Monthly Market Stats
May's Real Estate News Feed
Alberta Rolls Out Relaunch Plan
April's Real Estate News Feed
Let's talk about mortgage deferrals and how this program works. ⠀
⠀🔹𝙄𝙨 𝙢𝙮 𝙢𝙤𝙧𝙩𝙜𝙖𝙜𝙚 𝙥𝙖𝙮𝙢𝙚𝙣𝙩 𝙛𝙤𝙧𝙜𝙞𝙫𝙚𝙣 𝙞𝙛 𝙄 𝙖𝙢 𝙜𝙧𝙖𝙣𝙩𝙚𝙙 𝙖 𝙙𝙚𝙛𝙚𝙧𝙧𝙖𝙡?⠀
No, this is not a forgiven payment, you are still responsible for the unpaid amount. The mortgage deferral does not cancel, erase or eliminate the amount owed. Depending on your lender, they will provide a solution geared towards your specific situation and the lender's discretion. ⠀
⠀🔹𝙃𝙤𝙬 𝙙𝙤𝙚𝙨 𝙞𝙩 𝙬𝙤𝙧𝙠?⠀
A mortgage payment deferral means that you will not be required to make regular payments on your mortgage (the lender must approve you for the deferral). Some lenders allow principle + interest portions to be deferred while others are including property tax and/or insurance payments. You will need to speak to your lender directly to find out what options are available to you.⠀
The deferred payments are added to the balance of the mortgage which may extend your amortization and amount owing. You will pay more in interest over the life of your mortgage, but a deferral will also help you with short term cash flow.⠀
🔹𝙄 𝙖𝙢 𝙬𝙤𝙧𝙧𝙞𝙚𝙙, 𝙨𝙝𝙤𝙪𝙡𝙙 𝙄 𝙘𝙖𝙡𝙡 𝙢𝙮 𝙡𝙚𝙣𝙙𝙚𝙧?⠀While you may be worried, the deferral of mortgage payments are intended for people that are experiencing financial distress as a result of job loss, lay off or reduced hours. Lenders will look at the request on a case-by-case basis.⠀
Please be patient. Lenders are extremely overwhelmed with phone calls and doing their best to service everyone. Many have now created online application forms or access through your online banking. ⠀
If you have any other questions, don't hesitate to reach out to me.
Keep watching the news for updates on Canada’s mortgage regulations.
On February 18, Bill Morneau, Canada’s Minister of Finance, unveiled changes to the “stress test” that are scheduled to come into effect on April 6. “The new benchmark rate will be the weekly median 5-year fixed insured mortgage rate from mortgage insurance applications, plus 2%,” he announced.
Simply put, that’s the calculation used to determine what you qualify to borrow. Industry experts had recently suggested the “stress test rate” be adjusted to make it easier for people qualifying for mortgages. The Canadian government heard them and acted on their recommendations. The basic idea behind the stress test? Even if interest rates rise or you run into financial difficulties, you’re approved for an amount you’d still have a good shot at paying back.
March's Real Estate News Feed
Hydro and Indoor Gardens
Get your green thumb going even before all that snow melts
Whether you enjoy cannabis or not, its legalization in Canada has brought some great, new products to the marketplace. You can now buy hydrogardens, for example. They let you grow plants indoors, in a water solution with air bubbles and nutrients but no soil! The roots dangle in the water.
Available for retail purchase through many home improvement retailers, these small, hard-working systems can help you produce healthy, organic lettuce and other veggies and herbs year-round in your kitchen!
Or, if you’d prefer, watch beautiful flowers bloom inside your rooms while the Spring snow continues to fly outside the window.
February's Real Estate News Feed
How does the housing forecast look for 2020? Based on what economists and leading industry experts are predicting, we should see slight growth in the upcoming year. Although oil prices are not foreseen to go up, investments and exports should drive up the GDP. With less housing starts and interest rates not expected to rise much, Edmonton’s housing market should see a “modest” boost. Lower inventory, rising sales and quarter-over-quarter price stability indicate positive times to come.
Prediction of Home Sales:
Single family homes ^ 0.4%
Condominiums ^ 0.2%
Duplexes ^ 0.2%
Prediction of Average Sale Price:
Single family homes ^ 0.6%
Condominiums ^ 0.6%
Duplexes ^ 1.4%
Some experts believe that 2019 was the bottom of a cyclical market which means it is still a great time to buy. But remember that the right price, good advertising and beautiful staging can all help to ensure you can still sell fast for a good price… regardless of what the stats might be saying!
Here are some of the #1s of Last Year
Highest Grossing Movie
- Avengers End Game - Grossed 858 million domestically & 2.8 billion internationally
Best Selling Book
- Where the Crawdads Sing by Delia Owens - According to online sales
- Becoming by Michelle Obama - A close 2nd place
#1 Selling Album of 2019
- Map of the Soul: Persona by BTS
#1 Single of 2019
- Bad Guy by Billie Eilish
Top Country to Live In
- Switzerland - for the 3rd year in a row
Most Visited City
- Bangkok, Thailand - with 22.78 million vistors
Person of the Year
- Greta Thunberg - biggest influencer according to Time Magazine
Fastest Viral Video
- BTS (Boy With Luv) feat. Halsey
Richest Person of 2019
- Jeff Bezos - Founder and President of Amazon worth $113 billion
#1 Oldest Person
- Gustav Geneth of Germany - Lived till the age of the 114 years old till he died in October.
