Edmonton Real Estate Blog

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The City of Edmonton has taken another big step towards making more affordable housing available by allowing more secondary suites in mature neighbourhoods.

“The City is taking action on this issue, giving more homeowners the option of building a suite in their basement or elsewhere on their property,” says Peter Ohm, Manager, Land Use Policy Planning Branch. “We are also protecting renters by ensuring secondary suites are up to proper building and fire codes.”

New suites will provide much-needed affordable rental housing and can help first time buyers or empty nesters pay their mortgages. Garden suites will also now be allowed at the discretion of the City’s development authority, but only in specific locations, and with conditions that ensure new rental units do not conflict with the integrity of neighbourhoods. The City also wants homeowners with illegal suites to upgrade their suites to meet building and fire codes now that zoning regulations allow substantially more secondary suites to exist legally.

Homeowners can get help building secondary suites through the Secondary Suites Grant Program. The program also provides funding to homeowners who have existing, illegal secondary suites to renovate the suites to meet fire and building codes, provided their properties are able to meet zoning regulations. In exchange for funding, homeowners agree to rent the suite to modest income tenants at 85% of the median market rent for five years.

These changes come after extensive public consultation and will increase the number of homes where secondary suites would be allowed by an estimated 270%. The City has also recently allowed garage suites in more locations.

As part of the bylaw, City Council requested city administration provide a progress report on the program to be presented to council in early 2010.

REALTORS® support these changes as they provide a low cost and expedient method of providing affordable housing throughout the City.

To view and search all Edmonton and area MLS listed homes visit me at http://www.findmyhouse.ca/

Also visit http://www.findmyhouse.ca/ to enter the free draw for a $5,000 travel gift certficate.

Edmonton, February 3, 2009: Residential sales in January are always slow as buyers recover from their holiday excesses and stay bundled up from the cold. January sales were slow at the beginning of the month but picked up steam as the days grew longer. REALTORS® sold 730 residential properties in January compared to 608 in December (sales up 20%). Sales prices were also up in all categories as compared to the previous month.

“Nobody rings a bell when prices hit the bottom,” said Charlie Ponde, president of the REALTORS® Association of Edmonton. “The bottom is evident only after several months of rising prices. One month does not make a trend but the market is certainly welcoming to home buyers.” He pointed to the lowest interest rates in years, the large selection of homes available and recently announced economic stimulus packages as reasons for the increasing market activity. The amount of RRSP savings that can be applied to a first-time home purchase was increased from $20,000 to $25,000 and a tax rebate for home renovation expenses were announced in the recent federal budget. Both measures will encourage home buyers.

The average* price of a single family home in January was $352,689 – up a quarter of a percent as compared to December. Condo prices were up 1.8% to $238,535 and duplex/rowhouses sold on average for $299,222 (a 2.2% price increase). Total residential sales through the MLS® for the month were $231 million – down 43% from the previous January.

Listing activity also increased in January. There were 2,443 residential properties listed in January – an 85% increase over December listings. With 730 residential sales the sales-to-listing ratio was just 30%. At the end of January there were 6,573 properties available on the residential MLS®. At current sales rates this is a nine month supply. Time to sell was up from 65 days-on-market in December to 68 days in January.

“The housing market changes every day and consumers need to work with a REALTOR® who can advise on pricing, sales and negotiation strategies,” said Ponde. “REALTORS® are the only professionals with current sales prices (as compared to asking prices) and can do up-to-date comparisons for properties similar to the one you are attempting to buy or sell.”

Source: Realtors Association of Edmonton

To view and search all Edmonton and area MLS listed homes visit me at http://www.findmyhouse.ca/

Also visit http://www.findmyhouse.ca/ to enter the free draw for a $5,000 travel gift certficate.

