadian’s income to support a home. The worry is that some who have just gotten into the market will not be able to keep up with costs should interest rates rise substantially.

Edmonton Realtor® Blog - Saturday, March 27, 2010 - Canadian Housing Markets On a High Roll For the First Half of 2010

The Canadian housing market is still going strong, taking its momentum from 2009 and carrying it through to the early part of 2010. January and February sales are just a bit below the almost record numbers of the latter part of 2009. Scotiabank also predicts that the average MLS sale price will set records nationwide this year.

People are more confident in the employment picture and potential home buyers are anxious to get their dream homes purchased before the anticipated hike in home mortgage costs later this year. The weather has also helped. Much of Canada experienced a mild winter and spring sales, in effect, got an early start. More homes are being listed and more new homes are being started.

Most major markets are seeing the sellers have a slight advantage on the real estate playing field. Listings are not quite keeping up with demand, which can tend to drive prices up. Multiple bids on the same property are becoming more common.

The second half of the year is expected to be slower. New mortgage rules come into affect mid April, the mortgage interest rates are expected to increase during the summer and Ontario and British Columbia are initiating the controversial Harmonized Sales Tax, or HST.

Predictions for the coming year include MLS sales to increase 10 percent from 2009, hitting 510,000 sales nationally. Prices are expected to increase eight percent to a record breaking $345,000 per unit and 190,000 new housing starts are expected, an increase from the 149,000 starts in 2009.

Edmonton Realtor® Blog - Friday, February 26, 2010 - Edmonton’s Public Schools Headed for Stormy Weather

Edmonton’s public school system may be in for a bumpy ride. The public school board apparently thinks that ride will be of major proportions so has sent letters home to parents, encouraging them to get involved in the political process to boost educational funding.

The latest word from the province is that there would be no increase to the $6.1 billion annual budget allocated to education.  The increase is needed to provide the teachers with their scheduled pay raises. Edmonton’s school board says without that increase, their budget cannot be balanced without major cutbacks in staff and services.

Parents were asked to come up with ideas to keep the students from being impacted by this latest round of monetary wrangling. Some parents are wary of the request, afraid they are being put in the middle between the province and the board in the budget negotiations.

The school board maintains that the letters are just to keep the parents informed about the happenings with the schools budget and that they are sent on an annual basis. The bottom line is that while the powers at be negotiate who will get what and how much, the students ultimately will pay the price.

Edmonton Realtor® Blog - Monday, January 25, 2010 - Fire Causes Thirty People to Evacuate

When an apartment building in the area of 104 Ave. and 156th St. caught fire last week, one child's mother was unable to exit the building safely because thick black smoke filled the hallways.  She has no choice but to hang her child out side of a window to give him fresh air.

In a moment of true heroism, the child's father was able to stand under the window to allow the mother to drop the child to save him from the burning building.  His father safely caught him, allowing the mother to use her ability to escape through a smokey hallway.  The mother and child were then reunited on an ETS bus where they were nursed and kept warm.

The mother says she thought that they were all going to die, and more than anything, she just wanted her son to be safe.  Over thirty people had to use the ETS bus for shelter while the fire department battled the blaze.

The professional firefighters had the fire under control within an hour, but officials still do not know if the fire was caused by faulty wiring or a space heater that was too close to bedding.  The estimated damage to the building was $500,000.

Edmonton Realtor® Blog - Friday, December 11, 2009 - Strong Housing Data

Recent data showed that home construction from the same period a year ago was up over 230%.  Not only is this information promising, November was the fifth straight month that activity numbers have risen in year-over-year figures.

Jayman MasterBuilt vice-president, Jim Sirup, says that the company sees steady growth.  He says it feels busy because it is busier than the builder had anticipated.  After the dismal start to the year, investors and buyers came in from all directions to take advantage of the record-low interest rates and prices.

Affordability has been driving the sales activity in the housing market for the past nine months.  The builders in the Edmonton area started over 935 new homes, compared to only about 275 in the same period of the previous year.
There were almost as many starts in November of 2009 as there were if November of 2007 when the market marked its high.

Even with the optimism among market investors, the home-builders are weary and cautious because the market seems quite delicate.

Edmonton Realtor® Blog - Thursday, November 19, 2009 - Resale Housing Sales Trend Remains Strong through October

It seems the real estate market for Edmonton is continuing to be strong through October with home sales continuing to rise. October turned out to be the second highest month for homes listed through the Multiple Listing Services since October of 2006. Realtors and home owners are becoming more optimistic about the economy as home sales are increasing. This is great news for us all and not only helps with the home sales but overall consumer confidence.

The home prices in Edmonton have stabilized which makes it a great time to purchase a home. The rates are at record lows so new home buyers are able to afford single family and multifamily homes at great mortgage rates. This makes it great for home owners to sell their homes at a faster rate than just the previous year. We attempted to sell our home this time last year and it sat on the market for months before we finally took it off the market. With the way the house marketing is improving we are planning to place our home back on the market in hopes it will sell. This is the ideal time to place a home on the market with the reduced mortgage interest rates and the increase in homes sales.

