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Looking for new homes in southwest Edmonton?

New homes in Riverview, River's Edge, Uplands and Stillwater are now selling.



Riverview located at the outer ridges of southwest Edmonton is now building. Similar to the rural West Big Lake district, the Riverview community is nestled away from the big city, south of the Grange and features an urban lifestyle, lined with trees along the Wedgewood Creek ravines. This up and coming community will be filled with the amenities of a modern city including playgrounds, parks, recreation and walking trails integrated with new and modern homes, a variety of restaurants, shops and services.


House prices in Riverview will range from starter home prices to the multi-millions. Also known as River's Edge - the Riverview Area offers some of the cities best country residential homes. The Edgemont community features houses and attached dwellings built 2016 and later. Residential construction of Uplands and Stillwater is already underway and will will be the hottest new home district in Edmonton in 2019 & 2020. View currently listed Riverview homes for sale.

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Do you really need a property inspection when purchasing a home in Edmonton?

A real estate property home inspection is an objective visual examination of the physical structure and systems of a house, from the roof to the foundation. It is for the sole benefit of the purchaser and is usually subcontracted to a certified licensed residential real estate inspector, paid for by the buyer and can take one to four hours depending on the size and condition of the property. At the end of your inspection, a standard home inspector’s report will be supplied covering the condition of the home.


Home Inspections Image


A home inspection can identify the need for major repairs or builder oversights which can lead to unpleasant surprises and unexpected difficulties in the future. Buying a home can be the largest single investment you will make and spending a few hundred dollars for peace of mind is money well spent.


Home inspection components covered include:

  • heating system including furnace and hot water tank
  • central air conditioning system
  • carbon monoxide and fire alarm detectors
  • interior plumbing using both visual and water residue tools
  • mold issues and water damage
  • electrical systems
  • the roof & attic
  • visible insulation of walls, ceilings, floors, windows and doors using a thermal ray tool
  • foundation & basement
  • other structural components which may need major repair or replacement.

Depending on your chosen property inspector, there may be some things that will not be inspected such as things which can not be seen visually and appliances. You may want to check that these chattels are in working order.


Foreclosures:

If a home inspection is not allowed on a bank foreclosure, it is still a good idea to have one done, prior to putting in an offer.


New Homes:

In Alberta, builders must supply a new home warranty at closing, however, new homes should ALWAYS have a home inspection done. Building a house takes time and there are always things that get missed. It is easier to address these concerns before you remove your inspection condition.


What if the report reveals problems? No house is perfect. If the inspector identifies problems, it doesn’t mean you should or shouldn’t buy the house. Talk it over with your real estate agent. There are a few options to address any concerns you have.

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