Purrfect Properties Blog

Posts Tagged ‘Edmonton Realtor’

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.

Not Some Catty Remarks – Review for Jeanine Boutet Osborne

Thursday, December 4th, 2014

Jeanine is a fantastic, professional and knowledgeable Realtor. She made the process of purchasing my first home so incredibly easy. She consistently went above and beyond to ensure I was purchasing a home that was right for me. She was always prompt and courteous in answering my many questions and gave good honest advice. I never felt like she was pressuring me to make a quick sale and when I did find the right place she fought to make it happen. For anyone looking to buy or sell a home I would wholeheartedly recommend Jeanine. She is definitely someone you want on your team.

-Mat Fasullo-

A Canadian First – Hawk the Trauma Dog

Wednesday, December 3rd, 2014
Calgary Police Trauma Dog

Hawk the Trauma Dog – Calgary Police

Here’s something I can sink my teeth into. A large step in the understanding of the abilities of our creatures on this great big planet of ours. As an advocate of animals, I am happy to showcase another example of the greater good animals provide. Which brings me to Hawk.

My head wants to call him the ‘Wonder dog’ though you can refer to him as a Calgary Police dog and even better than that his title is a ‘Trauma Dog.’ Hawk started his career in October of 2013, and just over a year later he is helping a very little girl with one of the toughest moments in her life.

She had some play dates with Hawk, the Labrador Retreiver and his ‘animal spirit’ of ‘unconditional acceptance’ rose right to the top. He walks past others and goes straight to her in the court room. He just knows where he is needed.

“When you’re dealing with young kids who have been victimized by adults it’s hard for them to connect to another adult, but suddenly something magical happens when a dog like Hawk makes his appearance. I mean it’s just immediate trust. There’s things that can be done through animals, through dogs, that just can’t be done no matter how hard we try as people,” said Chief Rick Hanson of the Calgary Police Force.

It’s a Canadian first, and Ellen O’Neill-Stephens, the founder of Courthouse Dogs came up with the idea of pairing victims of crimes and dogs about a decade ago. It is already popular in the US and I am hoping it will become more prominent in the world. This REALTOR hopes that alongside the greater service needs from Earths friendly creatures will come greater rights. Right as this is going on; there is a Canadian movement to change the laws for animals, because without the law behind the issue there is little to no recourse for how abusers and oppressors are dealt with.

The Animal Charter is premised on the recognition that animals experience suffering and pleasure in a way that is not biologically distinguishable from that of humans; that discrimination on the basis of arbitrary characteristics—like species—is a violation of equity, natural justice and the rule of law; and that our legal system must not exclude the most vulnerable members of society.

It is a telling comment on the western world that legislation for the prevention of cruelty to animals (started with horses) predated protection of children in most areas. A century ago in England, eight- and nine-year-old children were forced to work longer hours in the coal mines than the pit mules, which were protected by law. In 1884, John Colam, Secretary of the RSPCA, helped to form the National Society for the Prevention of Cruelty to Children.

I wish that neither the Society for the prevention of cruelty to animals or the Society for the prevention of cruelty to children had to exist in this world. Perhaps this type of pairing is exactly what the world needs to witness, to learn how to speak up and prevent cruelty to both.

Is it Time to Retire to the Island? What’s going on there anyways?

Monday, September 29th, 2014
Vancouver Island Real Estate Market 2014

Vancouver Island Real Estate Market 2014

The Vancouver Island Real Estate Market

I used to live on the Island, Campbell River to be exact. When I had left, it was just at the start of the recession and everywhere I looked you saw ‘For Sale’ signs; be it for boats, cars and houses, even estates. It was so sad to see stability move out, people go back to where they lived before the downturn and it was impossible to look anywhere for economic confidence and financial security. Housing and Yacht prices tanked. Fast forward a few years and we are starting to see some good news.

The Island is built on a small number of industries and one of those industries is Tourism. Before, when you would travel down the road, you couldn’t get a half kilometer without seeing some US Citizens huge RV and ‘SUV’ in tow. It’s just not like that anymore, though it is a bit better.

