Archive for the ‘Edmonton’ Category
Market Stability Evident in Mid – year Edmonton Housing Review
Monday, July 8th, 2013In the first six months of the year, housing prices in the Edmonton Census Metropolitan Area (CMA) showed slow, steady increases. According to the REALTORS® Association of Edmonton, the all-residential average price was up 5.6% from the average price on December 31, 2012. Compared to June 2012, the current average price is up 4.2%.
“Economic conditions in the Edmonton area are generally positive and this is reflected in our local housing market,” said President Darrell Cook. “Prices have risen slowly through the first six months and there is nothing in our local economic trends to indicate that this period of stability will change.”
The average all-residential price for the Edmonton CMA in June was $359,631. This was up 0.8% from May 2013. The average price of a single family property in June was $412,269, up 2.3% from last June when the price was $402,840. Condominium prices followed a similar path with June prices at $261,854 compared to a year ago at $240,822.
The inventory of available residential properties on the MLS® System has increased over the past two quarters and is currently at 6,078 properties. Never-the-less, this is still lower than the inventory of 6,435 homes recorded at the end of June 2012.
“Higher prices and a shortage of inventory in some categories have limited the number of sales,” said Cook. “We are seeing some instances of multiple offers, however buyers looking at higher priced properties are taking their time to study the market with their REALTOR® before making an offer on the property that matches their needs.”
The all-residential sales figures for June are down 1.5% year-to-date when compared to 2012 with 8,664 sales so far in 2013 as compared to 8,792 in 2012. There were 1,840 residential properties of all types sold in the Edmonton CMA in June and 1,800 sold in June 2012. Single family detached sales of 1,080 were off 4.9% from last year. Condominium sales were up in the first half because of a lack of lower priced single family properties. There were 470 condo sales in June compared to 536 in June 2012. There were 116 duplex/row house properties sold in June. Note: all sales numbers are estimated to reflect late reported sales.
The average days-on-market for all residential property was up to 47 days from 45 days in May and the sales-to-listing ratio was 63% in June,
up from 53% last month.
Source: REALTORS® Association of Edmonton
To View & Search All MLS Listed Houses for Sale Visit Us At:
Edmonton Open House this Sunday in Rutherford!
Friday, July 5th, 2013
Swing by our open house this Sunday, July 7th from 1pm-4pm to view this gorgeous Rutherford home in person.
Address: 1123 117A Street SW Edmonton
Click here or call for more info 780-634-8151
6 Tips to help your yard stand out in Edmonton
Thursday, July 4th, 2013
A well-landscaped property can add 20% to your home’s value, and has an average return of 100-200% at the time of sale. Even if you’re not thinking of selling now, summer is a great time to spruce up your landscape and make it a place you enjoy spending time.
- Make your square or rectangular yard look more spacious by planting flower beds in each corner. This will make the centre of your yard appear larger.
- Revitalize sparse hedges and shrubs by covering their roots and applying fertilizer. Shrubs may become thin when the topsoil from around the roots washes away or diminishes over time.
- Apply a thin layer of mulch a few inches from the base of the tree. Many people make the mistake of mounding mulch around the base, which may attract pests.
- Create privacy with large shrubs or trellises covered with climbing vines.
- Use a simple palette of no more than three colours that complement your home’s colour scheme. This ties the space together and improves curb appeal.
- Focus on the foliage of the plant. Choose plants that have leaves in a variety of shapes, textures and patterns. If you want your landscape to bloom year round, choose plants that bloom at different times of the year.
Becoming Mortgage-Free Faster
Wednesday, July 3rd, 2013
| Regardless of how long you’ve had your mortgage or how large or small the current balance is, there are a variety of ways to make prepayments work for you to pay down your mortgage faster and, therefore, pay less interest throughout the life of your mortgage.
After all, each extra payment amount will reduce your principal balance, which, in turn, reduces the amount of interest you’ll have to pay on your borrowed mortgage amount. Most lenders allow you to make a lump-sum payment of anywhere between 10% and 25% of the value of your mortgage per year. The lump-sum payment is based on either the original amount you borrowed or the amount currently outstanding. Since mortgages decrease with each payment, it’s best to negotiate a lump-sum payment option based on the original amount you borrow. That way, if you come into an inheritance, a bonus or save some extra money, you can pay down the largest amount possible. Another factor to consider is when you can make a lump-sum payment. Some mortgages allow prepayments throughout the year, while others permit them only on the anniversary date. Still others allow you to make prepayments on the day you make your regular payment. If you can’t pay the maximum prepayment amount, it’s still worth your while to at least make some form of extra payments, even if it’s a few |
thousand dollars each year. That will still save you thousands of dollars in interest payments throughout the life of your mortgage.
Another prepayment option involves taking advantage of flexible payments. Most lenders allow you to increase your regular payment up to a set maximum, such as 15%, while others allow you to double up your payments. If, for instance, you have a $1,000 per month mortgage payment and increase it by 15% to $1,150, you could shave off as much as five-and-a-half years on a $200,000 mortgage. Even rounding up your mortgage payments a few dollars each payment can help make your balance decline sooner. If you round up your mortgage payment from, say, $766 to an even figure such as $800, you can feel confident in knowing that every extra bit goes toward your principal. You can also pay off your mortgage faster by moving to a different payment schedule. Instead of making monthly payments, make them biweekly or even weekly. Using an accelerated mortgage payment plan – where you make payments every two weeks as opposed to twice a month – you actually make one extra payment each calendar year. By paying more and paying faster, you reduce your principal earlier, which lowers the amount of interest you pay. As always, if you have questions about paying your mortgage off quicker, or other mortgage-related questions, I’m here to help! |
The importance of rebalancing
Tuesday, July 2nd, 2013Stock markets are not static and move both up and down. As a result, your asset mix—that is—the basket of different types of investments that make up your portfolio, may have shifted. Over time, your portfolio may have become weighted towards fixed income and away from equities, or conversely, overweighted in equities and underweighted in bonds. It’s important to regularly rebalance your portfolio.
