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        <title>Edmonton Real Estate Blog</title>
        <link>http://www.goedmontonhomes.com/blog/</link>
        <description>Edmonton Real Estate - Information, Advice, and opinions on the Edmonton Real Estate Market</description>
        <item>
            <guid>http://www.goedmontonhomes.com/blog/were-changing-domain-names.html</guid>
            <link>http://www.goedmontonhomes.com/blog/were-changing-domain-names.html</link>
            <author>chris@goedmontonhomes.com (Chris Proctor)</author>
            <title>We're changing domain names!</title>
            <description> <![CDATA[ 
Hi All,


There are some big changes coming in the near future! We have decided to stop using the www.FirstHomePros.com domain name, and we're changing it to www.GoEdmontonHomes.com. But don't worry your searches will still be available on our new website, and we promise that our new website will be better than ever! Thank you for all of your support!


 


If you have any questions you can alwasy call or text me at 780-709-0811.


 


Cheers,


 


Chris Proctor
 ]]> </description>
            <pubDate>Tue, 21 Feb 2012 09:12:13 -0600</pubDate>
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            <guid>http://www.goedmontonhomes.com/blog/edmonton-real-estate-market-update-for-june.html</guid>
            <link>http://www.goedmontonhomes.com/blog/edmonton-real-estate-market-update-for-june.html</link>
            <author>chris@goedmontonhomes.com (Chris Proctor)</author>
            <title>Edmonton Real Estate Market Update for June</title>
            <description> <![CDATA[ As reported by the Edmonton Journal, last
month Edmonton home sales jumped a healthy 7.6% compared to a year
ago, according to the Realtors Association of Edmonton. In total, the June
housing market saw 54% of listed homes sell for a total of $584 million (1,768
sales; 3,260 listings).

A
couple of key factors behind this boost in sales are, of course, the hot
Alberta economy and those good ol’ historically low interest rates – which make
home ownership a reality for many people, especially first time home owners and
former renters.  


However,
another factor that is boosting home sales appears to be a slight dip in
average selling prices, which further makes ownership affordable and
attractive. The average price for a single family home fell 2.86% in June to
$379,409, while condo prices dropped about 5% to $231.582.  


So
what do these numbers foretell about the summer and fall? According to ATB
Financial economist Dan Sumner, the road ahead should be marked by stability
and balance, instead of volatility. 


 “A strong Alberta economy and an improving
labour market means that prices are unlikely to fall by much,” Sumner stated, “while
the fact that valuations are near the upper end of what many homebuyers can
afford means prices have limited upside potential, especially with mortgage
rates set to rise eventually.” 


For home sellers, this means
that there’s no need to panic – there’s no “bubble” here that appears on the
verge of bursting, and you shouldn’t expect to wake up next month and find that
the value of your house has sunk. So it’s no time to panic. However, it does mean that there is going to be more
competition, given that more homes are now within the budget of more home
owners. So that means preparing, staging, and marketing your home is VERY
IMPORTANT if you want to realize full market value, and not get “damaged” by
the increased competition. 


For home buyers, this means
that it’s a very good time to jump into the market and, when you find the right
house, make a competitive offer. As Sumner states (and as everyone knows),
interest rates will rise – they can’t
really go in any other direction! – and even if home prices stay stable, even a
1% spike in interest rates will add tens of thousands of dollars over the life
of your mortgage. Why pay that money to your bank or lending institution, when
you can keep it in your account – or better yet, spend it on your new house (or
maybe that amazing golf vacation you’ve been dreaming about...). 


As a Realtor® who
specializes in serving the Edmonton
marketplace, my job is to make these local statistics work for my clients –
whether they’re buying or selling. Give me a call at 780-709-0811
to discuss your unique real estate plan. Remember, I’m here to help!  
 ]]> </description>
            <pubDate>Fri, 08 Jul 2011 14:59:52 -0500</pubDate>
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            <guid>http://www.goedmontonhomes.com/blog/mortgage-rate-hikes-on-the-horizon.html</guid>
            <link>http://www.goedmontonhomes.com/blog/mortgage-rate-hikes-on-the-horizon.html</link>
            <author>chris@goedmontonhomes.com (Chris Proctor)</author>
            <title>Mortgage Rate Hikes on the Horizon</title>
            <description> <![CDATA[ 
As reported by the Canadian
Press, home buyers and sellers should gear up for mortgage rate hikes sooner
instead of later. 


