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Economic Analysis – CHBA – Alberta (Canadian Home Builder’s Association

Tue, 04 Dec by Kevin Grenier

The follwing report was made available here with permission from CHBA – Alberta

NOVEMBER 2012
Home Prices Rising Moderately in Alberta’s Biggest Cities
Concerns about alleged house price “bubbles” and potential “corrections” have garnered headlines in the national media in recent months. Comments about the so-called “overheated national housing market” have been driven, in part, by price changes in Toronto and Vancouver which heavily influence the national average. In these cities, some unease has arisen over possible speculative activity by off-shore investors that may have distorted prices beyond what market fundamentals could support.
CHBA – Alberta closely follows the housing market trends in the province’s major cities and in this report we take a look at published price indicators to get sense of the trends in recent months. The 8 charts presented below compare our two biggest cities, Calgary and Edmonton, on four different residential sale price measures [2 for resale housing and 2 for new homes]: (1) Average MLS® residential resale price (CREA), (2) Teranet® – National Bank resale price index, (3) CMHC’s monthly average absorbed new single-detached house price, (4) Statistics Canada New House Price Index (contractor selling price).
All eight charts cover the same time frame – January 2008 to present. In all cases, the time series show no recent price accelerations in either city. As well, the indicators for the most part remain below pre-recession peak levels. Based on the trends evident here, we conclude that the two largest markets in Alberta continue to experience balanced market conditions in 2012, associated with moderate upward pressure on both existing and new home prices. In general, year-over-year gains are near or slightly below the general inflation rate with some seasonal easing month-over-month in resale housing.
For more information please contact:
Richard Goatcher, Economic Analyst, CHBA – Alberta
780-424-5890 (ext 222) 1-800-661-3348 (ext 222)
richard.goatcher@chbaalberta.ca

 

 

 

Market Update from the Realtor’s Assocation of Edmonton – November 2nd, 2012

Fri, 02 Nov by Kevin Grenier

The following is the monthly press release from the Realtor’s Association of Edmonton in its entirety. If you have any questions on this or would like further detailed statistics, information or analysis on your specific community or property, contact me at www.kevingrenier.com

1 The total value of sales in a category divided by the number of properties sold
2 Single Family Dwelling
3 The middle figure in a list of all sales prices
4 Residential includes SFD, condos and duplex/row houses.
5 Includes residential, rural and commercial sales

1 Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area. Prior period figures have been adjusted to include late reported sales and cancellations and therefore reflect a more accurate view of the period than previously reported at month end. The RAE trading area includes communities beyond the CMA (Census Metropolitan Area) and therefore average and median prices may include sold properties outside the CMA.

Market Update from the Realtor’s Assocation of Edmonton – October 2nd, 2012

Tue, 02 Oct by Kevin Grenier

The following is the monthly press release from the Realtor’s Association of Edmonton in its entirety. If you have any questions on this or would like further detailed statistics, information or analysis on your specific community or property, contact me at www.kevingrenier.com

1 The total value of sales in a category divided by the number of properties sold
2 Single Family Dwelling
3 The middle figure in a list of all sales prices
4 Residential includes SFD, condos and duplex/row houses.
5 Includes residential, rural and commercial sales

1 Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area. Prior period figures have been adjusted to include late reported sales and cancellations and therefore reflect a more accurate view of the period than previously reported at month end. The RAE trading area includes communities beyond the CMA (Census Metropolitan Area) and therefore average and median prices may include sold properties outside the CMA.

Buyer Feedback – 2 solutions to unrealistic buyer expectations – advice to seller

Tue, 18 Sep by Kevin Grenier

Comments like this “The clients didn’t like the room sizes” indicate that we are attracting buyers that are expecting larger rooms or whatever the comment is. Now isolated comments are one thing and don’t mean much but when you are consistently getting similar comments about things that cannot be changed like room sizes this is the case. Why are we attracting buyers with expectations that exceed the real property? Primarily price, usually buyers stick to a price range and as they are shopping around get a feel for what is out there at that given price range. For example no one expects a huge bonus room in a starter home price range but they do come to expect certain things based on what other similarly priced homes are offering. Now I realize that a price reduction is not always in the books so there is something else you can do and that is raise increace value either real or perceived.By real value I mean upgrades such as replacing that dated tile in the foyer or the sea foam green carpet in the livingroom. By perceived value I mean things like staging, decluttering, cleaning, minor repairs and painting. The bottom line is if you are getting negative feedback consistently you may want to review your expectations and come up with an action plan that will bring a solid offer to the table from a qualified and motivated buyer. For more real estate tips call me, I’m hear to help.Kevin Grenier (780) 893-0269Realty Executives Polaris REALTOR®, ABR® (Accredited Buyer’s REALTOR®), SRS® (Seller Representative Specialist)P.S. Download your free real estate app at www.RealHousesForSale.com This is not intended to solicit anyone who is currently contractually represented by another REALTOR® 

Interest Rate Update – Incease likely April, 2013

Wed, 12 Sep by Kevin Grenier

The following I received from my trusted mortgage representative at RBC, Sheri Mitchell and has been re-published with RBC’s permission.

