Edmonton Real Estate Blog

Last month, the REALTORS® Association of Edmonton donated $5,000 for flood relief in Southern Alberta. The funds were directed through the National REALTOR® Care Foundation campaign to the Red Cross to help address the immediate needs of flood victims.

However, the disruption in homeowner’s lives does not end when the waters recede. Many people in affected area will be displaced for months and perhaps years. Their homes will require extensive cleanup and repair and may be subject to mould and contamination from sewer backup and water infiltration.

In recognition of the on-going need, the REALTORS® Community Foundation in Edmonton (RCF) will be accepting donations from REALTORS® and the public and matching all contributions, dollar-for-dollar up to an additional $5,000.

“As REALTORS®, we know how connected people are to their homes,” said Susan Horon, President of the REALTORS® Community Foundation. “Your home is a refuge and the centre of family life. When it is suddenly swept away it is devastating. The Foundation is proud of the support that our members give to the community and we expect that REALTORS® will step up to help people restore their lives after the disaster.”

The flooding does not just affect homeowners in the immediate area. A buyer expecting to move into a riverside home at the end of June may have already sold their existing home and may now be homeless. At the same time, the seller who was counting on the sale of their now flooded home to finance a move to another neighbourhood cannot complete the sale. The seller may be forced to pay both mortgages until the property is remediated. Landlords may also be affected by the loss of revenue properties.

“There will be dozens of real estate transactions that are cancelled or delayed because of the damage to flooded property,” said Darrell Cook, RAE President. “While lawyers sort out the legal implications, REALTORS® will be working with the homeowners to help them find another home and become resettled.”

Donations by REALTORS® can be made through eRAE and members of the public can send cheques to:

REALTORS® Community Foundation
14220 – 112 Avenue
Edmonton, AB  T5M 2T8

or call 780-453-9345 to pay with a credit card. All donations will receive a tax receipt and be matched by the Foundation dollar-for-dollar.

By: The Canadian Press, Published on Fri Jun 28 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

Mortgage rates are on the rise. If you have been thinking about buying you might want to do sooner than later.

We’re seeing most all lenders now up to the 3.19% 5yr fixed term rates or higher on pre-approvals.   The bond markets are still showing signs of movement, so it could go up a bit from here.  If you are thinking of purchasing, refinancing, or renewing within the next 90-120 we encourage you to do a pre-approval and get a rate hold locked in through us.

If you are seeking an approval on your purchase, refinance, or renewal, then there are a couple non-preapproval lenders that can offer a slightly lower rate on approvals only.  Also, if your financing closes or can close in 30 days or less you can obtain a quick close discount closer to the 2.99% range right now.

If you are thinking about buying a home within the next 4 months you should call in to get pre-approved to lock in today’s interest rates.

For more information call Chita at 780-932-2225 or visit: http://www.edmontonmortgagesource.com/

While there is some relief in Calgary, there is also the dawning realization of how much work has to be done to clean up from this monster flood. Well, Calgary’s neighbour to the north is helping to shoulder some of that burden. Already the City of Edmonton has boots on the ground there. 100 EPS constables are riding with Calgary officers, taking some pressure off CPD. And today, 100 Edmonton Fire members hit the road with 12 pieces of equipment. Six Edmonton safety codes officers are assessing buildings in Calgary for flood damage; more Edmonton inspectors may join them this week, along with drainage crews. Besides 10 thousand sandbags, Edmontonians are also sending down scores of donations. The City asks you donate CASH ONLY for the next while.

Click here to donate

Source: CISN Country

The type of life insurance you need is dependent upon your unique needs, stage of life and can change over time. There are two types of life insurance in the marketplace: term and permanent. Yet, they are very different. Your Investors Group Consultant can sit down with you and conduct an insurance need analysis to help you select the right combination of insurance coverage that best fits your plan.

Feel free to contact me or visit my website for more information.

Edmonton, June 4, 2013: Housing sales activity in the Edmonton Census Metropolitan Area (CMA) slowed in May according to the REALTORS® Association of Edmonton. Housing sales dropped 10% when compared to May 2012. Sales of single family detached homes (SFD) were down 14.4% Y/Y and duplex/rowhouse sales were down 20.3%. In contrast, during the same period, condo sales were up 4.9% compared to May 2012.

“There is a lot of activity in the real estate market at this time of year but some buyers are having difficulty finding their perfect home,” said President Darrell Cook. “While inventory levels are rising they are still below traditional norms and there is a shortage of attractive SFD inventory available at the lower priced end of the market. That has held some buyers back. First time buyers may have had to buy in the condo market where they can still find a home in their price range.”

There were an estimated 1,169 SFD sales in May (based on 1,082 reported sales) through the MLS® System with 512 estimated sales of condos (474 reported) for total residential sales of 1,824 units (on reported sales of 1,689). Sales figures in the month are estimated to account for late reported sales and to ensure accurate comparison to prior period sales figures.

Listing activity picked up in May with 1,969 SFDs listed (up 1.3% Y/Y) and 963 condos (up 0.3% Y/Y) for an overall total of 3,188 residential properties coming into the MLS® System in May. At the end of May there were 6,028 residential properties available; up from 5,294 from last month. There were an additional 1,569 rural properties in the MLS® System inventory.

The demand for housing has buoyed up prices in the Edmonton area. The all-residential average price was up 2.4% from April and up 1.3% from a year ago at $356,807. The average price of SFDs was up 3.9% to $418,110 in May but condo prices dropped 2.4% from a month ago to $237,664. The condo average price is down 3.97% in May compared to last year.

“Increased activity at the higher end of the market drove up the average price of SFDs,” said Cook. “At the same time, the wide variety and number of options in the condominium sector continued to exert downward pressure on the average price of condominiums. There is housing available for everyone at every price point but buyers may have to adjust their expectations to be able to buy right now. Their REALTOR® can help them identify property that meets their needs.”

The average days-on-market for residential property was down to 45 days and the sales-to-listing ratio was 53% in May.

To View & Search All MLS Listed Houses for Sale Visit Us At:

www.EdmontonHomesforSale.biz

Source: Realtors Association of Edmonton

While you are house hunting, please ensure to keep your credit in good standing. Any default payments or increased debt will affect your capacity to purchase.
Here is a quick checklist to help me provide prompt service:
o Income Verification: Letter from employer & recent pay stub
*If commission and overtime provide most recent 2 years consecutive
“Notice of Assessments”
o Down Payment Verification: Own source: 3 months bank statements of deposits, RRSP’s, investment
OR
Gifted: gift letter, bank statement to show funds received
o Lawyer information
o Void Cheque or Preauthorization Payment form
o Copy of Photo-identification
o Copy of Offer to Purchase (provided by Realtor)
o Copy of MLS listing (provided by Realtor)
Please call anytime if you require additional information or clarification.