Tourism is up, single family home sales are up, condo sales are up, rental rates are up and rental vacancy is down. That all points to a rebounding market and increased consumer confidence in the area. It’s no wonder Chinese developers are looking to build a 270 room in Nanaimo where the average single family home sells for $361,0964 and condos sell for $252,273. This is the most active region on the Island for real estate.

Across the Island, the average selling price of single family dwellings has reached $337,664 – up 2% in comparison to the annual 4-6% we see here in Edmonton, as well as being up 11% in total volume. Average condo prices fetch $240,101 on the Island.

The summer of 2014 saw the highest occupancy numbers Nanaimo has experienced in years with rates up 9.2% from last ago. The increase in tourism is attributed to special events and the strengthening US dollar.

Check out Tourism Nanaimo’s award winning campaign “You Won’t be Sorry” to see what is causing all the stir.

With the increase in rental rates, the decrease in vacancy rates, improved employment rates, immigration and rising rental demands – The Island is uniquely positioned to offer cash-flow investment opportunities based on the combination of high rental rates and affordable purchase prices.

Perhaps it’s time for you to get in and get building equity.

Canada Housing Market Confidence

Tuesday, September 16th, 2014

Canadian Housing Market Confidence

RBC recently finished their long running Annual Home Ownership Poll in Canada. Poll and year number 21, to be exact. The news and outlook of entry buyers is encouraging – especially after witnessing how recent financial legistlations have left buyers positioned in our fastest growing economy of Edmonton. Here are some of the interesting points to note:

Young Canadians, aged 25 – 34, feel that housing remains a very good investment. Nearly nine in ten (86 per cent) of them believe that owning a house or condo is a very good investment, up from less than eight in ten (78 per cent) in 2013.

This confidence in the housing market is reflected in Canadians’ buying intentions. Nearly every region in Canada has shown an increase in their likelihood to purchase over the last year. The top factors considered by those who intend to buy this year include the stability of their job situation and manageable debt levels. Confidence in these areas indicates that Canadians are more mindful of their finances than in 2013, which directly impacts the ability to afford home ownership.

In particular, interest in purchasing from the 25-34 age group has increased significantly from one in four (25 per cent) in 2013 to nearly half (41 per cent) of respondents in 2014.

Also notable in the same poll results, is Canadians’ willingness to go it alone when it comes to home buying. Granted, the majority of Canadians (62 per cent) still intend to buy a home with their spouse or partner, but now more than one in four (28 per cent) Canadians intend to buy a home by themselves.

Alberta Highlights: Alberta saw an increase in likelihood of purchasing this year, up from 22 per cent in 2013 to 28 per cent in 2014. Perceived home price increases may also be key for Albertans, as more than half (52 per cent) believe that home prices will continue to rise next year.

British Columbia Highlights – In B.C., the percentage of those who are likely to buy a home has increased slightly, from one-in-five (20 per cent) in 2013 to more than one-in-five (22 per cent) in 2014. With four-in-ten (41 per cent) believing that housing prices will continue to rise next year, it signals that British Columbians want to get in while they feel they can and reinforces the positive investment sentiment.

Where do you want to be in 10 Years?

Monday, August 25th, 2014

I don’t believe prices will be coming down in the next 10 years.  With the projected work the province has coming up in the next three years, steadier and rising prices in the states as well as the fact that Edmonton is third largest and fastest growing Economic center in Canada – it is very easy for me to say – No, prices won’t be coming down by next year or most likely for the next decade.

Quotes from the Housing Market outlook – Canadian Edition  – Third Quarter 2014

“Economic growth in Alberta is expected to lead all provinces in Canada over the next two years.”

‘Consumer spending is also projected to rise, supported by strong population growth and rising wages.”

“The average MLS sales price is projected to increase to $396,800 in 2014 and then to $407,000 in 2015.  A higher level or demand relative to supply will help to lift resale prices in 2014.  As 2014 progresses, new listings are expected to increase and continue rising into 2014.”

 

Edmonton Housing Outlook 2015

Edmonton housing prices going up again in 2015!

If you can get a home now – I encourage you to do so.  I often look at townhouses that were bought for $77,000 10 years ago and are selling now around $214,000.  The question is – where do you want to be in 10 years?

Do you Know what these Common Real Estate Terms mean?