Weekly Rate Minder is provided by Dominion Lending Centres Optimum (780) 452-9101 or you can visit them at www.dlconline.com

This edition of Weekly Rate Minder has the latest, best rates for Canadian mortgages. At Dominion Lending Centres, we work on your behalf to find the mortgage that suits your needs. Best of all – our service is “free”.* It’s the selected lender that pays us and YOU get the best rate. *(O.A.C., E.&O.E.)
• Our Best Rates
• Explore Mortgage Scenarios with Helpful Calculators on dominionlending.ca

Terms / Posted Rates / Our Rates

1 YEAR / 5.00% / 3.50%
2 YEARS / 5.75% / 3.99%
3 YEARS / 5.75% / 3.75%
4 YEARS / 5.69% / 4.09%
5 YEARS / 5.79% / 4.34%
7 YEARS / 7.00% / 5.90%
10 YEARS / 7.35% / 6.05%
Rates are subject to change without notice. *OAC E&OE
Prime Rate is 3.00%.
Variable rate mortgages from as low as Prime + .80%

Rates are subject to change without notice. Fixed mortgage rates shown in table above and quoted variable mortgage rates are available nationally to qualified individuals. Some conditions may apply. Lower rates may be available in certain regions, or to those with higher credit scores or higher net worth – check with your Dominion Lending Centres Mortgage Expert for full details.

*O.A.C., E.& O.E.

About Dominion Lending Centres

* We are Canada’s premier online mortgage lender, and one of the fastest growing mortgage companies nationwide!
* Our Brokers are Experts in their field and many are ranked amongst the best nationally.
* We close loans in all 10 provinces and 3 territories.
* We can process your mortgage in as few as 7 days.
* We have more than 100 mortgage programs making it easy to choose the best fit for your situation.
* We are the preferred mortgage lender for several of Canada’s top companies.* Dominion Lending Centres’ Mortgage Experts are available anytime, anywhere, evenings and weekends — we’ll even come to you

To view and search all Edmonton and area MLS listed homes visit me at http://www.findmyhouse.ca/

Also visit http://www.findmyhouse.ca/ to enter the free draw for a $5,000 travel gift certficate.

The next first time buyer seminar dates are:
Wednesday Feb. 18th from 7-9pm
Saturday Feb. 21 10am-noon

There will be 4 instructors: A lawyer, a mortgage broker, a home inspector, and a real estate agent.

To register just click on the following link to register:
http://www.findmyhouse.ca/view_custom.php?cpc_id=5735

Serge Bourgoin
Re/Max Real Estate
Edmonton, AB
780-488-4000

To view and search all Edmonton and area MLS listed homes visit me at http://www.findmyhouse.ca/

Also visit http://www.findmyhouse.ca/ to enter the free draw for a $5,000 travel gift certficate.

This edition of Weekly Rate Minder has the latest, best rates for Canadian mortgages. At Dominion Lending Centres, we work on your behalf to find the mortgage that suits your needs. Best of all – our service is “free”.* It’s the selected lender that pays us and YOU get the best rate. *(O.A.C., E.&O.E.)
• Our Best Rates
• Explore Mortgage Scenarios with Helpful Calculators on dominionlending.ca

Terms/ Posted Rates / Our Rates

1 YEAR / 5.00% / 3.50%
2 YEARS / 5.75% / 4.29%
3 YEARS / 5.75% / 3.75%
4 YEARS / 5.69% / 4.29%
5 YEARS / 5.79% / 4.39%
7 YEARS / 7.00% / 5.90%
10 YEARS / 7.35% / 6.05%
Rates are subject to change without notice. *OAC E&OE
Prime Rate is 3.00%.
Variable rate mortgages from as low as Prime + .80%

Rates are subject to change without notice. Fixed mortgage rates shown in table above and quoted variable mortgage rates are available nationally to qualified individuals. Some conditions may apply. Lower rates may be available in certain regions, or to those with higher credit scores or higher net worth – check with your Dominion Lending Centres Mortgage Expert for full details.

