EdmontonRealEstate

Residential Mortgage Rates

2012-02-05T11:24:00.001-07:00

http://www.rewedmonton.ca/MORTGAGE_RATES/index_html

A little guidance makes it easier to buy your first home.

2012-02-02T09:48:00.001-07:00

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Residential Mortgage Rates

2012-01-30T00:56:00.001-07:00

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2012 Housing Forecast Seminar

2012-01-25T21:24:00.001-07:00

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Residential Mortgage Rates

2012-01-23T10:01:00.001-07:00

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Residential Mortgage Rates

2012-01-18T21:28:00.001-07:00

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Why are mortgage rates hitting record lows?

2012-01-16T05:59:00.002-07:00

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Start the New Year clutter-free.

2012-01-12T10:23:00.002-07:00

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New Years goals for the workaholic

2012-01-08T20:29:00.000-07:00

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2011 Edmonton real estate market provides stable and healthy base for 2012

2012-01-04T17:31:00.000-07:00

Edmonton, January 4, 2012: The REALTORS® Association of Edmonton reported that the all-residential average price for real estate sales through the Multiple Listing Service® (MLS®) in December was up 1.7% ($316,415) from a year ago. The average price of a single family detached home was also up 2.0% to $364,803 from December 2010. Relative to last December housing prices were up overall as well. As typical for December when sales usually fall off, month over month sales were down 27% and prices dipped 1.5% as compared to the November figures.

“With economic uncertainty impacting Europe and depressed housing markets in parts of the United States, it is a relief to report on the stability and health of the local real estate market,” said REALTORS® Association of Edmonton President (2011) Chris Mooney. “With prices and sales varying within a small range there is a solid base going forward into the 2012 market.”

In November the average price of a single family detached home was $364,924 and dipped just 0.3% in December. A year ago the average price was $357,636. That stability was reflected in condo pricing as well. In November the average price of a condo was $228,689 and the December price of $227,679 was down just 0.4%. A year ago the average condo price was $225,641. Duplex and rowhouse properties sold on average for $282,620, a 9.7% drop from a year ago.

The average residential price (including all SFD, condo, duplex, townhouse properties sold in the Greater Edmonton Area) was $316,415: down from November by 1.5%. There were 1,085 properties listed and 827 sold in December. There were 1,088 listings and 829 sales in December 2010. With slower sales the Days-on-market was 65 and the sales-to-listing ratio was a high for the year of 76.2%.

Looking back over the year, Mooney was content. “Last January, I forecast a 3% increase in single family prices and no movement in condo prices when comparing December to December. We ended up with a change of about half that overall and condo prices up. Homeowners generally saw an equity increase in the value of their homes in 2011.”

The all-residential average price for the entire year was $325,457 as compared to $329,019 in 2010. There were 10,962 SFD sales (up 5.5%) in 2011 and 4,638 (down 0.4%) condo sales. Total residential sales were 16,893 units (up 3.8%) on listings of 30,906 units (down 2.0%).

Total MLS® sales (including residential, rural, recreational and commercial properties) were valued at $6.29 billion and represented 39,350 listings and 18,986 sales transactions. “REALTORS® were involved in almost 60,000 real estate transactions in 2011 and advised on thousands more that never materialized. There were tens of thousands of business people, families and individuals who met with one of our 3,200 REALTOR® members this year, and I am proud of their service to the community and the local economy,” said Mooney.

REALTORS® also provided funding of $300,000 to 44 community groups this year through the REALTORS® Community Foundation and supported arts, heritage and community events through marketing and individual contributions. The REALTORS® Association of Edmonton printed over 2.5 million copies of the Real Estate Weekly in 51 issues and 1,061 members participated in professional development courses including 225 new members and 20 new broker/managers.

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Highlights of MLS® System activity

December activity                                       Record for the month*      % change from December 2010

Total MLS® System sales this month                      949                                           2.8%

Value of total MLS® System sales - month         $312 million                                   3.6%

Value of total MLS® System sales - year            $6.29 billion                                   2.4%

Residential¹ sales this month                               $262 million                                   1.5%

Residential average price                                     $316,415                                       1.7%

SFD² average selling price - month                      $364,803                                       2.0%

SFD median³ selling price                                    $352,000                                      3.8%

Condo average selling price                                 $227,679                                      0.9%

¹. Residential includes SFD, condos and duplex/row houses.

