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%

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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

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

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

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

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

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

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

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

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

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

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

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

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.

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

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

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

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

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

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

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

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

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

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

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

December Edmonton House Sales

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

February Alberta House Sales

March Alberta House Sales

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

April Alberta House Sales

May Alberta House Sales

June Alberta House Sales

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

July Alberta House Sales

August Alberta House Sales

September Alberta House Sales

View Current House Prices outside Edmonton

View Current Alberta Acreage Prices

October Alberta House Sales

November Alberta House Sales

December Alberta House Sales

How many homes sold in Kaskitayo Edmonton?

Kaskitayo real estate sales statistics for July-September 2020

Kaskitayo home sales include the communities of Aspen Gardens, Bearspaw, Blue Quill, Duggan, Ermineskin, Greenfield, Keheewin, Rideau Park, Royal Gardens, Skyrattler, Steinhauer, Sweet Grass, Twin Brooks and Westbrook Estate in southwest Edmonton.

According to the REALTORS® Association of Edmonton for this 3rd quarter, the average price for single-family homes absorbed in the Edmonton region decreased by 3% year-over-year in August to $551,619. In southwest Edmonton, there were 99 houses sold in September,129 in July and 109 houses sold in August.

For the city of Edmonton, there were a total of 2236 new listings, 1309 sales with an average single-family sold house price of 447,725 in September. In August 2167 new listings, 1280 sales with an average house price of $446,982. July there were 2,391 new listings with 1524 home sales and an average sold house prices at $445,351.

Recent Kaskitayo Home Sales:

There were a total of 153 homes sold in Kaskitayo in the third quarter of 2020 with an average of 39 days on the market. This year, there have been a total of 244 Kaskitayo houses sold with a median sale price of $476,700. 

In July 2020, there were 58 Kaskitayo homes sold including 6 townhouses, 3 duplexes, 19 condos and 7 single-family in Duggan. Sold Kaskitayo house prices in July range from $323,000 to $697,000.

In August 2020, there were 49 Kaskitayo homes sold including 9 in Twin Brooks, 5 Greenfield bungalows and 3 luxury properties, one with over 5400 square feet. Sold Kaskitayo house prices for the month of August range from $335,000 to 1,100,000.

In September 2020, there were 46 Kaskitayo homes sold including 14 condominiums, 2 luxury properties and 17 bungalows. Sold Kaskitayohouse prices in September range from $286,000 to $1,415,000.

Want to know what is selling in Kaskitayo this month? Sign up for free and we will send you Kaskitayo house sales as they happen.

View Current Kaskitayo homes for sale

How many homes sold in Riverbend Edmonton?

Riverbend real estate sales statistics for July-September 2020

Riverbend home sales include the communities of Brander Gardens, Brookside, Bulyea Heights, Carter Crest, Falconer Heights, Henderson Estates, Ogilvie Ridge, Ramsay Heights and Rhatigan Ridge in the southwest of Edmonton.

According to the REALTORS® Association of Edmonton for this 3rd quarter, the average price for single-family homes absorbed in the Edmonton region decreased by 3% year-over-year in August to $551,619. In southwest Edmonton, there were 99 houses sold in September,129 in July and 109 houses sold in August.

For the city of Edmonton, there were a total of 2236 new listings, 1309 sales with an average single-family sold house price of 447,725 in September. In August 2167 new listings, 1280 sales with an average house price of $446,982. July there were 2,391 new listings with 1524 home sales and an average sold house prices at $445,351.

There were a total of 66 homes sold in Riverbend in the third quarter of 2020 with an average of 58 days on the market. This year, there have been a total of 101 Riverbend houses sold with a median sale price of $604,400. 

Recent Riverbend Home Sales:

In July 2020, there were 34 Riverbend homes sold including 3 duplexes, 3 condominiums, 7 luxury properties with Rhatigan Ridge being the most popular community. Sold Riverbend house prices in July range from $605,823 to $1,110,000.

In August 2020, there were 17 Riverbend homes sold including 2 bungalow style duplex condos in Bulyea Heights and 2 luxury properties. Sold Riverbend house prices for the month of August range from $436,800 to $973,000.

