Edmonton, August 4, 2015: Prices for all residential properties in the Edmonton Census Metropolitan Area (CMA) for July were down from the previous month according to the REALTORS® Association of Edmonton. The average all residential price was $372,910 (down 1.4% from June) due mostly to the drop in price of single family homes to $436,948 (down 1.8%). The drop was not felt across all categories with condo prices up 0.4% at an average of $256,708 and duplex/rowhouse prices up 1.4% from June at an average of $356,237. While all residential average prices were down month over month, they still remained 3.3% higher than July of last year.

“This small dip in prices is expected due to our higher inventory and lower sales numbers. We continue to be surprised by how strong prices have been this year compared to last when we had higher sales and very tight inventory. The wait and see attitude of buyers seems to be diminishing, but people continue to be cautious, explains Geneva Tetreault, Chair of the REALTORS Association of Edmonton.

With reported all residential sales in July down 9.8% from June and down 2.8% from last year, average days on market is up to 50. This is up from 46 average days on market in July 2014. Single family dwellings spent an average of 48 days on market in July of 2015, duplex/rowhouses were at 43 days, and condos at 54 days.

We have seen the biggest drop in condominium sales year to date at 14%. That drop coupled with an increase of condo listings of 17% explains why condos are taking longer on average to sell. Some of these buyers may be moving over to duplex/townhouse options which is the only residential category showing an increase of sales of 6% year to date. Tetreault continues, We are seeing the effects of many condominium projects that broke ground when inventory was coming onto the market recently. Condominiums continue to offer the best price point for those entering the housing market and the ease of care and smaller size that appeal to an older demographic.

Higher priced properties continue to keep pace with sales of last year, likely contributing to the strong average prices in 2015 so far. There were 73 properties over a million dollars sold by this time last year, the exact same number as this year.

Inventory is still strong at 7,226 for the Edmonton CMA at the end of July 2015, up slightly from 7,177 in June and much higher than the 5,609 available in July of 2014. All residential listings were up year over year by 14.9% but down month over month from June by 2.2%.

Public Pools – www.edmonton.ca - Edmontonian’s adore their public pools, and they have been a mainstay in our summer fun for more than 80 years. Upgraded with kiddie pools, splash parks and diving areas, these pools are staples of summer days where you can always find the smell of chlorine, screaming school age kids and a freezie from the ice cream stand.

Provincial Park Beaches and Lakes – www.albertaparks.ca - There are plenty of lakes near town that offer great beaches and swimming less than an hour away. Many of these including Aspen Beach, Wabamun, Pigeon, Miquelon and Long Lake are provincial parks and offer great amenities such as restrooms, playgrounds, showers, picnic sites, firepits and boat launches.

Wading Pools And Splash Parks – www.edmonton.ca - For those looking to cool off with the little ones without the stresses of a deep end, there are a growing number of safe and fun locations around town. These are large purpose built spray parks with tons of exciting water play features but the hours vary so check out the (City website) before you go.

River Tubing – www.pembinarivertubing.com - If gently floating down the river on a hot summer day is more your speed, Pembina River is a great place to do just that. An hour west of Edmonton, this river offers magnificent views of a river gorge carved out during the Ice Age. You can take two cars and a couple of tubes on your own, or use the rental and shuttle service offered by Pembina River Tubing.

There are many costs associated with buying your first home or your dream home. There are upfront costs and ongoing costs that you need to consider when planning your home-buying budget.

Upfront costs may include:

- Down Payment – This needs to be ready at time of purchase and its source to be verifiable by the bank.
- Initial and Additional Deposits - This is part of your down payment and has to be accessible when you're placing an offer on a property.
- Home Inspection - Costs of a home inspection runs from $350 to $550 on average, but it can go up to $1500 for larger homes, acreages, and specialty houses.
- Condominium document reviews - When buying condo, having an independent professional to review your documents is really important. Costs vary from $350 to $550.
- Appraisal fees - This cost may be paid by the lender or bank, but in some cases you have to pay the cost again. Costs are between $250 and $550 and up for specialty homes.
- Mortgage Insurance fees - CMHC & Genworth fees are for mortgages with downpayments less 20%. This fee is added to your mortgage. You broker will advise you on the amount.
- Legal fees and disbursement - Legal fees vary from $1,200 to $1,500 and more. Fees are based on the price of the home and the size of your mortgage.
- Moving Costs - This is a hard one to estimate. It can range from a few hundred dollars by just renting a U-Haul to a few thousands by hiring professional movers.