². Single Family Dwelling

³. The middle figure in a list of all sales prices

* Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area. Prior period figures have been adjusted to include late reported sales and cancellations and therefore reflect a more accurate view of the period than previously reported at month end.

Christmas at the Legislature

2011-12-14T10:50:00.001-07:00

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REALTORS® Association sees stable market with few surprises

2011-12-05T14:27:00.000-07:00

Edmonton, December 5, 2011: There were no surprises in the month-end Multiple Listing Service® sales figures for the month of November released by the REALTORS® Association of Edmonton today. The all-residential average* sales price of $321,135 was up less than one percent from last month and last November. Single family detached homes sold on average for $365,734 which is marginally higher than last November and last month. Condominium average price ($227,901) was up 2.3% month-over-month (from $222,778) but down 0.6% from a year ago (from $229,337).

“Prices will vary from neighbourhood to neighbourhood and from property to property,” said REALTORS® Association of Edmonton President Chris Mooney. “But generally your home would have sold last month for about the same amount as it did last year. There was a slight decrease in sales activity compared to last year but listings also decreased reducing the inventory to the level it was at in February.”

◦Residential listings = 1,800 with sales = 1,084

◦Total MLS® listings = 2,239 with sales = 1,236

◦Residential inventory = 6,588

◦Total MLS® inventory = 10,390

◦Sales-to-listing ratio (residential) = 60%, in 2010 = 64%

◦Days-on-market = 59 (same as October), last November = 64 days

“I almost think that the market is resting after the maelstrom that has occurred in the past five years,” said Mooney. “Compared to other national and global markets this part of the world is a safe haven with stability right now and great prospects in the very near future.” Total MLS® sales for the year-to-date were $5.96 billion compared to just $5.84 billion last November.

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Highlights of MLS® System activity

November activity                                           Record for the month*    % change from November '10

Total MLS® System sales this month                         1,236                                   -5.80%

Value of total MLS® System sales - month            $419 million                              -1.60%

Value of total MLS® System sales - year               $5.95 billion                               2.00%

Residential¹ sales this month                                  $348 million                              -8.20%

Residential average price                                         $321,135                                  0.02%

SFD² average selling price - month                          $365,734                                  0.21%

SFD median³ selling price                                       $348,000                                 -0.57%

Condo average selling price                                    $227,901                                 -0.63%

¹. Residential includes SFD, condos and duplex/row houses.

². Single Family Dwelling

³. The middle figure in a list of all sales prices

* Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area. Prior period figures have been adjusted to include late reported sales and cancellations and therefore reflect a more accurate view of the period than previously reported at month end.

Prepare for Canadian winter driving with 3 easy steps?

2011-11-29T13:39:00.001-07:00

http://www.rewedmonton.ca/content_view_rew?CONTENT_ID=3275

Terra Losa Price Reduction!!!

2011-11-24T09:24:00.000-07:00

2 Bedrooms, 2 bathrooms, top floor unit with underground parking & storage. Reduced to $236,000

Check out my website @

http://www.coreytoker.com/Edmonton/Alberta/Condos/Terra_Losa/Agent/Listing_44661826.html

Check out the YouTube video @

http://www.youtube.com/watch?v=_hCOj3tAxR8

Top tips to sell your home fast.

2011-11-22T15:52:00.001-07:00

http://www.rewedmonton.ca/content_view_rew?CONTENT_ID=3270

Terra Losa Condo Price Reduction!!!!

2011-11-15T14:43:00.002-07:00

2 bedrooms, 2 bathrooms, top floor unit with underground parking stall. REDUCED TO $239,000

What type of winter driver are you?

2011-11-15T13:56:00.001-07:00

http://www.rewedmonton.ca/content_view_rew?CONTENT_ID=3263

With retirement approaching should I pay down my mortgage or invest in the future?

2011-11-09T10:43:00.002-07:00

http://www.rewedmonton.ca/content_view_rew?CONTENT_ID=3254

Terra Losa Condo Reduced!!!!

