Edmonton Real Estate Market Update – March 2014
Tuesday, March 4th, 2014To View & Search All MLS Listed Houses for Sale Visit Us At:
www.EdmontonHomesforSale.biz
Team Leading Edge
Direct: 780-634-8151
Office: 780-406-4000
Archive for the ‘Edmonton’ Category
Welcome Edythe Esch to Team Leading Edge!
Wednesday, February 26th, 2014
Edythe brings to her Real Estate career the knowledge of being an Edmonton resident for 45 years. Knowing the Edmonton neighbourhoods is a great asset to finding the property and area of your choice. Over her lengthy career, Edythe has experience in residential, investment, condominium, and new home properties. She is a proven negotiator and can find you your dream home.
Edythe consistently demonstrates a true commitment to her clients, making them her #1 priority. She makes herself available to her clients 7 days a week. When it comes to working with her clients to buy or sell their home Edythe has consistently proven herself to be a true Real Estate Professional year, after year. She is more than happy to navigate you through the Real Estate process.
Discover why Edmonton residents choose Edythe for their Real Estate needs. Call her today! 780-499-1189
Edmonton New Listing – Bonnie Doon Single Level Apartment for just $239,900!
Wednesday, February 26th, 2014
45+ Adult condominium project right beside Bonnie Doon mall. Close to all transporations and amenities. Great unit with 2 bedroom, and 2 bathrooms. Master bedroom has a walk-thru closet leading to the full ensuite bath. Comes with 1 parking stall, and storage cage. The underground parkade has it own car wash.
Click here to view more info and photos.
To View & Search All MLS Listed Houses for Sale Visit Us At:
Serge Bourgoin RE/MAX ELITE Direct: 780-995-6520 Office: 780-406-4000
Edmonton Britannia Youngstown Bungalow – New Listing!
Monday, February 24th, 2014
Great, exceptionally clean, 2 storey apartment conveniently located in the west end with great access to Whitemud Freeway,Anthony Henday, Meadowlark and West Edmonton Mall. This well maintained home features laminate flooring through out and new oak kitchen cabinets. The building has a new roof, windows, siding and interior paint.
Click here to view more info and photos.
To View & Search All MLS Listed Houses for Sale Visit Us At:
Team Leading Edge RE/MAX ELITE Direct: 780-634-8151 Office: 780-406-4000
Mortgage matters: know your terms and conditions
Sunday, February 23rd, 2014
Melanie McLister is answering tough questions from mortgage consumers.
“It used to be, ‘What’s the best rate?’ Now they are asking about prepayments, blended increases, port features, penalty calculations,” says McLister, mortgage planner and co-owner of RateSpy, a mortgage rate comparison website.
“There’s been a really big push to help homeowners understand the terms and conditions of their mortgages, and I think it’s actually getting through,” she says.
One point of confusion is what to do when a mortgage comes up for renewal.
Taking an active approach to a mortgage that is reaching its maturity can be an excellent opportunity to make adjustments and save more money.
But many Canadians will opt for a laissez-faire approach and let their mortgages automatically renew for another term. This means they may not get the best interest rate or best conditions.
McLister points to a few reasons for this.
“A lot of people still don’t understand how the renewal process works so there’s a bit of a fear there. Another part is inconvenience and also a lack of time,” she says.
“You do have to go through all the paperwork all over again to obtain a new mortgage (from a different lender). So there is an element of work involved in the process.
“But if you can push papers around to save a few thousand dollars, I would highly recommend doing it,” says McLister.
The Canadian Mortgage and Housing Corporation (CMHC) 2013 Mortgage Consumer Survey says 88 per cent of those renewing a mortgage will stick with their existing lender.
For the 12 per cent who opt for a switch, 44 per cent say it’s for a better interest rate.
A lower interest rate may translate to more money in your pocket. Consider this example from the Financial Consumer Agency of Canada (FCAC):
If you have a $200,000, 25-year mortgage with a 5 per cent interest rate, you would pay $148,963 worth of interest.
