Purchasing a condominium in Edmonton can seem over whelming. Below is some helpful advise to make buying an Edmonton condominium a little less stressful.
1. Research The Neighbourhood
There are no guarentees, your condo fees will be the same when it is time to sell. Odds are, your condominium fess will increase. Purchasing a condo in a sought after Edmonton neighborhood, such as downtown Edmonton, University Area and Westmount can off set future condo fee increases.
2. Less Amenities Doesn't mean Lower Condo Fees
Everyone thinks that if you're in a building with more amenities you’re going to pay higher condo fees, but this isn't necessarily true. Larger highrise condominimus with gyms, pools, guestrooms etc. are able to spread the cost among the higher population of tenants. Trendy boutique or smaller walk up buildings can have fees that are just as high or higher without any amenities. One of the main factors of condo fee increases is how the building is managed. As a condominium owner, having a say on what needs to be done to help budget your complex can avoid any future levies or special assessments.
3. Does Your Building have a Reputation?
Yes, buildings have reputations! Ask your agent to give you an idea of the building's desireability in the market. Some questions to ask include: how long does it take for units to sell in the building you're considering vs. others in your area? If it's priced below market value, find out why, and be okay with those reasons before going forward.
Timing is one of the key factors when it comes to purchasing real estate. The key to making money is buy low, sell high and real estate is no exception. RE/MAX.ca has just unleashed Canada’s Housing Market Outlook for 2017 and Edmonton is doing well. If you have been considering "up-sizing", now is a great time to invest before Edmonton's real estate market soars again.
Detached, single-family homes are the most sought after property type in Edmonton, and older homes in mature neighbourhoods typically receive multiple offers as a result of low inventory. A wide variety of inventory across the rest of the market provides good opportunities to move-up buyers who drive demand in Edmonton.
Stable prices have created good value in the upper-end of the market, resulting in 33 properties selling for over a million dollars in the first quarter of 2017. New approvals for high-rise condo developments in Edmonton’s downtown core and the Whyte Avenue district are expected to fuel condo market activity in the region moving forward.
The housing markets in Calgary and Edmonton remained relatively stable, with moderate declines in the number of sales and average residential sale price as a result of the prolonged recovery of the oil sector over the past two years. The average residential sale price in Edmonton decreased slightly, by two per cent year-over-year in 2016, while Calgary’s average residential sale price decreased by four per cent. Buyer activity is expected to pick up slightly in the second half of 2017 if employment opportunities in the oil sector continue to gradually come back to the province.
Highlites of Edmonton's real estate market for the first quater of 2017 include the stability of home prices, an increase of multi-million dollar homes being sold, more infills being built and several multiple offers on single family detached homes. Way to go Alberta!
Just in from the Canadian Real Estate Association (CREA) newsletter. For the 70% of Canadians (including us Edmontonians) who own a home, it is a place to live, raise a family, and connects them to their community. Due to Canada’s tax system’s Principal Residence Exemption, when we sell our homes, any increased value or “capital gains” are not taxed. This tax break matters to Canadian homeowners. Collectively, we have about $3 trillion in home equity and our homes are often our largest financial asset.
However, starting with 2016 income tax returns, there are some changes in how homeowners qualify for the Principal Residence Exemption. Until now, the Canada Revenue Agency has not required Canadians to report on a home sale during a tax season. However, if you sold your Edmonton home in 2016 or later, you will need to complete a Schedule 3, Capital Gains of the T1 Income Tax and Benefit Return in order to report your sale.
The good news is that, in terms of taxes, nothing has changed. The same tax benefit is available to anyone who sells their home, provided the property was the principal residence for every year you owned it – even if you use part of your home for business purposes. There is no “new tax” involved, only a requirement you report the sale details on your tax returns.
As always, talk with your accountant. The small fee you pay for professional help can easily outweigh the mistake you do if filled out by yourself by either not getting a deserved refund or worse by having to pay back more taxes.
If you need more clarification, please get a hold of us thru our contact page.
Another one SOLD by Audrey Abuan & Mike Muranetz with RE/MAX Real Estate. A perfect home for a young family. This 3 bedroom offers a completely renovated kitchen with high quality cabinetry, soft close drawers, Magic Chef stainless steel appliances including microwave hood fan and dark counter tops. The main floor features a large foyer, wood burning ceramic tiled fireplace, real light oak hardwood flooring, large patio window to the fenced back yard with a covered deck, perfect for year round BBQ's and a renovated bathroom with dual flush toilet. Upstairs offers 3 bright bedrooms with newer vinyl windows, ample closet and storage space and another spa like bathroom. The basement of this home is fully finished with a large family room, laundry area and more storage. Both the furnace and hot water tank have been upgraded. Pet friendly complex, Cedar West is professionally managed and conveniently located between Whitemud Drive & West Edmonton Mall. Walking distance to Aldergrove Elementary, Thorncliff After School Care, community restaurants and other amenities. Was listed at $212,800.
Did you just buy your first home in 2016? Well, you can claim up to $5,000 (cha-ching!) for the purchase of a qualifying home in 2016 if both of the following apply:
- you or your spouse or common-law partner bought a qualifying home; and - you did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years (first-time home buyer).
