RE/MAX Edmonton Real Estate News

As March winds to a close and the city has (hopefully) seen the last of winter snows, the EREB has compiled an early spring market report, based on last months figures. The name of the game has been listings, as Edmonton sellers have been more than eager to put their properties up for sale in light of strong market conditions. The positive climate has led to a growth in average residential prices, and a slight decrease in sales, due to the sheer amount of available inventory.

Both month over month averages and year over year amounts showed growth well into February. Average sale prices on single family dwellings rose 0.84% from the winter months to $430,077, which was a 1.17% rise from the same time last year.

Condominiums have seen the most price growth coming into spring, with nearly a 5% increase from February of last year, and up 1.2% in month over month comparisons.

February Average Home Prices – YEG

REALTORS® Association of Edmonton President Geneva Tetreault explains the unique market we are currently experiencing

“We are starting to see sales numbers increase as we enter the spring season. It is common to see sales start to ramp up in February. It’s a positive sign to see that even though listings are up and sales are down from last year that prices remain stable and even slightly up from February 2014.”

February saw 2403 new residential listings hit MLS; that’s 448 more listings than 2014 numbers and nearly 100 more than the month previous. February sales were down approximately 17% from the year previous, however they increased a whopping 40% from January, the month previous.

Overall the outlook is optimistic, with over 384 million dollars in residential sales through the RAE in February alone. Tetrault elaborates on the market:

“Another positive indicator is that our average days on market for all residential types were down to just 48 days compared to 58 days last month. With a healthy inventory, continued low interest rates, and stable pricing, we expect sales to continue to grow through the spring into the summer,” says Tetreault. “REALTORS® are ready to help guide people through all the mixed messaging out there about our real estate market and help their clients make the move that is right for them.”

CLICK HERE to search for available properties in the city and surrounding areas.

It’s that time again in Edmonton

Edmonton in showing all the signs of spring, from warm sunshine, and rising temperatures, to longer days and lawns in sight for the first time in months. This change also means melting snow which can lead from minor to major flooding and water damage issues; not to mention the wear and tear caused by major climate fluctuations. Oh the joys of living with Alberta weather!

Just a little diligence and minor preventative measures can save homeowners a fortune in the long run, so we’ve prepared a short and simple list of 6 ways to prep your home for this coming spring.

1. Strategic snow removal. 

It is important prevent against melting snow pooling around basement windows or draining into the foundation, therefore it needs to be shovelled strategically. Shovel melting snow to a down-sloping area so it will melt away from your home. Additionally, be sure to clear snow away from basement windows.

2. Properly positioned gutters.

Downspouts should extend outward to a position where they discharge meltwater at least two meters from your home to ensure it doesn’t drain towards your foundation. Be sure eaves are clear and functioning properly before the majority of melting starts to occur. A leaking roof is not the best time to discover blockages!

3. Basement monitoring. 

Check your basement for signs of leaking or dampness, especially in areas you don’t frequent regularly. The small amount of time it takes to check can save you much unneeded hassle.  For additional peace of mind, a water alarm can be purchased inexpensively, to alert you to the first signs of flooding

4. Be a helpful neighbor.

The key to spring drainage are the sewage infrastructures already put in place by the city. Though not directly on your property it is important to ensure curb side drains are clear of debris. Being aware of drains near your home and monitoring them will prevent issues with your own home and surely earn the gratitude of your neighbours.

Properly sealed doors and windows are your greatest ally against heating and cooling costs.

5. Door and window damage.

While you’re already out looking for drains and checking your eaves, take a quick stroll around your house noting each door and window you come across. Check that caulking and weatherstripping hasn’t deteriorated, as it so often will, during the harsh winter months. This is inexpensive to repair and will be invaluable when cooling your home in the summer.

6. Prep your HVAC.

It’s been months since you needed A/C so you may want to be sure it’s still functioning properly.

The two best times of year to check your HVAC systems are spring and fall, as these are the season that fall right before periods of the harshest climate change that can wreak havoc on these systems. Pop in a new air filter, and ensure you have an extra one on hand. Then double check your air conditioner is still functioning, as the first day it hits 30 degrees won’t be the best time to call for last minute repairs.

Looking to get into a new home before the summer rush? CLICK HERE to search for available options in your neighbourhood and price range!

With Edmonton‘s real estate market seeing a surplus of inventory, there is a shift taking place towards a buyers market, as discussed in our previous blog post. Buyers can rest assured in their investments, as city planners are working diligently to revitalize key Edmonton areas, which will improve desirability and add value to residential investments in the years to come.

Three important new districts are cropping up in the central region of the city, an exciting prospect for avid shoppers, cultural connoisseurs, and the throngs of tourists the city sees come through every year.

The areas gaining momentum are the Arena District, the Brewery District, and the Warehouse District (also known as the 4^th Street Promenade). These new retail and social centres are exciting and fresh, yet each has unique offerings and atmosphere depending on your preferred speed of life.

Arena District designers have created a central hub for vibrant community gatherings.

Rogers Place and an adjacent public plaza are the focal points of the Arena District, located in the heart of city center. The first stages of the EAD (Edmonton Arena District), including the functioning arena, will be completed by 2016 . This will also include the Winter Garden, a community rink, multiple parkades, and a state-of-the-art office tower. Eventually the district will be home to condominiums, retail spaces, and more office towers as expansion continues outwards to an estimated 25 acres.

Watch a highly realistic mock up of the expected results:

Next on the list of exciting new ventures is the trendy and vibrant Brewery District, aptly named as it is centred on site of the former Molson Brewery, a portion of which remains for historical preservation purposes.

The focus of the area will be on pedestrian oriented development, due to proximity to the downtown core, 104th avenue, and Oliver Square. It will provide high density retail and office space, and offer trendy restaurant choices and shopping attractions in a socially oriented environment.

The design company describes the project in this video:

Lastly, the quaint and classic 4^th Street promenade, aptly anchored at 104th and 104th allows one to step away from the bustle of downtown and slow down the pace of life a little. The newly minted ‘Warehouse District’ as described by developers, is

“A sophisticated neighbourhood in the heart of Edmonton that offers an urban atmosphere in which you can admire the arts, fine food, and unique boutiques. It’s a welcoming environment: once you get here, you’ll want to stay and enjoy quality time in a Downtown oasis.”

Development for all three projects is already underway, and Edmonton citizens can expect completion in the near future. To search for properties available in these areas, or a neighbourhood of your choosing CLICK HERE.