Lower your rate just 0.5 per cent and you’d pay $132,083. That’s a savings of $16,880 through the life of your mortgage.
Katharine Trim, spokeswoman for FCAC, says you don’t need to be a savvy negotiator to land a better interest rate, but you should know what’s on offer.
“Be an informed consumer. Ask questions and get proposals from different financial institutions,” she says.
“Ask your lender for a better rate; it’s a fair question to ask.”
A lender from a federally regulated institution, such as a bank, must provide you with a renewal statement at least 21 days before the end of the existing term.
“But our recommendation is that you start shopping around about three months in advance,” says Trim.
Instead of a better rate, you may want different conditions. Investor Education Fund, a non-profit funded by the Ontario Securities Commission, says there are a few key points to keep in mind:
The amortization period. This is the total length of time it will take to pay your mortgage in full.
The mortgage term. As a general rule, the longer the term, the higher the interest rate.
The type of mortgage. An open mortgage allows you to pay back your mortgage back in full at any time. It may come with a higher rate. A closed mortgage is more restrictive.
The kind of rate. In a fixed-rate mortgage, you’ll pay a set amount for the duration of your term. A variable rate mortgage, on the other hand, changes as the Bank of Canada changes the rate.
The prepayment privileges. You may be able to “double up” or make lump sum payments to pay down your mortgage faster.
Knowing your financial goals may help you choose a suitable mortgage.
Perhaps you’d like to pay off your mortgage faster.
In this case, you may want to consider a mortgage with fitting prepayment privileges. You can also achieve this goal by making larger payments or changing the payment frequency from monthly to accelerated biweekly.
Perhaps your goal is to better balance consumer debt with mortgage payments. In this case, choosing a fixed-rate term may be more desirable than a variable rate term as you know you’ll have set payments for a set period.
“Another thing to think about is how much risk you want to take on. If interest rates go up in the future, can you afford those payments? A consumer really needs to think about their own personal situation at renewal time,” says Trim.
You do not need to stay with your current lender if you find a better mortgage elsewhere.
There may be extra costs involved when switching.
Fees to consider include setup and discharge fees, the cost of registering the new mortgage, transfer or assignment fees, appraisal fees and other administrative fees.
You may incur fees while visiting your lawyer, for example. Your mortgage default insurance premiums may rise if you increase the amount of you mortgage loan or extend your amortization period.
“Weigh all the different costs of the new package against the benefits of staying where you are,” says Trim.
Ask the lender whether they will waive any or all of the fees to gain your business.
You can also approach your existing lender with the package you’ve been offered.
They may just offer you the same or a better deal.
McLister says financial institutions are competing for your business, not the other way around.
“But at the end of the day, the onus is on the client to do their own due diligence when their mortgage is up for renewal,” says McLister.
Know your rights and responsibilities
before signing a mortgage
Your rights
A financial institution must provide you with clear information about:
- The principal, interest rate, term, amortization period and any payments due;
- Prepayments and any associated charges
- The cost of default insurance, how it is calculated and any associated fees
- How interest is calculated and how you will be charged
A lender may offer you better mortgage conditions if you agree to use some of their other services. It’s important to note, you are not required to buy additional products from a lender in order to get a mortgage.
If you need to buy mortgage insurance, for example, a financial institution can’t say that you must buy it from them.
Further, you are not required to open other accounts with them.
Most financial institutions have a complaints process that includes a speaking with a supervisor or a complaints officer.
If you have an issue and the process isn’t working, you have other routes. For federally regulated financial institutions, contact the FCAC or the Ombudsman for Banking Services and Investments.
For credit unions, caisse populaires, trusts, or insurance companies, contact your provincial regulator.
Your responsibilities
Before signing any contract you have the responsibility to read it and understand all its terms and conditions.
If you’re unsure of anything, ask your lender to clarify.
You are bound by the terms in the contract once you’ve signed.