In September 2020, there were 15 Riverbend homes sold including 3 condos in Brander Gardens, 1 bi-level and 3 older split level properties. Sold Riverbend house prices in September range from $440,000 to $700,000.

Want to know what is selling in Riverbend this month? Sign up for free and we will send you Riverbend house sales as they happen.

View Current Riverbend Homes for Sale

How many homes sold in Terwillegar Edmonton?

Terwillegar real estate sales statistics for July-September 2020

Terwillegar home sales include the communities of Haddow, Hodgson, Leger, MacTaggart, Magrath Heights, South Terwillegar and Terwillegar Towne in the southwest of Edmonton. 

According to the REALTORS® Association of Edmonton for this 3rd quarter, the average price for single-family homes absorbed in the Edmonton region decreased by 3% year-over-year in August to $551,619. In southwest Edmonton, there were 99 houses sold in September,129 in July and 109 houses sold in August.

For the city of Edmonton, there were a total of 2,236 new listings, 1309 sales with an average single-family sold house price of 447,725 in September. In August 2,167 new listings, 1280 sales with an average house price of $446,982. July there were 2,391 new listings and sales at 1524 and an average sold house prices at $445,351.

Recent Terwillegar Home Sales:

There were a total of 156 homes sold in Terwillegar in the third quarter of 2020 with an average of 47 days on the market. This year, there have been a total of 199 Terwillegar houses sold with a median sale price of $513,433.

In July 2020, there were 70 Terwillegar area homes sold including 13 apartments, 6 rowhouses, 6 bungalows, 10 duplexes and 6 luxury properties. Sold Terwillegar house prices in July range from $300,000 to $1.3 Million.

In August 2020, there were 49 Terwillegar area homes sold including 9 apartments, 4 townhouses, 3 duplexes, 3 luxury properties and 1 hillside bungalow in MacTaggart. Sold Terwillegar house prices in August range from $338,000 to $965,000.

In September 2020, there were 37 Terwillegar area homes sold including 9 apartments, 5 townhouses, 5 duplexes, 5 luxury properties and 1 hillside bungalow in MacTaggart. Sold Terwillegar house prices in September range from $355,000 to $1,140,000.

Want to know what is selling in Terwillegar this month? Sign up for free and we will send you Terwillegar house sales as they happen.

Current Terwiilegar Edmonton Homes for Sale

Getting the Highest Price for Your Edmonton Home

For most Edmonton home sellers, the goal is to sell their property for the highest possible price and in the shortest amount of time. Two ways to achieve this is with the right asking price, and by staging the property. So, do staged homes really sell faster, and for a higher price? The short answer is yes, and here’s why.

Do staged homes sell faster?

According to the Real Estate Staging Association, staged homes spend 73 per cent less time on the market than their un-staged counterparts. Truthfully speaking, even an un-staged home can sell under the right market conditions. An Edmonton seller's market, characterized by high demand and low inventory, generally means buyers are likely to scoop up what they can get. In a buyers market, there are more homes for sale than there are buyers, which means competition is greater among sellers and buyers have the upper hand. Under these circumstances, staging your property could tip the scales in your favour.

Is it worth the price to stage an Edmonton Home?

The answer to this question is not as cut-and-dry, since the final selling price of a home depends on a number of factors. Is there a buyer demand? Are there many other listings on the market competing against yours? And what about the home itself – is it well maintained, cared-for and clean? With all other things equal, a staged home is likely to leave buyers with a better impression than one that has not been staged, with the potential to fetch a higher selling price.

What is home staging?

Home staging is the process of preparing a home for sale by increasing its appeal to a wide range of homebuyers. Home staging is not as involved as a renovation, and can involve decluttering, depersonalizing and deep-cleaning; painting the walls in a fresh, neutral hue; updating hardware and lighting; rearranging existing furniture or renting some new pieces to help show the home in the best possible light. When a buyer can see your home as their home, they are more likely to make a competitive offer.

Since the majority of home buyers start their home hunt online, it’s important to make a good impression through your digital listing photos. Buyers will weed out the homes that don’t meet their criteria and then proceed to an in-person or virtual showing of the homes that they are seriously considering.

