I have listed a new property at 11436 84 ST in Edmonton.
One of a kind bungalow along tree-lined streets and character houses in Parkdale. Built in 2000, this 3 bedroom home has plenty to offer from the spacious front porch with real hardwood and ample sunlight for horticulture enthusiasts for flowers, plants and indoor trees to the man cave in the basement complete soundproofing sound bars and television brackets. As you step through the french doors from the inside porch to the main living room, you are greeted with an open concept to the large living room with a corner gas fireplace and the maple cabinetry kitchen with built-in convection oven and gas stove top. A legal basement suite and/or handicapped accessibility could easily be added to this one of a kind floor plan with all 36" doorways. Other features of this perfect property include main floor laundry, RV parking, air conditioning, gas BBQ hook-up, double over sized detached garage with sub panel, low maintenance backyard and so much more. Could it be your next home?
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I have listed a new property at 17514 61A ST in Edmonton.
Home Sweet Home! A perfect no maintenance family home with the option to easily add a basement suite. Features of this McConachie property include 20’ ceilings, natural stone fireplace, and large windows in main living room, open glass staircase to spacious bonus room, 4 Bedrooms above grade with an additional 5th bedroom with en-suite in finished basement. More highlights include a crystal chandelier, spacious mudroom with built in storage, upstairs laundry, a home office and a a chef's dream kitchen with a gas stove. The Back yard is maintenance free, and inviting with tree lined walking trails steps away. The basement has a private side entrance with high ceilings and open floor plan and kitchenette already installed! Pay down your mortgage fast while living in this beautiful maintenance free house while generating a rental income.
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I have listed a new property at 17514 61A ST in Edmonton.
Home Sweet Home! A perfect no maintenance family home with the option to easily add a basement suite. Features of this McConachie property include 20’ ceilings, natural stone fireplace, and large windows in main living room, open glass staircase to spacious bonus room, 4 Bedrooms above grade with an additional 5th bedroom with en-suite in finished basement. More highlights include a crystal chandelier, spacious mudroom with built in storage, upstairs laundry, a home office and a a chef's dream kitchen with a gas stove. The Back yard is maintenance free, and inviting with tree lined walking trails steps away. The basement has a private side entrance with high ceilings and open floor plan and kitchenette already installed! Pay down your mortgage fast while living in this beautiful maintenance free house while generating a rental income.
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I have listed a new property at 5208 48 ST in Bon Accord.
Amazing home in Bon Accord across from the beautiful Rose Glen Park. This spacious 3 bedroom bungalow has everything you could want! Features include a sunken living room, ample storage, over sized double garage, 3 large bedrooms with en-suite, a sauna, air-condoning, fully finished basement, large bay window-perfect for plants and prime location. The kitchen boasts dark stained custom cabinets, stainless steel appliances and custom pantry. A functional eating nook next to the kitchen is large enough for any crowd. Upgrades include a new brand new furnace, hot water tank, shingles, windows, gorgeous tiger wood flooring and so much more. The backyard consists of a block stone patio area and tiered block walls, perfect for entertaining. All this is only 20 minutes from CFB Edmonton. Call this home.
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I have listed a new property at 9813 106 AVE in Morinville.
Beautiful well maintained 2 storey with many upgrades located in the well sought after Town of Morinville. The main floor features a large living room with a wall mounted gas fire place, beautiful laminate flooring throughout, a dining area and an island kitchen with granite countertops, stainless steel appliances including a chef's style gas stove, a loads of cupboard space. Upstairs features 3 bedrooms with the master having a large walk in closet and a 4 piece en-suite, as well on the upper level is a 4 piece family bath. The downstairs is also finished, complete with a large laundry/utility room and a second family room divided by a modern barn door. The backyard comes with an meticulous landscaping, a two-tier deck, fully fenced and a double detached garage with back alley access. What a great place to call home and is a real pleasure to show.
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I have listed a new property at 20032 130 AVE in Edmonton.
Spectacular fully finished 2 storey has so many amazing features, you're going to love it! Offering 4 bedrooms, den/home office, flex room, upper bonus room, 2 fireplaces, 3.5 baths, double attached garage, fully finished basement and a low maintenance outdoor oasis. Kitchen features granite counter tops, stainless steel appliances, large island, ample cabinetry, & walk-thru pantry. From the main floor living room, hardwood flows into the adjacent dining area. Upstairs you'll be treated with a large bonus room, three great sized bedrooms, and the primary which features a large ensuite with soaker tub! Basement is fully finished with another spacious family room, gas fireplace, home office and a fourth bedroom. This prime location Trumpeter home is walking distance to the Glendale Golf & Country Club or you can easily take an evening stroll to nearby Big Lake and enjoy the sunset and scenic views! ... Welcome Home! PLUS SELLERS ARE OFFERING A $5000 DECORATING BONUS ON CLOSING!
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I have listed a new property at 3441 Cherry WAY in Edmonton.
A great place to live within the Orchards with a community garden, walking trails with scenic panoramic views around the nearby pond and the exclusive Club House offering year-round social events. This newer two-storey home features 3 good-sized bedrooms with master en-suite, main floor open concept floor plan, a chef's kitchen, unspoiled basement, south facing backyard and a cemented pad ready for your double garage. A perfect started house in south Edmonton!
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I have listed a new property at 629 McDonough LINK in Edmonton.
Beautiful single family house in north Edmonton, only ten minutes to CFB Garrison! This 2-storey home features central air conditioning for our hot summers, water softener, reverse osmosis and a new high-efficiency hot water tank. The main floor offers open concept living with a sunken living room with dark laminate flooring, kitchen with a wrap around island breakfast bar & stainless steel appliances, dining area, spacious foyer and a half bath. Upstairs has soft touch carpet throughout the 3 bedrooms, full bath, en-suite & walk-in closet in primary bedroom plus plenty of storage space. Basement which is partly finished awaiting your finishing touches. The backyard is completed with full fencing, low maintenance landscaping, fire pit, BBQ hook-up and a double detached garage with back alley access. This great property is located within walking distance to Soraya Hafez & Christ the King Elementary/Junior High Schools!!
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I have listed a new property at 17514 61A Street in Edmonton.
Luxurious designer living with spectacular views! This home has wow factor at every angle. The main living area offers 20’ ceilings with floor-to-ceiling windows and a 20’ natural stone fireplace and crystal chandelier that demands your attention. An open glass staircase heightens the views, leading to 4 overly generous bedrooms upstairs a large bonus room, and the convenient upstairs laundry. The main floor features gorgeous tile flooring, a spacious mudroom complete with built in storage, a home office, a chef's dream kitchen with modern and chic 5 burner gas range, and a large island. The backyard is maintenance free, a perfect place to unwind after a hard day. There is over 3000 sq ft of living space with a side entrance to the fully finished basement with a kitchenette wet bar, recreation room, large utility room, 5th bedroom and 3rd full bath. No upgrades were spared in this maintenance-free home, that is bright, warm, and welcoming! A perfect place to raise a family!
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I have listed a new property at 20032 130 AVE in Edmonton.
Beautiful fully finished home near Big Lake built by Homes by Avi in the desirable community of Trumpeter. The spacious front foyer boasts of tile flooring and continues in the convenient main floor bathroom & laundry room. Just off the front foyer is a flex room which can be used as a dining room or office. The living room features a gas fireplace, large windows & is open to the kitchen. The kitchen showcases a huge island, granite counters, stainless steel appliances, ample cabinetry, walk thru pantry. The hardwood flooring flows into the adjacent dining area with a large window & garden door to the backyard. The upper level houses a generous bonus room with vaulted ceilings. The primary suite features a walk in closet & luxurious 5pc spa with separate shower & soaker tub. The basement is fully finished with a second family room, gas fireplace, home office and a fourth bedroom. Double attached garage & great sized backyard fully landscaped and fenced with a deck. Move in ready! This is a must see home!
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EDMONTON HOUSING MARKET OUTLOOK FOR 2021