Monday, April 28th, 2014

Navigating the process of buying or selling a home can be a little overwhelming to some people. Having a Realtor to guide you through the process helps to make the process much easier. Even with the help of a Realtor you may still be lost in some of the terms used when it comes to talking about real estate. Lets take a look at some of the more common terms used in real estate, and help to clear up some of the confusion.

AGENCY A relationship which arises out of a contract, where an agent is authorized by a client to engage in certain acts, usually in dealing with one or more third party(s).

APPRAISED VALUE An estimate of property value written by a qualified individual. Appraisals performed for mortgage lending purposes, may not reflect the market value of the property, or the purchase price.

ASSESSED VALUE An amount assigned to taxable property, for the purpose of equalizing the burden of taxation.

CMHC The Canada Mortgage and Housing Corporation a Canadian Crown Corporation which administers the National Housing Act. CMHC services include the insuring of high ratio mortgage loans for lenders.

CONDOMINIUM The ownership of a separate amount of space in a multiple dwelling or other multiple-ownership of common elements used jointly with other owners.

CO-OPERATIVE The ownership of a separate amount of space in a multiple dwelling or multiple-occupancy building with proportioned tenancy in common ownership of common elements. Used jointly with other owners, however, the owner does not have clear title to a specific unit, but becomes a shareholder of the corporation which owns all the property and occupies by way of a tenancy agreement subject to shareholders agreement administered by an elected board of directors.

HALF DUPLEX Refers to a structure used for residential purposes and consisting of two living units with a common wall.

DUPLEX SIDE BY SIDE Refers to the entire structure of a duplex unit, consisting of both living units

ENCROACHMENT The act of building a structure which is in whole or in part on a neighbor’s property.

EQUITY The value of real estate over and above the mortgage(s) against it.

FREEHOLD The ownership of a tract of land on which the building(s) are located. The oldest and most common typed of ownership of real estate.

LEASEHOLD A type of interest in a property that is certain only for a specified period of time granted by contract.

LEGAL DESCRIPTION A written description by which property can be definitely located, and which is acceptable for registration in a land registry system.

LIEN A legal claim against a property for money owed.

MORTGAGE The legal pledge of real estate as security for a loan.

MORTGAGE BROKER A person who originates real estate loans and allocates mortgage funds. These funds are placed on behalf of others, through negotiation of lenders and borrowers for the best possible arrangement and satisfaction of all concerned.

OFFER TO PURCHASE A written proposal to purchase real estate that becomes binding upon acceptance of the vendor

PROPERTY Refers to the rights which an individual enjoys by virtue of his/her ownership.

REALTOR A real estate broker holding active membership in a local real estate board.

TERM The length of time which a mortgage agreement covers. Payments made may not repay the outstanding principal by the end of the term because of a longer amortization period.

TOWNHOUSE/TOWNHOME A style of housing unit generally built in a vertical as opposed to horizontal plane, sharing one or more common wall.

VENDOR A seller of real property.

ZONING The public regulation of the character and intensity of the use of real estate. This is accomplished by the establishment of districts in each of which uniform holding restrictions related to use, height, are, bulk, and density of population are imposed upon the private property.

Well this short list may not teach you all the terms you will need on your purchase or sale of your home, it should help to educate you on some of the aspects of the real estate process. If you feel yourself getting lost in terms like the ones listed above it may be time to ask for the help of a professional Realtor, to asset you in navigating this sometimes tricky language. Realtors have the knowledge and resources to maximize your time and limit your hassles. Should you need more help with your property search please let this Realtor help you to navigate the enjoyable process of buying or selling your next home.

And Thats The Cats’ Meow

How Big is Real Estate Risk? … An Edmonton Realtors’ look into the 2013 Calgary Flood.

Tuesday, July 2nd, 2013

A Mitigated Risk.

That’s what they said when they decided to open the gates, knowing the result would be flooded neighbourhoods in Calgary.  They opened the gates anyways.  Within hours, the flash flood turned Emergency, covered homes and land within the city. In moments, people who resided in the area lost their belongings, inside and out of their homes.  You should know, insurance doesn’t cover ‘Acts of God’. A definition often defined by convenience and not circumstance.

