“Despite the two month drop, single family homes are still priced a bit higher than they were at the same time last year,” said Larry Westergard, president of the REALTORS® Association of Edmonton.

The REALTORS® Association of Edmonton reports that the average price of single family property in the Edmonton area has softened with a small drop for the second consecutive month. Condominium prices have dropped steadily from their high point of $253,000 in April and are down another 2.99%.

Click here to read our full Market Report for September 2010!
Click here to see the entire statistics report on the Realtor Association of Edmonton webiste.

There continues to be a large supply of homes for sale in Edmonton.  Despite media reports to the contrary, our team at SCHMIDT REALTY GROUP is extremely busy!  Smart people are recognizing good value in today’s market, and our team makes sure that every buyer understands the market and what “fair market value” is in each case.  Real estate is a very local product and varies not only city by city, but neighbourhood by neighbourhood and even street by street so it’s important to work with a professional REALTOR! 

The Edmonton Journal provided an update in today’s paper – click here to read the full article.

Contributed by Kathy Schmidt, Broker Owner of Schmidt Realty Group Inc

Edmonton July housing starts are up 123% from ’09!  Builders started more homes in the Edmonton region in July than in the same month last year — the 13th straight month of year-over-year gains.To the end of July, local builders have started 6,328 single and multi-family homes, up from 2,363 for the same period last year and surpassing all of 2009’s annual production of 6,317.  Read the full article in today’s Edmonton Journal.

Along with building permits, housing starts are considered to be a leading economic indicator, and according to today’s article in the Edmonton Journal, Edmonton leads the way!  I love living in such an economically vibrant city!

Contributed by Kathy Schmidt, Broker Owner of Schmidt Realty Group Inc.

“There is consumer confidence in this market and both buyers and sellers appear eager to enter the housing market,” says Larry Westergard, president of the Realtor Assocation of Edmonton.

Single family and condominium prices were up over last month and over this time last year!

1,571 homes sold in March, an increase of 15.1% from a year ago, perhaps fueled by buyers hoping to find a home before mortgage rates rise further.

Click here to read our full Market Report for March 2010!
Click here to see the entire statistics report on the Realtor Association of Edmonton webiste.

There has been a lot of talk in the media these days about real estate and competition.  At SCHMIDT we support fair competition and the consumer’s right to choose as described in the Canadian Real Estate Association’s Pledge of Competition. 

SOURCE: Canadian Real Estate Association CREA Website CREA.ca

For more information, visit CREA.ca and click on REALTOR CODE.
Contributed by Kathy Schmidt, Broker Owner of Schmidt Realty Group Inc.

More than $1 trillion.  That’s the total value of economic activity that’s expected to be generated by Alberta’s oilsands over the next decade…
according to the Canadian Manufacturers & Exporters (CME). So exactly how much is $1 trillion — or if you prefer, $1,000,000,000,000? Well, think of it this way. It’s equal to roughly 75 per cent of Canada’s GDP (gross domestic product), and it’s more than three times larger than Alberta’s current annual economic output. Either way, that’s a lotta loonies…  Click here to read the full article.  Edmonton Journal March 23 2010, Gary Lamphier  

That’s good news for everyone in the province, whether you’re directly involved in oilsands production or not.  The strength of our economy compared to others in Canada is obvious already to those of us in the real estate industry. Property values are stable and even rising somewhat in some areas.  It’s all looking good for 2010 and beyond!

Contributed by Kathy Schmidt, Broker Owner of Schmidt Realty Group Inc.

February results were posted just moments ago and things are looking very strong indeed for Edmonton real estate this spring!  The average house sold for $369,573 in February, up 1.4 per cent from January, or 5.6 per cent from a year ago.  

“While prices remained stable through February, the increase in sales activity indicates that there is a demand for housing in the Edmonton area,” said Larry Westergard, president of the Realtors Association of Edmonton.

There were 1,184 housing sales in February — up 33.9 per cent compared to January. This number was up 7.6 per cent from a year earlier.

Read the full article from the Edmonton Journal here and stay tuned to this blog for our monthly Market Report!

It looks like 2010 is going to be a strong year in real estate in Edmonton.  In January residential sales were up 21% compared to last January and the average selling price of a single family home sold for 4% more than January 2009.  Get the details in our latest Market Report . 

Click here to receive our monthly Market Report automatically via mail.

Contributed by Kathy Schmidt, Broker Owner of Schmidt Realty Group Inc.

You may have already heard, but just in case we wanted you to hear the latest news from us!  As of April 19th 2010 there will be new borrowing rules in place for home buyers. The biggest change is in the qualifying process for a  mortgage.   Currently, borrowers have to qualify based on the 3 year fixed rate, even if they actually choose to go with a variable rate or a shorter term.  The new rules will require borrowers to qualify at the 5 year fixed rate. The impact is that the amount of mortgage that some borrowers will be able to qualify for will be a bit less.  Could this have some impact on house pricing?  Perhaps, but since many borrowers today choose a 5 year mortgage, it may have less of an impact than some think.

The second change is the rule regarding HLOC’s or Homeowner Lines Of Credit.  Many consumers have made good use of the increased equity in their homes by taking out a line of credit for items such as home renovations or other major expenditures.  Currently a homeowner can borrow up to 95% of the appraised value when refinancing their home but as of April 19th this will be reduced to 90%.

The third change involves mortgages for non-owner-occupied properties, or in other words, investment properties.  CMHC insured mortgages on investment properties will now require a 20% minimum down payment.

Why is the government putting this in place?  There are a lot of opinions out there, but the bottom line is that our market is having a marvellous recovery and they want to ensure it is sustainable in the long term.  And they also want to ensure that even if/when interest rates rise every homeowner will be still be able to pay their mortgage.

At Schmidt Realty Group we have always promoted responsible home ownership. What does that mean? It means we believe in helping our clients buy a great home that fits into their total financial picture.  So while this may have an impact on some ,  it’s our opinion that the vast majority of Canadian consumers will continue to be able to readily obtain financing for their personal residence and investment property purchases.  

Want to learn more?   Hear the news straight from Canada’s Finance Minister, Jim Flaherty on this video from The Canadian Press  and read one writer’s opinion in The Globe And Mail about why this won’t hurt most homeowners.

Contributed by Kathy Schmidt, Broker Owner of Schmidt Realty Group Inc.