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 compared to $361,152 in 2019. 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 is single-detached houses 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:



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

THINKING ABOUT SELLING IN 2021?

CLICK HERE TO RECEIVE YOUR FREE ONLINE MARKET EVALUATION

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ARTICLE PROVIDED BY REMAX.CA

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How Many Home Sold near Edmonton University?

All information on Edmonton University area recently sold properties and houses prices are provided by the Edmonton Real Estate Board. Homes sales in the University Edmonton area include real estate zone 15 and the communities of Belgravia, Garneau, Grandview Heights, McKernan, Queen Alexandra, Strathcona, Windsor Park, Allendale, Empire Park, Lansdowne, Lendrum Place, Malmo Plains, Parkallen and Pleasantview.


January Edmonton University House Sales

     # Sold      Average Sold Price
Luxury Houses    4   $1,087,458
SFD Houses    14   $477,232
Duplexes/Attached    2   $489,500
Apartment Condos    7   $217,142


There were a total of 29 homes sales in the University area in January 2020 with an average of 65 days on the market for houses and 43 days for luxury homes. Strathcona was the hot spot with 9 homes sold.

February Edmonton University House Sales

    # Sold   Average Sold Price
Luxury Houses    4   $1,155,750
SFD Houses    15    505,450
Duplexes/Attached    0    $0
Apartment Condos    12   $212,180


There were a total of 33 homes sales in the University area in February 2020 with an average of 69 days on the market for houses and 72 days for luxury homes. Garneau was the hot spot with 6 homes sold, Pleasantview and Strathcona tied with 5 dwellings.

March Edmonton University House Sales

     # Sold      Average Sold Price
Luxury Houses    1   $888,000
SFD Houses    12   $488,950
Duplexes/Attached    2   $452,000
Apartment Condos    1   $349,000


There were a total of 31 homes sales in the University area in March 2020 with an average of 61 days on the market for houses. Strathcona was a winner again this month with 9 homes sold and Garneau in second place with 6 home sales.

For a recently sold price on a specific property, simply click here

April Edmonton University House Sales

     # Sold      Average Sold Price
Luxury Houses    0   $0
SFD Houses    15   $528,880
Duplexes/Attached    1   $609,000
Apartment Condos    5   $264,000


There were a total of 20 homes sales in the University area in April 2020 with an average of 41 days on the market for houses. Both Belgravia and Parkallen had 3 house sales.

May Edmonton University House Sales

     # Sold      Average Sold Price
Luxury Houses    0   $0
SFD Houses    23   $492,321
Duplexes/Attached    0   $0
Apartment Condos    7   $193,071


There were a total of 35 homes sales in the University area in May 2020 with an average of 49 days on the market for houses. Parkallen and Mckernan were the hot spots for University area houses sold.

June Edmonton University House Sales

     # Sold      Average Sold Price
Luxury Houses    5   $871,000
SFD Houses    30   $475,616
Duplexes/Attached    4   $615,000
Apartment Condos    20   $268,000


There were a total of 57 homes sales in the University area in June 2020 with an average of 47 days on the market for houses and 92 days for luxury homes and Windsor Park took the lead for the month of June.

To Learn the house value of your home- click here (it's free)

July Edmonton University House Sales

     # Sold      Average Sold Price
Luxury Houses    10   $995,270
SFD Houses    35   $504,893
Duplexes/Attached    3   $577,666
Apartment Condos    31   $261,327


There were a total of 79 homes sales in the University area in July 2020 with an average of 37 days on the market for houses and 59 days for luxury homes. Malmo Plains was a big hit this month with 5 sold houses.

August Edmonton University House Sales

     # Sold      Average Sold Price
Luxury Houses    4   $1,070,750
SFD Houses    29   $481,898
Duplexes/Attached    4   $492,000
Apartment Condos    17   $299,213


There were a total of 55 homes sales in the University area in August 2020 with an average of 49 days on the market for houses and 50 days for luxury homes. Allendale was the hot spot with 7 sold houses within 3 weeks.

September Edmonton University House Sales

     # Sold      Average Sold Price
Luxury Houses    6   $1,112,833
SFD Houses    32   $461,653
Duplexes/Attached    6   $478,366
Apartment Condos    20   $266,650


There were a total of 58 homes sales in the University area in September 2020 with an average of 38 days on the market for most houses. Pleasantview and Queen Alexandra had the most houses sold.

View Current Edmonton University House Prices

October Edmonton University House Sales

     # Sold      Average Sold Price
Luxury Houses    7   $993,714
SFD Houses    32   $458,740
Duplexes/Attached    2   $389,250
Apartment Condos    12   $282,833


There were a total of 52 homes sales in the University area in  October 2020 with an average of 38 days on the market for houses and 48 days for luxury homes. Pleasantview was the most sought after this month with 7 single-family house sales

November Edmonton University House Sales

     # Sold      Average Sold Price
Luxury Houses       $
SFD Houses       $
Duplexes/Attached       $
Apartment Condos       $


There were a total of xx homes sales in the University area in xx 2020 with an average of xxx days on the market for houses and 43 days for luxury homes. XXX was the hot spot with xxx homes sold.


December Edmonton University House Sales

     # Sold      Average Sold Price
Luxury Houses       $
SFD Houses       $
Duplexes/Attached       $
Apartment Condos       $


There were a total of xx homes sales in the University area in xx 2020 with an average of xxx days on the market for houses and 43 days for luxury homes. XXX was the hot spot with xxx homes sold.