Decluttering and depersonalizing the home of family photos and other personal items can help. Also, consider that potential buyers need to think beyond what their eyes are showing them. Staging helps them to visualize themselves living in and using the space. Is the home an ideal place for a growing family, as a live-work space, for recreational pursuits or to enjoy retirement?

Download our RE/MAX home staging guide.

Virtual Home Staging

Virtual staging is an online way to stage a property which leverages technology to digitally enhance photos in order to demonstrate the possibilities. Virtual staging is ideal for vacant properties, which pose added challenges for sellers and the buyers who are trying to imagine it as their new home. Virtual home staging eliminates the need, effort and cost associated with renting or buying furniture and accessories. There are several Edmonton Realtors now using virtual staging on vacant homes.

Staging your Edmonton home does not need to be complicated. Evaluate every room and be objective because prospective buyers will be. Viewing your own home objectively can be difficult, especially for those who have lived in their home for a long time. A professional home stager and your real estate agent can give you an honest opinion as to what works in your home, what doesn’t, and what the seller might consider changing in order to appeal to homebuyers.

Read more on the best rooms to focus on when home staging.

Edmonton House Price Rankings

Edmonton real estate prices have been on the decline, with the city’s housing market ranked #3 of 16 Canadian cities when it comes to housing affordability, according to the 2020 RE/MAX Housing Affordability Report. While affordability is already one of the region’s biggest draws, cost-conscious Edmonton house hunters in search of even better prices can find them in the communities of Northeast Edmonton and Mill Woods, which have been named the most affordable neighbourhoods to buy a home in Edmonton.

Factors contributing to Edmonton real estate prices

Edmonton real estate prices have been declining, experiencing a 3.2-per-cent decrease from 2018 to 2019, and another one-per-cent decrease is expected this year (source: 2020 Housing Market Outlook Report). In light of the lowering prices, Edmonton has been named one of Canada’s most affordable housing markets, according to the new RE/MAX Housing Affordability Report.

In its inaugural Housing Affordability Report, RE/MAX examined 16 of Canada’s most populous regions and ranked them on an affordability scale, with #1 being the most affordable and #16 being the least affordable. RE/MAX brokers were surveyed about average home sale prices and whether they believe real estate in their region is overvalued, undervalued, or right on the money. Edmonton real estate came in at #3 of 16 cities. Canada’s most affordable city to buy a home is Regina (#1) and the least affordable place to buy a home in Vancouver (#16).

RE/MAX’s affordability ranking was determined by assessing the percentage of a buyer’s monthly income needed to carry a mortgage, assuming a down payment of 25 per cent, and based on the forecasted 2020 average sale price per region and the forecasted 2019 average household income.

Edmonton& real estate is currently regarded as undervalued. The implementation of the Federal mortgage stress test has unintended consequences in how it impacted Canadian homeowners. In Edmonton, the recessed economy has also added to decreased sales, which in turn has resulted in buyers being unable to qualify for a mortgage and paying more in rent than what they would be buying for.

There is also an evident division between what buyers want and what inventory is available, most of that inventory is not what buyers are looking for. First-time home buyers are looking for newer properties, but much of what is available are homes in need of renovations.

At the high end of the affordability spectrum, the region’s least affordable neighbourhoods include& Upper Windermere, Belgravia/Windsor Park and Crestwood/Parkview/Laurier Heights.

Despite the commonly held notion that housing in Canada is unaffordable, the report finds that the vast majority of Canada’s largest urban centres (75 per cent) are currently undervalued, according to a survey of RE/MAX brokers in 16 of Canada’s most populous cities.

In its report, RE/MAX explored the most popular property types sought by first-time homebuyers, the least and most affordable communities in each of the 16 housing markets, factors preventing buyers from entering the market, and methods homebuyers are using to enhance the affordability of homes. Current and prospective Canadian homeowners were also surveyed about their sentiments around homeownership, barriers to owning a home, financial factors impacting homeownership, and what could potentially improve housing affordability.

Get your free property evaluation today and learn if the price of your Edmonton Homes has increased or decreased in value.