2011-11-08T10:23:00.000-07:00

2 Bedrooms, 2 bathrooms, top floor unit with underground parking. Reduced to $243,000

Check out my website @
http://www.coreytoker.com/Edmonton/Alberta/Condos/Terra_Losa/Agent/Listing_44661826.html

Check out the YouTube video @
http://www.youtube.com/watch?v=_hCOj3tAxR8

Local housing market figures make homeowners smile

2011-11-07T09:16:00.000-07:00

Edmonton, November 2, 2011: In October the streets are overrun with ghoulish figures and scary characters but homeowners had no reason to fear the local housing market. Average prices for all types of residential property softened in October as part of the seasonal trend. In October the average* price of a single family detached home dipped lower than the two previous years and the previous month. The average price of a condo also dropped below the two previous same-month levels and was $15,500 below the price at the start of 2011. Over-all, the average residential price dropped to the lowest point since March but was $2,500 above the same figure in 2010.

◦SFD average price $362,897 (down 3.4% m/m), median price $346,500

◦Condo average price $223,892 (down 4.4% m/m), median price $210,500

◦Duplex/row house average price $309,474 (up 4.7% m/m) , median price $308,000

◦All-residential average price $319,985 (down 3.9% m/m), median price $312,500

“The balanced market continues as evidenced by the same number of residential sales in October 2011 and October 2010,” said REALTORS® Association of Edmonton President Chris Mooney. “Although there are initial signs of labour shortages in the service sector, we are optimistic about real estate performance. As job openings increase in Alberta, people will again start to move here and drive real estate sales up.”

The sales-to-listing ratio was up 2% to 54% in October and the days-on-market figure rose from 56 in September to 59 in October. Residential listings were down in October compared to last year and as a result the available inventory dropped from 8,062 in September to 7,296 at the end of October. There were 1,170 residential sales in October compared to 1,169 in October 2010. Listings dropped from 2,218 in October 2010 to 2,166 this year.

“My colleagues and I are out in the marketplace every day, talking to buyers and sellers,” said Mooney. “We see some reluctance from clients who have their eye on other markets but those who focus on the local figures see the strength, stability and opportunity that support a decision to invest in real estate.” There are 3,124 REALTORS® active in the Edmonton area who can assist with a real estate transaction.

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Highlights of MLS® System activity

October activity                                          Record for the month*      % change fromOctober '10

Total MLS® System sales this month                    1,358                                   2.40%

Value of total MLS® System sales - month       $439 million                            1.10%

Value of total MLS® System sales - year         $5.51 billion                            1.80%

Residential¹ sales this month                             $374 million                            1.30%

Residential average price                                  $319,985                                 1.20%

SFD² average selling price - month                   $362,897                                -0.30%

SFD median³ selling price                                 $346,500                                 0.40%

Condo average selling price                              $223,892                                -4.40%

¹. Residential includes SFD, condos and duplex/row houses.

². Single Family Dwelling

³. The middle figure in a list of all sales prices

* Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area. Prior period figures have been adjusted to include late reported sales and cancellations and therefore reflect a more accurate view of the period than previously reported at month end.

City to invest more than $2.3 Billion in infrastructure.

2011-11-05T11:33:00.002-06:00

http://www.rewedmonton.ca/content_view_rew?CONTENT_ID=3255

Terra Losa Condo Reduced!!!!

2011-11-01T10:59:00.000-06:00

2 Bedrooms, 2 bathrooms, top floor unit with underground parking. Reduced to $245,000

Check out the YouTube video @

http://www.youtube.com/watch?v=_hCOj3tAxR8

Get more info @

http://www.coreytoker.com/Edmonton/Alberta/Condos/Terra_Losa/Agent/Listing_44661826.html

Home Safety Tips for Seniors

2011-10-31T09:49:00.001-06:00

http://www.rewedmonton.ca/content_view_rew?CONTENT_ID=3249

$300,000 Goal - Christmas Charity Auction

2011-10-24T09:52:00.001-06:00

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Go green without going in the red.

2011-10-17T15:55:00.001-06:00

http://www.rewedmonton.ca/content_view_rew?CONTENT_ID=3237

Price Reduction on Terra Losa Condo

2011-10-14T12:20:00.000-06:00

Terra Losa condo reduced to $247,500. 2 bedrooms, 2 bathrooms, top floor, underground parking. Check it out!

http://www.coreytoker.com/Edmonton/Alberta/Condos/Terra_Losa/Agent/Listing_44661826.html

http://www.youtube.com/watch?v=_hCOj3tAxR8

Local housing market figures make homeowners smile

2011-10-06T09:59:00.000-06:00

Edmonton, October 4, 2011: The owners of single family homes in Edmonton and area have seen the value of their property increase more than many other investments. While the stock market and dollar have plunged recently and interest on savings accounts is minimal, local homeowners are seeing a five percent increase in the value of their residential property this year. Compared to prices on December 31, 2010, a single family dwelling has increased on average* 5.1% and a condo has increased 4.7%.