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Living near the Mill Creek Ravine is a Nature Lovers Paradise

One of the most popular places to live in Edmonton is near the Mill Creek Ravine which is located near the community of Cloverdale, south of the downtown core. This creek begins just south and east of Anthony Henday Drive and flows through the communities of Strathcona and Bonnie Doon.



During the 1960s and 1970s, local residents and nature enthusiasts fought successfully to prevent a freeway from being built in the ravine, so the City installed large segments of the creek were diverted into small channels that allow water to flow under our roads and the Davies/Coronet Industrial area. The surplus run off of the water emerges several meters above the east bank of the North Saskatchewan River which is visible from the James MacDonald Bridge.


Mill Creek is named after a flour mill that was established by William Bird in 1878. The ravine was once home to part of the Yukon & Pacific Railway line which ran from the Canadian Pacific line at about 67 Avenue, across 99 Street, and down into Mill Creek Ravine. In 1954 most of the railway through the ravine was abandoned, with only one section serving the meatpacking plant, running from 79 Avenue to the CPR line.


In the early 1980s, the City of Edmonton converted the railway right of way between 67 Avenue to the river into a paved bicycle path now used as a multi-use trail by residence. In 1988 the Edmonton Historical Board erected a plaque in Mill Creek Park commemorating the railway and you can still see the original wooden railway trestles at 76 Avenue NW.


Other nearby attractions near Mill Creek includes the Argyll Velodrome, Accidental Beach, BMX course, Muttart Conservatory, Rafters' Landing Riverboat and the popular summertime Mill Creek Outdoor Swimming Pool at 8200 - 95A Street.


Real estate in Mill Creek offers Ottewell Shalimar Plaza apartment condos for under $100,000 per unit to the Bonnie Doon Cascade Luxury Condos with stunning downtown views. Mill Creek houses for sale range from affordable super cute bungalows in the highly desirable neighbourhood of Hazeldean to architecturally designed million dollar plus homes in Strathearn, Bonnie Doon and Cloverdale.


No matter, which season it is, the Mill Creek Ravine is always worth the stroll featuring panoramic view and great for taking photos of mother nature


View Capilano & Mill Creek homes for Sale

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How many Houses Sold in Edmonton Last Month?


All information on Edmonton sold houses prices and real estate statistics is provided by the Edmonton Real Estate Board.

January Edmonton House Sales

     # Sold      Average Sold Price
Southwest   41   $525,575
Southeast   61   $383,452
West   28   $536,627
Northwest   22   $390,898
Northeast   21   $301,167
North Central   79   $359,554
Central   13   $234,212


There were a total of 1239 single-family house listings added to the Edmonton Real Estate MLS® System in January 2020 and 493 houses sold with an average sale price of $413,954 and accumulated 112 days on market.

February House sales

     # Sold      Average Sold Price
Southwest   71   $576,540
Southeast   81   $408,821
West   41   $597,609
Northwest   30   $432,283
Northeast   16   $300,344
North Central   94   $347,086
Central   21   $266,905


There were a total of 1,385 single-family house listings added to the Edmonton Real Estate MLS® System in February 2020 and 640 houses sold with an average sale price of $426,191 and accumulated 108 days on market.

March Edmonton House Sales

     # Sold      Average Sold Price
Southwest   48   $523,448
Southeast   82   $392,953
West   43   $481,878
Northwest   36   $434,461
Northeast   36   $315,439
North Central   95   $360,876
Central   22   $228,091


There were a total of 1,518 single-family house listings added to the Edmonton Real Estate MLS® System in March 2020 and 727 houses sold with an average sale price of $404,344 and accumulated 90 days on market.

For a recently sold price on a specific property, simply click here

April Edmonton House Sales

     # Sold      Average Sold Price
Southwest   36   $508,603
Southeast   69   $427,065
West   30   $441,726
Northwest   18   $400,250
Northeast   24   $308,479
North Central   68   $364,359
Central   6   $335,833


There were a total of 1,034 single-family house listings added to the Edmonton Real Estate MLS® System in April 2020 and 476 houses sold with an average sale price of $410,200 and accumulated 89 days on market.

May Edmonton House Sales

     # Sold      Average Sold Price
Southwest   62   $524,651
Southeast   78   $394,985
West   45   $496,607
Northwest   23   $504,506
Northeast   29   $319,996
North Central   109   $372,763
Central   19   $292,289


There were a total of 1,712 single-family house listings added to the Edmonton Real Estate MLS® System in May 2020 and 762 houses sold with an average sale price of $412,329 and accumulated 90 days on market.

June Edmonton House Sales

     # Sold      Average Sold Price
Southwest   112   $499,478
Southeast   145   $386,546
West   87   $475,293
Northwest   45   $455,575
Northeast   47   $310,984
North Central   180   $376,357
Central   34   $286,479


There were a total of 2,052 single-family house listings added to the Edmonton Real Estate MLS® System in June 2020 and 1305 houses sold with an average sale price of $423,184 and accumulated 86 days on market. Edmonton house sales for the month of June were almost double the previous months, especially in north-central.

To Learn the house value of your home- click here (it's free)

July Edmonton House Sales

     # Sold      Average Sold Price
Southwest   129   $554,497
Southeast   144   $392,967
West   91   $525,689
Northwest   58   $429,371
Northeast   56   $309,616
North Central   170   $380,190
Central   32   $302,742


There were a total of 1,844 single-family house listings added to the Edmonton Real Estate MLS® System in July 2020 and 1356 houses sold with an average sale price of $436,142 and accumulated 80 days on market. July was another great month for Edmonton house sales.

August Edmonton House Sales

     # Sold      Average Sold Price
Southwest   116;   $526,989
Southeast   130   $389,756
West   82   $500,491
Northwest   52   $442,473
Northeast   51   $310,309
North Central   153   $378,273
Central   29   $294,610


There were a total of 1,634 single-family house listings added to the Edmonton Real Estate MLS® System in August 2020 and 1188 houses sold with an average sale price of $439,605 and accumulated 74 days on market. Almost 3 out of every 4 houses on the MLS board in Edmonton sold in the month of August.

September Edmonton House Sales

     # Sold      Average Sold Price
Southwest   119   $544,384
Southeast   132   $389,506
West   84   $515868
Northwest    52   $426,218
Northeast   49   $336,370
North Central   149   $378,758
Central   28   $286,648


There were a total of 1,704 single-family house listings added to the Edmonton Real Estate MLS® System in September 2020 and 1188 houses sold with an average sale price of $440,020 and accumulated 72 days on market. Edmonton house sales were the same as the previous month but sold a few days quicker.