That’s because, while the Bank of Canada this week declined
to change its current 1% overnight rate (which banks use to formulate their
mortgage and other lending rates), it announced in a statement that the
economic recovery, if it continues, will inevitably lead to hikes in the near
future.  


"To the extent that the expansion continues and the
current material excess supply in the economy is gradually absorbed,” the Bank
of Canada noted in its statement, “some of the considerable monetary policy
stimulus currently in place will be eventually withdrawn." 


For those who have been closely following the Bank of
Canada’s actions (or inactions) over the past few years, this news may not seem
all that newsworthy. After all, the Bank’s Governor Mark Carney has been rather
vocal over the last few months about how consumers should prepare for higher
rates. 


However, what makes this week’s statement different – and
more impactful – is that the Bank has never actually officially signalled that
it will eventually bump of interest rates. But that’s what it did, and so
barring an unforeseen shock to the economy, it’s pretty much a foregone
conclusion that sometime this year the Bank’s rate – and hence, mortgage rates
– are on the way up. Some analysts are even predicting the increases to start
as early as September. 


If you’re planning on
buying a home: the
impending rate hike does give you an attractive financial incentive to put your
home buying plan into action sooner, instead of later. Though the mortgage rate
hike won’t be severe, even a difference of .50 basis points can mean tens of
thousands of dollars in interest in the long run. I’m sure the buyers out there
reading this can find better things to do with that cash then give it to the bank
in interest! 


If you’re planning on
selling a home:
this means a couple of things. For one, it means that per the point I raised
above, there are going to be some pretty motivated buyers out there who want to
“close the deal” before the rate hikes start coming. That gives you a good
reason to put your home selling plan into action. Also, chances are you’ll need
a new mortgage for your next home – and you’re obviously better off getting
that in place prior to the hikes, too. 


I’ll build your customized buying, selling or buying and selling plan – one that helps you
get ahead of the mortgage rate hike curve. Call me at 780-709-0811.
I’m here to help!  
 ]]> </description>
            <pubDate>Fri, 03 Jun 2011 21:53:22 -0500</pubDate>
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            <guid>http://www.goedmontonhomes.com/blog/new-rules-for-home-inspectors-in-alberta.html</guid>
            <link>http://www.goedmontonhomes.com/blog/new-rules-for-home-inspectors-in-alberta.html</link>
            <author>chris@goedmontonhomes.com (Chris Proctor)</author>
            <title>New Rules for Home Inspectors in Alberta</title>
            <description> <![CDATA[ 
As
reported earlier this month by the Edmonton
Journal, the Provincial government has passed some much-anticipated new
rules affecting home inspections in Alberta. 


Under
the Home Inspection Business Regulation,
Home Inspectors must: 




meet minimum
qualification and education standards in order to be licensed by the province
(those who already hold a Registered Home Inspector or Certified Master
Inspector certificate are pre-qualified)


carry $1 million
in “errors and omissions” insurance


post a $10,000
security fee in case of negligence or incompetence 




Home
Inspectors who don’t meet these requirements can apply a conditional licence,
which expires in March 2013. 


In
addition, the new regulations put an end to contracts that limit liability, and
subjects deceitful Home Inspectors to possible prosecution under the Fair
Trading Act, which carries fines up to $100,000. 


"The
public wanted this," commented Service Alberta Minister Heather Klimchuk.
“There was huge support from consumers, realtors, appraisers and mortgage
brokers. Home inspectors wanted it, too, because they are very proud of what
they do." 


Of particular
note to potential home buyers, the new rules apply only to resale properties and not on new home inspections, which
are inspected by municipal safety code officers (who are already accredited by
the Safety Codes Council of Alberta).  


In
my view, this is clearly a step in the right direction. Home Inspection plays
an important role in ensuring that a transaction is fair and a “win-win” for
everyone – sellers and buyers alike. It’s also a victory for professional Home
Inspectors, who can now separate themselves from those who aren’t competent and
qualified to be doing the job. 


If
you’re looking to buy or sell your home with me, I’ll personally connect you to
an experienced and certified Home Inspector who will either help you make key
repairs and fixes (if you’re selling), or ensure that you go into a
transactions fully-informed of what it is you might be purchasing (if you’re
buying). 


