Rob Smashnuk

As prices continue to rise in Vancouver and Toronto through the spring season, there is one city in Canada that is slowly gaining steam as a buyer’s dream: Edmonton. This is good news for Alberta where times have been tough after the massive Fort McMurray fire, subsequent job losses, and real estate slump. Despite it all, activity in Edmonton has increased with buyers ruling the roost.

Early in the year, average house prices went up 3.9%, but seven of Edmonton’s top 25 neighbourhoods went through a sharp drop in prices. Bradner Gardens dipped by 12%. Other areas reported a sharp rise of nearly 38%. This means Edmonton is divided into two neighbourhood categories; one area scores above the other for enthusiastic first-time investors.

Edmonton’s Two Main Neighbourhoods

• Downtown and Inner Suburbs: Edmonton’s urban downtown is a hot marketplace for home buyers. Renters are giving up their home to own one instead because prices are stable and affordable now with an average of $388,000. Home prices in Calgary, on the other hand, are expected to increase by 2.3 percent.

• Outer Suburbs: The outer suburbs are 45 minutes away from the city centre on an average. This is an ideal nesting ground for young home buyers who are looking for more affordable options for spacious homes.

Edmonton Homes Ideal for Young Buyers and First-Time Home Investors

More and more young buyers between the ages of 25 and 30 are now looking to invest through home ownership. 69% hope to own a home within the next five years, but with the number of Canadian cities becoming increasingly out of reach for investors, only 57% feel they can actually own one. On the bright side, the situation is changing here for first-time home investors. The reasons are several:

1. Less down payment: The down payment required for listed homes is only 5% for homes less than $500,000. This makes spacious homes affordable for first-time investors.

2. Different Property Options: Edmonton offers a bevy of options in all sizes. Apart from sprawling homes, there are duplexes and townhouses in Brookfield’s neighbourhoods where monthly mortgage payments are at par or lesser than the average monthly rental fees.

3. Affordable payment options: In Brookfield, homeowners are also getting a biweekly payment option, making it easier for new professionals to invest in smaller homes with a smaller mortgage. Once they build credit and equity, they are in a position to afford a bigger property. If they continue to rent, they can’t avail of this advantage so buying makes more sense. Opting for fixed-rate mortgage allows new buyers to steer clear of the financial stress in rent fluctuations.

4. Add-ons: Since the homes are affordable, new buyers are in a position to upgrade with add-ons, making the prospect of a home very attractive. They can enjoy their own property and enjoy customized comforts with top-of-the-line appliances, unrestricted by rules and regulations that come with a condo. Homes come with private, attached garages and added security is affordable with the drop in prices for young professionals.

Consult Rob Smashnuk to Buy a House in Edmonton

Rob Smashnuk has years of expertise in real estate, backed by Re/Max’s reputed professionalism. Rob Smashnuk has received various awards for excellence in real estate so you know you are in good hands. He is an Accredited Buyer Representative (ABR) and Seller Representative (SRS) with 10 years of award-winning customer service experience and in-depth knowledge of residential real estate. Call him for a consultation.

Beginning September 17, Green Shack will be continuing in select locations during the school year!

Ages: 6-12 years
(children under 6 must be supervised by a parent or guardian)
Cost: Free

Join in games, sports, crafts, music, drama, and special events. You’ll find a list of upcoming activities and special events posted on the side of the Green Shack each week. If there’s a game or activity that you’d like to play, just ask the Program Leader. They are there to make your summer a fun one!

Programs are led by staff who:

Ensure participants play safely. Parents are responsible for their children at all times and must be available in the event of an emergency
Are easily identifiable by their blue shirts and name tags and may be assisted by volunteer leaders in training
Have completed a security clearance process, are trained in first aid and are certified specialists in FUN!

Programming is still available on rainy days but will be cancelled during severely inclement weather.

Thanks to all of our partners who contribute to the Green Shack Playground Program. Special thanks to Community Leagues for the use of facilities and assistance in funding.

