If this is your first time renting out your home, or even renting a room out of your home. This will be a great guide to show you how to rent abiding by The Residential Tenancy Act and Regulations of Alberta.
Step 1: Advertise Your Property. Facebook and Kijiji.ca are the best ways to advertise your rental for free! However, if you are too busy to fill your rental ad, you can do paid ad campaigns on both sites that will effective. From my experience Kijiji's Top Ad for $40 for one week is the most effective. Currently November 5, 2016, the real estate market here in Edmonton is still a Buyers market with 5.7 months of homes actively for sale. For the month of October we experienced a higher volume of sales due to the new mortgage changes from the Canadian Government that began 17th of October, 2016. This change encourage first time home buyers and those upgrading to purchase before the new mortgage rules.
The new mortgage changes will change the way we buy, especially for those who want to buy their first home or upgrade to a larger home. This will reduce purchase power between 20%-30% based on the new rule of qualifying at a mortgage rate of 4.65% despite your locked in rate, effective 17 October 2016. This is required for insured 5 year mortgages with less then a 20% down payment.
How's the real estate market right now in Edmonton, Alberta and who is benefiting? Edmonton's real estate market is still experiencing a Buyer's Market. August has showed that sales have slowed down by a small percentage compared to previous months. This is due to the period in the year where people statistically take their vacation. People who still benefit from this market are those who are upgrading, buying their first home in Edmonton and real estate investors. Sao id you're wondering if its a good time to buy... yes it is! While prices are still low and mortgage rates are great! The top sold prices for luxury homes in Edmonton last month was $3,250,000, top sold price for condos was $1,288,000 and the top sold price for a duplex was $815,000. The average selling prices of homes in Edmonton and greater areas have dropped by 4% compared to last month. The current the average price of all residential homes is $369,956. This can be explained by the amount of people who take vacations which always has a cooling effect on the real estate market during this time of year. The average days it takes to sell a single family home is 49 days which is less then the previous month. This is good news for homeowners who are selling in today market. Condos are remaining around the same days to sell at 62 days. In conclusion, the average days to sell a condo or single family home n Edmonton remains he same as 2015. If you're looking for a strategy to sell, buy or invest in Edmonton right now, I strongly suggest speaking with a REALTOR® for expert advise. Free free to call or text myself at 780-490-6730 and please visit my website engineered by RE/MAX to search for homes online. I think you enjoy how great it is to find and save homes for sale. Resources: ereb.com Christian Bailey RE/MAX River City 780-490-6730 How's The Real Estate Market In Edmonton Right Now?How's the real estate market here in Edmonton, Alberta? Who is taking advantage during this market? The market has yet to shift. We remain consistent with the amount of homes for sale and finding the same buying demand. Edmonton currently has 5.31 months of inventory of homes. That means if no new listings were listed for sale, it would take 5.3 months to sell all homes. Anytime there is inventory of 3.5 months or more - the market is considered a Buyers market. Typically you will pay a discount on homes for sale. Between 2.5-3.5 months of inventory - its considered a balanced market. 2.5 and below is considered a Sellers market, this is more demand for homes then there are for sale (supply). 2014 was a Sellers market due to the peak of Alberta's economy. This was most influenced by the oil industry. Those who are buying their first home in Alberta, investors who are acquiring real estate in Edmonton, or people who are upgrading to a larger homes (selling their current home and purchasing a larger home) are the ones who are taking advantage in this market. Why? Because you get large discount on homes and even larger discounts on higher priced homes. Average Time To Sell Your Home.Average Sold Prices.
Highest sold prices for Edmonton in condominiums, single homes and duplexes.If you're looking for a strategy to sell, buy or invest in Edmonton right now, I strongly suggest speaking with a REALTOR® for expert advise. Free free to call or text myself at 780-490-6730 and please visit my website engineered by RE/MAX to search for homes online. I think you enjoy how great it is to find and save homes for sale. Resources: ereb.com Christian Bailey RE/MAX River City 780-490-6730 Is it still a great time to buy in Edmonton? Yes, a steady market of a high supply of listings create competition between Sellers and greater opportunities for Buyers. Just like the stock market, buying in a down curve is the best opportunity for creating capital gains.