Call me at 780-709-0811. I’m here to help!  
 ]]> </description>
            <pubDate>Tue, 31 May 2011 14:11:53 -0500</pubDate>
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            <guid>http://www.goedmontonhomes.com/blog/open-houses-for-may-long-weekend.html</guid>
            <link>http://www.goedmontonhomes.com/blog/open-houses-for-may-long-weekend.html</link>
            <author>chris@goedmontonhomes.com (Chris Proctor)</author>
            <title>Open Houses for May Long weekend!!</title>
            <description> <![CDATA[ 
Hi Everyone,


 


Come check out our open houses this weekend!


 


STUNNING, renovated Terwillegar Towne 2-storey. Saturday May 21 2-4 p.m. 


1917 Tanner Wy


 


Unbeatable Location of this Parkallen GEM! Sunday May 22 2-4 p.m.


11123 70 Ave


 


Can't wait to see you there!!


 


-Chris


 
 ]]> </description>
            <pubDate>Thu, 19 May 2011 13:40:08 -0500</pubDate>
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            <guid>http://www.goedmontonhomes.com/blog/first-time-home-buyers-driving-real-estate-market-report.html</guid>
            <link>http://www.goedmontonhomes.com/blog/first-time-home-buyers-driving-real-estate-market-report.html</link>
            <author>chris@goedmontonhomes.com (Chris Proctor)</author>
            <title>First Time Home Buyers Driving Real Estate Market: Report</title>
            <description> <![CDATA[ 
According
to a recent Re/Max report, first time home buyers across the country are
driving the real estate market forward.


There
are a few factors behind this trend. The first is the prospect that higher
mortgage rates are just around the corner. In fact, most of the major banks
have already hiked their standard five-year, fixed rates. 


The
second is the Government’s new mortgage rules, which reduce the maximum
amortization period for government-insured mortgages from 35 years to 30 years.
What’s very interesting here is that instead of preventing first time home
owners from taking the plunge into the housing market, the new rules are simply
compelling many people to change their expectations. They’re willing to bend a
bit when it comes to location, size or quality of home in order to join the
ranks of “home owner.”   


As
a REALTOR® who has helped many individuals and families buy their first home, I
can certainly understand these trends. It not only makes smart economic sense
to buy instead of rent (i.e. pay your OWN mortgage instead of your landlord's!),
but it’s extremely satisfying to turn the key and unlike your very own home.
That’s the Canadian dream after all, and it’s always gratifying for me to help
make that happen.


If you’re searching for a new home and want to build a plan that cost
effectively and strategically moves you towards the perfect home for your
needs, goals and budget, then call me at 780-709-0811.
I’m here to help! 
 ]]> </description>
            <pubDate>Sat, 14 May 2011 10:13:42 -0500</pubDate>
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            <guid>http://www.goedmontonhomes.com/blog/edmonton-home-prices-stable-report.html</guid>
            <link>http://www.goedmontonhomes.com/blog/edmonton-home-prices-stable-report.html</link>
            <author>chris@goedmontonhomes.com (Chris Proctor)</author>
            <title>Edmonton Home Prices Stable: Report</title>
            <description> <![CDATA[ According to a report by the REALTORS
® Association of Edmonton,
housing prices remained stable in April vs. March. And after a shaky 2010 and
an even more volatile 2009, stability in the housing market seems like just
what the doctor ordered if you ask me! 

Here’s
the statistical snapshot: 




All-residential
average price decreased $310 


Single family
home prices decreased $425


Condo prices
rose $1,305 


Residential
sales were down 7.8%


Residential
listing activity rose 9.8%


Inventory of
homes on the Multiple Listing Service® increased 4.6% 


The average
days-on-market in April was 49 days. 


The residential
sales-to-listing ratio was 45% in April




So
what do all these numbers mean for buyers and sellers? Well, it means a few
different things. 


If
you’re a buyer, the increase in new listings means that inventory is strong and
there are many great homes to choose from. 


If
you’re a seller, it means that it’s very important to have a pricing strategy
so that your home doesn’t get passed over; especially if you’re looking to sell
in the short term vs. the long term. 