Plans for an 80-storey condo tower proposed for the Quarters in downtown Edmonton were presented to the public Monday evening.

The Quarters Hotel and Residences would tower over Jasper Avenue and Grierson Hill Road, bordered on the west by the Shaw Conference Centre and on the east by 96th Street.

The building would be the tallest in Edmonton. The Stantec Tower stretches 66 storeys and is expected to open in 2018.

But the architect behind the new project, Brad Kennedy says despite the height, the river valley will still be in sight for people below.

“We designed the podium of the tower to be transparent, so the only piece of the tower that blocks six-and-a-half per cent of the view is the core for the elevators and the stairwells,” said Kennedy.

“Everything else is completely clear, so you can walk along Jasper Avenue and you can see down through the tower to the whole river valley.”

The project would include a hotel, condominiums, restaurants, fitness facilities, shops and two publicly accessible parks, stretching over 100,000 square feet.

Several amendments to the land-use bylaw would need to be made for the project to be approved, including removing a portion of the site from the North Saskatchewan River Valley Area Redevelopment Plan.

The Valley Line LRT is a 27 km low-floor, urban line that will run from Mill Woods to Lewis Farms, crossing through Downtown. The Valley Line will be built in multiple stages, with the 13 km southeast portion being built first.

Phase one of the Valley Line will run from Downtown to Mill Woods, and will feature:

• 11 street-level stops.
• An elevated station with a 1,400-spot Park and Ride facility and a full transit centre located in the Wagner industrial area.
• The new Tawatinâ Bridge across North Saskatchewan River.
• A short tunnel from the north face of the River Valley through to the Quarters redevelopment.
• An interchange point at Churchill Square to access the existing Metro and Capital LRT lines.

The southeast portion of the Valley Line has a capital cost of $1.8 billion, and will be delivered as a public-private partnership. Construction will begin this year, with the line scheduled to open to the public by the end of 2020.

Marginal dips in prices and unit sales signal a stable market!

Edmonton, September 2, 2016: August’s all residential average sale price in the Edmonton Census Metropolitan Area (CMA) remains consistent with last August at $369,956, down 4% from July of this year. The price of single family homes in August dropped 4% relative to July from $450,366 to $434,362. Year-over year prices remained stable decreasing by less than 1%. The average condo sale price for August 2016 of $251,526 is down 2% month-over-month (m/m) and 1% year-over-year (y/y). The average duplex/rowhouse sold for $344,377; down 2% y/y and down 1% (m/m).

“Alberta’s economy has been under enormous pressure for some time, but the residential real estate market in the Edmonton Census Metropolitan Area continues to hold. Prices and unit sales for all residential homes are consistent with last year, down less than 1% and 2% respectively,” said Steve Sedgwick, Chair of the REALTORS® Association of Edmonton.

At 1,433 units reported sold, all residential sales in the Edmonton CMA were down 5% m/m and down 2% y/y. 861 single family homes were reported sold in August 2016, down 3% from the previous year. Reported condo sales at 406 were down 6% over August 2015. Duplex/rowhouse sales at 136 were up 11% over last year. New residential listings were down 5% m/m and over 6% y/y.

While this is one of the most active times of the year, we are seeing both listings and sales tapering off as we move into the fall months. This is standard in our local real estate cycle. While unit sales for condos have been impacted the most, prices remain stable. This is thanks in part to the continuing trend of unit sales of over $750,000 that are keeping average sales price of condos elevated by almost 3%.

The number of days the average home in the Edmonton Census Metropolitan Area (CMA) took to sell in the month of August was 55. This is consistent with August 2015 and down one day from July 2016. On average, single family detached homes sold in 49 days in August 2016, while condominiums sold in an average of 62 days and duplex/rowhouses sold in 56 days.

There were 7,908 residential properties available in the Edmonton CMA at the end of August, down 2% from 8,048 in July 2016, but up 9.4% from the 7227 properties available on the MLS® System at the end of August 2015.