October Edmonton House Sales

     # Sold      Average Sold Price
Southwest   113   $561,780
Southeast   137   $389,256
West   80   $531,246
Northwest   31   $409,964
Northeast   41   $362,432
North Central   152   $379,244
Central   29   $278,686


There were a total of 1,536 single-family house listings added to the Edmonton Real Estate MLS® System in October 2020 and 1118 houses sold with an average sale price of $442,854 and accumulated 76 days on market. October was also a great month for Edmonton house sales.

View Current Edmonton House Prices

November Edmonton House Sales

     # Sold      Average Sold Price
Southwest        
Southeast        
West        
Northwest        
Northeast        
North Central        
Central        



December Edmonton House Sales

     # Sold      Average Sold Price
Southwest        
Southeast        
West        
Northwest        
Northeast        
North Central        
Central        
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All information is provided by the Realtors Association of Edmonton. Click to view Edmonton Sold House Prices


To view more real estate sold statistic on Edmonton condominiums sales and rural properties, visit the Realtors Association of Edmonton.

January Alberta House Sales

     # Sold      Average Sold Price
Beaumont   15   $401,593
Fort Saskatchewan   17   $371,300
Leduc   15   $397,850
Sherwood Park   38   $425,558
Spruce Grove   13   $348,786
St Albert   36   $444,919
Morinville, Gibbons   4   $234,375


February Alberta House Sales

     # Sold      Average Sold Price
Beaumont   24   $375,315
Fort Saskatchewan   21   $381,257
Leduc   21   $409,733
Sherwood Park   50   $410,493
Spruce Grove   21   $357,552
St Albert   33   $440,617
Morinville, Gibbons   5   $334,500


March Alberta House Sales

     # Sold      Average Sold Price
Beaumont   18   $407,806
Fort Saskatchewan   28   $409,464
Leduc   29   $360,782
Sherwood Park   71   $418,054
Spruce Grove   25   $341,776
St Albert   44   $447,597
Morinville, Gibbons   13   $326,838


For a recently sold price on a specific property, simply click here

April Alberta House Sales

     # Sold      Average Sold Price
Beaumont   17   $366,529
Fort Saskatchewan   12   $374,033
Leduc   16   $375,156
Sherwood Park   38   $434,790
Spruce Grove   15   $380,867
St Albert   29   $408,146
Morinville, Gibbons   10   $319,790


May Alberta House Sales

     # Sold      Average Sold Price
Beaumont   33   $458,815
Fort Saskatchewan   26   $358,970
Leduc   37   $376,855
Sherwood Park   50   $424,564
Spruce Grove   2   $371,836
St Albert   48   $424,130
Morinville, Gibbons   27   $299,098


June Alberta House Sales

     # Sold      Average Sold Price
Beaumont   41   $374,456
Fort Saskatchewan   39   $382,538
Leduc   48   $345,577
Sherwood Park   93   $436,853
Spruce Grove   59   $400,607
St Albert   119   $485,221
Morinville, Gibbons   45   $350,999


To Learn the house value of your Alberta home- click here (it's free)

July Alberta House Sales

     # Sold      Average Sold Price
Beaumont   48   $460,070
Fort Saskatchewan   59   $412,613
Leduc   50   $355,306
Sherwood Park   118   $449,816
Spruce Grove   47   $402,192
St Albert   116   $478,517
Morinville, Gibbons   79   $353,534


August Alberta House Sales

     # Sold      Average Sold Price
Beaumont   29   $452,217
Fort Saskatchewan   36   $420,394
Leduc   39   $396,700
Sherwood Park   101   $479,850
Spruce Grove   52   $379,394
St Albert   90   $496,383
Morinville, Gibbons   28   $336,026


September Alberta House Sales

     # Sold      Average Sold Price
Beaumont   38   $454,358
Fort Saskatchewan   33   $396,736
Leduc   41   $356,475
Sherwood Park   81   $460,656
Spruce Grove   40   $391,945
St Albert   91   $497,648
Morinville, Gibbons   22   $358,120


View Current House Prices outside Edmonton

View Current Alberta Acreage Prices

October Alberta House Sales

     # Sold      Average Sold Price
Beaumont   28   $477,343
Fort Saskatchewan   41   $427,985
Leduc   42   $375,166
Sherwood Park   77   $439,909
Spruce Grove   42   $400,061
St Albert   76   $494,617
Morinville, Gibbons   8   $397,250


November Alberta House Sales

     # Sold      Average Sold Price
Beaumont        
Fort Saskatchewan        
Leduc        
Sherwood Park        
Spruce Grove        
St Albert        
Morinville, Gibbons        


December Alberta House Sales

     # Sold      Average Sold Price
Beaumont        
Fort Saskatchewan        
Leduc        
Sherwood Park        
Spruce Grove        
St Albert        
Morinville, Gibbons        
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Buying an Acreages in Alberta

Knowing when to buy an Alberta acreage for sale depends on your perspective. Today, with the onset of covid 19 and feeling enclosed, living in the country has become increasingly more popular and with real estate prices based on supply and demand, now would be a better time to start house hunting for your Alberta acreage.



Usually, if you are looking for the best real estate deal, winter is definitely the best time to buy. Most buyers looking for a country residential home will not be looking once the snow has covered the ground and sellers who want to sell there acreage properties need to adjust the asking price accordingly to the current market. If you have never owned acreage in Alberta before, the best time to buy will be the spring when you can see the level of the ground and any runoffs and water pockets. 


Here are some tips on buying acreages in Alberta.

  • Decide whether you want to live in a country residential community with nearby neighbours or on a secluded property. Remember, the further you are from an urban municipality, the less likely you will have a strong internet connection.
  • While it is impossible to view the raw land on an acreage in the winter, your Realtor can ask for a property disclosure from the seller regarding any concerns you may have. If you are buying an Alberta acreage in the spring, it is worth walking around all the land to see if some areas feel soft or soggy, especially in areas where past floods are common.
  • Double-check the real property report. Just because the land seems endless, doesn't mean it all belongs to the property. You need to know where the actual boundaries are and current fencing may not represent the proper boundary locations.
  • Research the local bylaws. They may not all for parking trailers or toys outside, particularly if restrictive covenants exist.
  • Examine the septic field if you know where it is and have water tests done on well and septic systems. Inquire on the age and plan to replace them if needed. This can be a big expensive!
  • Use a Realtor who specializes in Alberta acreages and who knows the area well. They will have more insight and knowledge which may save you both money and stress. Contact us for an Alberta acreage specialist. 