The written contract overrides any of the discussions you’ve had. If the lender has made a commitment to you, make sure it’s in the contract.
To help you along, take notes during your conversations. Cross-check to make sure everything that was promised to you appears in the contract.
If you don’t meet your end of the contract, a lender can take the property you have mortgaged and sell it to recover the outstanding funds. If more is required, a lender can sue you personally for the difference.
This can have lasting effect on your credit rating and inhibit your ability to borrow in the future.
Source: thestar.com
Edmonton 2 Storey Condo in Patricia Heights
Friday, February 21st, 2014
Great, exceptionally clean, 2 storey apartment conveniently located in the west end with great access to Whitemud Freeway,Anthony Henday, Meadowlark and West Edmonton Mall. This well maintained home features laminate flooring through out and new oak kitchen cabinets. The building has a new roof, windows, siding and interior paint.
Click here to view more pics and info.
To View & Search All MLS Listed Houses for Sale Visit Us At:
Team Leading Edge RE/MAX ELITE Direct: 780-634-8151 Office: 780-406-4000
Get More Island Legroom With a Smart Table Base
Monday, February 17th, 2014Seating for a kitchen island is a popular design feature that lets your counter space do double duty. While an overhang on the back of the island supported by cabinets is the most common arrangement, it doesn’t afford the best legroom. Who hasn’t banged their knees while scooting onto a kitchen island stool? Islands designed with an integrated dining table at one end fare a little better, but you still must have the right table base for maximum leg comfort. Here’s what to consider.
This simple metal base adds another modern element to the room. The open design, with a base that’s set back from the sides and ends, creates a lot of legroom and is visually lightweight to match the thin profile of the countertop. Another diner could probably be placed on the end.
Allow 24 inches for each chair width and a minimum table width of 30 inches for comfortable seating.
Here’s another base that’s set back from the end and the sides. This arrangement provides legroom for diners sitting across from each other, as well as for a diner or two on the end. The slab design of the base here matches the heft of the countertop better than an open, lightweight design would have.
A square kitchen with a symmetrical contemporary look demands the same in an island. Here that island was designed as a table, without any cabinets. The heavy corner legs give the island visual weight and definition, but they also mean diners won’t bump knees. This dining island is probably at least 60 inches per side, an arrangement that allows two diners per side.
Look closely and you can see that this wood countertop is supported by a mirrored base. The size and construction of any base depends on the size and weight of the countertop. Mirroring a base makes it virtually disappear.
This traditional kitchen has a round, bar-height dining table with a furniture-style pedestal base. You can find a pedestal base in any style. A pedestal allows diners to easily gather around the table without bumping into the base or one another.
The base of this dining table matches the cabinetry, but the prow shape makes it lighter than a boxy cabinet would have looked. Because the base follows the curve of the countertop, knee space is retained for each diner, making the entire length of the countertop usable. This is also a good way to visually lighten the size of a big table area.
When you are planning your kitchen, remember that a very heavy surface material, such as the marble shown here, will require heavy support underneath. Be sure to calculate the width of the base into the total width of the tabletop. Too wide? Reconsider the material and the base design.
A waterfall design creates a beautiful and simple support for the top here. Make sure you have as much length as you need for chairs on each side with something like this, since the flush end is not usable for seating.
The beautiful custom wood base of this island serves as a sculptural element as well as a functional support. The slender V-shape base provides good countertop support but also allows for plentiful knee space.
When is a table base not a table base? When the piece is cantilevered. This dining area can welcome a big crew, as well as Fido comfortably sprawled under the table.
Source: Houzz.com
Watch for these electrical hazards in your home
Friday, February 7th, 2014
Electricity in the home is so commonplace that it’s easy to forget how dangerous it can be. According to the American Institute for Preventive Medicine, an electrical shock can knock you unconscious, cause a serious burn, or even stop your heartbeat.
Fortunately, there are some simple things you can do to reduce the risk.
- Install safety plugs in outlets that young children can reach.
- Never plug in anything with a frayed or otherwise damaged power cord.
