Edmonton Real Estate Blog

Today (June 21, 2012), the federal government announced amendments to government-backed mortgage standards in Canada that will take effect on July 9, 2012. These changes will make it more difficult to qualify for a mortgage, and will reduce the mortgage amount that you will be able to get. Buy now before the changes come into affect.

Jim Flaherty, Minister of Finance, announced the following changes to the standards governing government-backed insured mortgages:

the maximum amortization period was reduced from 30 years to 25 years;  the maximum amount Canadians can withdraw in refinancing their mortgages was lowered to 80 per cent from 85 per cent of the value of their homes; the maximum gross debt service ratio was fixed at 39 per cent and the maximum total debt service ratio at 44 per cent; and the availability of government-backed insured mortgages was limited to homes with a purchase price of less
than $1 million.

Better buy now before the mortgage rule changes making it more difficult to buy a home, and making it less affordable.

http://business.financialpost.com/2012/06/21/ottawa-tightens-mortgage-rules-what-the-analysts-say/

I am excited to announce that we are now proud members of the Edmonton Chamber of Commerce

Whether you want to build a shelving unit or a deck, intsall a dimmer switch or a dishwasher, you needn’t be intimidated by the idea of doing some minor repairs around the house on your own – especially since it can save your some money in the process. Thanks to the internet, home repair and installation instructions are no longer limited to the product manual. There are plenty of self-help videos and web logs (blogs) to walk you through just about any do-it-yourself projects, and help save you money in the process.

Two popular websites are DoItYourself.com and DIYnetwork.com, but there are many others that can be easily found online via your favourite search engine. A word of caution: always refer to a new product’s manual, or the manufactor’s and/or retailer’s website before you begin.

They are more likely to provide item-specific instructions, and make you aware of any warranty limitations that may be casued by using third party instructions.

Source: Serge’s Preferred Client Update – No. 5, 2012

Can you say positive cashflow!!!

Just listed a 2 unit home with a bedroom suite in the front, and a 2 bedroom suite in the back. Located in Allendale close to the University. Can rent for as much as $2,500/month. 4 level split home that could be converted back to a single home by putting back the doorway separating the front and back. Asking only $389,900 with a newer double garage.

Market “timing” isn’t the only factor that influences how quickly your house will sell or for how much.

The preparations you make before listing your house on the market will also have a big impact on your success. Consider these questions: How well is your house staged? Is it in a good state of repair? Is it priced correctly based on local market conditions? Is it listed and promoted so that all REALTORS® and their clients understand the advantages your house and neighbourhood have to offer?

Sure, there are peaks and slower cycles throughout the year. And, there are economic periods when the real estate market is either heating up or cooling down. But you don’t have any control over those factors. Plus, you can never accurately predict exactly where the market is within each cycle.

What you can control is how well you prepare your house for sale so that it’s desirable to as many potential buyers as possible.

So when is the best time to sell your house? When you want or need to sell it.

Want to find out how much your house will sell for in today’s market? Call today.

The month of May is almost over and a review of the number of listings and sales of single family homes in Edmonton proper show a very robust market.

Currently there are 3,094 single family homes listed in Edmonton proper. That is a healthy level of inventory on the market giving buyers ample homes to choose from.

The number of sales has been on the rise. In the previous 30 days there have been 1,062 single family homes sold in Edmonton proper.

With this level of homes available for sale, and the number of sales that have taken place in the previous 30 days this would give us a listings to sales ratio of 2.91:1. This low of a level has not been seen for some time in Edmonton. Also with a ratio so much below the 4:1 that we need in Edmonton for a neutral or balanced market there is going to be substantial pressure for home valuations to rise.

Buyers should not put off buying a home before house prices go up any further.

* Information source: The Realtors Assc. Of Edmonton as of May 30, 2012.

For more information or to get pre-approved visit www.EdmontonMortgageSource.com

Canada’s economy is gradually recovering and is expected to grow by 2.25 % this year and 2.5 % in 2013, according to a new report by the Organization for Economic Co-operation and Development.

Private consumption and investment will continue to be the primary drivers of growth in Canada, said the report, which was published Tuesday.

Canada’s growth will slightly outpace the OECD average, which is expected to be 1.6% in 2012 and 2.2% in 2013.

Source: National Post – May 22, 2012

Most people feel confident about the basics of home security. For example:Keep all doors locked. Have a light on in the house while away. Never hidea key outside in an obvious place, like under the mat.

• Yet, almost a million and a half properties get burglarized in North America each year. So how can you prevent that from happening to your home? Here are a few less known home security basics:

• Actually, never hide a key outside. Thieves know all the hiding places. Instead, make sure all family members have a key.

• Two-thirds of home burglaries occur during the day. So be extra vigilant about making sure doors and windows are locked while you’re away during the day.

• Surprisingly, most thieves are not daring. They are 2.7 times more likely to target a home without an alarm system

•Thieves will attempt to force entry through sliding-style doors and windows first. So make sure these have a locking bar or extra bolt lock.

• Surprising, 40% of household burglaries do not involve forced entry. The thief is able to slip in through an unlocked window or door.

• Don’t show off possessions! An imported racing bike parked next to the garage, or expensive audio equipment clearly seen through a window, is an invitation to burglars.

• Take a look at the lighting and landscaping around your property. Are there spots where a thief could easily hide? If so, make some changes.

• When planning a trip, have a trusted neighbour pick up newspapers, flyers and anything else that may accumulate at your door. Your local police department may have more tips and special programs for keeping your home secure. Give them a call.

If you are thinking of buying a home better buy now before prices go up even further.

The spring marketplace has been very strong in Edmonton. Currently there are 2,910 single family homes listed for sale in Edmontonproper*. That is a healthy inventory level for this time of the year.

However in the past 30 days there have been 863 single family homes sold in Edmonton proper. This is also a healthy number of sales for this period of time*.

With these listings and sales that would give us a listing to sales ration of 3.37:1, this is below the 4:1 that we need in Edmonton for a neutral market. This is an indicator that there is upward pressure on valuations  and I would anticipate house prices to be rising for the next period of time.

We also know that the 5 year mortgage rates are going up on Friday. Waiting to buy will cost you more money than you will be able to savefor additional down payment. Call me today to start your search for a new homeat 780-995-6520 or visit www.edmontonhomesforsale.biz to search all Edmonton and area MLS listed homes.

*based on listings and sales as of April 26, 2012