Northwest Edmonton is still one of the city's best family-friendly areas. 

Northwest Edmonton is still one of the city's best family-friendly areas. The area is culturally varied and welcoming to all types of families. It provides the ideal combination of residential, retail, and light business real estate to make daily life easier.

Excellent transit and opportunities.

Northwest Edmonton is well-served by the Northgate Transit Centre, which provides public transportation to all regions of the city. Northwest Edmonton is also a popular choice for military families, because it is only just few minutes' drive from CFB Edmonton, one of Canada's largest military posts (Canadian Forces Base Edmonton). The former army base known as Griesbach, which is currently being transformed into one of Edmonton's most sought after new neighbourhoods, has a rich military history.

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Northeast Edmonton will always be one of Edmonton's most affordable neighborhoods, catering to families with young children. McConachie, Cy Becker, and Crystallina Nera are three of the nicest family neighborhoods in the area.

Excellent transit, location and parks.

Northeast Edmonton is well-served by public transportation, with Eaux-Claires Transit Centre, which links to Northgate Transit Centre, providing access to all regions of the city. Northeast Edmonton is indeed a popular choice for war veterans, because it is only just few minutes' drive from CFB Edmonton, one of Canada's largest military facilities (Canadian Forces Base Edmonton).

Because of the numerous lakes and open spaces found within its neighborhoods, Northeast Edmonton is often referred to as the "Lake District." Anthony Henday Drive, Manning Freeway, and 97 Street are just a few of the many convenient transportation alternatives accessible.

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You’ve heard of “buyer’s regret”. It refers to purchasing a pricey item, like a fancy sweater or a new car, and then regretting it the next day because you think you paid too much.

Fear of buyer’s regret can actually dissuade people from making a purchase, even when the price is right and they really want the product!

In the real estate world, buyers can sometimes hesitate to make an offer on a home for the same reason. They worry about paying too much, so they take a pass on the property. That’s unfortunate because they may miss out on a great home at a good price!

How do you conquer this fear?

The first step is to get your finances in order. Determine how much your current property will likely sell for on today’s market. Also, talk to a lender or mortgage advisor to find out how much of a mortgage you can get. This will give you a fairly good idea of what you can comfortably afford.

Don’t forget to factor in monthly expenses when determining affordability. If you’re looking to move to a larger home, or one that’s in a highly desirable neighbourhood, your mortgage payments may be higher. Other expenses, like utilities, might increase too.

Remember, a new home is as much a lifestyle investment as it is a traditional financial one. You’re making an investment in your – and your family’s – happiness. That might even make it worth spending a bit more. And, once you’ve reviewed your finances and anticipated your expenses, you may discover you can do just that!

So, take all these factors into account and determine a price range within which you can comfortably shop. That will make it easier to make an offer on that perfect property with confidence, and with no fears of regret.

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Sometimes the issue isn't winning the 'foreclosure competition', it's closing once the Court approves your buyer's offer.
In a recent foreclosure, my client fought hard, outbid three other buyers, and won the bid. The Court approved my client's unconditional offer on February 2 for a March 8 closing, leaving about 5 weeks to close. Buyers were pre-approved, the lender was chosen, we just wanted to close this deal! 
What Happened
The Court's February 2 approval turned into a Court Order, which was sent for filing at the courthouse. 
The filed Order was required to make the deal unconditional. Because of COVID and the ultra-slow down at the courthouse, it took until March 4 for the Order to be filed. Only then did the listing Realtor send out the official conveyancing instructions. And, most importantly, only on Thursday, March 4, was the mortgage broker able to tell the lender that the deal was unconditional and to start finalizing the mortgage approval process. So there we are - the purchase is unconditional and ready to go on Thursday, March 4, for a Monday, March 8 closing, 1-2 days to close. 
I immediately asked the foreclosing lawyer for an extension. I wanted three weeks; he wanted to give me seven days.
Our mortgage broker did a great job and got us mortgage instructions before the seven-day extension was up. I then negotiated a further extension with the foreclosure lawyer, and the deal closed 10 days later.
Lessons Learned
  • Foreclosure properties are in demand and often sell at market prices.
  • If your client's foreclosure bid 'wins' and they are getting a bank mortgage, the lender needs what lenders need for every deal, a final, unconditional real estate purchase contract (offer to purchase). For a foreclosure purchase, that final, unconditional offer to purchase is the signed, filed, Court Order approving your deal. 
  • Buyers need to understand that most lenders won't even start processing a mortgage application until there is that final, unconditional offer to purchase. As a Realtor assisting a buyer, you have to work very closely with your buyer's mortgage broker. Make sure you know what the likely lender requires. It may mean an appraisal upfront, and it's crucial to have a backup plan. Either a private mortgage or cash purchase needs to be discussed with your mortgage broker in case the Courts/lawyer do not allow any extension. We had a backup plan; however, it was an expensive one. 
  • COVID affects everything, including everything to do with any court process, and that includes foreclosures. As a Realtor working through the foreclosure process, do your best to make your client, the Court and the foreclosure lawyer aware of timing. Your client might have made an unconditional offer, but they need time if closing depends on financing. 
  • Make sure the Court and the foreclosure lawyer know that your buyer needs two weeks to close AFTER receipt of the signed, filed, Court Order approving your client's purchase. Try to ask for a clause such as "This purchase will close 10 business days after buyer's receipt of filed Court Order." either in your offer or verbally if you are part of the Court application.
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Want to make your bathroom look fantastic without having to do a major renovation? There are a lot of projects you can do yourself. In fact, there are some improvements you can get done in less than a day that will transform the look and feel of your bathroom. Check out these ideas:

    • Update the sink. If you have some basic plumbing knowledge, this is a project you should be able to do on your own. A new sink can make the entire vanity look like new.
    • Buy new decor. New shower curtains, towels, window coverings, mats, etc. can transform the look of a bathroom.
    • Install new hardware. Replacing cabinet hardware may not seem like much of a change. However, it can have a surprisingly big impact. Shiny new hardware is like jewelry. It stands out.
    • Replace the vanity mirror. Even if there are no scratches, an older mirror is like an old pair of glasses. It can become foggy. No amount of cleaning will make it any clearer. When ordering a replacement mirror, be sure that your measurements are exact.
    • Paint. There’s no doubt about it. A fresh coat of paint makes any room look better.
    • These bathroom improvement projects can make a huge impact on the look of your bathroom. And, they can all be done affordably and in just a day or two.

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This year is off to a busy start as Covid 19 continues to have its impact on Real Estate! With low interest rates, we have seen a surge in new home buyers and homeowners looking to upsize.

As interest rates are curving upward, many are eager to get into their new homes as soon as possible. Here are some notable market updates that I wanted to share with you:

  • TD Bank was the first of major banks to hike its 5-year fixed mortgage rates
  • Edmonton’s vacancy rate reached 7.2%, the highest in Canada among cities surveyed by Altus Group in a recent study
  • February year to date sales reached 1905, an increase of 45% from 2020
  • 1904 new listings came on the market in February, compared to 1718 in January, up 12.3%
  • Average Residential selling prices increased 2.7% since January and 4.8% since this time last year

If you know of someone who is looking to move, or considering a move yourself, I would be happy to discuss the market conditions and best options! On the other hand, perhaps you have a mortgage renewal coming up in the next few months? If so, you may wish to call your bank today and discuss your options for locking in a rate. I know some great mortgage brokers that I can recommend if you would like to shop around for the best rate!

A big benefit of having a professional you can trust is knowing that you never have to go it alone. Help is only a phone call away! I hope you feel comfortable reaching out to me when you have a question or want advice that’s real estate-related. As a professional, I have the data and insights needed to provide you with the information you want, particularly as it pertains to your property and the local market. Even if you just need to tap into my network for a contractor recommendation, I’m happy to help.
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What’s great about your home? Is it the spacious foyer and generous main floor closet space? Is it the beautiful washroom? Is it the playground that is only a short walking distance away?

Although some properties may look similar at first glance, every home is unique – with features and characteristics that make it special. If you’re considering putting your home on the market, make a list of all the great things about your property that potential buyers will want to know.

Start by thinking about the most desirable features of your home. Write down what you really love about the house and the surrounding area.

Next, think about what comments friends and other visitors to your home have made. Have you ever heard anyone say something like, “I really love your kitchen!” or, “This is such a quiet street”? Those are indications that potential buyers will like those features and characteristics too.

Once you have your list, let’s talk. Together, we’ll review all the great things about your home and area, and decide how to market them effectively.

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It has been several months since the coronavirus pandemic shut down the Canadian economy from coast to coast. Although the nation is in the middle of a second wave of the highly infectious respiratory illness, the country has been opening up, allowing the Great White North to initiate an economic rebound and get things back on track. All the data point to a gradual revival of the tenth-largest economy in the world.

The Canadian real estate market has been one of the drivers of the nation’s economic recovery, thanks to the hard work, diligence, and adaptation of real estate agents since the beginning of the public health crisis. Historically low interest rates have also helped to drive the strong trends in the buying and selling of properties, whether in the hottest urban centres or the prairies.