View our current Alberta Acreages for Sale

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Real Estate Terminology 101

Alberta Real Estate Association - An association of real estate industry members who belong to real estate boards in Alberta.


Addendum and Amendment - is a written change of a listing contract or purchase agreement agreed upon by either a buyer or a seller or both.


Amenities - In real estate, amenities are something considered to benefit the property and thereby increase the value of a property. Condominium amenities can include items such as elevators, underground parking, party rooms and swimming pools. Public amenities include banks, retail buildings, local buses and LRT stations, medical facilities, parks, schools, walking trails, golf courses and other community facilities.


Amortization - is the time period during which home buyers will have to pay back their mortgage to their lender — both the principal and interest accrued.


Appraisal — An estimate of a property’s value performed by a professional Appraiser.


As-Is - Common term used with the purchase of a foreclosed property. It is also used when chattels may not be in working order.


Asking Price — The price placed on the property for sale by the seller. This may or may not be the price the seller is willing to accept from a qualified buyer.


Assessed Value — The value of a property, set and used by each municipality for the purposes of calculating property tax.


Assessment - A certified real estate appraiser assigns a certain value to one’s property based on their statistical findings and general industry acumen.


Agent — A real estate professional registered in Alberta to facilitate the sale, lease or exchange of a property.


Assumable Mortgage - A mortgage held on a property by the seller that can be taken over by the buyer, who then accepts responsibility for making the mortgage payments. Speak with your Edmonton Realtor or lawyer prior to assumption of mortgages.


Attached Goods — Also known as chattels are an item which is attached to real property so as to form, in law, part of the land. Attached goods belong to the buyer and are also known as fixtures.


Breach of Contract - Where one party (buyer or seller) has not held up to the terms of the agreement such as getting cold feet about purchasing a residence after conditions have been removed. These instances can lead to the length of legal proceedings.


Broker — A person licensed by the provincial or territorial government to trade in real estate. Real estate brokers may form companies or offices which appoint sales representatives to provide services to the seller or buyer, or they may provide the same services themselves. In parts of Canada, brokers are referred to as Associates or Agents.


Built-Ins - Permanent structures or items which are physically built into the structure of a home such as an entertainment centre.


Buyer Brokerage Agreement — A written agreement between the buyer and the buyer's associate, outlining the agency relationship between the two parties and the manner in which the buyer's associate will be compensated. In Alberta, a buyer agency relationship arises automatically without a written agreement establishing the relationship.


Buy-Down - Commonly used by our DND members. It is a mortgage financing technique where the buyer obtains a lower interest rate for at least the first few years of the mortgage and is typically done for a period of about one to five years.


Buyer’s Associate — also known as Buyer’s Realtor or Broker — A person or firm representing the buyer. A buyer’s associate's primary allegiance is to the buyer. The buyer is the buyer associate's client.


Buyer’s Market - A surplus of homes for sale in a municipality which usually leads sellers to lower prices to compete with nearby homes making favourable conditions for home buyers.


Certificate of Compliance — A stamp issued by the municipality which states the improvements comply with the local building bylaws and requirements.


Client — The person being represented by an associate. The associate owes the client fiduciary duties including utmost care, integrity, confidentiality and loyalty.


Closing - Is the "move-in" date written on your purchase agreement or the date in which the title of your property is legally in your name.


Closing Costs — Expenses in addition to the purchase price for buying and selling a property such as legal fees and title transfer costs.


CMHC — Canada Mortgage and Housing Corporation. A Crown corporation providing information services and mortgage loan insurance.


Commission — An amount agreed to by the seller and the real estate broker/associate and stated in the listing agreement. It is payable to the brokerage on closing and shared, if applicable, among those Associates involved in the sale. It is the remuneration for services provided, normally paid at the time of closing in the province of Alberta.


Comparative Market Analysis (CMA) — The most widely used technique for REALTORS® in establishing the value of residential properties. It uses sales, competitive listings and expired listings to try to determine a probable selling price for the subject property. Used synonymously with Competitive Market Analysis.


Common Area - Homebuyers who purchase residences in multifamily complexes and condominiums often have to share common areas such as the complexes amenities. This may also include parking lots and complex green spaces.


Completion Day — The day from which all calculations of interest, tax adjustments, utility bill adjustments (if applicable), etc. are made to the credit of either the buyer or the seller. All legal and financial obligations are met on that day and the title to the property is transferred from the seller to the buyer. Completion day is usually (but not always) the same as the possession date.

Condition Precedent — A statement of a condition to be fulfilled before the contract will become firm and binding; must include a specific deadline for removal. May also be called a “subject to” clause.


Condominium Ownership — Shared ownership in a strata-titled property. Owners have a title (ownership) to individual units and a proportionate share in the common property.


Contingencies - Sometimes there are unforeseen property issues, like structural damages to a listing only unearthed after an inspection or failure of home financing to come through. In these cases, contingencies are placed into home purchase agreements so buyers have the right to back out of a deal or demand certain items be amended, removed, or added to a contract.


Conventional Mortgage — A mortgage loan which is 75 per cent or less of the loan-to-value ratio; and does not require insurance by CMHC or other private insurers.


Conveyance — The term used to describe the process of transferring the seller's title to the buyer and indicates all the necessary steps to complete the transfer. A conveyance lawyer is a lawyer responsible for the conveyance process.


Counter Offer — An offer made by the seller back to the buyer altering one or several terms and/or conditions of the offer as originally written. It is the rejection and change of the original offer. It allows the original party to accept, reject or add an additional counter. This is the art of negotiation is something every top-producing Edmonton real estate agent lives for.


CREA — The Canadian Real Estate Association. A national association representing the real estate industry on federal public policy matters, providing member services and education. CREA promotes adherence to a strict REALTOR® Code. CREA Code of Ethics — Rules of behaviour or conduct which provide a standard of fair, moral practice and a guide by which a REALTOR®'s behaviour or conduct is evaluated. Most Edmonton Realtors belong to CREA.


Customer — A person who receives information or assistance from a real estate broker or associate, but is not represented by that individual. A customer is NOT a Realtors client.


Debt Service Ratio — The percentage of a borrower's income that can be used for housing costs.


Down Payment — The difference between a property's purchase price and the amount financed. Most Edmonton buyers fall in the 5-20% range. The general rule is the more a buyer is willing to put down on a home, the lower their mortgage interest rate will be.


Disclosure - It’s considered highly unethical for a home seller and their representation to not disclose any defects or problems with their property when they list it. Disclosing all issues with a home for sale is an absolute must for sellers. Failing to do so could lead to not only withdrawn offers from or legal issues with potential buyers, but also a damaged reputation on the part of the agent who works with that seller.