- Never use a plugged-in computer, hair dryer, or other electrically-powered item near a filled sink or bathtub. This includes phones with power cords.
- Never touch anything electrical with wet hands or while standing in water. (Water is a remarkably efficient conductor of electricity.)
- Always turn off the appropriate breaker before doing any electrical work, such as installing a new light fixture.
- When replacing a broken light bulb, turn off the breaker first. Although the glass is broken, the filament may still be conducting electricity.
Finally, unless you’re an expert or an electrician, never do any major electrical work on your own. Hire a professional.
Drone Marketing Takes Flight
Wednesday, February 5th, 2014Some agents think the sky is not the limit when it comes to serving their clients. Those agents defy gravity with remote-controlled drones outfitted with cameras, which deliver stunning aerial photography ordinary marketing materials can’t offer.
Scott Gerami, a Hall of Famer with RE/MAX Professionals Select in Naperville, Ill., is among the early adopters of these small, unmanned aerial vehicles (UAVs), which are commonly referred to as drones.
His drone soars 400 feet above clients’ homes, and its camera captures images of rooflines, aerial views of landscaping, neighboring properties and a bird’s-eye view of nearby landmarks.
“The drone provides amazing video and pictures other agents don’t have,” Gerami says. “Using it shows clients that I’m on top of the latest trends and technology to market their homes better.”
Client response has been “overwhelmingly positive,” Gerami says, but it’s still too early to say whether drones have had a tangible impact on his business.
“Up until this point, I used drone photography as a value-added service on select properties,” he says. “But I plan on promoting it heavily going forward.”
Drones come in all sizes and price ranges – some cost as little as $500 – but Gerami went the DIY route. He has designed and built his own drones.
In fact, Gerami is so excited about the technology that he’s working to set up a live, online video chat in collaboration with Mad Lab Industries, a local tech company that helped him build his drones. Now Gerami wants to partner with the company to teach other professionals how to get the most from these little marvels.
Broker/Owner Mark Cooper is also an avid fan of drones. He just started experimenting with the cutting-edge technology at his aptly named brokerage, RE/MAX Edge in O’Fallon, Mo. And like Gerami, he’s sold.
VIEW FROM THE TOP Mark Cooper’s aerial drone photography is his
newest, and most impressive, marketing tool.
He firmly believes drone photography will become a recruiting tool to attract innovative agents – and new clients.
“The client with the $2 million house to sell will look at my aerials and say, ‘Hey, I want that drone view, too,’ and give his business to me and not the competition,” Cooper says.
Using drones is a time and money commitment, Cooper notes. It can get pricy – Cooper says he’s invested about $2,000 so far – and producing drone videos can take up to eight hours for a single listing.
That’s why Cooper thinks he’ll use the drones to market luxury homes or large properties, which are harder to fully photograph. But he agrees with those who say that this technology and its real estate applications are here to stay.
“There are so many ways drones can be used in our industry,” Cooper says. “Roof inspections, property surveys and even up-to-date street views. If you’re selling a farm or a lot of acreage, you no longer have to trek a mile with a buyer to see the land. You can offer them an overview shot the day before – or maybe even live!”
Source: REMAX.com
The Benefits of Maximizing your RRSP
Monday, February 3rd, 2014They say you can’t make up for lost time but that’s not necessarily the case with contributions to your Registered Retirement Savings Plan (RRSP). Canadians are allowed to carry forward unused RRSP contribution room until the age of 71. So, if you didn’t maximize your RRSP contributions in past years, you can still take advantage of the opportunity to invest more than your annual contribution limit this year, make up for shortfalls in past years and take advantage of a large tax deduction, all at the same time. Maximizing your RRSP contributions are one of the best strategies to build the retirement you deserve and dream of.
Feel free to contact me or visit my website for more information.
Douglas J. Bodtcher
Investors Group Financial Services Inc.
780-448-1988 ext. 284
Douglas.Bodtcher@investorsgroup.com