Despite having one of the most sought-after housing markets in the country, the Edmonton real estate market has been able to strike the right balance for both buyers and sellers. Below, we dive deeper into the current trends within Canada’s most affordable urban real estate market and share our projections for Alberta’s capital city as we shift into 2021.

Edmonton Is Now the Country’s Most Affordable Urban Real Estate Market!

October was another decent month for the Edmonton real estate market. According to the REALTORS® Association of Edmonton, total residential unit sales surged 26.34 per cent last month from the same time a year ago. All residential average prices advanced at an annualised rate of 7.97 per cent in October to $382,060.

Moreover, overall inventory in the Edmonton CMA tumbled 12.10 per cent from October of last year, while the number of new residential listings rose 14.75 per cent year-over-year last month.

“The Edmonton market has seen an increase in year-over-year unit sales, compared to a slight decrease in month-to-month sales,” said REALTORS® Association of Edmonton Chair Jennifer Lucas in a news release. “There have also been more sales of single-family homes, condos and duplexes compared to October of last year, while we’ve seen stable or decreasing month over month sales in all markets, which is typical for this time of year. We’re pleased to see year-over-year increases in pricing across all markets, with single family home pricing up 5.05%, duplexes up 2.34%, and condos up 1.67%.”

This comes one month after the same organisation reported that the Edmonton housing market in 2020 has been a “pleasant surprise” for buyers and sellers. The data – month-over-month and year-over-year – has been favorable to both sides of real estate transactions. This, Lucas said in an interview with the Edmonton Journal in September, has built up enough confidence where homebuyers are prepared to delve into the market.

The reason? Interest rates have never been this low. The Bank of Canada (BoC) slashed rates to 0.25 per cent earlier this year, as well as bringing the benchmark five-year mortgage rate to below five per cent. The central bank has indicated that it has no intention of tightening monetary policy, meaning that the borrowing costs in credit markets will be cheap for another couple of years.

What’s the Deal with Property Taxes?

A key advantage in the Edmonton real estate market is that the property tax hike for homeowners in 2020 was less costly than the city’s municipal counterparts. This year, property taxes rose 2.7 per cent, compared to the 13 per cent hike in neighboring urban centre, Calgary. But how long will Edmonton be able to stay so low?

Officials debated a three per cent property tax increase, choosing to tighten the public purse instead and leave it essentially flat year-over-year.

Despite many Canadian cities bleeding revenues in the COVID-19 economic climate, elected representatives will have a hard time trying to raise taxes on a vulnerable public and risk making life more expensive. Any substantial tax hikes, from property to water, could threaten the Edmonton real estate market’s revival over the next six to 12 months.

Could 2021 Be a Breakout Year for the Edmonton Housing Market?

Edmonton continues to be one of the most livable places in Canada.

Although the Edmonton economy has diversified in recent years, the city and the broader province are still reliant upon the energy sector. That said, with the rest of the country on the road to economic recovery, it is likely that Edmonton will follow suit. The city persevered through the COVID-19 turbulence, and its real estate market has handled the volatility rather well. Currently, all signs are pointing to a breakout year for the Edmonton real estate market in 2021: the central bank is keeping interest rates at historic lows, the federal government is ready to do whatever it takes to protect the housing sector, the height of the coronavirus pandemic is likely to wane in the new year, and shrinking inventories and strengthening demand are projected to prevail within this local market!

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Edmonton housing market to remain balanced in 2021, prices to increase 2%

Edmonton real estate is likely to continue as a balanced market in 2021, with demand being segmented. Buyers are looking for single-family homes and yards, which includes duplex and row-style townhomes. The average sales price in Edmonton increased by 1% to $364,820 in 2020 (Jan. 1 – Oct. 31), compared to $361,152 in 2019 (Jan. 1 – Dec. 31). The RE/MAX Outlook for Edmonton real estate in 2021 is an increase of 2% in average price to approximately $372,116.40.


Who’s Driving Demand for Edmonton Real Estate?

Move-up buyers are currently driving demand in the Edmonton real estate market, which is expected to continue into 2021. The most popular property type among move-up buyers in Edmonton are single-detached homes and townhouses.

First-time homebuyers in Edmonton are typically single homebuyers. These buyers are not looking at one property type specifically and are buying across all property types. The average price spent on a property by a first-time homebuyer is approximately $300,000.It is expected to be more difficult to enter the market as a first-time homebuyer in 2021, as there is expected to be less inventory, making it tough for buyers to find the right property.