Dual Agency — A real estate brokerage which acts as an associate for both the seller and the buyer in the same transaction. Both buyer and seller are the brokerage's clients.

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Real Estate Terminology 101 (continued)


Easement — A legal right to use or cross (right-of-way) another person's land for limited purposes. A common example is a utility company's right to run wires or lay pipe across a property.


Encroachment — An intrusion onto an adjoining property. Common examples are a neighbour's fence, storage shed, or overhanging roof line which partially (or even fully) intrudes onto your property.


Encroachment Agreement — An agreement which allows the encroachment to remain. The owner of the development which encroaches onto the adjoining property is granted the right to enter onto that property to maintain or repair the construction.


Encumbrance — A restriction which is either a monetary claim against the land (such as a lien, mortgage or lease) or a non-monetary one (such as an easement).


Estoppel Certificate — A written statement of a condominium unit's current financial and legal status.


Equity — The difference between the price for which a property can be sold and the mortgage(s) on the property. Equity is the owner's stake in the property.


Extension - Homebuyers who need more time to evaluate whether or not to move forward with a purchase agreement or simply need to get their finances in order often request an extension of conditions. It should be noted, sellers do not have to grant an extension of buyers.


Fee Simple Estate — Ownership where the owner owns the land now and for all time in the future and the owner's rights are subject only to restrictions by the government.


Fair Market Value - is the dollar figure put forth by the appraiser and assessor is averaged out with other residential figures from the local market. Comparable sale prices are factored in, thus giving sellers a relatively fair market value for their home.


Fixed-Rate Mortgage - is the most popular type of mortgage given to borrowers today making the amount of your mortgage payment the same each month of the amortization period.


FSBO - For Sale By Owner

Foreclosure - Bank owned property due to a seller defaulting on mortgage or tax payments.


Fiduciary Duties — The duties require for all licenced Edmonton Realtors of loyalty, disclosure, confidentiality, obedience, reasonable care and diligence, and full accounting that are required by the law of any associate relative to his or her principal.


First Mortgage — The first security registered on a property. Additional mortgages secured against the property are "secondary" to the first mortgage.


Foreclosure — A legal process by which the lender takes possession and ownership of a property when the borrower doesn't meet the mortgage obligations.


Gross Debt Service (ADS) Ratio — Gross debt service divided by household income. A rule of thumb is that ADS should not exceed 30%. It is also referred to as PIT (Principal, Interest and Taxes) over income. Sometimes energy costs are added to the formula, producing BITE, which moves the rule of thumb ADS to 32%.


High-Ratio Mortgage — A mortgage that exceeds 75 per cent of the loan-to-value ratio; must be insured by either the Canada Mortgage and Housing Corporation to protect the lender against default by the borrower who has less equity invested in the property.


Home Inspection - An appraiser or certified property inspector who provides buyers with a summary of the overall condition of the chosen home. This cost is usually covered by the buyer and a condition or contingency on an offer to purchase.


Home Warranty - an Insurance which covers homeowners when unforeseen issues arise with their homes. In the province of Alberta, it is now a standard practice for builders to provide a five-year new home warranty.


Homeowners Association Fee (HOA) - Is becoming a more common expense for Edmonton homeowners. It is a small annual fee to maintain a community. An HOA fee may cover things such as community fences, water features or playgrounds.


Gross Debt Service (ADS) Ratio — Gross debt service divided by household income. A rule of thumb is that ADS should not exceed 30%. It is also referred to as PIT (Principal, Interest and Taxes) over income. Sometimes energy costs are added to the formula, producing BITE, which moves the rule of thumb ADS to 32%.


High-Ratio Mortgage — A mortgage that exceeds 75 per cent of the loan-to-value ratio; must be insured by either the Canada Mortgage and Housing Corporation to protect the lender against default by the borrower who has less equity invested in the property.


Home Inspection - An appraiser or certified property inspector who provides buyers with a summary of the overall condition of the chosen home. This cost is usually covered by the buyer and a condition or contingency on an offer to purchase.


Home Warranty - an Insurance which covers homeowners when unforeseen issues arise with their homes. In the province of Alberta, it is now a standard practice for builders to provide a five-year new home warranty.


Homeowners Association Fee (HOA) - Is becoming a more common expense for Edmonton homeowners. It is a small annual fee to maintain a community. An HOA fee may cover things such as community fences, water features or playgrounds.


IDX - Internet Data Exchange - a multiple listing service syndications on Edmonton Realtor websites which provide real estate internet data and can showcase listings.


Joint Tenancy — A form of ownership in which two or more individuals (often spouses) have an equal share in the ownership of a property. In the event of one owner's death, his or her share is automatically transferred to the surviving owner; and does not become part of the deceased's estate.


Latent Defects - a defect in a property such as mould hiding beneath the surface of a floor or wall which can often go unfound by inspectors.


Lien — Any legal claim against a property, filed to ensure payment of a debt. It is a debt placed against a sellers residence, usually when a party says they are owed a debt by the owner of a property. At closing, the seller's lawyer (assuming there is enough property equity) will pay out the lien.


List Price - The asking price of a property. Note this may or may not be a fair market value price or the price a seller would be willing to accept.


Listing Realtor — The REALTOR® who signs a contract on behalf of the brokerage with an owner to sell the property.


Listing Contract — The legal agreement between the listing brokerage and the seller, setting out the services to be rendered, describing the property for sale and stating the terms of payment. A commission is generally payable to the brokerage upon completion of a sale.


Listing Presentation - a presentation customized by an agent who provides information on how they get the job done. Every Edmonton Realtor listing presentations is unique offering different real estate services. Note - Not all Edmonton Realtors provide the same services.


Lockbox - A small electronic box used to store keys to a home for easy access for licenced Realtors to show clients the listing to prospective buyers. If a Realtor is not licenced by our Edmonton Real Estate Board, they may not be able to access the lockbox.


Mortgage — A contract between a borrower and a lender. The borrower pledges a property as security to guarantee repayment of the mortgage debt. Lenders consider both the property (security) and the financial worth of the borrower (covenant) in deciding on a mortgage loan. See below for more on mortgage terminology.


Mortgage Life Insurance — Insurance that pays off the mortgage debt should the insured borrower die.


Mortgagee — The person or financial institution lending the money, secured by a mortgage.


Mortgagor — The property owner borrowing the money, secured by a mortgage.


Mortgage Broker — A person or company having contacts with financial institutions or individuals wishing to invest in mortgages. The mortgagor pays the broker a fee for arranging the mortgage. Appraisal and legal services may or may not be included in the fee.