Events unfolding “as expected” Bank of Canada says

To that end, the BoC left the overnight rate at 1.00% and, in its brief statement issued following the September 5 meeting, indicated that events were unfolding largely in line with forecasts set out in its July Monetary Policy Report. It is the downside risks to the global economy (Europe in recession and the US economy expanding at a “gradual pace”) that supports the case for the Bank to maintain the current level of policy stimulus. Until there is clear evidence that policymakers outside of Canada have put in place programs that are sufficient to reverse these risks, Canadian interest rates will remain low to counter the negative fallout on the domestic economy. The assumption built into our forecasts is that polices will be implemented to limit the deterioration in global financial conditions. As the downside risks to the external environment recede, this will put the Bank in position to begin the process of gradually reducing policy stimulus with the first hike likely to be announced in April 2013

TO READ FULL REPORT – CLICK HERE

Home Maintenance Schedule

Regular Maintenance is the Key

Inspecting your home on a regular basis and following good maintenance practices are the best way to protect your investment in your home. Whether you take care of a few tasks at a time or several all at once, it is important to get into the habit of doing them. Establish a routine for yourself, and you will find the work is easy to accomplish and not very time-consuming. A regular schedule of seasonal maintenance can put a stop to the most common — and costly — problems, before they occur. If necessary, use a camera to take pictures of anything you might want to share with an expert for advice or to monitor or remind you of a situation later.

By following the information noted here, you will learn about protecting your investment and how to help keep your home a safe and healthy place to live.

If you do not feel comfortable performing some of the home maintenance tasks listed below, or do not have the necessary equipment, for example a ladder, you may want to consider hiring a qualified handyperson to help you.

FOR FALL MAINTENANCE SCHEDULE – CLICK HERE

Thanks for sharing Sheri.
You can reach Sheri at any time and sheo’ll be happy to help regarding mortgage advice.
SHERI MITCHELL
 Mobile Mortgage Specialist
RBC Royal Bank

Ph 780-760-5364
Cell 780-887-1185

Got real estate questions? Call today.

Sincerely,

Kevin Grenier REALTOR®, ABR® SRS® (Accredited Buyer’s Realtor, Seller’s Representative Specialist)

780-893-0269

P.S. make sure you download your real estate app here.

This e-mail is not intended to solicit anyone who is contractually represented by another REALTOR®

Market Update from the Realtor’s Assocation of Edmonton – August 6th, 2012

Thu, 06 Sep by Kevin Grenier

The following is the monthly press release from the Realtor’s Association of Edmonton in its entirety. If you have any questions on this or would like further detailed statistics, information or analysis on your specific community or property, contact me at www.kevingrenier.com

1 The total value of sales in a category divided by the number of properties sold
2 Single Family Dwelling
3 The middle figure in a list of all sales prices
4 Residential includes SFD, condos and duplex/row houses.
5 Includes residential, rural and commercial sales

1 Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area. Prior period figures have been adjusted to include late reported sales and cancellations and therefore reflect a more accurate view of the period than previously reported at month end. The RAE trading area includes communities beyond the CMA (Census Metropolitan Area) and therefore average and median prices may include sold properties outside the CMA.

Market Update from the Realtor’s Assocation of Edmonton – August 4th, 2012

Fri, 03 Aug by Kevin Grenier

The following is the monthly press release from the Realtor’s Association of Edmonton in its entirety. If you have any questions on this or would like further detailed statistics, information or analysis on your specific community or property, contact me at www.kevingrenier.com

Consumer confidence results in higher unit sales in July

Edmonton, August 2, 2012: The average* price of resale residential property softened in July according to figures released by the REALTORS® Association of Edmonton today. The all-residential average price dropped from $342,014 in June to $335,501 in July (down 1.9%). The average single family detached price in the service area of the Edmonton Multiple Listing Service® was down 2.3%, the average condominium price was down 2.1% and the duplex/row house price was off 3.25%.

“Housing prices continue to follow seasonal patterns but residential unit sales are 3.6% higher than last July,” said REALTORS® Association of Edmonton President Doug Singleton. “That being said, the price drops are minimal and still about 5% higher than they were at the beginning of the year.”

There were 2,801 residential properties listed in July with 1,624 sales and the average days-on-market was up one at 52 days. The sales-to-listing ratio was stable, moving slightly from 58.4% in June to 58.0%. Eager first-time buyers are snapping up homes listed below the median price of $325,000 and reducing the inventory of lower-priced homes. A steady stream of new listings helped the residential inventory remain solid with 7,684 properties available, especially at the higher-priced end of the market.

