Real Estate Blog

Boasting an average of 325 days of sunshine yearly it’s easy to see why Edmonton, the lovingly dubbed ‘Festival City’, thrives in summertime. Throngs of Edmontonians clamour to find any and every reason to celebrate outdoors, taking advantage of the heat (finally!), and twilight that lasts until well past 11 pm.

When you’ve spent a bulk of the year with cabin fever, waiting for snow to melt so you can leave the house in comfort, it’s hard to imagine a better place to emerge than Edmonton. With events, festivals, and cultural activities every day it’s easy to see why so many choose to stay in the city all summer long. Here are just of few of our favourite, and sometimes forgotten, gems to experience this summer in our fair city:

Freewill Shakespeare Festival 

Freewill Shakespeare Festival

Formerly known as the ‘River City Shakespeare Festival’, the newly monikered theatre company is now well into its 27th season. Much to the delight of Edmontonians and our great need to be outside, the company performs every summer at the outdoor Heritage Amphitheatre in Hawrelak Park. Their modern and creative take on old classics create an accessible experience for a wide range of audiences, while the idyllic nature setting makes for an ideal evening out. The company is producing two plays this summer, Coriolanus and As You Like It, running June 23 to July 19th.

Catch a Baseball Game

Edmonton Prospects Baseball Club

Gone are the days of taking in an Edmonton Trappers Game with a few friends in old John Ducey Park, but did you know the city still has a thriving team in the Western Major Baseball League? The Edmonton Prospects are a collegiate summer team that have played out of Telus field since moving there in 2012. With the exception of a handful of away games, you can catch them multiple times per week all summer long, for as little as $14 a person.

Movies on the Square

Scotiabank® Movies on the Square

Every Tuesday in August, Scotiabank^® hosts a free, family friendly, movie night in Churchill Square. The 3 story inflatable screen can be seen from all corners of the square, just bring a chair if you like and take in the outdoor cinematic experience. The first 300 people to arrive even get free popcorn!

Taste of Edmonton

Taste of Edmonton

For 31 years Taste of Edmonton has been one of the City’s most popular summer events. With new fare every year it’s hard for the this festival not to say fresh. Boasting the city’s newest and trendiest eateries, side by side with classic favourites, the festival provides a chance for foodies and non foodies alike to sample Edmonton’s best restaurant offerings all in one place. This year the festival will be held July 22-25 in Centennial Plaza (located at the corner of 100 Street NW and 101a Avenue NW).

Edmonton International Street Performers Festival

Edmonton International Street Performers Festival. Image Credit: Metro News

Renowned in the international theatre scene, the Street Performers Festival is the longest running celebration devoted exclusively to street theatre. Crowds are drawn to music, magicians, children’s and adult entertainers, juggler’s and fire breathers, the list goes on. With something for everyone it’s easy to see why this event has gained such popularity amongst locals and tourists. The festivities can be caught July 3-12 this year in Churchill Square.

Fort Edmonton Park

Fort Edmonton Park

This living history museum captures the glory and grandeur of pioneer life in Edmonton. It is a stunning recreation of the prairie life experienced by settlers and many of our ancestors, presented in an educational yet entertaining way. Hosting special events all throughout the summer, the park truly comes alive. Every Thursday the historic yet fully functioning cinema shows classic films for a fraction of urban theatre prices, additionally you can book a romantic stay at their Hotel Selkirk for the full pioneer experience. Another hi-light includes Opera performances outdoors in the park limited runs. Visit their website to keep up to date on coming events.

Heritage Festival

Heritage Festival

If you’ve ever craved Greek salad, green onion cakes, pyrohy, empanadas, and crepes all in one sitting, this is the place to be. Amazing eats, colourful attire, world music, and traditional dance are just of few of the experiences not to be missed at the Heritage Festival. For 3 days 60 pavilions showcase more than 85 cultural experiences from around the world, right in the heart of the river valley. The Heritage Festival is held August long weekend (1-3rd) in Hawrelak Park.

Take a Dip at an Outdoor Pool

Queen Elizabeth and Kinsmen Spray Park Outdoor Pool

Probably the most relaxing, laid back, and easiest to plan on our list. Soak in the sunshine at one of Edmonton’s four outdoor pools. There are pool toys and games for the kids and refreshing beverages and ice cream for purchase. Queen Elizabeth offers a spray park and sun deck, while Oliver pool boasts a water slide. Visit the City of Edmonton Outdoor Pools page for hours and information.