Source: Dominion Lending Centre Optimum
www.dlconline.ca

To view and search all Edmonton and area MLS listed homes visit www.FindMyHouse.ca

The number of properties sold via the MLS® in Canada edged down further in December 2008 to reach the lowest level for the month since December 2000, according to CREA.
Seasonally adjusted residential MLS® sales activity numbered 27,357 units in December 2008, a decline of 1.8% compared to the previous month. However, seasonally adjusted activity was up in more than half of Canadian housing markets. Activity declines in Montreal, Calgary and Edmonton more than offset a rebound in the number of transactions in Vancouver, resulting in a small monthly decline in national sales activity.
The small month-over-month decline in national MLS® seasonally adjusted sales activity in December followed double digit declines in September (-14.9%) and October (-12.1%). Activity plummeted 22.2% in the fourth quarter of 2008 to 86,879 units, with seasonally adjusted quarterly declines in activity in all provinces. The sharp drop in fourth quarter activity accounted for over half of the decline in transactions since the peak in 2007.
Year-over-year declines in the MLS® average home price were reported in about half of local markets in December. Lower activity and average prices compared to one year ago remain most pronounced in Canada’s more expensive housing markets. This continues to weigh on the national MLS® residential average price.
The MLS® national average price of homes in December 2008 declined by 11% from where it stood a year ago. The major market price trend was similar to the national trend, down by 9.9% year over year in December 2008.
“Moderating home prices in Canada should not be confused with the downturn in the U.S. housing market,” says CREA President Calvin Lindberg. “But any local real estate market is not immune to global economic challenges, and that is what we face today. Low prices are not the concern as much as the perception of doom and gloom. Buyers are waiting to see if the real estate market has hit bottom, and that is a very complex thing to try and calculate. Most of us will only be affected by the market correction psychologically, because the majority of Canadians will not buy or sell property in the coming year.”
Seasonally adjusted new MLS® residential listings numbered 72,931 units in December, down 3% from levels recorded in November. New listings are trending lower. In December, they stood 8.1% below the peak reached in May 2008.
Resale housing market balance is represented by sales as a percentage of new listings. The rise in the number of new listings in the first half of last year along with declining sales activity, particularly in the fourth quarter, resulted in an increasingly balanced resale housing market over the course of 2008.
Sales as a percentage of new listings in the fourth quarter of 2008 fell to the lowest level since the mid 1990s. New listings are trending down from the peak reached in the second quarter of 2008. If this trend continues, the balance of supply and demand will stabilize in 2009.
“Average prices will remain under downward pressure during the Canadian economic recession,” said CREA Chief Economist Gregory Klump. “Shaky financial market confidence is pulling down business and consumer confidence. The consensus economic forecast predicts the economy will rebound in the second half of 2009, so housing market trends should strengthen next year.”

Source:Realtors Association of Edmonton

To view and search all Edmonton and area MLS listed homes visit www.FindMyHouse.ca