The number of single family homes sold in the $450,000 or higher range is up about 26% in 2012 as compared to the past five years. This trend is expected to continue for the rest of the year. Homes in this range also sold faster this year than in previous years. Days-on-market was the lowest it has been in five years at just 40 days in 2012 and the spread between the list and sold prices was lower at 2.3%.

“Persistent low mortgage rates, job stability and higher average incomes in Edmonton result in consumer confidence which has opened up the higher end of the market,” said Singleton. “Many of these sellers are moving up and do not want to carry two properties. They need to sell so that they can close on the new property; so they are doing all they can to ensure a reasonable but quicker sale. The increased inventory at the higher end is creating some pressure on sellers to keep their list prices reasonable. Once again, consumer confidence and access to low cost financing is driving the upper end of the market even while providing buying opportunities for first-time buyers.”

There have been 64 sales of properties over $1 million so far this year as compared to 66 in all of 2011. Those top end properties sometimes take over a year to sell but the average DOM is just 72 days; down from 78 last year.

-30-

Activity (for all residential sales on Edmonton MLS® System)

Want more real estate information?

Call today.

Sincerely,

Kevin Grenier REALTOR®, ABR® SRS® (Accredited Buyer’s Realtor, Seller’s Representative Specialist)

780-893-0269

P.S. make sure you download your real estate app here.

This e-mail is not intended to solicit anyone who is contractually represented by another REALTOR®

2 Residential includes SFD, condos and duplex/row houses
3 Single Family Dwelling
4 The middle figure in a list of all sales prices
5 Includes residential, rural and commercial sales

1 Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area. Prior period figures have been adjusted to include late reported sales and cancellations and therefore reflect a more accurate view of the period than previously reported at month end.

Market Update from the Realtor’s Assocation of Edmonton – July 4th, 2012

Thu, 05 Jul by Kevin Grenier

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The following is the monthly press release from the Realtor’s Association of Edmonton in its entirety. If you have any questions on this or would like further detailed statistics, information or analysis, contact me at www.kevingrenier.com

Little effect on local market anticipated by new mortgage policies

Edmonton, July 4, 2012: At the end of the first half of the year, housing prices in all residential categories are up from the same time last year. On average1, residential prices are 3.2% higher than June of last year. The all-residential average price was $342,014 in June while single-family detached homes sold for $393,471, up 3.7% year-over-year.

“Our market continues to be robust and housing prices are higher than they were last year,” said REALTORS® Association of Edmonton President Doug Singleton. “We expect that, although prices will, as usual, slide gradually over the next six months, they will continue to be higher than they have been in the past two years or the five year average.”

The median3 price for a single family detached home was up 2.0% year-over-year at $369,900 while the condo median price was up 4.6% at $230,000 as compared to last year. The average price for a condo in the Edmonton area dipped 2.5% since May to $242,720. Duplexes and rowhouses were priced on average about 7% higher than last year at $318,223.

There were 3,211 residential properties listed in June and 1,874 sales and the sales-to-listing ratio was up from 53% in May to 58%. The average days-on-market in June was up two at 51 days. Residential inventory was 7,930 on June 30 or about 4.2 month’s supply; typical for this market. REALTORS® participated in the sale of over $640 million worth of residential property last month and total MLS® activity in the first half of the year is $3.8 billion.

In an unexpected move, the finance minister imposed new policies on residential mortgages for the fourth time in four years. Effective July 9, the maximum amortization period for government-backed mortgages was reduced from 30 to 25 years and purchases over $1 million cannot be guaranteed by CMHC. In addition the amount that homeowners can borrow against the equity in their homes is reduced from 85 to 80 percent.

“These changes are meant to cool the Toronto markets but will have little impact in our stable and affordable market locally,” said Singleton. “Some buyers may push their buying decision forward a bit or have to lower their expectations but their REALTOR® can still present them with plenty of options and housing choice in all price brackets. The limits on equity take-out and million dollar purchases will have negligible effect on the resale housing market.”