Christian Bailey RE/MAX River City 780-490-6730 Edmonton In General Homes For Sale $250,000 to $350,000 $350,000 to $450,000 $450,000 to $550,000 $600,000 to $800,000 Condos For Sale $200,000 to $300,000 $250,000 to $350,000 $350,000 to $450,000 $450,000 to $550,000 $600,000 to $800,000 Sherwood Park Homes For Sale 250,000 to 350,000 350,000 to 450,000 450,000 to 550,000 550,000 to 850,000 $850,000+ Condos For Sale St Albert Homes For Sale $250,000 to $350,000 $350,000 and $450,000 $450,000 and $550,000 $600,000 to $800,000 Condos For Sale Terwillegar Homes For Sale $250,000 to $350,000 $350,000 to $450,000 $450,000 to $550,000 $600,000 to $800,000 Condos For Sale Rutherford Homes For Sale $350,00 to $450,000 $450,000 to $550,000 $600,000 to $800,000 Condos For Sale The Hamptons Homes For Sale $350,00 to $450,000 $450,000 to $550,000 $600,000 to $800,000 Condos For Sale Ellerslie Homes For Sale $250,000 to $350,000 $350,000 to $450,000 Condos For Sale Christian Bailey RE/MAX River City 780-490-6730 Locations and Times for Canada Day 2016 Fireworks in Edmonton, Alberta.Downtown Edmonton Fireworks Time: 11pm Location: Edmonton River Valley, amazing fireworks over Edmonton’s river valley parks and the North Saskatchewan River. Best locations: Alberta Legislature Grounds, Victoria Park (River Valley Road), Government House Park (Groat Road & River Valley Road) and Edmonton Ballpark (for those watching the game, you can stay in your seat for the fire works). Best locations by foot: River Valley Road, Queen Elizabeth Park Road and 109 Street (between Saskatchewan Drive & the High Level Bridge). Visit the City of Edmonton for more details on location and festivities! Sherwood Park Fireworks Location: Broadmoor Lake Park - Plaza. Time: 11:15pm. Best Location: Broadmoor Lake Park. Click here for Sherwood Park Canada Day Map. Visit Strathcona County for more detail on Canada Day festivities! Saint Albert Fireworks Location: Mission Park. Time: 11pm. Visit City of Saint Albert for more information. Click here for Saint Albert Canada Day Map. Mill Woods Time: 11:00pm. Location: Mill Woods Park (23 Ave & 66 St). Best locations to watch: Mill Woods Park. Visit Mill Woods Presidents Council for more details on festivities! Leduc Fireworks Location: Leduc Recreation Centre East parking lot. Time: 11pm. Best places to watch: East parking lot. Visit the City of Leduc for more detail on festivities! Beaumont Fireworks Time: 10pm. Location: Four Seasons Park. Best locations to watch: Four Seasons Park and Don Sparrows Lake. Visit the City of Beaumont for more details on festivities! For all other locations and times for 2016 Canada Day Fireworks, please visit EmontonCelebrateCanada.ca. Christian Bailey RE/MAX River City 780-490-6730 Edmonton's Monthly Market Update, June 2016What type of market is it? It still remains to be a buyer's market here in Edmonton. There is currently 4.6 months of housing inventory which is down compared to 5.4 months of inventory last month. This suggest that Edmonton's market is moving closer to a balance market but still remains to be a buyers market. A buyer's market means there is more supply of homes for sale then there is people who are buying. Who can take advantage of todays market? Those who are buying their first home in Alberta, investors who are acquiring real estate in Edmonton, or people who are upgrading to a larger home (selling their current home and purchasing a larger home). Single family detached homes were up 19.3% from April and up 3.8% year- over-year, with 1,119 selling in May across the Edmonton and surrounding areas. Duplexes and rowhouses increased 37.2% over April, and 23.03% over May 2015 with 203 homes sold in the month. Condo sales were up 5.3% month-over-month, but down 18.2% year-over-year. All- residential sales at 1,771 were up more than 18% from April and down less than 1% compared to May 2015. These numbers show that we still have a stable market even with the effects of the oil industry and migration of people heading back too their home province. The average days to sell a home has be driven up by 14 days to 54 days on average compared to last month at 40 days. This suggest more competition in the market place between home owners who have their home listed for sale. 1771 residential homes have sold at the end of last month which is up 18% from April 2016 and a decrease of .73% compared to last year in 2015. What's your home worth? If you would like to see what the true value of your home is worth in this market, I will personally give you a free report with the most accurate information. Here's a great search engine to find for your next home! http://www.findhomesedmonton.ca Resources: ereb.com Christian Bailey RE/MAX River City 780-490-6730 |
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