Jan. 22 (Bloomberg) — The Bank of Canada said the economy this quarter will plunge instead of stalling, while anticipating a “faster” recovery than in earlier recessions as access to credit and exports rebound.
The central bank slashed its economic growth forecast for the first quarter, saying output will shrink at a 4.8 percent annualized pace after predicting in October that it would be unchanged. Gross domestic product will shrink at a 1 percent pace in the second quarter before expanding through 2010.
“The projected return to balance of the Canadian economy is faster than either of the recoveries following the 1981-82 and 1990-92 recessions,” the Ottawa-based central bank said today in an update to its October Monetary Policy Report. “Canadian credit conditions remain better than those in other major countries” and “exports are also expected to recover next year,” the bank said.
Governor Mark Carney two days ago cut borrowing costs by half a point to 1 percent, the lowest since the central bank was founded in 1934, and said he would “carefully” assess how much more stimulus may be needed. The world’s eighth-largest economy is shrinking because of slower foreign orders for goods such as cars and commodities such as crude oil, combined with the global credit crisis which has made banks reluctant to lend.
Currency Falls
The Canadian dollar weakened 0.7 percent to C$1.2637 per U.S. dollar at 11:53 a.m. in Toronto, from C$1.2551 yesterday.
The economy will contract 1.2 percent this year, marking Canada’s first recession since 1992, and then grow 3.8 percent in 2010, the central bank said. That’s almost double the 2 percent expansion predicted by economists in a Bloomberg News survey.
“We would love the Bank of Canada’s growth projections to turn out correctly, and maybe they will, but fear they are too optimistic on 2010,” Derek Holt, an economist with Scotia Capital Inc., wrote today in a note to clients. The bank may be “erring on the side of a relatively sanguine view of Canadian credit markets,” he said.
Exports will shave 2.6 percentage points off of economic growth this year, then add 2.1 percentage points in 2010, aided by a weaker currency and a rebound in U.S. demand, the bank said.
Even amid the financial crisis that has crippled access to credit in the world’s biggest economies, lending to businesses in Canada “grew at a solid pace” through November and household credit “has slowed only moderately,” the central bank said. The cost of borrowing for commercial lenders has fallen by 1 percentage point since October, the bank said, citing reductions in its own benchmark interest rate.
Gaining ‘Traction’
Also, actions taken by Canada and other countries to shore up credit markets and economies “are starting to gain traction,” the central bank said.
The report repeated that the Bank of Canada will assess “to what extent further monetary stimulus will be required” to meet its chief goal of keeping inflation at 2 percent.
Inflation will decline by 0.6 percent in the second quarter and 1 percent in the third and won’t return to the bank’s target until the first half of 2011, the bank said.
Consumer prices haven’t dropped for two or more consecutive quarters since 1953, according to Statistics Canada.
The Bank of Canada didn’t refer to its projection as a bout of deflation, saying risks to its inflation forecast are “roughly balanced.”
Further Tools
Deflation can freeze spending by business and consumers if they hold off on purchases in anticipation of ever-lower prices. Reversing deflation can be harder than inflation because central banks can only cut interest rates so low to encourage demand.
There was also no reference in the report to whether the central bank may eventually use policy tools other than interest-rate cuts to boost credit markets in Canada.
Carney, 43, said after his Oct. 23 forecast paper that Canada doesn’t need to consider buying direct stakes in banks as in the U.S. and some European countries, where governments are trying to catch up to Canadian lenders’ level of capitalization. In December, he said after a speech that it was “premature” to discuss such moves.
Still, Bank of Canada officials and Finance Minister Jim Flaherty have said the country’s banks, rated the soundest last year by the World Economic Forum, have scope to expand lending.
The next rate decision is scheduled for March 3.
The 1 percent policy rate that the Bank of Canada set two days ago is lower than a previous record of 1.12 percent in 1958 when the rate was based on treasury-bill yields.
To contact the reporter on this story: Greg Quinn in Ottawa at gquinn1@bloomberg.net. Last Updated: January 22, 2009 11:57 EST

To view and seach all Edmonton and area MLS listed homes visit me at www.FindMyHouse.ca

This edition of Weekly Rate Minder has the latest, best rates for Canadian mortgages. At Dominion Lending Centres, we work on your behalf to find the mortgage that suits your needs. Best of all – our service is “free”.* It’s the selected lender that pays us and YOU get the best rate. *(O.A.C., E.&O.E.)
• Our Best Rates
• Explore Mortgage Scenarios with Helpful Calculators on dominionlending.ca

Terms / Posted Rates / Our Rates
1 YEAR / 5.60% / 4.00%
2 YEARS / 6.25% / 4.99%
3 YEARS / 6.25% / 4.95%
4 YEARS / 6.09% / 4.85%
5 YEARS / 6.75% / 4.95%
7 YEARS / 7.20% / 5.80%
10 YEARS / 7.55% / 5.95%
Rates are subject to change without notice. *OAC E&OE
Prime Rate is 3.50%.
Variable rate mortgages from as low as Prime + .80%

Rates are subject to change without notice. Fixed mortgage rates shown in table above and quoted variable mortgage rates are available nationally to qualified individuals. Some conditions may apply. Lower rates may be available in certain regions, or to those with higher credit scores or higher net worth – check with your Dominion Lending Centres Mortgage Expert for full details.

