How Covid-19 Affected Sales & Showings

How the pandemic affected home sales & showings compared to 2019

Looking to Buy a Mansion?

The historic Magrath Estate on Ada Boulevard in Highlands hits the market for $5.25M.

The estate known locally as the Magrath Mansion officially went on the market Tuesday, with an asking price of $5.25 million. Built in 1912 and sitting on five city lots overlooking the North Saskatchewan River valley, the house is the “BEST KNOWN and MOST historically important home in the Highlands,” the listing said. Located on Ada Boulevard northeast of downtown Edmonton, the house was designated a Provincial Historic Resource in 1975, according to the Alberta Register of Historic Places. The house features six bedrooms, five bathrooms, and five gas fireplaces.

The full listing can be viewed here. The 2017 tour given to CTV News Edmonton is available here.

May's Real Estate News Feed

Too Big To Fail": COVID-19 and Canadian real estate - CBC

A great summary of YEG Events this month - Avenue Magazine

30 stylish ways to keep your basement organized - House & Home

Is it time to redo your roof? Roofing material comparison guide 2019 - Renovation Find

Edmonton area home sales dive 55 per cent compared to April 2019 - Edmonton Journal

Alberta Rolls Out Relaunch Plan

April's Real Estate News Feed

Consumers could face hit to credit scores, jump in payments from mortgage deferrals – CBC

Home viewings go virtual, as realtors say Edmonton market remains healthy – Edmonton Journal

Average Canadian house price rose to $540,000 last month, up 15% in past year – CBC

Edmonton, Vancouver RE forums postponed due to COVID-19 – Real Estate News Exchange

Housing market activity varies widely across Alberta – Calgary Sun

Mortgage Deferrals

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.

Stress Test

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

Edmonton most affordable market in Canada for single buyers, says report – Edmonton Journal

Edmonton housing sales, prices go up slightly in January: report – Edmonton Journal

Landmark Edmonton House apartment tower for sale – Real Estate News Exchange

Housing market stabilizing in St. Albert – St. Albert Today

Average Canadian house price hit $504,350 last month, up 11% in past year – CBC

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.

Canada’s hot apartment sector: Building boom, rising rents – Real Estate News Exchange

Stress test ‘killed’ Edmonton housing market: realtors association – Edmonton Journal

$30M redevelopment for Manulife Place in Edmonton – Real Estate News Exchange

Developer offers $125,000 to best business pitch for Stadium Yards – Edmonton Journal

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!

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:

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!

For more photos and info on 2, 27509 TWP RD 540 click here.

For more photos and info on 50320 Highway 814 click here.

For more photos and info on 19 Wedgewood Cr. NW click here.

For more photos and info on 16 Windermere Dr. SW click here.