My Grandpa owns and lives in one of those unfortunate homes in Bowness. When my cousin told me that she was Kayaking to his house I wasn’t fully appreciative of what that really meant.  A week after residents were allowed to go back into their homes, I went down to take a look at what was going on.

Calgary Flood 2013

A look down Grandpa’s road, complete with Porta potties and Volunteer Workers.

Now, volunteer efforts from supplying water, to cooking food, even to Edmonton Firefighters who showed up on his front step to do the heavy lifting have to be commended.  Thank you to all Edmontonians and Calgarians who ended up helping Joe, we sure do appreciate it.

Water in the basement.  Ha!  This has killed a deal for me in the past.  Small, tiny amounts of water, usually caused by a lack of eaves-trough headers or improper sloping around the home.  95% of all homes we inspect have improper grading. Gardens are recommended to be planted around the home to help with absorption.

Calgary Flood 2013

Even with planters around the home, the water level rose above them. See the line of water above.

 

 

 

Grandpa’s home, did not have one drop of water come into the basement, before last week. Yet in one day, everything and I mean EVERYTHING below ground was wiped out.  Erased.  Gonezo’s.

 

 

Calgary Flood 2013

This was a fully finished basement with sauna, wetbar, snooker room, bedrooms, bathrooms, fireplace, furnace, hot water tank and laundry. All gone.

Calgary Flood 2013

The place the stairwell to the basement used to be. Water went up to the ceiling.

 

 

 

 

 

 

So what  do you do?  How do you reduce the risk?  I say reduce the risk, because that’s just it… Real Estate Investing has it’s risks and rewards.

– Make sure you have your home owners insurance.

Calgary Flood 2013

The Electrical panel, plumbing lines, hot water tank, furnace, fireplace etc all have to be replaced.

If your home is too high you may be at risk for windstorms, too low and you may be at risk for flood.  The possibilites are endless that you may come into contact with.  So why invest?  Why move foreward with Real Estate?

My Grandpa owned his home for 50 years before this occured.  Even with the costs of repair and replacement, he will still come out ahead when he wants to sell, as he’s been in his real estate game for a long time.

Often, I get asked by clients if they will be able to make a profit in the years ahead on the purchase they are about to make.  Yet, I don’t have the crystal ball they are looking for.  A person moves foreward with Real Estate because they recongnize the risks and they recognize the rewards.  They believe they have more chance of reward than of risk and they are ready to take that calculated risk.  Not a mitigated one.

Keep your insurance up to date people, and don’t buy a few feet from the waters edge.

Now that’s the Cats Meow in Real Estate.

 

www.17807-111Street.com European Elegance in Chambery

Friday, March 15th, 2013

17807-111Street.com EUROPEAN Elegance in Chambery

 

Cherry Gleaming Hardwood in this 3,450 ft2 Total Living Space, 3+1 Bedroom, 3 1/2 Bathroom, 2-Storey in Quiet Chambery. The Gracious Foyer is illuminated by Chandelier Lighting. Be greeted by your Beautiful Formal Dining room.

Columns, Archways, Oversized Windows and Detailing throughout. 20 ft of Granite with Maple and Glass Cabinetry in your Kitchen boasting Stainless Steel appliances.

California Knock Down Ceilings with borders. His and Hers Jacuzzi Ensuite, In-Floor heating on the main and lower levels.

Engineered Hardwood, Bedroom, Jacuzzi Bath, and Wet Bar on the lower level. Drywalled and Insulated Garage with rough-in for heater. No maintenance deck. A Distinctive Home made with Quality in mind.

9ft Ceilings throughout the home, landscaped yard, italian ceramic tile, extended breakfast bar, granite in bathrooms, closets to spare, recessed lighting, stereo system throughout home, iron railings, beautiful staircases, vaulted ceiling bonus room, large mud room, main floor laundry with folding table, wood organizers in oversized closets, 149 gallon hot water tank.

Now that’s the Cats Meow in Real Estate.

 

Built: 2006      Size: 2356.2 ft2 AG

Municipal address: 17807 – 111 street Edmonton, Ab T5X 6J3

Legal Description: Lot: 13 Block: 97 Plan: 0325052