Multiple Listing Service® System — An MLS® System is a cooperative selling system operated and promoted by a Board or Association in association with the MLS® Marks. An MLS® System includes an inventory of listings of participating REALTORS® and ensures a certain level of accuracy of information, professionalism and cooperation amongst REALTORS® to effect the purchase and sale of real estate.


Mutual Acceptance - This doesn’t mean the deal is done. Mutual acceptance takes place when both a buyer and seller agree to the terms and conditions associated with a home sale. Once the paperwork is signed and initialled on all changes, the property is considered "pending." Sellers are still allowed to accept offers, but only in a backup place. In the province of Alberta, pending offers are in the first place unless the buyer is unable to remove conditions by the deadline.


Organized Real Estate — Refers to the various bodies or groups (CREA, AREA, local boards) who work together to bring about structure, standards and accepted practices in real estate. Most Edmonton Realtors belong to all three real estate boards.


Open Mortgage — A mortgage that can be prepaid or renegotiated at any time and in any amount, without penalty.


Owner Financing - This type of financing is rarer than having a mortgage. It typically occurs when a seller is fiscally well-off enough to provide a loan to a buyer.

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Real Estate Terminology 101 (continued)

Pre-Approved Mortgage — Tentatively approved by a financial institution for a specified amount, interest rate and monthly payment.


PIT - Principal, Interest and Taxes.


Pocket Listing - Is a listing which your Edmonton Realtor may have which for various reasons is not listed on the MLS.


Principal — The mortgage amount initially borrowed or the portion still owing on the mortgage. Interest is calculated on the principal amount.


Property Taxes — The value of the property as determined by local municipalities affects this levy. Local government determines the rate of taxation. Property taxes are paid on an annual basis.


Purchase Contract — The document through which the prospective buyer sets out the price and conditions under which he or she will buy the property.


Refinancing — The process of obtaining a new mortgage, usually at a lower interest rate, to replace the existing mortgage.


Real Estate Board — A non-profit organization representing local real estate brokers and Associates which provides services to its members and maintains and operates the local MLS® System. It offers orientation and other continuing education courses to its members and represents local real estate matters at the municipal level. Our Edmonton Realtor board is called the Edmonton Association of Realtors.


Real Property Report — The legal outline of the property and location of all buildings and improvements on the land (formerly called the Surveyor's certificate).


REALTOR® — A trademark controlled by the Canadian Real Estate Association that identifies real estate professionals who are members of CREA. REALTOR® refers to the standard of brokerage services provided by members of CREA. REALTOR® is synonymous with professionalism. And professionalism means at least three things -service, competence and ethics. All three are essential ingredients in the REALTOR® recipe.


REALTOR.ca — Carries property advertisements and consumer-related information supplied by individual real estate boards and associations across Canada.


REALTOR® Code of Ethics - The promise to work in the best interests of real estate clients and abide by all rules and regulations set by local, provincial and federal real estate associations.


REALTORS® Association of Edmonton — REALTORS® Association of Edmonton is a professional association of over 3,100 Brokers and Associates in the greater Edmonton area. The Association enforces a Code of Ethics, Standards of Business Practice and disciplinary action, when necessary, for its members. The Association provides professional education to its members, administers the Multiple Listing Service® and advertises property listings on the Internet atREALTOR.ca, as well as in the Real Estate Weekly for the benefit of REALTORS® and their clients.


RECA - Real estate council of Alberta. A provincial real estate association representing the real estate industry on provincial matters, providing members with legal real estate documents for both buyers and sellers. Most Edmonton Realtors belong to CREA.


Rights of Way — Are indicated on title at the Land Title Office; often for use of utilities or city or municipality in order to make repairs to pipes, etc. No permanent structure may be built on a right of way.


Second Mortgage — A second financing arrangement, in addition to the first mortgage, also secured by the property. Second mortgages are usually issued at a higher interest rate and for a shorter term than the first mortgage.


Seller’s Market - occurs when there are fewer homes on the market the demand is far higher than the supply. This increases house prices and sometimes very quickly like during Edmonton real estate boom in 2006 - 2007.


Seller’s Realtor— The seller's Realtor represents the seller as a listing associate under the listing contract. His or her primary allegiance is to the seller. The seller's associate does not represent the buyer.


Single Agency — The practice of representing either the buyer or the seller, but not both in the same transaction.


Statements of Adjustments — Closing statements in a real estate transaction which set out the sources of funds which make up the purchase price, adjustments to and from the purchase price, the final amount required from the purchase and the amount due to the seller. Alberta real estate lawyers will prepare a statement for the seller and the buyer.


Surveyor - A person who is qualified for analyzing entire lots where properties reside and provide their findings in the form of maps and reports to homeowners. Surveyors can provide Edmonton homes owners with a current real property report.


Tenancy in Common — The owners each own a part of common land. If one owner dies, the interest goes to his or her heirs rather than the other owners.


Title — The legal evidence of ownership in a property.


Title Insurance - An insurance which covers homeowners in an unforeseen event such as another party lays claim to a residence, issues pertaining to forgery or fraud.


Title Search — A detailed examination of the ownership documents to identify the owner and any liens or other encumbrances on the property.


Total Debt Service Ratio — the maximum percentage of a borrower's income that a lender will consider for all debt repayment including other loans and credit cards and mortgages.


Torrens System — Alberta's land registry system.


Transaction Brokerage Disclosure — The information which a dual associate must disclose and explain to both buyer or a seller when he or she is acting as a dual associate.


Turn-Key - A phrase used by Realtors for pristine properties.


Unattached Goods — Moveable personal property such as appliances. Normally in the province of Alberta, unattached chattels are left in the home.


Underwriter - An underwriter reviews all paperwork relating to your mortgage pre-approval to make sure everything is in order and that borrowers are truly qualified to receive such a loan. Should the underwriter discover something off with a loan (e.g. lower buyer credit score than the one listed), they alert the originator, who will then have to rework the mortgage terms.


Walkthrough - a pre-scheduled date to allow buyers to view a property prior to closing to ensure all terms have been satisfied.


Zoning — Land Use Bylaw specifies in great detail every aspect of how property within a particular area of the municipality may be used.

Zero-Lot Line - Many existing homes today are built exactly on top of property lines. These often exist in urban areas, where buildings are constructed quite close to one another and use all of their allotted land space to build.

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Buying Foreclosures in Edmonton, Alberta

What Is A Foreclosure?

A foreclosure or foreclosed home is when someone who borrowed money secured by a mortgage on a property stops paying and the lender wants to realize their security. Essentially the lender applies to the court for an order transferring the security (the property) into the name of the lender. The lender may then sell the property to pay back the loan.

What Is A Judicial Sale?