We can’t possibly include ALL the city’s activities in one article, and many are so much a part of the city they hardly need discussing, yet here are a few of our honourable mentions: Edmonton Folk Music Festival, K-Days, Edmonton International Fringe Theatre Festival, and  the Muttart Conservatory.

Visiting Edmonton? Why not stay awhile? CLICK HERE to contact one of our friendly, experienced agents who can help you find your dream home right here in Festival City. 

The Canada Mortgage and Housing Corporation (CMHC) has recently reported on updated results of their House Price Analysis and Assessment (HPAA) framework. According the CMHC, the analyses attempts to “detect the presence of problematic conditions in Canadian housing markets”. These conditions can range from factors like overbuilding, and overvaluation, to acceleration of home prices, and overheating. The article backgrounder found HERE explains in detail the rubric used in the study.

The CMHC article explains further:

“The HPAA is a comprehensive framework that is designed to assess housing market conditions by taking into consideration the economic, financial and demographic drivers of housing markets. The use of multiple indicators of housing conditions, which incorporate various data sources and prices measures, provides a robust picture of overall housing market conditions.”

The study, which was originally published in November of 2014, reviews the market on both a national level overall, as well as focusing on the major influential centres of Vancouver, Calgary, Edmonton, Toronto, Ottawa, Montreal, Québec and Halifax.

The HPAA considers the incidence, intensity and persistence of these four main risk factors that may provide an early indication of the potential for a sharp decline in house prices.

The CMHC concluded in the original report that there was a “modest” overvaluation on a national scale, with that condition persisting in some census metropolitan areas more than others. Edmonton and Calgary were not present amongst the CMA’s listed for overvaluation, showed no indication of overheating, and presented no risk of acceleration.

Late this spring the framework was revisited, as reported by the EREB, to provide an update on the landscape of the Canadian real estate market. Edmonton again fared surprisingly well in the face of a booming market, risk assessments being categorized as “low” overall. Calgary has apparently been showing indicators of overvaluation, however the CMHC goes on to explain that the Alberta’s economic boom and bust cycles are tending to naturally govern problematic factors:

“MLS^® sales have declined in recent months in [Edmonton and Calgary], pushing the sales-to-new listings ratio to buyers’ market levels, reflecting the impact of lower oil prices on housing demand in these oil-producing centres. This is expected to place downward pressure on house price growth, which could lessen the current risk of overvaluation in Calgary.”

The EREB also indicated that despite market growth in April, with 1597 sales, the city is showing a slight overall decline in residential sales. REALTORS® association of Edmonton President Geneva Tetreault comments on the current market:

“Sales are definitely down this year, but the sales numbers are still higher than 2011. It is unlikely that anyone would call 2011 a bad year for housing sales. It’s just in comparison to last year, we are not quite as busy. Prices are stabilizing and inventory is robust. We will continue to see increases in sales as we move into the selling season”

The CMHC report would indicate that presently, Edmonton one of the few Canadian CMA’s not presenting market risk factors.  CLICK HERE if you are interested in searching for a property or connecting with a Re/Max agent.

Image Credit: Calgary Herald

Just over a month ago the provincial budget was released and now that citizens have finally had the time to sift through the comprehensive report, there is a new awareness of how it will affect personal financial choices. From the perspective of the real estate market, the largest impact will be seen in land title fee increases.

This will affect buyers most directly in terms of closing costs. Additionally, homeowners looking to refinance will also be hit by these additional fees. As explained by DBB LLP land title fees are part of the larger category of disbursement fees, as distinct from the actual legal fees. Disbursement fees are the hard costs incurred by the law firm as result of the real estate transaction. This makes the government fee less than immediately apparent, and a careful review of cost breakdowns may be necessary. Obtaining and transferring land titles is an integral part of a real estate deal, as well as legally necessary, therefore there is no means of avoiding this new government incurred expense.

Though the fee hike is not immediate, it will come into effect on documents registered on or after July 1, 2015, approximately 90 days after the budget announcement which, in real estate terms, will come up quite quickly.

It is important to note these dates are not impacted by possession date, only registration date is a factor.

As of July 15th the variable fee will increase from $1.00 to $6.00 while the flat fee (for land title and mortgage registration documents) will increase to $75.00 from a previous $50.00. These numbers appear to be quite negligible, especially as an additional cost on a property deal worth hundreds of thousands of dollars. However when applying these increases to examples, the additional costs become immediately apparent:

A summary of cost impact courtesy of DBB LLP Law.

