Edmonton Homes

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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.


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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.

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BUYING A HOME WITH A 5% DOWN PAYMENT

Investing in Edmonton's real estate market is relatively simple. For a small amount of money down, usually, five percent, (plus closing costs) and can own an asset worth significantly more and build your net worth. Your down payment must be from your own savings or a gift from a family member. You cannot use a loan or line of credit.


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To use the 5% down payment option, the following rules apply:

The home must be your principal residence - in other words, you will actually live in the home. So if you plan on buying a condominium or other property for residual income, you won’t be eligible for the Canada Mortgage and Housing Corporation’s 5% down payment option.


To calculate your GDS or Gross Debt Service ratio, factor in your monthly mortgage payment, utility costs, property taxes and condo fees, if applicable. This number cannot exceed more than 32% of your gross taxable income. Plus, all your consumer debt, loans, and housing-related payments cannot exceed 40% of your gross taxable income: this is your Total Debt Service ratio or the TDS.


Finally, you must have good credit and a minimum of one year with your current employer.


ALSO SEE: 5 Steps to buying a home


Keep in mind, as of January 1st, 2018, the government has imposed more qualifying restrictions on Canadians and you must now qualify at two-per-cent higher interest than your current rate. Once you have your pre-approval completed. Contact an experienced real estate agent with their ABR designation and start house shopping!

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Winterize your Edmonton Home

Yes, the onset of winter can be exciting with the crisp sparkling white wonderland but freezing temperatures can be hard on your home. Here are a few tips to help combat the cold.


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4 Great Tips on Keeping you warm, safe and richer!

  • Weather stripping will prevent air leaks by heading to Home Depot to grab some weather stripping. Be sure to use it on your doors, windows, doors, and vents If the gaps on your doors and windows are thicker than a nickel, you will need to apply an exterior caulk.
  • Gutters and; check all of your downspouts and gutters to make sure they are clear of those autumn leaves and other debris. If they are blocked, it will cause problems that may result in costly repairs.
  • Furnace - If you want to stay warm and cozy on Edmonton's coldest winter days, maintain the maintenance on your furnace. Change that filter and have it checked by a professional if it sounding rough. An emergency maintenance call on a cold winter day can be very costly.
  • Water Pipes - If you are planning on getting away from Edmonton's cold weather, be sure and leave the heat running so your home stays warm. Also, leave a few faucets dripping so the water continues to flow. If a pipe bursts, it can cause thousands of dollars of damage (most insurance companies with not cover neglect)

These simple steps will allow you to enjoy a warm and cozy home during our Edmonton winter months and avoid timely and costly repairs.

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Make My Kitchen Pretty

With so many choices, it's hard to choose a perfect "stone" counter top. Before you rush out and buy the prettiest one, you make want to consider resale value. When choosing a new counter-top, base it on your lifestyle, not on price. If your kitchen looks dated, replacing your counter tops and back splashes will make a huge impact and it is less expensive than replacing a whole kitchen.


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  • Quartz counter tops are a hard natural mineral. They are resistant to scratches, stains, heat, easy to clean are becoming the trend in luxury Edmonton houses. Depending on the grade, quartz counter tops are about the same cost as granite.
  • Granite counter tops are one of the most elegant materials that can be used for kitchen work surfaces. When sealed properly, it is stain and heat-resistant so it continues to look beautiful in the years to come. Granite counter tops are a popular choice in our Edmonton homes due to its wear ability and color choices.
  • Corian counter tops are a mixture of binding resins and minerals and come in over a hundred colors. Corian is a flexible material when heat and can appear seamless once installed leaving a smooth, unblemished finish. It takes on a sandblasted stone look.
  • Marble counter-tops are stylish, elegant and drop-dead gorgeous. A counter top made of marble is usually less durable than granite, Corian or quartz and less resistant to stains and scratches. It is also more expensive to get installed. Marble Counter-tops are all about the look.

If you are planning to sell your Edmonton home in the near future, you may want to postpone changing those kitchen counters. Ask your REALTOR for the best advise. Today, buyers also have the option of a renovation loan which can be tied into their mortgage payments.

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Riverbend Edmonton - An Extraordinary Place to Live

Riverbend is one of the best places to live in southwest Edmonton surrounded by mother nature. It is divided into two parts - Old Riverbend on the west and new Riverbend on the east. Riverbend is located off of Terwillegar drive a few minutes from the University of Alberta.