Information provided by Debbie Forbes –

Debbie Forbes – Dominion Lending Centres Cornerstone Mortgage And Leasing Inc.
780-991-8787

To view and search all Edmonton and area MLS listed homes visit me at: http://www.findmyhouse.ca/

This edition of Weekly Rate Minder has the latest, best rates for Canadian mortgages. At Dominion Lending Centres, we work on your behalf to find the mortgage that suits your needs. Best of all – our service is “free”.* It’s the selected lender that pays us and YOU get the best rate. *(O.A.C., E.&O.E.)
• Our Best Rates • Explore Mortgage Scenarios with Helpful Calculators on
http://www.dominionlending.ca/ or contact me @ mailto:debbief@dominionlending.ca or Debbie Forbes 780-991-8787

Terms / Posted Rates / Our Rates
1 YEAR / 6.35% / 4.35%
2 YEARS / 6.70% / 5.10%
3 YEARS / 7.05% / 5.15%
4 YEARS / 7.04% / 4.95%
5 YEARS / 7.20% / 5.15%
7 YEARS / 7.65% / 6.00%
10 YEARS / 8.00% / 6.15%
Rates are subject to change without notice. *OAC E&OE
Prime Rate is 4.00%.
Variable rate mortgages from as low as Prime + 1

Rates are subject to change without notice. Fixed mortgage rates shown in table above and quoted variable mortgage rates are available nationally to qualified individuals. Some conditions may apply. Lower rates may be available in certain regions, or to those with higher credit scores or higher net worth – check with your Dominion Lending Centres Mortgage Expert for full details.

*O.A.C., E.& O.E.

About Dominion Lending Centres

* We are Canada’s premier online mortgage lender, and one of the fastest growing mortgage companies nationwide!
* Our Brokers are Experts in their field and many are ranked amongst the best nationally.
* We close loans in all 10 provinces and 3 territories.
* We can process your mortgage in as few as 7 days.
* We have more than 100 mortgage programs making it easy to choose the best fit for your situation.
* We are the preferred mortgage lender for several of Canada’s top companies.
* Dominion Lending Centres’ Mortgage Experts are available anytime, anywhere, evenings and weekends — we’ll even come to you!

Source: Debbie Forbes – Dominion Lending Centres (780) 991-8787 or e-mail: debbief@dominionlending.ca

To view and search all Edmonton and area MLS listed homes for free visit me at: www.FindMyHouse.ca

Top renovation tips to make your renovation run smoothly

1. Budget, budget, budget I can’t say it enough. I’m an optimist who always believes that if you spend money on a quality reno instead of cheaping out, the necessary funds will magically appear. In reality, we know that isn’t true! So make sure you do your homework. Talk to a friend who has been through a similar reno, do as much window shopping and cost-comparisons that you can do. Make sure that you tack on at least an extra 20% for those inevitable issues that will spring up. And check your budget with your contractor or trades regularly to make sure you’re on track. Finally, don’t borrow to renovate if you can. A reno is much more satisfying if you save up the necessary funds before your renovate. Trust me.

2. Find the right contractor We’ve all heard the horror stories (and I’ve certainly been witness to a few of them). My usual recommendation is that the best contractors can be found through word of mouth. But if you can’t come up with a good referral, I am happy to say that you can find great contractors on the Internet. Check out sites such as www.handycanadian.com or www.homerenovationguide.com. Make sure you get several referrals before you sign any agreements!