Ongoing costs may include:

- Your Mortgage Payments - This can be in monthly, bi-weekly or weekly terms. The more frequent your payment is, the faster you are paying off your mortgage.
- Home insurance - Home insurance is based on the size of the house and several other factors.

Other regular fees include Property Taxes, Condo Fees, Utilities, Repairs and Maintenance.

Enjoyed by thousands of people, K Days is 10 days, July 17th to 26th, of parades, concerts, food, and fun. In the heat of the summer, the grounds at Northlands are transformed into an arena of endless games and rides, entertainment and concerts, shopping, food and family activities.  Here’s a list of must-do’s to experience the essence of K-Days:

Schedule of Events

The Parade kicks things off at 10 a.m. on July 18. There will also be a mini parade in the midway from July 22 to 26 at 4:30 and 7:30 p.m.

The Koodonation Stage has some of North America’s premiere musical and variety acts. In the day entertainers, like hypnotists, mentalists and tribute acts will warm up the crowd for the night stage.  Koodonation Stage Lineup

The TELUS Stage has the best in local live and community entertainment. Full of rhythm, dance and cultural diversity.  TELUS Stage

Kids Town is a place where visitors are encouraged to take an active part in the community and work in the Construction Zone, Post & Doctor’s Offices, while in the city and learn the true meaning of ‘From Farm to Fork’ while at the ranch.

Klondike Park takes you back to the days of the Klondike Gold Rush and Northlands Park has thoroughbred racing and its Casino providing thrills.

South Stage Concerts

Headstones July 17, 2015
Theory of a Deadman July 19, 2015
Trooper July 21, 2015
Presidents of the Untied States of America July 25, 2015
Lindsay Ell July 26, 2015
Mackenzie Porter July 26, 2015

K Days Official Website

Slower Market Beginning to Take a Turn

Edmonton, July 3, 2015: For the first time in 2015, the REALTORS® Association of Edmonton recorded an increase in year-over-year reported sales for the month. June 2015 Census Metropolitan Area (CMA) had 2,008 reported sales for all residential properties, 2.4% over the 1,961 all residential sales reported in June 2014. This number includes 1,243 single family dwellings (2.1% more than 2014), 572 condo sales (1.6% more than from 2014) and 156 duplex/rowhouses (11.4% more than 2014). Sales were also up 13% in June from the reported sales in May 2015.

“We finally saw prices take the expected small dip month over month that we have been waiting to see due to lower sales and higher inventory. Prices still remain higher than the same time last year and with sales ramping up again and inventory starting to settle, we likely won’t see our prices drop much more than this,” explains Geneva Tetreault, President of the REALTORS® Association of Edmonton.

Single family prices were up 2% year-over-year at $444,862 for June 2015. Condo prices continue to remain static at $255,662. Duplex/rowhouse are still popular and have seen price growth of 2% year over year. June prices have dropped slightly from May by 1.4% for single family, 0.1% for Condo and 0.8% for all residential.
 
Inventory is still healthy at 7,177 for the Edmonton CMA at the end of June 2015, down from 7,303 in May. All residential listings were up year over year by 7.7% but down month over month from May by 3.6%. There is currently just over three and half months’ supply of inventory in the Edmonton CMA.

“The reality of what we are seeing in the market is that the slight hesitation from buyers that came with the drop in oil prices is lessening. Edmonton has not been hit nearly as bad as what many predicted and buyers are becoming more confident that our market won’t plummet. This renewed confidence coupled with low mortgage rates and a healthy selection means that people are realizing that this is still a good time to buy.” Tetreault continues, “People move when their lifestyle warrants a change. This will always be true. There are always buyers and sellers, no matter what the market looks like or what analysts predict. REALTORS® are here to help you decide what move is best for you.”

