Purrfect Properties Blog

Archive for April, 2015

What is Up with the Edmonton Housing Market?

Saturday, April 4th, 2015

Don’t Get Too Caught Up in the National Storylines.

Spring Mewsletter 2015 by the Cats Meow at Remax Real Estate

Edmonton Housing Market 2015

Spring 2015 Edmonton Housing Market

I have been wondering how to tell you folks where we’re at for this year; following the news, the stats and all the talk  has led me to do a lot of research into what is really going on in Edmonton and with  specific regards to housing.

‘They’ talk about consumer confusion about our market and I can see why.  Even inside the industry, not very much makes sense to me, everyone has a different statistic and  everyone claims to be right. However, repeatedly I find myself disproving more of what our industry experts ‘quote.’

The fact is, Edmonton saw another year of growth, higher than the average of Canada, and we have higher wages, as well as lower unemployment rates. The condo market saw more than 8% increases than the average for the rest of our country.  We are still poised for growth.  Maybe not leaps and bounds growth as we are used to, but positive growth must not be confused with the word ‘recession.’

As I write this, I have two articles in front of me in opposition of the other, both by headline newspapers, one calling for an excellent spring market and the other calling for a recession. It’s ridiculous what they get away with reporting, all for the sake of content and increased frequency publications.

The Yukon saw a 22% drop in home prices year over year and the local news is reporting a ‘softening’ of the market, due to the fact that the market was inflated over what was stable.  Yet, no one there is running for the hills and home owners are still selling and buying and owners are still making profits.

According to CREA, The Canadian Real Estate Association, of which I am a member; the average home price in Edmonton is still well within the  means of the average family income and average family debt.  Home owners are still listing their homes at higher rates than what they think they can sell for, because that is just how real estate is played.

Real Estate has always been a long term investment that can set you up when you invest your money wisely.  I’m glad to be a part of your past and I look forward to helping you in the future. Now that’s the Cats’ Meow.

Registration Costs for Real Estate in Edmonton, Alberta

Thursday, April 2nd, 2015
How much more money will Home Buyers need in Edmonton, Alberta?

How much more money will Home Buyers need in Edmonton, Alberta?

Within the past week there has been a bunch of buzzing news in my industry.  The budget has been a hot topic here in Alberta and mostly it is due to the lack of taxes coming from Oil and Gas.  While I would love to get into a conversation about politics, and have a blame session, and though it is Wine Wednesday (shout out to all the Berries out there) that topic would be better left to my core group of friends, family and those that truly know how I like to joke.  I’ll keep politics out of the Meow Blog.  So back to the budget.

The Alberta 2015 Budget comes with added costs to Albertans and Edmontonians in many ways.  I have heard of many of them through the news, but it was shocking to me when I got an Alberta Real Estate Association (AREA) Advisory this week that spoke about the changes for consumers of Real Estate.

As of July 1st, 2015 there will be a 400% increase in the cost of purchasing a home here in Edmonton, or anywhere in Alberta for that matter.

What really tweets me off was the fact that Service Alberta went on record to say that they identified real estate associations among the stakeholders who were consulted on increases to fees related to the transfer of real estate.  The AREA went on record to say:

‘the Alberta Real Estate Association (AREA), the provincial, professional association for Albertas’ 10,000 REALTORS, was not one of the stakeholders consulted on these increases.’  #thingsthatmakeyougohmmm

Here’s a breakdown based on a $500,000 home with a $400,000 mortgage:

Land Title Registration $150 $675
Mortgage Registration $130 $555
TOTAL $280 $1,230

So there you have it, Real Estate fees are on the rise.  The government needs more money from the corporate sector so they are taxing the middle class.  This years budget is all about ‘Sin taxes’.  So buying real estate is now a sin… I bet Moses never saw that one coming.

I have said, and I will continue to say that Edmonton is a great place to live, work and grown equity in your home.  That way, when you retire, you can move to the coast, buy a sailboat and live like a queen.  Now that’s the Cats’ Meow.