Edmonton real estate prices have been on the decline, with the city’s housing market ranked #3 of 16 Canadian cities when it comes to housing affordability, according to the 2020 REMAX Housing Affordability Report. While affordability is already one of the region’s biggest draws, cost-conscious home hunters in search of even better prices can find them in the communities of Oliver, North East Edmonton and Mill Woods, which have been named the most affordable neighbourhoods to buy a home in Edmonton.

Factors contributing to Edmonton real estate prices

Edmonton real estate prices have been declining, experiencing a 3.2-per-cent decrease from 2018 to 2019, and another one-per-cent decrease is expected this year (source: 2020 Housing Market Outlook Report). In light of the lowering prices, Edmonton has been named one of Canada’s most affordable housing markets, according to the new REMAX Housing Affordability Report.

In its inaugural Housing Affordability Report, REMAX examined 16 of Canada’s most populous regions and ranked them on an affordability scale, with #1 being the most affordable and #16 being the least affordable. REMAX brokers were surveyed about average home sale prices and whether they believe real estate in their region is overvalued, undervalued, or right on the money. Edmonton real estate came in at #3 of 16 cities. Canada’s most affordable city to buy a home is Regina (#1) and the least affordable place to buy a home in Vancouver (#16).

REMAX affordability ranking was determined by assessing the percentage of a buyer's monthly income needed to carry a mortgage, assuming a down payment of 25 per cent, and based on the forecasted 2020 average sale price per region and the forecasted 2019 average household income.

Edmonton real estate is currently regarded as undervalued. The implementation of the Federal mortgage stress test has unintended consequences in how it impacted Canadian homeowners. In Edmonton, the recessed economy has also added to decreased sales, which in turn has resulted in buyers being unable to qualify for a mortgage and paying more in rent than what they would be buying for.

There is also an evident division between what buyers want and what inventory is available, most of that inventory is not what buyers are looking for. First-time home buyers are looking for newer properties, but much of what is available are homes in need of renovations.

At the high end of the affordability spectrum, the region’s least affordable neighbourhoods include Upper Windermere, Belgravia, Windsor Park and Crestwood, Parkview, Laurier Heights.

Despite the commonly held notion that housing in Canada is unaffordable, the report finds that the vast majority of Canada’s largest urban centres (75 per cent) are currently undervalued, according to a survey of REMAX brokers in 16 of Canada’s most populous cities.

In its report, REMAX explored the most popular property types sought by first-time homebuyers, the least and most affordable neighbourhoods in each of the 16 housing markets, factors preventing buyers from entering the market, and methods homebuyers are using to enhance the affordability of homes. Current and prospective Canadian homeowners were also surveyed about their sentiments around homeownership, barriers to owning a home, financial factors impacting homeownership, and what could potentially improve housing affordability.

READ THE FULL REMAX HOUSING AFFORDABILITY REPORT

Did your Home Get Stigmatized?

In real estate, a stigmatized property is a property which buyers may shun for various reasons other than its physical condition or features. These reasons can include the death of someone who was occupying the home to a murder which has taken place inside the property. Some buyers believe the house may now be haunted.

• When a death occurs inside a home, it may not always be disclosed to a buyer. Although when there has been a murder, it is usually public information and can be found on the net. According to the Real Estate Council of Alberta, a murder on the property does not need to be disclosed.
• Many jurisdictions recognize several forms of stigmatized property and have passed resolutions or statutes to deal with them. One issue that separates them is disclosure. Depending on the jurisdiction of the house, the seller may not be required to disclose the full facts.
• When a home is considered a stigmatized property, the selling value may be decreased to attract more buyers. These houses are priced accordingly and purchasing one for a lesser real estate cost, financially benefit the buyers.
• Types of stigma may include houses formally used in a crime, such as a drug house or brothel. Foreclosures where debt collectors are unaware that a debtor has moved out of a residence and may continue their pursuit at the same location
• The wrong starting price can also stigmatize a property when selling your Edmonton home. When a residential dwelling sits on the market for long periods of time, buyers assume there is something wrong with it. Learn how to price your Edmonton home properly from the start.

CAN YOU AFFORD TO SELL YOUR HOME

The Edmonton real estate market is soft and house prices have been dormat for the last decade. Before you sell your home, do your homework and estimate your closing costs to ensure you have enough money to make your move. There is nothing worse than sitting with your lawyer and not having enough funds to close your sale.