If
you’re looking to buy or sell in this stable – but still very active – Edmonton housing market, contact me at 780-709-0811. I’m here to help!  
 ]]> </description>
            <pubDate>Mon, 09 May 2011 13:14:16 -0500</pubDate>
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            <guid>http://www.goedmontonhomes.com/blog/edmonton-scores-high-on-nationwide-livability-list.html</guid>
            <link>http://www.goedmontonhomes.com/blog/edmonton-scores-high-on-nationwide-livability-list.html</link>
            <author>chris@goedmontonhomes.com (Chris Proctor)</author>
            <title>Edmonton Scores High on Nationwide “Livability” List</title>
            <description> <![CDATA[ 
While
our Oilers may not be making the playoffs (again…sigh) and the Eskimos haven’t
had a parade in more years than I’d care to remember, there’s one place where Edmonton is doing extraordinarily well – and that’s on the
MoneySense “livability” list. 


Of
course, it’s NO surprise to me that Edmonton has solidified 8th spot
on the list of Canada’s Best Places to Live – ahead of Toronto, Vancouver,
Regina, Montreal and – wait for it…Calgary! 


Edmonton has always been a world class city and home of the
friendliest people I’ve ever come across. And while I have no doubt we’ll climb
our way up the ladder and reach number one (a spot currently held by
Ottawa-Gatineau), I think 8th place is a fine showing.  


So
what, you may ask, qualifies a city to make this heralded MoneySense list?
Here’s the rundown from the MoneySense
website: 


Canada’s
Best Places to Live 2011 is based on data compiled from 180 Canadian cities
and towns with populations over 10,000 people. Cities were rated based on home
affordability, climate, prosperity, crime rates, access to health care and
lifestyle, with subcategories in each area. Points were also given for the
categories of transit, ammenities and culture.Scoring highly on this list is
not unlike being a scratch golfer. A community need not be perfect in every
category. Being above average in all categories is enough to crack the top 10.
Having excellent health-care options and a low unemployment rate will certainly
help a city’s chances, but these are cancelled out if it’s too dangerous to
walk the streets at night and the air quality is terrible. Consistency is key. 


Here’s
the list of top-rated cities: 




Ottawa-Gatineau


Victoria


Burlington


Kingston


St.
       Albert


Fredericton


Brandon


Edmonton


Repentigny


Winnipeg




So
there you have it. Edmonton is obviously “above average” in all of the
categories, and there’s no doubt that we’re exceptional in many of them –
especially prosperity, since the economy here is booming. I’m sure next year
we’ll at least crack the top 5.

 ]]> </description>
            <pubDate>Sat, 09 Apr 2011 13:31:19 -0500</pubDate>
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            <guid>http://www.goedmontonhomes.com/blog/choosing-the-right-neighbourhood-for-your-next-edmonton-home.html</guid>
            <link>http://www.goedmontonhomes.com/blog/choosing-the-right-neighbourhood-for-your-next-edmonton-home.html</link>
            <author>chris@goedmontonhomes.com (Chris Proctor)</author>
            <title>Choosing the RIGHT Neighbourhood for your next Edmonton Home</title>
            <description> <![CDATA[ 
When buying a home in Edmonton, obviously you’ll be looking at key details like
square footage, price and condition. However, just as important to your home
buying decision is the neighbourhood. 


Now, everyone who knows me
knows that I love Edmonton, and there are “gems” (some of them hidden) in every neighbourhood. So I’m not
suggesting here that one area is necessarily better than another. It all
depends on your unique needs, lifestyle, and future plans. 


However, when it comes to
choosing the right neighbourhood for your next home – which, again, is the
neighbourhood that is RIGHT for you
–here are some important things to pay attention to: 


Schools: Many
families narrow down their home search by focusing on school districts, and
seeing what schools and other care programs are available within transportation
(bussing) boundaries. It’s important to think ahead here, too – because today’s
elementary school kids are tomorrow’s high school kids. If you’re planning on
staying put for a number of years, consider what the local school access situation
will be like in your preferred neighbourhood(s). 


Commute: Though
cars these days are kind of like space-age personal transportation and
communication systems, nobody really wants to spend hours a day commuting day,
after day…after day. Keep this in mind when looking at neighbourhoods. And
while it may be possible that you’ll change job locations in the next few
years, you should still pay attention to things like proximity to highways,
access to public transportation, and other aspects that can make your commute
easier and less stressful. 


Utility Costs: This is something that a lot of first time home buyers initially
overlook. They don’t know that, yes, different neighbourhoods charge different
rates. Home buyers should also look into access to television cable and high
speed Internet. You want to make sure it’s an easy, quick hook-up and not some
long, expensive process. 