Average days on market for all residential properties was up again this month at 49. Single family average days on market was up to 46 from 43 in May, Condominiums were averaging 52 days compared to 49 in May, and Duplex/Rowhouse took an average of 50 days to sell in June.

Artificial grass has been used in warmer climates for some time, but it’s also become more popular in Canada as an alternative to a natural lawn. The jury is still out as to which is best, and there are definitely pros and cons on both sides of the fence.

Natural Grass
Benefits:  There’s nothing like the lush, organic feeling of natural grass under your feet.  It’s affordable to install, and with maintenance, it can last a lifetime.

Things to consider:
Maintenance – A lot of time and effort is needed to cut, water and maintain the lawn.  It’s difficult to keep it looking good all year round.
Environmental Impact – Tons of water are used every day to get that ”green” look.  Harmful pesticides used also wash away into the water system.
Expense – Sod may be cheaper to install ($1-$2/ yard), but the monthly water bill is much higher than artificial turf.

Artificial Grass
Benefits:   Today’s artificial grass is like a carpet for your yard. The turf looks great all year round with virtually no maintenance, no water and no monthly cost.

Things to consider:
Expense: Artificial turf is very expensive to install.  Anywhere from $4-$9/ sq. ft, a small 500 sq ft area can cost upwards of $4500.
Environmental impact – Although it doesn’t need the water and pesticides and has a lifespan of 15-25 years, artificial grass is synthetic and does eventually end up in the landfill.
Animal waste – The turf can be watered and liquids pass through, but there are mixed reviews on how well Fido’s business washes away.

Whichever you prefer, you will start noticing artificial grass in more residential and public spaces. Artificial turf is being used in dog runs, playgrounds, on boats, trade show booths and golf courses.  Toronto is even installing artificial turf on its medians. It looks like it is here to stay.

Not long ago, in 2008, the mortgage rate in Alberta was 5.39%. This year, we have consistently seen posted rates under 3%. The low rates offer significant opportunities for buyers and sellers alike, but to take advantage of the trend, learn to evaluate your financing options.

Taking advantage of the lowest rates possible allows you to make real strides on interest payments. But if your mortgage is short-term and a variable rate, there is a possibility it could change with the market.

If you are looking to reside in a home for a while or invest in a long-term rental holding property, some lenders offer up to a 10-year fixed rate.  Fixed rates are generally higher than variable, but can minimize uncertainty and the risk of higher interest and payments in the future.

Refinancing an existing mortgage to a lower rate might also help you save. However, you are liable to pay penalties and administrative costs for breaking your mortgage.

A mortgage consultant can assess the specific needs of your situation and guide you in choosing the financing plan that will fit you best.

- Homeless for a Night – Friday, June 12th – Saturday, June 13th
- 2015 Edmonton Festival of Quilts – Saturday, June 13th – Sunday, June 14th
- Edmonton River Valley Offroad Triathlon & Duathlon – Saturday, June 20th
- DARK MATTERS – Thursday, June 18th
- Safeway Father’s Day Walk/Run – Sunday, June 21st
- TRi KiDS Triathlon Series – Sunday, June 28th
- Edmonton's 2nd Annual Superhero 5KM Fun Run & Walk – Sunday, June 28th

Inventory beginning to stabilize while prices still rise

Edmonton, June 2, 2015: With new listings down over 2% from last May, we are finally starting to see the Edmonton Census Metropolitan Area (CMA) inventory begin to stabilize. Even with a wealth of residential property on the market (almost 30% more than last year), we are continuing to see price increases for all residential properties.

“As expected, the average days on market is up four days year-over-year and one day over last month at 45. We can expect this number to continue to grow due to slower sales and higher inventory,” REALTORS® Association of Edmonton President Geneva Tetreault explains.

The average days on market for single family last month was 43, condominiums were 49 days, and duplex/rowhouse took an average of 45 days to sell.