When a home is sold, the seller incurs various closing costs in addition to paying out the remaining balance on their mortgage and payout penalties. Typical closing costs for a seller may include any property taxes which are in arrears, encumbrances, the cost of a real property report with compliance and/or title insurance, any permits which were not obtained earlier, real estate commissions, any provincial, GST revenue, agricultural or business taxes, liens and legal fees. If the property is a condominium, the seller may also have costs of condominium documents, unpaid condo fees, levies and the estoppel certificate. When selling a house, the seller's costs vary from a few thousand to several thousand.

Since our Edmonton economy is not in the best shape and buyers have become nervous about making large purchases, there are several ways to maximize the value in your home without major renovations including staging and a little bit of home maintance. Pricing your home correctly in todays Edmonton Real estate market is crucial and timing is also a factor. Read more on your community absorption rate.

If you are not sure if you have enough equity in your home, contact one of our real estate experts for a free home evaluation.

Does Your Bank Require an Appraisal?

Appraisals are an important part of buying and selling homes in Edmonton. Real estate appraisals establish a property's sold market value price. Banks and financial Institutions require property appraisals when buyers require a mortgage on their new homes as security and provide financial institutions with a cost-effective assurance of the properties value for lending purposes. Appraisals are detailed reports compiled by licensed real estate appraisers.

Don't confuse a comparative market analysis, or CMA, with a real estate appraisal. A CMA is a sales report based on data entered into the multiple listing service, or MLS. Real estate agents use CMAs to help their clients determine realistic asking and offering prices.

An appraisal is also not the same thing as a property inspection. Home inspectors test appliances and outlets, check the plumbing and electrical, confirm heating and cooling system are in working order, use inspection tools to look for any moisture issues, missing insulation, etc.. Such information is helpful for the buyer to know before moving in.

If your real estate appraisal comes in low, the bank may not lend you the money you need to satisfy your finance condition. You may need to come up with the difference in cash or re-negotiate the sale price of the property.

How to use a Comparative Market Analysis

Edmonton real estate agents can provide a comparative market analysis, also known as a CMA, for any property including properties subject to divorce, civil enforcement, foreclosures, estate sales, city tax purposes, etc. It takes time for real estate agents to complete an accurate home evaluation. Unless you have plenty of experience in buying and selling real estate, online home evaluations may be completely misleading and should never be used as a realistic asking price.

Seller Comparative Market Analysis

When working with sellers, a comparative market analysis is used to determine a realistic and accurate asking price. A Seller CMA is based on comparable properties which are currently active (homes for sale), recently sold homes (usually within the last six months), expired (homes which did not sell for various reasons) and the history of these homes. Other factors will include the current Edmonton real estate market, supply and demand, the condition of the property, the location, community absorption rate and many other factors. An experienced, professional Edmonton Realtor will take the time to go through all of this data with you, together determining a true asking price for your Edmonton Home.

Buyer Comparative Market Analysis

When working with buyers, a comparative market analysis is similar to a bank appraisal and is used to write a reasonable offer to purchase. A buyers CMA is based on both current homes for sale and recently sold home price in Edmonton taking into consideration all relevant factors including the condition, size and location. For new builds, this process is a bit different and is based more on the cost to build, economic factors, building quality, and the reputation of the builder.

Free Comparative Market Analysis

If you are thinking about selling your home or if your home did not sell due to other factors, feel free to contact us for a professional no-obligation Edmonton home evaluation. We also service Morinville, Bon Accord, Gibbons, St. Albert, Spruce Grove, Beaumont and Devon. Our Homes & Gardens Real Estate Agents will take the time to help, educate and inform you on all real estate aspects of your community to determine the right value for your home, ensuring you receive the highest possible price. Simply CLICK HERE to fill in the form and we will get in touch with you shortly.

What is a Real Estate Absorption Rate?

During listing appointment and the CMA process, sellers often ask "How long will it take to sell my house?" Although there is no magic way of knowing the answer, know what is currently happening economically and using a real estate absorption rate here in Edmonton will give us a good indication of how long a property will be on the market. An absorption rate will also tell us if it is a buyers market or a seller's market and is often used by real estate investors. It can also give a prediction on the demand of an Edmonton community.