-30-

Activity (for all residential sales on Edmonton MLS® System)

June 2012

 

M/M
% Change

Y/Y
% change

SFD2 average selling price – month

$393,471

1.2%

3.7%

SFD median3 selling price

$369,900

-0.03%

2.0%

Condominium average1 selling price

$242,720

-2.5%

3.5%

Condominium median selling price

$230,000

-0.9%

4.6%

All-residential4 average selling price

$342,014

-1.8%

3.2%

All-residential median selling price

$325,000

-2.7%

2.4%

# residential listings this month

3,211

-14.3%

0.31%

# residential sales this month

1,874

-5.5%

2.6%

# residential inventory at month end

7,930

-0.06%

-5.99%

# Total5 MLS® System sales this month

2,097

-7.5%

-3.9%

$ Value residential sales this month

$640 Million

-7.2%

-12.2%

$ Value of total MLS® System sales – month

$733 Million

-9.7%

-2.4%

$ Value of total MLS® System sales – YTD

$3.87 Billion

25.9%

15.1%

2 Residential includes SFD, condos and duplex/row houses
3 Single Family Dwelling
4 The middle figure in a list of all sales prices
5 Includes residential, rural and commercial sales

1 Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area. Prior period figures have been adjusted to include late reported sales and cancellations and therefore reflect a more accurate view of the period than previously reported at month end.

 

2 Home Buying Tips and 5 Home Selling Tips – Kevin Grenier Realty Executives Polaris

Sun, 01 Jul by Kevin Grenier
Looking for the Perfect Home? Create these 2 Lists
article 1 image

 

There is probably a long list of things you need and things you want in your next home. But putting them all on a single list would be a mistake.

Why? Because buyers who separate what they need from what they want are much more likely to find a home that meets all their requirements.

For example, say you want a home that is close to a golf course but you need it to be in a neighbourhood that has a good local school. If you hold out for both, you may miss some great opportunities on the market. Or worse, you might mix up your priorities and become so excited by a house that’s a block away from a country club (what you want) that you fail to realize that the nearest school (what you need) is several miles away.

That’s why you should create TWO lists when you shop for a home: a needs list, and a wants list.

Your needs list might look something like:

  • Four decent sized bedrooms
  • A sidewalk in front of the home
  • A double car garage
  • A playground within walking distance
  • A clean, safe neighbourhood.

Your wants list may include:

  • A finished basement
  • Hardwood floors
  • A large deck
  • Fine dining restaurants nearby
  • Backing onto a ravine or wooded area.

Does all this mean you can’t get the home you want, just the home you need? Not at all! By having two separate lists, you can make the best decision. You can make sure you find a home that meets all your requirements and, ideally, one that offers as many of the “extras” as possible.

Need help finding a home that matches your needs and wants? Call today.

 

Beware of Bargain Hunting
article 1 image

 

When shopping for anything — clothes, CD players, even homes — it’s natural to look for a bargain. We all want to pay the lowest price possible.

However, this attitude can get in the way of finding, and getting, the home we want. In fact, many people miss great opportunities because their price expectations are too low.

Find out what the current market price is for the type of home you’re considering. Then set your expectations accordingly. If you do, you’ll stand a much better chance of finding the home of
your dreams.

Top Turn-Offs For Home Buyers
article 1 image

 

If you want to sell your house quickly and for the best possible price, you obviously want to impress home buyers, not discourage them. Yet, that’s exactly what some sellers innocently do by making the following mistakes.

Wacky paint colours. You may love the pumpkin yellow in the livingroom, but it’s not a colour most mainstream home buyers will appreciate. Consider re-painting with white or tasteful neutrals.

Odd smells. There are odours from cigarette smoke, exotic cooking, or perfumes that you may have gotten so used to that you are no longer aware of them. But rest assured, a home buyer will notice. Air out your home and eliminate odours before showings.

Stains. Even the most well-kept home can have some persistent stains on countertops and walls, and in sinks. There are specialty cleaners on the market that will help.

Stuffed storage space. Home buyers want roomy closets, drawers and other storage areas. Make sure yours give this impression.

You. Nothing personal, but home buyers can become uncomfortable by your presence during a viewing. Let your REALTOR® be the host.

Want to make the home selling or buying process even easier? Call today.

Sincerely,

Kevin Grenier REALTOR®, ABR® SRS® (Accredited Buyer’s Realtor, Seller’s Representative Specialist)

780-893-0269

P.S. make sure you download your real estate app here.

This e-mail is not intended to solicit anyone who is contractually represented by another REALTOR®, circulated with permision of ©IXACT Contact Solutions Inc.

 

notable, quotable… quotes!

 

“The poor man is not he who is without a cent, but he who is without a dream.”

Harry Kemp

 

“The beginning is the most important part of the work.”

Plato

 

“Genius begins great works; labour alone finishes them.”

Joseph Joubert

Rutherford home is ideal for a family with young children – Kevin Grenier Edmonton Real Estate

Sun, 01 Jul by Kevin Grenier

There is a huge demand for single famiily detached homes that are affordably priced in Edmonton.

Take for example this 3 bedroom 2 storey with a double detached garage, within walking distance to both public and Catholic K-9 schools.The home is in excellent shape and features a veranda, gas fireplace, kitchen island with breakfast bar and a large 14’x13′ deck. 

The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the REALTORS® Association of Edmonton. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.