As a top-awarded Edmonton realtor passionate about helping homeowners maximize their property investments, I’m excited to share game-changing news for Canadian homeowners. Starting January 15, 2025, new mortgage insurance rule changes will make it easier to add secondary suites to your property. These changes, announced by the Department of Finance Canada, offer incredible opportunities to increase home value, generate rental income, and enhance housing options for the community.

What Are the New Rules?

The federal government’s updated mortgage insurance rules are designed to encourage densification and empower homeowners to convert underutilized spaces into legal rental units. This could mean transforming your basement, converting your garage into a laneway home, or adding a new self-contained suite—all while easing the financial burden with insured refinancing.

Key Parameters for Homeowners:

Here’s what you need to know about qualifying for this new insured mortgage refinancing program:

1. Eligible Borrowers:

   • Must already own the property.

   • Must occupy one of the current units or have a close relative living there.

   • Must plan to build fully self-contained units (e.g., basement suites with separate entrances or laneway homes).

2. Restrictions on Use:

   • New units cannot be used as short-term rentals; they must serve as long-term housing solutions.

3. Property and Loan Guidelines:

   • Maximum property value, after improvements, must be under $2 million.

   • Loan-to-value ratio can be up to 90% of the property’s improved value.

   • Financing cannot exceed project costs.

   • Maximum amortization is 30 years.

4. Effective Date:

   • These rules apply to applications submitted to mortgage insurers on or after January 15, 2025.

Why Does This Matter for Edmonton Homeowners?

Edmonton, with its growing population and need for more housing options, is an ideal city to take advantage of these changes. Adding a secondary suite to your property can:

• Boost Property Value: Converting underutilized spaces into rentable units significantly increases your home’s market value.

• Generate Rental Income: Create a steady income stream by renting out your new suite.

• Support Aging in Place: For seniors, secondary suites provide a source of income while allowing them to stay in their homes.

• Increase Housing Options: Help address the housing shortage in Edmonton by providing affordable rental units.

How Can I Help?

As a trusted Edmonton real estate expert, I’m here to guide you through the opportunities these new rules provide. Whether you’re considering a secondary suite to maximize your property’s potential or looking for a home with multi-unit options, I’m ready to assist you every step of the way.

Plan Ahead for January 15, 2025

With these new rules taking effect soon, now is the perfect time to explore your options. Get in touch with me to learn how you can:

• Evaluate the feasibility of adding a secondary suite to your home.

• Navigate the municipal zoning requirements.

• Maximize your refinancing options under these new rules.

Make Your Home Work Harder for You

Don’t miss out on this unique opportunity to unlock the full potential of your home. Contact me today for personalized advice on leveraging these new mortgage insurance rules to enhance your property’s value and income potential.

Together, we can transform your property into a powerful investment for the future.

Edmonton Real Estate Market Update: November 20–26, 2024

The latest data from the REALTORS® Association of Edmonton provides valuable insights into the city's real estate market activity over the past week. Here's a snapshot of the trends:

1. Unit Sales: There were 479 residential unit sales, reflecting a 9% increase compared to the previous week. This uptick indicates strong buyer activity, possibly driven by favorable market conditions or seasonal demand.

2. New Listings: New residential listings totaled 466, marking a 7% decrease from the prior week. This decline could suggest a tightening inventory, which may lead to increased competition among buyers.

3. Average Price: The average residential price rose to $429,000, a 1% increase from last week. This consistent growth highlights a steady demand for homes in Edmonton.

4. Median Price: The median price sits at $410,000, representing a 2% decline compared to the previous week. This slight drop might indicate a shift in buyer preferences toward more affordable properties or a balanced correction in the market.

Key Takeaways:

• The Edmonton market continues to show resilience with increasing unit sales and stable pricing.

• The decrease in new listings may lead to a competitive environment for buyers in the coming weeks.

• A slight decline in median prices suggests opportunities for buyers seeking affordable homes.

Overall, these trends reflect a robust market with opportunities for both buyers and sellers. If you're considering entering the Edmonton real estate market, now might be the right time to act! For personalized advice, reach out to your trusted REALTOR®.

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

1 Census Metropolitan Area (Edmonton and surrounding municipalities) 

2 Single Family Dwelling
3 The total value of sales in a category divided by the number of properties sold 
4 The middle figure in a list of all sales prices
5 Residential includes SFD, condos and duplex/row houses. 
6 Includes residential, rural and commercial sales

Nooran Ostadeian | RE/MAX Elite – Your trusted expert in Edmonton real estate
📞 Call/Text: 780-953-0723
🌐 www.realtyedmonton.ca | www.nooranrealty.com
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5083 Windermere Boulevard South West #302, Edmonton, AB T6W 0J5

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