3. Be realistic Dreaming is the start of any good renovation, but to have a good experience, you have to be realistic about what you can accomplish based on your budget, resources and your existing home. So many of us (particularly in this era of low interest rates and easily accessible home equity loans) will live beyond our means-just to have that gorgeous gourmet kitchen or marble bathroom. If you are absolutely committed to the dream of something that you can’t afford, see if you are able to renovate in stages. For example, in my first home, I really wanted a stone floor in my kitchen. The price well exceeded my budget. I didn’t want to compromise so I decided to wait to do the floor until I could afford the stone that I really wanted. I ended up painting my subfloor a putty grey and had the millworkers design my kitchen with an extra-high kick – which allowed me the room to install the stone floor later. Ironically, I ended up selling the home. One of the things that the new homeowners loved was the painted wooden kitchen floor!

4. Do your research Talk to friends who have renovated as well as other real estate and reno experts. It’s really important before you embark on the renovation rollercoaster that you have a clear understanding of what to expect. Plus, you need to make sure that you bring your thoughts and research to the table. Clip photos out of magazines of rooms that you love. Scour shops and the Internet for the latest and greatest. Have a general idea of how you want the space to look and feel. If you are overwhelmed, find a designer who can help you lead the way. If you want to find a reputable interior designer, log on to the Internet. In Ontario, you can get fantastic referrals through the Association of Registered Interior Designers (www.arido.ca). Other provinces also have their own associations.

5. It’s all in the details Thinking big picture should be commended, but we know that details are what can make or break a reno. I will never forget standing naively in the catacomb that was eventually to become my gorgeous new bathroom, delighted with myself that I had ordered my faucets, my tiles and my vanity. “Where are the rough-ins?” bellowed my plumber? “Rough-ins?” I asked, a shaky note of trepidation colouring the tone of my voice. Within moments, the glory of having provided everything to my trades had vanished as I realized that I had not ordered the “cake” of the faucets, only the shiny chrome icing. My error held up my reno for another two weeks. So make sure you have a list (or multiple lists for each room), and make sure that you confirm and reconfirm that everything has been ordered, has been delivered, etc. TIP: If you want a truly beautiful reno, pick everything BEFORE your reno starts. Something as simple as a cabinet knob can really decide the look of a room.

6. Get advice Now that you’ve talked to the experts, gotten referrals and drawn up your plans, have one more chat with friends or family who have gone through the reno experience. Try to be as thorough as possible-you’ll thank yourself later. I have saved thousands of dollars by having good friends take a look at my plans and assess them from an objective point of view. A designer or contractor may be able to convince you that you don’t REALLY need a six-foot bath, and that a four-foot version is adequate as long as you have a separate shower. It takes a good friend to remind you that YOU love baths and will be unhappy with one that’s designed only to bathe small children.

7. Don’t have any regrets If you follow steps 1 through 6, chances are you won’t have any regrets. But remember, when you choose to renovate, do it with a certain amount of chutzpah. Don’t second guess choices once they’ve been made, paid for and installed

8. Renovate for the future Trends are for accessorizing, not for renovating. A rule of thumb for renovating is that doing a high-quality job in a classic style is exactly that: classic. If you invest in quality finishes now, you won’t regret it. Forget about being a slave to fashion-instead, think how dated those olive-green appliances look 20 years later. At the end of the day, there’s nothing more classic than a basic white refrigerator or a white pedestal sink.

9. Check in every day Your contractor will tell you that you only need to come by once a week. Don’t believe him or her! You need to do a site visit every day. Unless you have an incredibly trustworthy person to oversee your reno, you really don’t want to go on holiday or avoid the site. I’ve heard many people say “it’s perfect-my kitchen reno is happening while I’m away” and I cringe. You need to be there ALL THE TIME. Mistakes will happen, and you need to make sure you’re there to react to them. The longer that mistake goes unseen, the more expensive it will be to change it.

10. Have fun! It’s not all doom and gloom. At the end of the day, there’s nothing more rewarding than watching a space be transformed by good design decisions and great workmanship. Better still is the day when the work is done and you can enjoy the results in the peace and quiet of your new space.

Source: Canadian Home and Country