"REALTORS® remain optimistic about the future of the local market," said REALTORS® Association of Edmonton President Chris Mooney. "In January, we forecast that single family homes would be priced about three percent higher at year end. Now they are priced five percent higher and we don't anticipate that prices will soften very much in the fourth quarter. We did not anticipate an overall increase in condo prices so we are a little surprised that condo prices are also up almost five percent."

The average price for a single family detached home in September was $375,738, up 1.4% from a month earlier. The average price of a condo was up 2.1% to $236,125 during the same period. The average residential price in the Greater Edmonton area in September was up 2.6% to $332,782 from $324,217 in August. Duplex and rowhouse sales of just 66 units in September showed an average price drop of 3.2% to $296,117.

The consumer confidence that has allowed housing prices to rise has also spurred sales. There were 1,345 residential property sales in September, with listings of 2,585 residential properties. The residential sales-to listing ratio was 52% with homes resting on market for an average of 56 days. Total MLS® listings numbered 3,292 with total MLS® sales of 1,536 properties of all types.

"Movement of properties in the lower half of the price range is faster than the more expensive properties," said Mooney. It takes 48 days on average to see an SFD priced below average compared to 53 days to sell a home priced over the average. "The consumer is price conscious and with 8,062 homes currently on the market, the buyer has lots of choice. Sellers should ensure that their home price is based on current market reality and not a fantasy if they want to sell in a reasonable time period."

There were 3,178 REALTORS® ready to serve clients at the end of September 2011.

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Highlights of MLS® System activity

September activity                                           Record for the month*        % change from September '10

Total MLS® System sales this month                        1,536                                          4.60%

Value of total MLS® System sales - month           $519 million                                   5.40%

Value of total MLS® System sales - year             $5.04 billion                                   1.20%

Residential¹ sales this month                                 $444 million                                   9.50%

Residential average price                                      $332,782                                        2.60%

SFD² average selling price - month                       $375,738                                        2.20%

SFD median³ selling price                                     $355,000                                        2.00%

Condo average selling price                                  $236,125                                       -0.50%

¹. Residential includes SFD, condos and duplex/row houses.

². Single Family Dwelling

³. The middle figure in a list of all sales prices

* Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area.

For a great lawn next spring, feed it this fall.

2011-09-29T22:27:00.001-06:00

http://www.rewedmonton.ca/content_view_rew?CONTENT_ID=3222

Easy tips for simple laundry storage.

2011-09-26T18:47:00.001-06:00

http://www.rewedmonton.ca/content_view_rew?CONTENT_ID=3219

Five ways to live large, even in a small space.

2011-09-25T23:50:00.001-06:00

http://www.rewedmonton.ca/content_view_rew?CONTENT_ID=3217

Shrinking Floors

2011-09-22T11:49:00.001-06:00

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You'll Flip!!!

2011-09-14T12:45:00.001-06:00

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Purchasing Power

2011-09-11T15:08:00.001-06:00

http://www.rewedmonton.ca/content_view_rew?CONTENT_ID=3205

Giant machines, big sounds, sweet smells

2011-09-07T14:23:00.002-06:00

http://www.rewedmonton.ca/content_view_rew?CONTENT_ID=3197

NEW LISTING ALERT

2011-09-03T13:22:00.000-06:00

POLLARD MEADOWS 2 STOREY TOWNHOME. 2 BEDS, 2 BATHS, END UNIT. $215,000. E3275895

NEW LISTING ALERT

2011-09-03T13:19:00.000-06:00

TERRA LOSA CONDO, TOP FLOOR, 2 BEDS, 2 BATHS FOR $264,999. E3275897

Self employed borrowers

2011-09-01T13:29:00.002-06:00

http://www.rewedmonton.ca/content_view_rew?CONTENT_ID=3198

Downpayment & rate holds

2011-08-28T09:57:00.002-06:00

http://www.rewedmonton.ca/content_view_rew?CONTENT_ID=3193

Concrete upholds newest "building" code demands.