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
From the Pros: How to Paint Kitchen Cabinets
Monday, July 1st, 2013
The right cabinet color can transform your kitchen or bathroom’s look. And because replacing cabinetry can be expensive, a fresh paint color could be the best bet for your budget. But before you start in on this seemingly simple DIY, keep a key point in mind. “The main issue is that with most woodwork — but specifically kitchen cabinets — is that it’s finished with a glossy product designed to be wipeable, and that same property prevents paint from sticking to it,” says painter Alex Davidson.
Although it’s not as simple as painting your dining room, with the right prep, painting cabinets can be an affordable and lasting design solution. See what four painting professionals say about painting kitchen cabinets
Should you paint your cabinetry? Before making any decisions, figure out what the existing finish is on your cabinet. If you’re not sure, consider taking a door or drawer to your local paint supplier — he or she can help you with what you need to get your cabinet ready for painting.
Depending on the level of work, you may want to look into hiring a professional. “Think carefully before painting your cabinetry,” says Davidson. “It can be a DIY, but it requires a lot of attention and care.”
“Always consider the cost of possibly refacing your cabinets or replacing them altogether, and how that coordinates with your short- and long-term objectives,” says Wade Thompson of ThomsonHoliday Painting.
Choosing the best paint for cabinets. If you’re not working with a professional, look for paint at a local, reputable paint supply store, where the staff can help you pick the right product for your cabinets. Choose a paint that can stand up to repeated washing and is nonblocking, so it won’t stick to itself when the cabinet doors are closed.
Also, know that dark colors tend to show imperfections in the paint and cabinetry much more than light colors do — and, contrary to popular belief, they usually highlight dirt more, too.
What to watch out for. Painting cabinetry may seem like a quick and easy kitchen solution, bit it’s a big job. Make sure you have the time, skills and patience for the task. Odds are, you’ll be looking at this cabinetry every day — so make sure you have the ability to make it look good.
If you’re feeling unsure, look into hiring a professional painter. While it may be more expensive, these pros can probably get the work done in much less time and with a result of much higher quality. “Always get a few opinions,” says Thomspon. “Regardless of your decision, talking to several companies will be a learning experience.” Many professionals will use spray applications to get the smoothest finish, which can make a huge difference.
Painting cabinetry can be a lot of work — but whether you hire a pro or do the painting yourself, the results are well worth it.
“Above all, have fun with the project,” says Miano. “Remember, it’s only paint.”
Source. Houzz.com
10 YEAR RATE 3.69% VERY ATTRACTIVE NOW THAT 5 YEAR RATES HAVE INCREASED
Friday, June 28th, 2013
The bond market has been very active this week. Rates have been rising almost daily. The increase in rate is due to both the recovery of both Canadian and US economy as well as changes in banking guidelines set out by the Office of the Superintendent of Financial Institutions.
Some economists argue that recovery has been over stated and job creation numbers inflated. If this is the case then rates should remain stable. Whereas, some believe rates are only going one way… up. Although, economists don’t agree on the direction of the rates, they can all agree that 10 year fixed rate is looking very attractive at this point.
5 Year Fixed rates range from 3.34% to 3.59%. The current 10 Year rate is 3.69% (rate sheet attached), borrowers want interest rate predictability, but does a five-year fixed term really give you that much protection? If inflation kicks into high gear and rates start going up quickly, the time remaining on a five-year term runs out pretty fast.The maximum spread of 35 bps (.35%) doesn’t seem to be worth the risk in this unpredictable market. The 10 years rate guarantee means cost certainty for a decade.
Some borrowers are concerned about the payout penalty on such a long term… Actually, after the first five years of any mortgage term, the Interest Rate Act mandates that payout penalties cannot exceed three-months worth of interest due, which is far less than can be charged on a five-year fixed-rate term. Without an onerous payout penalty to keep borrowers locked-in, the 10 year mortgage peaking a lot of interest.
If you have any questions or require any mortgage assistance, I’m a phone call away.
Best Regards,
Chita Rattanarasy
Mortgage Associate
TMG The Mortgage Group Alberta LTD
#10, 156 St.Albert Road, St.Albert, AB, T8N 0P5
Setting a New High Selling Price Precedent in Sherwood Park
Friday, June 28th, 2013
Team Leading Edge is proud to announce their listing in Sherwood Park is now pending in just 2 days!
To View & Search All MLS Listed Houses for Sale Visit Us At:
www.EdmontonHomesforSale.biz
Brand New Listing in Sherwood Park!
Thursday, June 27th, 2013
Beautiful and well maintained property. Large master bedroom with a full 4 pce. ensuite bath. Good size Island kitchen with eating bar with access leading to the deck. The second bedroom on the main floor has been converted into a large formal dining room. For your convenience the laundry is situated on the main floor. The basement is fully finished with 2 more bedrooms and a den.
Click here for more details or call today to view in person! 780-634-8151
To View & Search All MLS Listed Houses for Sale Visit Us At:
www.EdmontonHomesforSale.biz
