RE/MAX Edmonton Real Estate News

“We’re looking at the T-Rex of winters.”

That is the catch phrase flying around after Jack Burnett, editor of the Old Farmers Almanac, likened our upcoming season to history’s most savage predator. He must not have realized he was addressing Edmonton’s hardy and unflinching masses, where life carries on, the work never stops, and much to the dismay of youngsters school is always open no matter the weather.

Wintertime in YEG. Credit: Laura Danielle Photography

However, in the face of a long winter that’s predicted to be even colder and snowier than we are accustomed to it’s better to be prepared than to be stubborn. These ten cost effective tips will help save on energy bills, even in a T-Rex winter:

1. Cover your windows with plastic.

Older or inefficient windows cause hot air leaks to the outdoors and will end up costing a bundle. Bubble wrap is even better than regular plastic wrap, because of the added insulation of the air pockets.

2. Add a door sweep to all exterior doors.

Not only do they keep heat in but they keep the wet and damp out. They can be easily installed and Home Depot sells a variety of styles, most for less than $10.

3. Reverse Ceiling fan directions.

As we all learned in science class heat rises. There’s no use paying for the furnace to warm your whole house just for all that heat to settle up in the rafters.  Changing fan direction recirculates the warm air pumped out by your furnace and pushes it down into the living spaces.

4. Move furniture away from your vents.

Does it get any easier than that? Move armchair 6 inches to left for the winter, stay warm, save a bundle.

 5. Put a fan near your older radiator.

Radiators are great for creating heat, but not so great at circulating it. A nearby fan facing an opportune direction will help properly distribute all that warmth you’re paying for.

6. Close off any rooms you don’t use.

Storage room of needless items? Guest bedroom with no guests? Close the door, close the vent, close the window. Done. You’ll wonder why you bothered heating all that unused space in the first place.

7. Make use of that decorative fireplace. 

That hipster focal point that came with house is more than just a mantle for vintage books and busts of Beethoven…light that baby up! It’s completely free to use, just don’t forget to chop a few logs over the fall (your biceps could probably use the workout anyways).

 8. Open south and west facing curtains during the day.

Instead of paying for all that heat, why not use the sun. It not only provides free light, but free heat. Opening south and west window coverings in the day will allow your house to absorb as much warmth as possible, while closing them at night traps that heat in.

9. Insultate your water heater.

For about $30 you can buy a water heater insulation blanket and install it yourself in a jiffy. Here are 2 and a half minutes of helpful installation instructions:

10. Clean your gutters.

It’s high up and seems like worst job in the world but ice dams are a disaster.  Cold rain and snow combine with debris and can form ice dams that clog. This will lead to leaks inside the home. Leaks and cold weather are never a good thing. Scratch that. Leaks anytime ever are never a good thing.

These tips are relatively cost  and time efficient, meaning you should be able to get it all done on a day off and on a budget. Don’t forget there’s still time to get your house sold or a new house bought before the cold hits harder! CLICK HERE to search for properties in the area of your choosing. 

The following graph provides a 16 year overview of residential sale prices in the city of Edmonton. This October was the first time prices have rivalled the peak recorded in 2007. The average price 7 years ago was $426, 028 and that has now been surpassed by just over $23,000 for a total average price of $449, 157 for a single family home.

CLICK HERE to speak to an agent about sales trends in your area and to discuss buying or selling a home

As has been the trend this year, the market is remaining strong well into the usual cooling off period of sales. The autumn season tends to slow transactions but a look at year-over-year residential average sales figures are still showing an 8.5% increase from the fall months of 2013.

There has been a slight dip from the exceptionally strong summer numbers that had carried well into September. This decrease can be seen in the sale quantities and prices of single family dwellings, which showed a 2.3% decrease in average sale price from $436, 870 to $426, 848. Additionally the the number of single family homes sold dropped by about 12% over the month.

Market sales remain strong into the fall in Edmonton. Photo Credit: Edmonton Journal

Due to historic trends of decreasing prices in the fall, these stronger numbers are not necessarily meeting consumer expectations for affordable homes. REALTORS® Association of Edmonton president Greg Steele explains some issues with supply and demand these coming months:

“We have seen a lot of action this year in houses under $400,000. People may need to adjust their expectations when looking at houses in this range. There is a big demand for properties at this price point and with a light inventory, you may need to wait a bit longer to find the right house for you.”

Interestingly enough, there is a another face to the consumer market, those creating a stronger than usual demand for homes above the million dollar price point. Around 2% of sales this September fell in that exceptionally high bracket, and while this number may seem small, it has veritably skyrocketed since this time last year when those homes made up  only one quarter of 1% of sales.

For buyers looking for more affordable options, the coming months prove promising. On average condos remain practically priced, averaging about $260, 491 per sale, filling an important gap in a market for investors and first time home buyers with less to spend. Condo prices increased just less than 10% from this time last year, and in the face of autumn predications, have actually increased 2.6% in month-over-month analyses.

Buyers of all interests and price ranges can remain positive as there are certainly no shortages of properties on the market, creating a myriad of buying options. 2049 residential properties were listed in October; a significant increase when contrasted with the 1668 homes sold at this time last year. Of those 2049 listed, a whopping 1525 have already been reported sold.

It is apparent the strong market Edmonton has been experiencing will hold into the winter months. If you are interested in selling your property, or receiving information on available properties for sale, CLICK HERE.

The Real Estate Commission of Alberta (RECA) has introduced a new document into the arsenal of Alberta real estate agents. The ‘Written Service Agreement’ acts equally to protect buyers and agents alike as they enter into their business relationship. A similar representation form already exists to protect sellers, but this new contract will now work on the part of the buyers and not just those listing homes.

Greg Steele, president of the Realtors Association of Edmonton, explained the new implementation in a CTV interview with Daryl McIntyre. The interview is posted here on the CTV website. Steele explains the decision by RECA to implement this non-voluntary document in an effort to protect all parties involved in real estate transactions. As a means of addressing previous issues with ambiguity and questions about transactions and provided services, RECA created the Written Service Agreement to clarify the process.

Greg Steele explains the new Written Service Agreement to the public. Image Credit: CTV news

Explained Steele in the interview,

“It outlines who’s representing who, for what services,  what fees you are going to get for that service, where you’re going to look, how long you’re going to look. It’s pretty simple.”

It is important to note, this implementation in no way affects changes to commission or other service fees it only serves to regulate existing structures. The recently introduced form has become mandatory and all clients and agents require the documentation to enter into a relationship. Steele also explained that there is no minimum or maximum time limit on the form, indicating the services could be for as little as one day, or over multiple years.

If you are interested in Edmonton and area properties, or to list your home, CLICK HERE to research real estate agents in your community.