For potential buyers, or owners considering refinancing, this fee hike could be seen as a motivator to move quickly on a decision as there is still ample time to close a deal before the deadline arrives. However, due to increased activity in the summer months, as much time as possible is necessary for lawyers and the land title office to complete registrations within the time frame.

CLICK HERE to connect with a Real Estate agent who can answer all your home-buying questions.

 First-time buyers drive the Edmonton housing market. REMAX has more just CLICK HERE for the Re/Max Spring Trends Market Report!

The EREB has just reported some interesting, and potentially unpredicted, statistics based on cumulative March numbers. Sweeping trends for spring appear to be slight drops in total overall residential sales. Yet despite this downturn, the strength of the market has remained unaffected with average sale prices continuing to rise.

Sale prices across the board increased about 3%, with duplexes seeing the highest year over year increase of 6.9%. Single family dwellings rose 1.5% since March of last year, and the smallest growth of all the residential categories were condominiums which saw a 1.2% increase. March’s average single family home sold for $438,880, while duplexes and row housing went for around $354, 022, and condomiumns rounding out at the lower $249, 841.

As mentioned, despite small pricing increases, surplus inventory which has been seen flooding the market since early spring, caused a decrease in overall sales. The same time last year saw 1,554 homes sold, while a decrease of 6.5% overall led to only 1,453 closed transactions. 876 single family dwellings were sold in March of 2015, a 4.5% year over year decrease, while 416 condominiums were sold in contrast to the previous years 474. Duplexes and row houses, though showing the highest price increases, were the only property category to also show an increase in inventory sales, which went up a full 6%.

REALTORS® Association of Edmonton President Geneva Tetreault explains that these spring sales figures are actually a positive byproduct of our fairly stable market over the past few years:

“The fact that our prices did not have the dramatic increases seen over the past few years in other cities like Calgary, Toronto and Vancouver means we have not experienced the same overvaluation. That is why our prices are not taking the same hit even though our inventory is way up and sales are slightly down. A more accurate valuation should keep our average prices more stable.”

CTV Edmonton interviewed Tetreault on the topic of the EREB’s figures in this recent report.

Geneva Tetreault discusses the highs and lows of the spring market with CTV news.

The March market report also touched briefly on rural market statistics for the surrounding Edmonton area. There were 143 residential sales this March compared to last year’s 156, a decrease of 8%. Mirroring the trends showing up in the city, residential listings have seen an increase of nearly 12%.

Tetrault explains that atmosphere of this new market is still strongly oriented towards buyers:

 “The big story continues to be the increase in inventory. We ended 2014 with a fairly low inventory. The influx of new listings means that buyers now have the opportunity to be a little more choosey. Having a REALTOR® help you navigate the market is always a wise decision, particularly in a complex market like ours.”

With 5, 944 properties on the market, 3,152 of those new MLS listings in March alone, it’s easy to see how buyers are experiencing a very different climate than that of 2014.

CLICK HERE to discuss the market potential of your home with a realtor, or to search for one of the many available properties in the Edmonton area.

Easter weekend is a perfect excuse to spend some much needed time with your loved ones. Sometimes though, it can be hard to fill those long weekend hours, or find an activity that the whole family can enjoy.

We’ve compiled the best of Easter arts, crafts, and cooking for you to try with your friends and family while enjoying time together. These ideas are simple, inexpensive, and many supplies you probably already have around the house. Just click on the headings or photos and you will be linked with a simple tutorial!

Onion Eggs

This is a new, earthy spin on Easter egg colouring, without the mess of dyes. You’re left with beautiful bohemian floral patters, and with eggs ready for eating! This is great fun for kids, just make sure an adult is on hand to carry-out the boiling process. With simple objects like string, onion shells, and small flowers, there’s also a good chance you already have all the supplies you need.

Bunny Bait

This is a unique way to the give the kiddos their Easter candies. You just need a bag of their favourites and an appropriately sized mason jar. It’s a classy gift for adults as well! Download the free printable Bunny Bait tag HERE, or design your very own!

Non-Commital Chalk Eggs

This simple craft is perfect for those in fear of the permanence of Easter egg dying. It’s also versatile, you can use real eggs, or repurpose plastic and styrofoam eggs already laying around the house for decorations. A coat of chalkboard paint and some drying time is all it takes. Then you’re left with an endlessly erasable palette for all your artistic whims.

Edible Nests

These are great to make with kids, or adults who may be less than skilled in the culinary arts. They require NO baking, have 3 simple ingredients, and can be made in minutes then left to set in the fridge. A delicious and beautiful dessert.