- Chitetsu Watanabe of Japan - Now the oldest at age 112
January's Real Estate News Feed
- Property values down. Typical average priced family home, assessed at $12,500 less - CBC News
- Things have changed’: Petition calls for Edmonton LRT expansion to stop – Edmonton Journal
- 10 Bathroom Trends You’ll See Everywhere In 20 - House & Home
- 2020 Saturated Spaces Inspired By Pantone’s 2020 Color Of The Year - House & Home
Best Places in the City to Watch the NYE Fireworks
The best place to see the firework’s display in Edmonton is at the province’s iconic building: the Legislature. There will be lots of family-friendly activities in the evening, followed by the bright lights starting at 9 PM
9820 107 St., and Capital Plaza
6:00 PM – 9:00 PM
Fireworks: 9:00 PM
And if the government building isn’t your place to be, try these options instead:
Telus World of Science Edmonton
11211 142 St.
9:00 PM – 6:00 PM, Monday and Tuesday
2099 Haddow Drive
5:00 PM – 8:30 PM, Monday
Fireworks at 8:00 PM
Some of the surrounding areas are also hosting their own local displays including:
5100 41 Ave., Stony Plain
6:00 PM – 9:00 PM, Monday
Fireworks at 8:45 PM
Broadmoor Lake Park
2015 Oak St., Sherwood Park
4:00 PM – 8:00 PM, Monday
Fireworks at 8:00 PM
Looking to Give Back For the Holidays?
Get into the spirit of sharing and caring this Christmas. Here are some ways to help.
Top Luxury Neighbourhorhoods in Edmonton
When you think luxury property, what comes to mind?
- IMAX home theatres
- Superspa home gyms
- Fleets of supercars and other premium vehicles
- Showroom-style, glass-walled, multi-level, multi-car garages
- Indoor/outdoor infinity pools with waterfalls and waterslides
- Boutique-style walk-in closets that double as fashion party venues
- Every type of specialty bar (from Irish Pub to Health Bar)
- Park-like landscaping with high-end outdoor sound systems and lighting
- Outdoor kitchens (with seasonal covers) featuring world class grilling equipment
- Pool halls with arcades and DJ booths
- State-of-the-art smart home operating and security systems
- Top-of-the-line weather-proof doors and windows with adjustable tints
- Elevators with panoramic views
In Edmonton, luxury real estate often means historical as well as modern mansions on expansive properties with views of the downtown city skyline, the North Saskatchewan River or the river valley’s parkland, which, stretching for 25 km is the longest area of connected parks in North America.
The luxury category here (depending on who you ask, of course) starts at approximately $1 Million. Some of the highest-priced real estate to be found in Edmonton is in the neighbourhoods of Westridge (average active listing price of $3,650,000); Wedgewood Heights ($3,465,580); Brander Gardens ($3,429,333); Richford ($3,250,000) and Windsor Park ($2,301,273).
Also popular in Edmonton at the moment, as far as luxury features go:
- Soaring ceilings and state-of-the-art skylights
- Beautiful, open (and sometimes flexible) floorplans
- Massive, high-end windows with stunning views and smart tint control
- All architectural styles
- The finest materials, such as (Italian) Carrara marble
- Environmentally-conscious monitoring systems
Here’s a sample luxury mortgage calculation for your monthly payment:
Your Vote Matters
Vote on election day
Vote at your assigned polling station on Monday, October 21. Polls will be open for 12 hours.
Vote on advance polling days
Vote at your assigned polling station from 9:00 a.m. to 9:00 p.m. on:
- Friday, October 11
- Saturday, October 12
- Sunday, October 13
- Monday, October 14
Still unsure how you fit in Canada's political landscape? Explore these surveys to shed some light on how your views align with those of the parties. :
First Time Home Buyers Incentive
Confused if the First Time Home Buyers Incentive Program is helpful? Let’s break down the facts:
The federal government created a program that will allow eligible first time home buyers who have a minimum down payment to apply to finance a portion of their home purchase through a form of shared equity mortgage with the Government of Canada. This came into effect September 2nd, 2019.
• Will share up to 5% of a home on existing homes
• Only for household incomes that earn no more than $120K a year
• The mortgage and incentive amount can not exceed 4 times the buyer's annual qualified income.
• Will share up to 10% to boost construction of new homes
• No interest on this federal money
• No ongoing repayments required
• Loan can be repaid anytime without penalty
...The catch: a buyer will have to repay the same percentage of the equity borrowed when they sell their house, or after 25 years of living in the house. If the home is worth more than it was when purchased, It could be a larger dollar amount than anticipated
Check out this eligibility calculator to see if it makes sense for you: https://www.placetocallhome.ca/fthbi/eligibility-savings-calculator
Most Expensive Homes
Have you ever been curious to see what the most expensive homes have sold for? Here are the top 5 listings in Edmonton and surrounding areas. Definitely a must see!