House prices in Riverbend Edmonton range from move-up to luxurious home prices. Old Riverbend is located on the west side of Terwillegar Drive and includes the communities of Brander Gardens, Brookside, Ramsay Heights,and Rhatigan Ridge. 

Living in Riverbend

The newer part of Riverbend is located on the west side of Terwillegar Drive, bounded by Whitemud Creek Ravine and 23 Avenue NW offering homeowners here breathtaking and beautiful scenery year round. This part of Riverbend includes the communities of Bulyea Heights, Carter Crest, Falconer Heights, Henderson Estates, and Ogilvie Ridge.


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Bulyea Heights offers more walking trails than any other Riverbend community and with the presence of the Whitemud Creek Ravine, which runs the eastern length of Bulyea Heights, is the a most striking community. Almost every house in Bulyea Heights is owner-occupied with several of these homes touching the edges of the ravines with more walking trails, natural paths for hiking and run off streams from the North Saskatchewan River. Bulyea Heights was named after George Hedley Vicars Bulyea, the first Lieutenant-Governor of Alberta.


Carter Crest is a smaller upper-class Riverbend neighborhood features a combination single-detached housing, construction prior to 1990s. There are only a few roads in this community which swirl and curve to limit the negative effects of traffic, maximize land space and allows its homeowners bigger lots. Carter Crest is within walking distance to the Terwillegar Recreation Center and is named after Robert I. Carter, a Canadian government agent who advised Americans on their immigration prospects in Canada.


Falconer Heights is one of the few Riverbend communities which offer several amenities including medical center, a library, donation center, fast food restaurants, banks, and more located in Riverbend Square. This portion of Riverbend is popular with the aging community and features a fantastic retirement community. There is no school site located within Falconer Heights, but there is a large future school/park site adjacent to Henderson Estates. It was named after James F. Falconer, who was involved in the formation of the Edmonton Names Advisory Committee in the mid 1950s.


The Henderson Estates is nestled between Old Riverbend and Haddow in Terwillegar Heights bounded by the River Valley which runs the length of the community, providing homeowners with excellent access to our greatest natural asset. Due to the natural beauty and breath-taking views, many of these Henderson Estates  properties will run into the multi-million dollar price range. Henderson Estates is named after Thomas Henderson, a homesteader in the Riverbend area in the late 19th century who imported Italian honey bees to his farm.


When originally built, Ogilvie Ridge was to be a private, elite, gated community until the city decided, Edmonton against any gated communities. It is bordered by Bulyea Heights, Whitemud Creek ravine, and west by the Rabbit Hill. Ogilvie Ridge features a natural topography with an integration of the North Saskatchewan River Valley ravine system defining this neighborhood. Ogilvie Ridge was named after James H. Ogilvie, a politician, a lawyer, and a veteran of World War I.

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Old Riverbend Edmonton - A Favorite Place to Live

Riverbend is one of the best places to live in Edmonton. It is divided into two parts - East and west of Terwillegar Drive. House prices range from move-up to luxurious home prices. Unlike any other district in the city, Riverbend offers it's homeowners plenty of mother natures natural scenic beauty with community walking paths and river valley access all within walking distance.


Riverbend consists of nine communities. The new part of Riverbend is located on the east side of Terwillegar Drive and includes the communities of Bulyea Heights, Carter Crest, Falconer Heights, Henderson Estates, and Ogilvie Ridge.

Living in Old Riverbend

Old Riverbend is located on the west side of Terwillegar Drive, bounded by Rabbit Hill. North Saskatchewan River  and includes Brander Gardens, Brookside, Ramsay Heights,and Rhatigan Ridge.


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Rhatigan Ridge was first subdivided in 1980 with various house styles from large luxury homes on spacious lots, especially near the edges of the river valley to a range of more modest executive-style houses. Rhatigan Ridge encompasses the Riverbend community league beside St. Mary Catholic School and features a high point of land with panoramic views south of Riverbend Road. Rhatigan Ridge was named in honor of Thomas Rhatigan, a farmer who was famous for the quality of his wheat and oats and was proclaimed World Oat King at the Royal Winter Fair three times.