2011-08-24T09:17:00.000-06:00

http://www.rewedmonton.ca/content_view_rew?CONTENT_ID=3191

Stop and think about what really matters in life.

2011-08-21T09:21:00.002-06:00

http://www.rewedmonton.ca/content_view_rew?CONTENT_ID=3188

Remediation of mould contaminated materials

2011-08-18T09:28:00.002-06:00

http://www.rewedmonton.ca/content_view_rew?CONTENT_ID=3189

Fringeopolis August 11-21, 2011

2011-08-14T17:01:00.002-06:00

http://www.rewedmonton.ca/content_view_rew?CONTENT_ID=3181

Specifics involved in purchasing a condo

2011-08-11T10:39:00.001-06:00

http://www.rewedmonton.ca/content_view_rew?CONTENT_ID=3182

Local Housing Market continues upward trend

2011-08-03T15:12:00.000-06:00

Edmonton, August 3, 2011: According to the REALTORS® Association of Edmonton, the average price of housing increased through July as compared to the previous month. The all-residential average price increased 1.1% to $334,054; up from $330,298 in June. Single family home prices increased 1.3% while condo prices rose 4.3% during the month.

Residential sales in July were 1,441 up 3.6% compared to the same time last year. Residential listing activity dropped slightly in July to 3,038 units; down 210 units from June but up 193 units from the same time last year. The inventory of homes on the Multiple Listing Service® is quickly approaching par from last year at 8,421 properties available as of July 31.

“Our local housing market is quite healthy with affordable prices, a good inventory and strong sales,” said REALTORS® Association of Edmonton President Chris Mooney. “The selection of properties on the market for buyers is excellent. With employment opportunities popping up throughout the region and interest rates being very attractive, now is a good time to purchase a property in Edmonton.”

The average* price of a single family detached home in July was $384,656 with a median price of $360,000. Condo average price was $244,225 with a median of $223,000. Duplex and rowhouse prices rose on average from $296,969 to $309,816, a 4.3% increase.

“The increase in housing prices is on track with our January forecast and as we move into fall, we don’t see prices increasing substantially,” said Mooney.

The average days-on-market in July was 51 days: the same as in July 2010. The residential sales-to-listing ratio was 47% in July and total MLS® System sales were over $3.887 billion for the year so far.

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Highlights of MLS® System activity

July 2011 activity                                         Record for the month*              % change fromAugust 2010

Total MLS® System sales this month                    1,604                                               1.78%

Value of total MLS® System sales - month      $542 million                                         2.55%

Value of total MLS® System sales - year        $3.89 billion                                        -2.72%

Residential¹ sales this month                           $481 million                                          4.84%

Residential average price                                 $334,054                                              1.14%

SFD² average selling price - month                  $384,656                                              1.32%

SFD median³ selling price                                $360,000                                           no change

Condo average selling price                             $244,225                                             4.28%

¹. Residential includes SFD, condos and duplex/row houses.

². Single Family Dwelling

³. The middle figure in a list of all sales prices

* Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area. Prior period figures have been adjusted to include late reported sales and cancellations and therefore reflect a more accurate view of the period than previously reported at month end.

New Listing Alert

2011-08-03T10:05:00.000-06:00

9818 185 St, Huge lot, great house, must see! $449,000.

Unexpected housing costs can bite into your budget.

2011-07-27T23:23:00.000-06:00

http://www.rewedmonton.ca/content_view_rew?CONTENT_ID=3164

Getting to the bottom of mould in your home

2011-07-26T10:19:00.002-06:00

http://www.rewedmonton.ca/content_view_rew?CONTENT_ID=3163

Go green to see more green.

2011-07-20T14:35:00.002-06:00

http://www.rewedmonton.ca/content_view_rew?CONTENT_ID=3159

Rate your summer efficiency

2011-07-18T02:31:00.000-06:00

http://www.rewedmonton.ca/content_view_rew?CONTENT_ID=3158

New Listing Alert!!

2011-07-11T11:42:00.002-06:00

Belvedere bungalow. 6211 137 Ave listed for $269,900,

REALTORS® Optimistic About Strength in the Local Housing Market

2011-07-05T14:43:00.000-06:00

Edmonton, July 5, 2011: Economic and other external indicators point to a strengthening of the local real estate market according to the REALTORS® Association of Edmonton.