How cool is that? That $5,000 (cha-ching again!) taken off your gross income will be like money in your jeans. To get full details, go to Canada Revenue's website THEN talk to your accountant. Don't forget to share with all your first time buyer friends.
If you don't have an account, let us know and we can recommend an excellent one. Did this help with your 2016 personal taxes?
What Is Retrofitting? Retrofitting a house is simply upgrading it so that it will keep the heat in. This means adding insulation, caulking and weatherstripping, improving or replacing windows and doors, and improving the heating system. Retrofitting also means including energy-efficiency measures in all your renovation and repair activities. In our Edmonton climate, retrofitting usually makes a lot of sense. This book tells you how to go about retrofitting your Edmonton house. It deals with houses of all kinds in all parts of Canada. It does not deal with apartment or commercial buildings, although some of the information presented here may be useful. This book is designed to serve both the experienced do-it-yourselfer and the novice willing to give it a try. It is also a useful consumer guide for homeowners who intend to hire a contractor to undertake retrofit work. If you want a copy, just email us or comment below and well send you a .pdf copy.....free. If you want an actual book, let us know and we'll get it to you either in person or thru Canada post. Do you have any friends who could use this to save few bucks on your heating??
Just a reminder our Quest for Excellence Bursary program closes this Monday March 13th at midnight! All grade 12 students in Western Canada INCLUDING Edmonton are eligible including grade 12 students of RE/MAX affiliates.
RE/MAX of Western Canada has renewed the Quest for Excellence bursary program. This year RE/MAX is once again offering (16) $1,000 bursaries for a total of $16,000 to grade 12 students.
This program was established by RE/MAX of Western Canada to recognize the success and ongoing pursuits of Western Canadian students in regards to leadership and community contribution initiatives. Go to RE/MAX Western Canada and apply. Any questions, reach out to us on our contact page. Good luck!
How a Buyer's Agent Represents Your Best Interests
Purchasing a home is about making a commitment to living in the same property with a long term mortgage to a financial institute. If there are mistakes made with the home purchase, you can not go back and return the property to the sellers. In the event of major defects by a home seller a home buyer may be able to sue the seller and demand that they take the home back. The buyer may be able to recover money from the home seller assuming they have money to give back to the buyer.
In a normal real estate transaction, there are usually 2 transactional parties (the Buyer&the Seller), 2 lawyers (Buyer's Lawyer&Seller's Lawyer) and 2 Real Estate Agents (the Buyer's Agent&the Seller's Agent). Sometimes there is only one real estate agent who is representing both the buyer and the seller. This practice has become less common for several reasons. Whether you are purchasing a for sale by owner property or a home listed by RE/MAX Real estate, there are several benefits of having your own representation including privacy in which Sellers don't know anything about your finances (except, you have your pre-approval in tact) or anything personal which could be used as a negotiation threshold to their advantage. To find out more how a buyer's agent works in your best interest, contact us today.
I was chatting with a potential seller yesterday and he was told by two other real estate agents the Edmonton Real Estate Market crashed. I was a bit surprised by this statement, so to clarify what is really going on with our market.
The real estate market in Edmonton is soft. There are more than the average number of homes on the market, creating more property choices for buyers and keeping sellers competitive. However, Edmonton and surrounding area house prices are still holding and by no means has "crashed".
Now is great time for a first time buyer and investors to invest in condominiums. We currently have a surplus of condominiums in Edmonton, and all "real estate educated" condo home owners, know they have plenty of competition, thus creating more flexible terms and possession for new buyers.
Tell us what YOU think is happening to Edmonton's Real Estate market
Bathrooms are the most important rooms in your home and where you spend a lot of time. Bathrooms are usually the smallest room in a home and need to be kept clutter free and clean. Use wall space rather than floor space. Place shelves strategically on the walls to allow for the most floor room possible.
Renovating an older bathroom prior to selling your home can be the difference between selling and not selling. When it comes to bathroom renovations, it can be as simple as replacing flooring, a vanity, tub surround or toilet to extensive renovations. Keep in mind, although most bath companies do a fantastic job, you may not recoup the money you put into the reno.
Using a light paint color on the walls will make your bathroom also feel larger. If you are thinking about selling your home and are contemplating a renovation prior to putting your Edmonton home for sale, Contact us for a free in-home, market evaluation.
According to the Alberta Real Estate Association, December 2016 MLS® Market Real Estate Statistics are in with a total of 2616 Alberta residential unit sales, rising by 3.2% from the same month last year. The average MLS® price in Alberta was $395,694 with Edmonton at $351,484, down 2% from last year at this time.
Only the Calgary Real Estate Board saw an increase in monthly residential average prices from a year ago, while the other nine Alberta Real Estate Boards saw decreases.
Alberta Real Estate Association Outlook for 2017
According to AREA, residential sales in Alberta are excpected to deline by roughly 2.38% in 2017. This is based on two factors - the price depriciation and the price elasticity of sales over the last 20 years.For more information on Alberta's Rea Estate prices visit http://area.informz.ca/AREA/data/images/2016-Dec.pdf