For the first time since the early days of the COVID-19 pandemic, the Bank of Canada (BoC) announced on June 5 a reduction in its overnight interest rate from 5% to 4.75%. What does this mean for homebuyers and homeowners?

While the 0.25% cut won't drastically change things immediately, it's seen as the start of a trend toward lower rates, which will reduce mortgage costs over time.

The BoC's rate influences the interest rates that banks charge for mortgages and loans. This means that people with variable rate mortgages may soon see lower payments as their rates adjust downward.

The impact on your variable rate mortgage depends on its structure:

  • If your payments change with your lender’s prime rate, they may decrease automatically.
  • …

43 Views, 0 Comments

Read Full Post

The Demographia International Housing Affordability report has been the gold standard of people looking at the cost of housing all around the world. Their newly released 2024 report uses a formula that divides the Median House Price by the Median Household Income to rank individual cities. This year, Edmonton was pegged as the most affordable housing market across all of Canada's major markets.

With a median multiple of 3.6, Edmonton was pegged as a "moderately unaffordable" market, whereas Calgary's median multiple of 4.6 was deemed "seriously unaffordable".

Being the least unaffordable housing market in Canada, Edmonton is at least two-thrids more affordable than the most unaffordable market (Vancouver). Furthermore, Edmonton was tied with…

43 Views, 0 Comments

Read Full Post

Under current legislation, if a down payment is less than 20%, the longest allowable amortization (the length of time a homeowner has to repay their mortgage) is 25 years. Under the new regulations, first-time homebuyers purchasing newly built homes will be allowed to have 30-year amortization periods on insured mortgages. This change will take effect on August 1, 2024.

Furthermore, effective today the government will raise the amount first-time homebuyers can withdraw from their RRSPs - from $35,000 to $60,000 - to purchase a home.

For any questions, or to discuss any of the above in further detail, don’t hesitate to reach out to the YEGListings Group!


443 Views, 0 Comments

Read Full Post

Canada Mortgage and Housing Corporation (CMHC) just released their national housing market outlook for 2024, which included a positive forecast for Edmonton. 

"The positive outlook is likely to continue in the short term, supported by employment gains across various sectors...Moreover, relative housing affordability and lower living costs in Edmonton are anticipated to continue attracting both international and interprovincial migrants, leading to higher population growth. The house market is projected to remain active over the forecast horizon, supported by strong demand fundamentals." 

If you have any questions, or would like to discuss what this might mean for you, please do not hesitate to contact us!

130 Views, 0 Comments

Read Full Post

Even though we just got that huge (and much needed) dump of snow, spring is just around the corner! There are so many awesome things happening in our great city this month, and we wanted to share a few of you favourites with you!

147 Views, 0 Comments

Read Full Post

Don't let neglect turn into costly repairs! Scheduled home maintenance isn't just about keeping up appearances; it's about protecting your investment and ensuring you space remains safe & comfortable. From checking your HVAC system to inspecting for leaks and maintaining your outdoors spaces, regular upkeep can prevent small issues from snowbailling into major headaches down the line. Stay ahead of the curve and sav yourself time, money and stress!

148 Views, 0 Comments

Read Full Post

Sales volumes last month absolutely skyrocketed compared to same month last year! Single-family homes sales were up 51% compared to January 2023, and 25% versus December.

Inventory levels are extremely low at the moment (12.1% lower than same month last year) - and with the possibility of interest rate reductions  on the horizon, buyers are trying to get in before things might really go crazy.

For further information on how the current market might be affecting your real estate situation, please do not hesitate to reach out to our team!

159 Views, 0 Comments

Read Full Post

While February might not be everyone's favourite month in Edmonton, there are some awesome events to check out around the city! The YEGListings Group wanted to outline a few of them for you here!

126 Views, 0 Comments

Read Full Post

As I'm sure most of you have heard, the Bank of Canada decided to hold its benchmark interest rate steady at 5% yesterday. This marks the 4th interest rate hike in a row, and suggests that cuts may be on the horizon. 

For any questions, or if you'd like to discuss how this might affect your real estate decisions, please do not hesitate to reach out to us!

 

175 Views, 0 Comments

Read Full Post

 The Realtors Association of Edmonton just had their 2024 Housing Forecast, so we wanted to break down some key elements of what was discussed.

With all of the factors heading into this year (e.g. increased migration to Alberta, potential for significant interest rate decreases and shortage of detached single-family homes), this could be a very exciting year in the real estate world.

If you have any questions, or would like to discuss any of the above in further detail, please do not hesitate to reach out to the YEGListings Group!

211 Views, 0 Comments

Read Full Post