Charlie Ponde is the president of the Realtors Association in Edmonton and he is showing prospective home buyers and sellers the trends which show the increase in home sales. As confidence grows more people will begin to search for new homes and look for great mortgage rates. They will be able to lock-in their mortgage rates at record low prices and find a home that will meet the needs of their family. This will be true not only for single family homes but also for duplexes, town homes and condominiums. Multiple family dwelling will also benefit and increase as new people move into the area.

The economy in the town of Edmonton will continue to improve as a result of the increase in the real estate market. So not only will each individual resident benefit from the movement in the housing market but the entire town will increase business and revenues as new homeowners settle into their new homes. They will begin to need everything required for a new home such as furniture, appliances, new paint, lawn care and other household necessities. This generates economic improvements through increased home sales.

Edmonton Realtor® Blog - Thursday, November 12, 2009 - LRT Routes Are Focus of City Council Hearings

Light Rail Transit routes that could permanently influence development in Edmonton were to be discussed at a November 9 City Council meeting. Business owners and residents in the city’s southeast and west corners were ready to weigh in with opinions on the proposed routes.

The routes under review would link Lewis Estates to Grant MacEwan University, as well as travel between the southeastern Churchill Station and the Transit Centre. Planners for the LRT contend that the new routes would be part of a continued effort to encourage citizens to take public transportation. LRT’s Adam Laughlin advises that the new routes will result in higher-density residential and business buildings in the affected areas, reduce traffic congestion and control urban sprawl.

The Stony Plain route is under criticism among area businesses and groups such as the Stony Plain Road and Area Business Association. Director Diane Kereluk argues that the planned route would jeopardize the association’s plans to reinvigorate the community. Concerns also exist about the southeast route, as local leaders contend that the development would increase noise and congestion along the route’s residential neighborhoods.

Following the November 9 hearing and possibly an extended hearing on November 14, city council members will either vote on the proposed routes, or reconvene to make revisions.
 

Edmonton Realtor® Blog - Tuesday, October 27, 2009 - Is The CMHC Manipulating The Real Estate Market?

Some Canadians believe that the Canada Mortgage and Housing Corporation’s rogue policies are creating a housing bubble in Canada through the use of taxpayer money. Many believe that this is why residential real estate is rising despite recession and high unemployment. The combination of record-low interest rates and the CMHC’s steady increase in mortgage backstopping has caused the sharp jump in housing prices.

Many Canadians are worried that the CMHC, which is as big as a bank but unregulated, is becoming like many of the United State’s rouge financial institutions. The CMHC allows the banks to recklessly lend money and in return, housing prices are being pushed up for everyone. The CMHC has become accustomed to a policy that rewards risk and leverage while discriminating against prudent home buyers who are sincerely interested in buying property by allowing people to take out a mortgage with only a 5% down payment.

Canadians are upset with the practices at the CMHC because it seems like they are encouraging the same irresponsible lending practices that forced the country into a recession. Economists have noted that eventually the air will be let out of the housing bubble when the interest rates are raised. Also, higher interest rates means a higher Canadian dollar.

Edmonton Realtor® Blog - Wednesday, October 7, 2009 - Edmonton’s Filipino Community Aiding Typhoon Survivors

The Filipino community of Edmonton is stepping up to assist countrymen whose land and property in the Philippines were devastated by Typhoon Parma. The typhoon claimed the lives of 16 people, and caused severe flooding in two villages in the Philippines’ northern region.

People numbering in the tens of thousands had to abandon their homes in search of higher ground as the typhoon brought down trees and utility poles. The storm arrived only a week after Tropical Storm Ketsana killed some 288 people and caused damage to some three million homes.

Eloisa Lau, a Filipino native who has lived in Edmonton for 30 years, quickly organized a fundraising campaign via email. Messages from Lau and other Edmonton Filipinos have been forwarded to thousands of people, eliciting numerous offers of help. Lau and her friends are collecting canned food and clothing to send to the Philippines. Lau noted that she is also collaborating with the Red Cross on relief efforts.
 

Edmonton Realtor® Blog - Monday, September 21, 2009 - A Record Month for the Canadian Housing Market

According to the Canadian Real Estate Association (CREA), the country not only had record home sales for the month of July, but it also had the largest increase in two years in a year-over-year comparison. The Ottawa-based group reported that the resale housing market is much better now than compared to earlier in the year. The CREA also reports that there were 50,270 units sold through the MLS, topping 50,000 home sales in the month of July alone. That is an 18.2 % jump from just one year ago.

It appears that homebuyers are recognizing the affordability of bottomed out home prices and low interest rates, and are taking advantage of it before they start to climb back up again. Currently, a five year mortgage at a fixed rate is the most popular among the homebuyers. Consumers see this as a great value at a rate of less than four percent.