Property Values: The last couple of years has seen unprecedented volatility in the Edmonton housing market, and so accurately getting a grip on
property values isn’t as easy today as it was a handful of years ago. Because
of this, I recommend that you go back about 10 years in order to get a sense of
how property values have increased. Of course, you also want to know what the
property taxes are (by the way, they’re going up this year – read here). 


Development: It’s simply amazing how much an area can change in a matter of months.
Everything from malls to entertainment centers to condos can seem to pop up out
of nowhere. As you research different neighbourhoods, consult the planning and
development office to see “what’s in store” for the months and years ahead
(mindful, of course, that these plans could change – so you don’t want to put TOO much stock in them). 


Helping you Pick the RIGHT Edmonton
Neighbourhood 


As I mentioned earlier, the
RIGHT Edmonton neighbourhood is the one that fits your needs and lifestyle
goals. And that’s why it’s important that you work with a REALTOR who can help
you get the answers and information you need, and empower you to objectively
evaluate different buying options. 


To learn more about Edmonton neighbourhoods and get the support you need as you focus
in on finding a great home in a great neighbourhood, call me at 780-709-0811. I’m here to help!  
 ]]> </description>
            <pubDate>Thu, 17 Feb 2011 16:42:01 -0600</pubDate>
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            <guid>http://www.goedmontonhomes.com/blog/realtors-association-of-edmonton-president-predicts-market-stability-in-2011.html</guid>
            <link>http://www.goedmontonhomes.com/blog/realtors-association-of-edmonton-president-predicts-market-stability-in-2011.html</link>
            <author>chris@goedmontonhomes.com (Chris Proctor)</author>
            <title>REALTORS Association of Edmonton President Predicts Market Stability in 2011</title>
            <description> <![CDATA[ 
At the beginning of a new
year, it’s always fun to play “what might happen in the 12 months ahead?” and
then see, in time, if you were right. 


But there are instances
where correctly guessing trends is more than fun – it’s fantastic – and incorrectly guessing them is…well, not fantastic.
In fact, it can be really lousy. 


One such instance is trying
to get a handle on the Edmonton
real estate market. Frankly, when it comes to either buying or selling, you
really don’t want to be on the wrong side of any trend – because it can cost
you tens of thousands of dollars, not to mention add all kinds of stress to
your life. 


Fortunately, there are
experts who have the knowledge, credentials and experience to help Edmonton home buyers and sellers prepare for – and get ahead
of – what 2011 has in store. And one such expert is Chris Mooney, president of
the REALTORS Association of Edmonton. 


In his address to several
hundred REALTORS at a conference on January 12, Mr. Mooney suggested that the Edmonton housing market will remain steady and stable
throughout 2011. 


“Consumers
appeared wary in 2010 and after an initial surge of sales in the first quarter,
stayed home and waited for the market to bottom out,” Mr. Mooney told the
conference. “We expect the market to return to normal in 2011 and for sales to
increase slightly.”


This
advice aligns with my own expectations (which I’ve blogged about here)
that the Edmonton housing market is returning to normal after staggering, rapid
growth in 2009 – when interest rates were at their lowest -- and then an
expected drop through 2010.  


Reflecting
on 2010, Mr. Mooney told the conference: “The average price for single family
detached homes over the entire year was up 2.5% in 2010 and we expect that the
trend will continue. Prices in July were up over 7% year over year but by year
end they were down 2.5% comparing December to December. A single family home
priced at $377,000 right now will likely sell for $388,000 next year.” 


Other
experts at the conference agreed with Mr. Mooney that 2011 would not see any
major destabilizing influences. That’s welcome news! 


Create your Custom Home Buying or Home
Selling Plan 


Identifying
and anticipating real estate market trends is important – because, we
mentioned, you never want to be on the wrong side of one! – but just as
important is creating a customized home buying or home selling plan. 


That’s
because, ultimately, it’s your plan that
will determine whether you win or lose the real estate game. If it’s realistic,
strategic and has a clear set of objectives that align with your needs,
expectations and lifestyle, then you’re well on your way to a successful,
smooth and stress-free transaction. 


And really, what’s more
important than that? Call me at 780-709-0811 to
discuss your unique Edmonton home buying or selling needs, and
together will build your custom plan – one that gets you on the RIGHT side of
marketplace trends!   


(With files from Edmonton Real Estate Weekly: http://www.rewedmonton.ca/content_view_rew?CONTENT_ID=3020)
 ]]> </description>
            <pubDate>Thu, 03 Feb 2011 20:27:17 -0600</pubDate>
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