People frequently refer to a judicial sale as a foreclosure. There is a key difference. With a judicial sale, the court sells the property. The proceeds of the sale pay off the loan or as much of it as possible. The court also attempts to sell the property as close to fair market value as possible. The title to the property never transfers to the bank or financial lender. In a judicial sale, the borrower, usually the homeowner, retains a right of redemption. This means that they have the opportunity to bring the mortgage current and keep the house.

How to Buy a Foreclosure

Foreclosed properties, like the vast majority of Edmonton homes for sale in our province, are listed on the Edmonton MLS board. When the listing comes on the market, we will see it – and so will you, if you have signed up with us to receive new listings. Every foreclosure, estate sale or bank-owned property, will be a little bit different when putting in an offer. Depending on the rules and regulations set forth by the lender, the court or the executor. Some foreclosures in Edmonton mush be cash unconditional offers, while others are treated the same as any other property.

Pros and Cons of Buying Foreclosures

Foreclosure and Judicial sales of Canada homes are more common in the United States. However, if you have been living in Alberta for a while, you will be well aware of our surplus of Edmonton foreclosures from the crash of our economy in 2007. It is now 2020 and Alberta house prices have not changed since. Before you start looking into buying a foreclosed home, it’s important to understand the inherent benefits and risks involved.

Pros:

  • The lender, eager to recuperate their loss, will want to sell the property quickly and is usually priced below its true market value. If you buy a foreclosed house, it is sometimes possible to get an even lower price. Any liens, backdated taxes, or outstanding mortgage payments remaining on the property will be expunged, as these factors would make it harder for the lender to resell the home. At the time of closing, your real estate lawyer will make sure your title is free and clear of all encumbrances.

Cons:

  • While foreclosed properties can be cheaper, they are not rock-bottom prices, as you might have heard. More often than not, you would acquire the home at only a slightly cheaper price than it was initially unless you have done your homework. Knowing the absorption rate and having your Realtor complete a buyer's comparative market analysis for you will help determine whether or not you have made a great investment.
  • The legal and financial procedures for buying a foreclosed home are more strict and complicated than the average home sale. Although your real estate lawyer will make sure your title is clear at the time of closing, it is a good idea to double-check your property title a few months after you move into your home. Not all of the old sellers' creditors know the house foreclosed.
  • Foreclosed homes are sold in a “what you see, is what you get” state, meaning you’ll have to cover all repairs or renovations by yourself. You’ll also have to get rid of any possessions that may have been left behind. This means if a stove was in the property when you last viewed it and now, it is gone, there is really nothing that can be done.
  • The terms of the mortgage contract may absolve the lender from any of these responsibilities, as well as any future liability for the property. If there are a foundation, hydroelectricity, or zoning problems, they are your responsibility. No warranties will be offered. It is a good idea to have a property inspection on a foreclosure prior to making an offer.

Hire an Experienced Realtor

Since buying a foreclosed home is more complex, having a professional realtor will be more necessary than ever. Not only can they help you find the right property, but they’ll also facilitate and guide you through the whole process. There are a lot of different steps you’ll need to go through, including inspection and a court date.

Tips on moving into a foreclosure

  • Consider the significant costs involved with buying a foreclosure home. Remember, a foreclosed property might need some work before it’s safe to live in. If you can’t afford these costs (as well as your payments), hold off until you can find a more suitable property. Consider the expenses that don’t even relate to the initial price, such as:
  • Utilities that need to be switched on as soon as possible - make sure you have ownership documentation. The previous owners may have outstanding utilities and you don't want to pay for them.
  • Change the locks. The sellers will not be happy they have lost their home to foreclosure, or the bank may have had tenants living there for a while.
  • Plan on doing a bit of landscaping. The grass may not have been cut for months and there could be doggie bombs in the yard.

Common Questions About Buying an Edmonton Foreclosure

#1. Can I get a mortgage on a foreclosed home?

  • Yes, you can. In most cases, purchasing a foreclosed home is an investment rather than a first home, so chances are you already have a pre-existing mortgage. If you don’t, contact us and we will help you through the process of getting a mortgage with one of our lenders so you can start searching for your first investment property.

#2. What is the risk of buying a foreclosed home?

  • Just like any type of real estate investment, buying a foreclosed home does come with a certain amount of risk. Being educated about the most common mistakes that buyers make when purchasing a distressed home will help you navigate the sometimes tricky world of foreclosure sales.
  • Don’t offer too low of a starting price. If you offer too low a price you will be rejected before ever getting to the auction stage of the foreclosure process. To avoid this common mistake, work hard with your Realtor to offer a realistic initial amount.
  • Never assume that your offer will be the only offer. You may need to adjust your original price if you want to pursue that bank-owned property.
  • Be prepared to lose in court. You may be outbid and end up losing your foreclosure sale at the very last minute.
  • Be prepared for some of the major risks. These include not receiving the home in the same condition as when you first viewed it. Another risk is that tenants still occupy the property when you take possession and may have to be forcibly removed.

#3 Do foreclosures get price reductions?

  • The longer a foreclosure sits on the market, the less money the bank is willing to take for that specific property, so sometimes patience is the key to saving large sums of money! Depending on the circumstances, the general rule is that the asking price will be adjusted once every 30 days to help generate interest in the property. Some foreclosed homes have sat vacant for months and even years.
  • The longer a foreclosure sits on the market, the less money the bank is willing to take for that specific property, so sometimes patience is the key to saving large sums of money! Depending on the circumstances, the general rule is that the asking price will be adjusted once every 30 days to help generate interest in the property. Some foreclosed homes have sat vacant for months and even years.

#4 How long does it take for a response, once I have written an offer?

  • In Alberta, the Real Estate Act favours settling foreclosures via a judicial sale, where a lender can only accept an offer to buy a property in foreclosure by going to court. The process can take days to several weeks, meaning other interested buyers can also write an offer after you have already submitted yours.

#5 Is a foreclosed home a good investment?

  • A foreclosed home can be a great real estate investment if you understand all of the costs associated with the project. A general guideline is that you should never pay more than 80% of the property’s estimated market value including any needed repairs.

Edmonton Foreclosure Summary

If done right, a foreclosed home can be a wise real estate investment that can provide you with an excellent rate of return.  Remember that every foreclosure sale is an “as is” sale, meaning: what you see on completion date is what you get. All of this information will be presented to you in a Schedule A form, make sure to go over it and understand it with your Realtor!


Our team of real estate and lawyers help when people buy foreclosures in Edmonton and the surrounding area. We help explain the risks of buying a foreclosure. We also explain how to mitigate that risk. Always seek this information and advice before signing any contract to purchase such property in Alberta. Connect today! Email your questions here directly. Also, feel free to call us at 780-910-5179.

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