Move-up buyers in the Edmonton housing market are typically young couples. There has been very little hesitation in move-up buyers when it comes to entering the market, as many are trying to take advantage of the low interest rates and low property values. Move-up buyers in Edmonton have changed the criteria on what they look for in a home due to COVID-19. Many move-up buyers are looking for yards, more space, separate offices and finished basements.

The condominium market in Edmonton is most popular with single homebuyers and young couples. The average price for a condo in Edmonton is $222,181. Apartment-style condos are currently in oversupply, which means prices are likely to drop. Currently in Edmonton, many examples of large assessments have been seen, mostly due to insurance costs escalating dramatically for condo corporations, which has resulted in higher condo-fees.

Edmonton’s luxury market is currently driven by move-up buyers with the average starting price for a luxury home in Edmonton being $1,000,000. At this price point, many buyers are getting great value, with the majority of the homes being newer infill or older beautifully renovated homes with large yards in mature areas, or huge lots, often with ravine or private nature backing, in new development areas.

Edmonton’s Hottest Neighbourhoods

Edmonton’s top-selling neighbourhoods in 2020 were Anthony Henday Zone (West), North Central Zone and Southwest Zone. These neighbourhoods are expected to continue as the most popular neighbourhoods moving into 2021.

Edmonton New-Home Construction

Edmonton’s new-home construction sales are strong for single-family in both the suburbs and infill. Apartment condos are in oversupply. Most buyers are looking for a new or “like new” home across all price ranges. Based on the current demand, single-family, duplex/rowhouse and townhomes with yards are a little undersupplied. One new-home construction trend that has emerged throughout 2020 has been the need for home office space options, which is directly related to COVID-19.

Canadian Housing Market in 2021

Canadians are on the move. RE/MAX isn’t calling this an “exodus,” but the re-location trend across the Canadian housing market is real, and it’s just one focus of the RE/MAX 2021 Housing Market Outlook Report. RE/MAX Canada anticipates healthy housing price growth at the national level, with move-up and move-over buyers continuing to drive activity in many regions across the Canadian housing market. An ongoing and widespread housing supply shortage is likely to continue, presenting challenges for homebuyers and putting upward pressure on prices.

Due to these factors, the 2021 RE/MAX 2021 outlook for average residential prices is an estimate of +4% to +6% nation-wide. Here’s the regional break-down:


Additional report findings include:

  • 35% of RE/MAX brokers indicate that “move-over” buyers from other cities and provinces will continue to spark market activity in 2021
  • 45% of RE/MAX brokers indicate that move-up buyers will likely be a primary driver of the housing market demand in 2021
  • Half of Canadians (53%) are confident that Canada’s housing markets will remain steady in 2021
  • 52% of Canadians believe real estate will remain one of the best investment options in 2021

“Despite the tragic impacts of the pandemic, our optimism in the strength of Canada’s housing market has always remained,” says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. “While we’ve seen a significant shift in buyer preferences this year, we believe factors such as the supply issue, pent-up demand and historically lower interest rates will continue to fuel activity in 2021.”

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Edmonton, March 2, 2018: Spring has hit the real estate market in the Edmonton Census Metropolitan Area (CMA), bringing strong unit sales and average price increases.

When compared to January 2018, unit sales across all categories increased, with single family home sales increasing 22.97%, condo sales increasing 14.17% and duplex/rowhouse sales increasing 21.28%. Year over year single family homes unit sales decreased 4.21%, condo sales decreased 4.92% and duplex/rowhouses sales decreased 7.32%. Year to date sales for all residential categories was up 2.43% compared to February 2017.

Month over month and year over year average unit prices increased across all categories. The average price of a single family home was $442,206, which was an increase of 3.14% compared to January 2018 and an increase of 3.73% compared to February 2017. The average price of a condo was $236,808, an increase of 4% month over month and 1.48% year over year. The duplex/rowhouse average price increased to $354,638, up 1.73% relative to January 2018 and up 2.62% relative to February 2017.

“February turned out to be a busy month for REALTORS®, which was reflected in the increases in sales activity and average prices across all categories of residential properties,” said Darcy Torhjelm, Chair of the REALTORS® Association of Edmonton.

Inventory increased 10.90% compared to January 2018 and was up 8.67% compared to February 2017. Listings also increased, up 4.03% month over month and 5.92% year over year. 

Days on market decreased for all categories compared to January 2018. Single family homes took an average of 59 days to sell, condos required 75 average days and duplex/rowhouses needed 64 days to sell. Overall the average days on market for all residential properties was 65, which was 10 days faster than January 2018 and identical to February 2017.


MLS® System Activity for February 2018


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