It appears the real estate market is strong all over the country; with Vancouver, Toronto, and Edmonton up in sales, as well as other regions. This is a great reversal from what appeared to be a down real estate market only months ago.

Edmonton Realtor® Blog - Tuesday, September 8, 2009 - Edmonton’s LRT Proposal Promises To Be Expensive Proposition

Edmonton’s plans to make their transit system greener have hit a snag: Costs. Officials looking at the feasibility of adding two more LRT lines have found that it would cost a whopping $2.4 billion.

Transportation general manager Bob Boutilier called the idea of Edmonton building the lines on their own an “impossibility,” and said he would look to higher governmental levels to help out.

The reason for the high costs includes the need to buy several homes along parts of the proposed routes, even though the majority of the lines would be able to be worked around existing construction. These buyouts add much expense to the proposition.

Before the plan can proceed further, there will be a Council vote and then a public hearing. If the votes are favorable, the city will then have up to a year and a half to come up with a final design. At that point, revenue procurement proposals can be discussed in detail.

Edmonton Realtor® Blog - Thursday, August 20, 2009 - July Home Sales in Edmonton

Homes in the Edmonton area broke sales records for the second month in a row. July saw 2,277 resale homes bought. This number is down from June by 11%, but it beats July 2008 home sales by 27.6%. It also beats the previous record of 1,953 from June 2006.

The prices are relatively stable. The average residential price, $324,847, is only down 3% from last year and 1% from the previous month. Single-family homes fared the best, as they were down only 1.71% from the year prior. They are up .75% from June. The average price of these dwellings was $372,741. Condos sold for an average of $244,265, which is down 3.78% from last year and 1% from last month. Row houses and duplexes had a selling price of $296,284. This is down from July 2008’s figure of $316,832, but 1.8% higher than June’s price.

There were 6,592 listings by the end of July. In June, homes stayed on the market for an average of 49 days. In July, this number went down to 46. First time home buyers taking advantage of low interest rates, a strong inventory, and a relatively healthy economy all contributed to the strong sales numbers.
 

Edmonton Realtor® Blog - Friday, August 7, 2009 - Alberta Energy Holds Meetings Regarding Bill 50

Alberta Energy will hold open houses throughout Alberta on transmission line upgrades this summer. Bill 50 was introduced June 1. Critics claim Alberta is furthering its controversial agenda without public input. Alberta Energy claims they can’t wait until fall to host open-houses because community comments must be compiled before the legislature reconvenes in autumn.

Meetings attracted 10 to 50 people so far including media and MLAs. Lack of interest isn’t causing the low attendance. Timing is a factor also. Questions are being raised about the government’s decision to hold meetings in July and August. Ranchers and farmers opposed to Bill 50 have to choose between attending meetings or working. For those who cannot attend, the government posted information online. This is the same information attendees receive at open houses. People have the opportunity to submit comments and questions online.

Because Alberta’s provincial power grid hasn’t had major additions in 20 years, upgrades are needed to keep electricity flowing to residents of the province. Demands continue to increase; Alberta’s power system must respond. Legislation will expedite construction of several transmission lines. Opponents cite infringements on landowner rights. The final deliberation on Bill 50 will occur in the legislature after summer’s end.

Edmonton Realtor® Blog - Tuesday, July 7, 2009 - Medical Centres Face Staff Shortage

The Medical centers in and near Edmonton are always closing early, and this is if they actively open in the morning at all. The situation is leaving multiple people who are ill or injured frustrated and angry. It is also leaving them with longer and longer wait times, if in fact they can be seen by a doctor at all.

With only one physician in attendance, the clinic at Belmont was forced to shorten their hours, taking them down nearly 6 hours so that the clinic closes at 4 PM rather than 10 PM. This is not at all uncommon recently. Other Medical offices are also closing earlier, with many posting signs on their doors saying that they would not be in due to a shortage of doctors.

Emergency room physicians are unhappy with the situation as well, but have no real choice in the matter. Dr Louis Francescutti had to say of the situation..."It puts the patient in an awkward situation, they’re not going to take any chances, they’re going to go to the emergency department."

Patients are getting more frustrated with the waiting times while others will leave the scene, which is leading to more severe complications and treatments needed later.

Mike Pafiolis who was waiting to undergo treatment at the Medical Center at Belmont said "When you’re not sick, it’s fine, but when you feel like you’re dying, it’s hell," Pafiolis was at the time holding his sides as he paced, between vomiting.

"You get a guy in here with a broken ankle or something, he’s waiting for two hours if he’s lucky ... that’s not right," Bill Stolarchuk said, as he began to anticipate the many hours of waiting before he too could be seen.

There were not spokesmen available to comment on behalf of the many medical centers, owned by a private company that provides services on behalf of the government.

Pafiolis, in parting, had this to say with regard to the shortage of medical personnel "We’re planting trees and flowers on all our highways and people are in pain ... Priorities, come on. You have to pay the doctors,You have to keep them here, whatever you have to do. It’s life and death for some people."

Words to live by.
 

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