Sprinkle Eggs

These precious pastel eggs may be candy coloured, but are definitely not for eating. These are very simple to make and again you can use real or synthetic eggs of your preference. You can personalize them however you like by choosing any colour and style of sprinkles that suit you.

Napkin Rings

These are a fairly customizable craft depending on the material you choose. Card stock and paper would simplify the process, or for more elaborate rings that you may want to reuse you can choose a felt fabric you like. You can also detail with buttons, cotton, or other craft supplies you may have on hand to make them unique and individual table decor!

Cookie Jars

This genius gift idea allows you to make someone cookies without having to make cookies! This adorable jar of ingredients, topped with festive coloured M&M’s could be substituted for any holiday, and allows your loved ones to share your gift with their friends and family. Or bring them along to an Easter gathering and make the cookies together. Here is a LINK to the recipe tags you can print out and attach to the jars.

Everyone in the Re/Max Real Estate Edmonton Family would like to wish you and your family a wonderful holiday weekend. Come Visit Us anytime, for your real estate related needs. 

As March winds to a close and the city has (hopefully) seen the last of winter snows, the EREB has compiled an early spring market report, based on last months figures. The name of the game has been listings, as Edmonton sellers have been more than eager to put their properties up for sale in light of strong market conditions. The positive climate has led to a growth in average residential prices, and a slight decrease in sales, due to the sheer amount of available inventory.

Both month over month averages and year over year amounts showed growth well into February. Average sale prices on single family dwellings rose 0.84% from the winter months to $430,077, which was a 1.17% rise from the same time last year.

Condominiums have seen the most price growth coming into spring, with nearly a 5% increase from February of last year, and up 1.2% in month over month comparisons.

February Average Home Prices – YEG

REALTORS® Association of Edmonton President Geneva Tetreault explains the unique market we are currently experiencing

“We are starting to see sales numbers increase as we enter the spring season. It is common to see sales start to ramp up in February. It’s a positive sign to see that even though listings are up and sales are down from last year that prices remain stable and even slightly up from February 2014.”

February saw 2403 new residential listings hit MLS; that’s 448 more listings than 2014 numbers and nearly 100 more than the month previous. February sales were down approximately 17% from the year previous, however they increased a whopping 40% from January, the month previous.

Overall the outlook is optimistic, with over 384 million dollars in residential sales through the RAE in February alone. Tetrault elaborates on the market:

“Another positive indicator is that our average days on market for all residential types were down to just 48 days compared to 58 days last month. With a healthy inventory, continued low interest rates, and stable pricing, we expect sales to continue to grow through the spring into the summer,” says Tetreault. “REALTORS® are ready to help guide people through all the mixed messaging out there about our real estate market and help their clients make the move that is right for them.”

CLICK HERE to search for available properties in the city and surrounding areas.

It’s that time again in Edmonton

Edmonton in showing all the signs of spring, from warm sunshine, and rising temperatures, to longer days and lawns in sight for the first time in months. This change also means melting snow which can lead from minor to major flooding and water damage issues; not to mention the wear and tear caused by major climate fluctuations. Oh the joys of living with Alberta weather!

Just a little diligence and minor preventative measures can save homeowners a fortune in the long run, so we’ve prepared a short and simple list of 6 ways to prep your home for this coming spring.

1. Strategic snow removal. 

It is important prevent against melting snow pooling around basement windows or draining into the foundation, therefore it needs to be shovelled strategically. Shovel melting snow to a down-sloping area so it will melt away from your home. Additionally, be sure to clear snow away from basement windows.

2. Properly positioned gutters.

Downspouts should extend outward to a position where they discharge meltwater at least two meters from your home to ensure it doesn’t drain towards your foundation. Be sure eaves are clear and functioning properly before the majority of melting starts to occur. A leaking roof is not the best time to discover blockages!

3. Basement monitoring. 

Check your basement for signs of leaking or dampness, especially in areas you don’t frequent regularly. The small amount of time it takes to check can save you much unneeded hassle.  For additional peace of mind, a water alarm can be purchased inexpensively, to alert you to the first signs of flooding

4. Be a helpful neighbor.

The key to spring drainage are the sewage infrastructures already put in place by the city. Though not directly on your property it is important to ensure curb side drains are clear of debris. Being aware of drains near your home and monitoring them will prevent issues with your own home and surely earn the gratitude of your neighbours.

Properly sealed doors and windows are your greatest ally against heating and cooling costs.

5. Door and window damage.

While you’re already out looking for drains and checking your eaves, take a quick stroll around your house noting each door and window you come across. Check that caulking and weatherstripping hasn’t deteriorated, as it so often will, during the harsh winter months. This is inexpensive to repair and will be invaluable when cooling your home in the summer.