Brander Gardens offers more deserve home ownership with plenty of townhouse and apartment condominiums to choose from. When originally build, the majority of these condos were focused on the upper-class and elite. Located in the west portion of Brander Gardens are some of Edmonton's most magnificent properties, originally called Glamorgan. Homeowners here are treated with the proximity to the Fort Edmonton Walking trails and Footbridge which crosses to the Wolf Willow Ravine. Brander Gardens was named in honor of George Brander, who established a peony garden in the Bonnie Doon Area until the 1940s.


Brookside is nestled away from the rest of Riverbend bounded by Whitemud Creek Ravine North with scenic views of our Downtown. Most houses in Brookside are executive style homes constructed in the 1970s with above average-sized lots and mature landscaping. Brookside homeowners enjoy the natural woodland habitat, skiing at the Snow Valley Ski Club and Rainbow Valley Park, access to river valley park trails, and other recreational facilities.


Ramsay Heights is Riverbend's oldest community located in a prime real estate location and features a mix of housing equally split between single-family houses and condominiums. Ramsay Heights offers a high elevation vantage point with panoramic views of Edmonton. A large portion of the detached houses in Ramsay Heights run along the river Valley on 154 Street and Whitemud Road. There are also a few luxury houses located in the original Glamorgan subdivision adjacent to the river valley. Ramsay Heights was named in honor of Walter Ramsay, a principal at McKay Avenue and Queen Avenue School, then became the cities first commercial florist.


View more homes for sale in the Riverbend Edmonton District.

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How to get your Mortgage Pre-Approval  

Depending on who you have chosen, for your Edmonton Realtor, the brokerage may have several in-house mortgage brokers or you can make an appointment with your current financial institution with a mortgage specialist.


A mortgage pre-approval is the mortgage underwriting approval process, which consists of gathering all necessary paperwork, prior to house shopping. This paperwork will consist of the last two years of your T4's or last 3 years if you are self-employed, most recent paystub, confirmation of downpayment and closing costs, all debts including support payments, charge card debts and vehicle payments, other income, and any other relevant documentation.


Once all of the paperwork is gathered, it is sent to the underwriter who will review it, check your credit and take into consideration any other factors which will affect your debt ratios.



REAL ESTATE TIP: When you have completed your pre-approval process, this does not guarantee you will be approved for your home. If anything changes or if a "surprises" arrives prior to possession of your new home, your financial institution can still pull your mortgage pre-approval.


If you are putting less than 20% down you will need to pay a CHMC Fee. This is an insurance fee for your financial institution and can be rolled into your mortgage. Rule of thumb. The higher your down payment, the lower the CHMC Fee.


If your credit is border-line, it is great to have a mortgage broker who has personally met you and is willing to vouch for you to the underwriter if needed. All mortgage lenders have, at least internally, a turn time." That is simply the time from submission to underwriter review and their decision. The turn time can be affected by a number of factors big and small. However, if you go to a big bank you can expect a more lengthy approval process and may not make your condition deadline. It is what they do. Let your agent know whether you are using a mortgage broker or someone at your financial institution.


Once the underwriter has had time to review the documents, they will typically issue one of three dispositions - approved, denied or suspended - to your application. If approved underwriting will typically assign a set of conditions you will need to clear to obtain full approval. Clarification on a late payment, a large deposit, past life transgression or simply a missed signature here or there is normal requests. If suspended, which is not completely unusual, underwriting is confused and needs clarification on something.


REAL ESTATE TIP: Once you have an approval from your bank, ask them to send you and your real estate agent something in writing and remove your finance condition. Congratulations, you are now a real homeowner.

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I have sold a property at 17832 108 Street NW Edmonton


EXECUTIVE BUNGALOW IN NORTH EDMONTON! An exceptionally well built 4 bedroom Homexx Home constructed in 2004 in the highly sought after community of Chambery. As you step into the foyer, you are greeted by accented high ceilings pavilion windows with hidden architectural lighting awaiting to feature your show pieces. Few steps forward brings you to the open concept floor plan with access to the colossal stairway to the fully finished lower level. This level has many features including main floor laundry leading to the heated triple car tandem garage, central vac and double sized kitchen pantry. Inviting master bedroom was designed for royalty and is massive with its own fireplace, glamorous ensuite and more pavilion windows. Lower level offers more 2 bedrooms, fitness room, welcoming family room with a third fireplace & plenty of storage. With quick possession & priced $28,000 below city assessment, this amazing bungalow is an ideal home for professionals needing that home of distinction.


If you have a Chambery home to sell, please go to our Free Home Evaluation Page and we'll shortly get back to you.

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Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.