Residential sales in Edmonton’s Census Metropolitan Area are beginning to pick up with 1,784 reported sales in May 2015. That is up 12% from 1,597 reported in April but still down almost 10% from May 2014. Again this month, reported sales are down in all categories except duplex/rowhouse (up 4% y/y) – a trend we have seen all year. Single family sales were 1,078 - down 11% over last May (1,213 reported). Condo sales were down 10% over May 2015 at 510. Sales were up in all categories over April 2015. Year-to-date, residential sales are down 13%.

“Last month we were down 13% year-over-year in all residential sales. This month we are down less than 10%. We expect this trend of increased sales to continue as confidence in the stability of the market grows,” Tetreault adds. “We are still seeing multiple offers in popular price brackets. The fact that we haven’t seen a decline in prices is giving buyers more assurance. They are venturing back into the market with the feeling that prices won’t plummet any time soon.”

Despite a decline in all residential sales, the average sale price was $381,111 up 2.5% from May last year. Single family dwellings sold for an average of $451,312 (up 3% from last May), condos for $256,143 (up 2% y/y) and duplex/rowhouses were the only price drop at $345,659 (down 2% y/y).

The end of month residential active inventory was 7,303 for the Edmonton CMA. May 2015 all residential new listings were down 2% from last year at 3,314. That meant 5% less single family, 6% more condo, and 4% less duplex/rowhouse listings than in May last year.

“People are continuing to take advantage of low interest rates and a greater selection in the marketplace. We are moving into our busiest season for real estate. Your local REALTOR® can help you find what you are looking for in the neighbourhood that best suits your needs.”

Keep it Green while you Spring Clean

It’s that time when many of us do a thorough clean of our home after a long winter. A few of our basic pantry items can do the job just as well or better than the heavy duty supermarket cleaners. Here’s five great tips that don’t need more than four ingredients: Vinegar, baking soda, rubbing alcohol and lemon.

Mattress: Sprinkle baking soda on mattress. Leave for 1 hour and then use upholstery attachment and vacuum. Spray mattress with rubbing alcohol. Let it dry. Remake bed with fresh sheets (see tip below).

Mildew towels or clothes: Wash your load of towels on the hot cycle and add 1 cup of vinegar to the load. Let the washer do its job.

Dishwasher: Place two cups of vinegar in a container in the top rack. Sprinkle baking soda on the bottom and sides. Run on the hottest cycle.

Microwave: Place one cup of vinegar with one cup of water in an uncovered container and microwave to a boil to let it steam and clean. Use microfiber cloth to wipe clean.

Homemade all purpose cleaner: ¼ cup of vinegar, 4 cups of HOT water, 2 tbsp of baking soda, juice of 1 lemon. Combine all ingredients in a spray or squeeze bottle. Use liberally throughout the house.

Are you Sure you Can do That??

Before you begin on any major projects in your yard this year, make sure you have an up to date Real Property Report (RPR) and that you obtain the proper development permit. If your improvements do not comply with the City rules or real property lines, it could be quite costly in fees, fines or even lawsuits down the road.

A general rule, all of the following must be met in order to meet the City bylaw requirements (m = meters):

1. A shed that is not attached to the house and is less than 10 sq.m. does not require a building permit if it meets all zoning requirements. Be careful not to build too close to your neighbors. It needs to be located at least 0.9 m (3 ft) from a side lot line, 0.6 m (2 ft) from a rear lot line and 0.9 m (3 ft) from the house.

2. A Deck - You will need a development and building permit if the deck floor is over 0.6 meters (m) or 2 feet (ft) above grade. If the deck will be built on a corner lot or in the front yard, you will need to talk to a Development Officer about the regulations, by either calling 311 or visiting the City with a site plan.

3. A detached rear garage - must be set back at least 2.75 metres from the rear property line. If the height of the garage exceeds 1.85 metres, it must be set back at least 0.6 metres from the side property line. Otherwise, it must be at least 0.9 metres from the side property.

These are general by bylaw rules for City of Edmonton. These rules may vary for different land zoning. Always make sure you consult the city before starting your project. Click here for more details.

http://www.edmonton.ca/bylaws_licences/service-residential-construction-permits.aspx