6. Prep your HVAC.

It’s been months since you needed A/C so you may want to be sure it’s still functioning properly.

The two best times of year to check your HVAC systems are spring and fall, as these are the season that fall right before periods of the harshest climate change that can wreak havoc on these systems. Pop in a new air filter, and ensure you have an extra one on hand. Then double check your air conditioner is still functioning, as the first day it hits 30 degrees won’t be the best time to call for last minute repairs.

Looking to get into a new home before the summer rush? CLICK HERE to search for available options in your neighbourhood and price range!

With Edmonton‘s real estate market seeing a surplus of inventory, there is a shift taking place towards a buyers market, as discussed in our previous blog post. Buyers can rest assured in their investments, as city planners are working diligently to revitalize key Edmonton areas, which will improve desirability and add value to residential investments in the years to come.

Three important new districts are cropping up in the central region of the city, an exciting prospect for avid shoppers, cultural connoisseurs, and the throngs of tourists the city sees come through every year.

The areas gaining momentum are the Arena District, the Brewery District, and the Warehouse District (also known as the 4^th Street Promenade). These new retail and social centres are exciting and fresh, yet each has unique offerings and atmosphere depending on your preferred speed of life.

Arena District designers have created a central hub for vibrant community gatherings.

Rogers Place and an adjacent public plaza are the focal points of the Arena District, located in the heart of city center. The first stages of the EAD (Edmonton Arena District), including the functioning arena, will be completed by 2016 . This will also include the Winter Garden, a community rink, multiple parkades, and a state-of-the-art office tower. Eventually the district will be home to condominiums, retail spaces, and more office towers as expansion continues outwards to an estimated 25 acres.

Watch a highly realistic mock up of the expected results:

Next on the list of exciting new ventures is the trendy and vibrant Brewery District, aptly named as it is centred on site of the former Molson Brewery, a portion of which remains for historical preservation purposes.

The focus of the area will be on pedestrian oriented development, due to proximity to the downtown core, 104th avenue, and Oliver Square. It will provide high density retail and office space, and offer trendy restaurant choices and shopping attractions in a socially oriented environment.

The design company describes the project in this video:

Lastly, the quaint and classic 4^th Street promenade, aptly anchored at 104th and 104th allows one to step away from the bustle of downtown and slow down the pace of life a little. The newly minted ‘Warehouse District’ as described by developers, is

“A sophisticated neighbourhood in the heart of Edmonton that offers an urban atmosphere in which you can admire the arts, fine food, and unique boutiques. It’s a welcoming environment: once you get here, you’ll want to stay and enjoy quality time in a Downtown oasis.”

Development for all three projects is already underway, and Edmonton citizens can expect completion in the near future. To search for properties available in these areas, or a neighbourhood of your choosing CLICK HERE.

Reports indicate increases in inventory have been the most influential market factor.

The EREB has released their first market report of the new year, outlining how real estate in the city has fared this past January.

The name of the game has been inventory, as the market saw a 30% increase in residential listings, as well as a total inventory growth of 17%, when compared to January of last year.  Within the first month of 2015 there were 2316 residences listed, while in December of 2014 only 932 new listings hit the market.

An additional factor in inventory increases was a slight decline in sales, to be expected this time of year, by a margin of about 13% in month-over-month totals. These considerations have created an excellent climate for buyers overall. REALTORS® Association of Edmonton President Geneva Tetreault clarifies the current market environment,

“We ended 2014 with low inventory. While this is not unusual for the winter, it can make it difficult for buyers to find the right home. The influx of properties we have seen on the market in January will be a relief for buyers – allowing them more choice in their price range and possibly more time to make their selection…Buyers in the popular $400,000 price range often struggled in 2014 to find their ideal property or had to move quickly before it sold. This increase in inventory will be a great benefit to them.”

Despite some sales decreases and current economic factors in Alberta creating pressure, the market has remained as strong as ever, with sale prices still seeing increases. January sale prices increased 1% from the previous month and almost 4% from the same time last year. The residential sale price averaged $362,394, with single family homes at $427,178, and condos remaining stable at $247,116.

President Tetrault elaborates on the local conditions,

“We are likely seeing the effects of oil prices and a feeling of economic cautiousness amongst some buyers. Clients are looking to REALTORS® for advice and guidance to navigate their own individual situations. We expect more of an uptake in the market as spring approaches and more people start to look for homes.”

CLICK HERE to search for a property or contact a real estate professional.