Knowing how to use and calculate absorption rates using this real estate tool has several benefits. It's the best thing next to a crystal ball. An absorption rate It is a rate at which homes sell in a given area during a given time period. Absorption rate is calculated by dividing the number of sales in a given month by the number of available homes for sale. It is the inverse of months of supply.

For example, if there are 100 houses listed for sale in a certain area, and 10 houses sold over the last month, the absorption rate is 10/100=10%. Which means, assuming no other house listing are put on the market, it would take 10 months for buyers to purchase enough properties to absorb the real estate demand.

As a rule of thumb, an absorption rate of 20-25% or higher means that homes are selling quickly and the market favors sellers. Lower absorption rates mean that homes are not selling quickly and supply is much greater than demand, favoring buyers.

If you are thinking about selling in Edmonton or the surrounding area and would like to know the absorption rate in your community, contact us.

How to Avoid Paying Too Much for a House

Before you offer any seller a price for a property, there are a few facts you should to know. The asking price of a property does not necessarily reflect the "market value" of the home.

Below are a few questions you should check into prior to making an offer.

Is the property tax assessment accurate? If not, find out why

For the city of Edmonton, you can find out the tax assessment value of any residential property at https://maps.edmonton.ca/map.aspx. Although the amount the city thinks the property is worth does not necessarily reflect the true value. It is only used as a starting point.

Are real estate prices going up or coming down?

What is the latest real estate trend in that community? To determine if an Edmonton neighborhood's property values are going down or to tell if it is becoming one of Edmonton's hot spots, use the absorption rate tool.

How much was the bank property appraisal?

Financial institutions base their appraisals on the "Emily System", which is an accumulation of recently sold comparable properties. If there are no relevant sold Edmonton properties or if your home is more unique, independent appraisers can do a "cost to replace" appraisal. A good Edmonton real estate agent will complete a "Sold Comparative Market Analysis", (CMA) for you, prior to submitting an offer to purchase.

Is the property staged to avoid any defects?

Don't be fooled by the staging in a property. This is one of the biggest mistakes a buyer can make. When viewing a home, overlook the nice furniture and freshly painted walls. Take a close look at the overall condition of the property. An easy way to know if a dwelling is shifting is to open and close the windows and doors.

Do you know what a realistic offer should look like?

No matter if you are buying a home in Edmonton in a buyers market or a seller's market. Submitting a realistic offer is important. When a home is priced accordingly to the real estate market, don't try to "low ball" the seller, you will end up paying more because you have insulted them. Do your research.

For more information on submitting real estate offers in Edmonton and find an experienced buyer's agent, contact an Edmonton Homes & Gardens Real Estate Agent.

What is the difference between a garage suite and a garden suite?

The official city description a garage suite is "a self-contained accessory dwelling above or attached to a rear detached garage, on a single detached lot which usually comes in the form of apartment-sized living space, with its own kitchen, bathroom, and living space, on the second floor of your garage".

The city description of a garden suite is "an at-grade self-contained, accessory dwelling located in a building that is physically separate from the principal dwelling." Typically, garden suites are single-story structures built in the backyards of single detached homes and must have their own kitchen, bathroom, and living space.

There are several benefits of purchasing a house with a garage or garden suite or building on an existing house in Edmonton including ...

• Garage and garden suites are great ways to add some rental income to your property to help pay down your mortgage. It eliminates the shared interior space the way you would with a basement suite. These smaller living spaces are also a great way to add some diversity to your community because they allow different demographic access to housing options on your street.
• Garage and garden suites can keep family members nearby, yet allows for more personal space. It can be a great option for keeping your parents or your children close, while still maintaining some privacy by ensuring everyone has their own space. Alternatively, some ageing empty nesters have decided to downsize into their own garden or garage suite, and allow their children’s family to live nearby, in the main house.
• As with any good infill project, it is all about creating more flexible living options so every Edmontonian can choose the neighbourhood that suits them best. For more information on Garage and Garden suites, visit the city of Edmonton's Infill website.

Popular communities in Edmonton with garage suites are located in the University Area, Griesbach and Westmount Area.