◦Statistics Canada reported that Alberta boasted the highest spike in population in the first quarter with a 0.4% increase.

◦The Conference Board of Canada predicts that housing prices in Edmonton will increase from five to seven percent in the short term although local prices are currently down when compared to last year.

◦Although the Bank of Canada seems reluctant to raise interest rates because of the negative impact on exports, CMHC reports that Canadians are budgeting for an interest rate hike.

◦While housing prices nationally are up by 8.6% (May figures) Edmonton prices are tracking predictably in a stable market.

◦CIBC is of the opinion that Alberta home prices are over-valued by 17% yet RBC names Edmonton amongst the most affordable major metro markets in Canada.

◦A report by Peters and Co. forecast that $180 billion will be spent on new oilsands projects in the next decade with current oilsands operations and maintenance adding another $30 billion a year.

“The various reports and indicators can be confusing and contradictory,” said REALTORS® Association of Edmonton President Chris Mooney. “Alberta and Edmonton are often moving in a different direction than the rest of the country and a national statistic or trend may not apply here. REALTORS® are very optimistic about the current market and are prepared to help home buyers and sellers sort through the figures to determine the best housing strategy for each individual or family.”

In the first half of the year the average* price of a single family detached home has risen from $357,540 to $379,409 while the all-residential price has risen from $308,497 to $330,297. However compared to the same-month year-over-year, prices have risen consistently between the levels set in the past two years.

In the short term, when compared to the previous month, prices in June were generally stable. Single family homes were up 0.31% from $378,239 to $379,409. Condo prices dropped from $239,782 to $231,852 (down 3.3% after rising 3.1% in May). Duplex and row house prices climbed slightly from $295,334 to $296,689. The all-residential average price dipped 0.5% during the month of June.

There were 1,768 residential sales in June with 3,260 listings resulting in a sales-to-listing ratio of 54%. This is compared to 53% in May. There are currently 8,432 residential properties in the MLS® System inventory and days-on-market is slower at 53 days (up from 50 in May).

“We know that all real estate is local and homeowners and buyers should focus on local data and local expertise to guide their decisions,” said Mooney. “Is it a good time to buy a home in Edmonton? If your domestic needs have changed and you need to move, then seek professional advice and start the process.”

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Highlights of MLS® System activity

June 2011 activity                                          Record for the month*             % change fromJune 2010

Total MLS® System sales this month                        2,011                                           9.40%

Value of total MLS® System sales - month            $668 million                                   7.10%

Value of total MLS® System sales - year              $3.286 billion                                -5.20%

Residential¹ sales this month                                  $584 million                                   7.60%

Residential average price                                        $330,297                                      -0.51%

SFD² average selling price - month                         $379,409                                     -2.86%

SFD median³ selling price                                       $361,888                                       1.09%

Condo average selling price                                    $231,852                                      -5.15%

¹. Residential includes SFD, condos and duplex/row houses.

². Single Family Dwelling

³. The middle figure in a list of all sales prices

New Listing Alert

2011-07-02T11:21:00.000-06:00

Pleasantview Bungalow. 5402 107 St listed for $349,000.

Understanding Mortgage Terms

2011-06-30T15:16:00.001-06:00

http://www.rewedmonton.ca/content_view_rew?CONTENT_ID=3145

OPEN HOUSE

2011-06-23T01:14:00.002-06:00

Saturday June 25th from 1-3 @ 9818 185 St. Huge lot that is located in a quiet west end culdesac. 3 bedrooms, 3 bathrooms with over 2200 sq ft of living space. Stop by and check it out.

Listings Update

2011-06-16T22:07:00.000-06:00

NEW LISTINGS!!!!
9818 185 ST - LA PERLE - $479,999
9835 81 AVE - RITCHIE - $317,000

Reductions
6211 137 Ave - Belvedere - Reduced to $279,900
12723 119 St - Calder - Reduced to $138,900

Protect your home against water damage

2011-06-10T08:12:00.002-06:00

http://www.rewedmonton.ca/content_view_rew?CONTENT_ID=3128

Sense of Community

2011-06-07T09:39:00.001-06:00

http://www.rewedmonton.ca/content_view_rew?CONTENT_ID=3119

Local Housing Market in one word: Up

2011-06-03T10:59:00.000-06:00

Edmonton, June 2, 2011: The local real estate market is looking up according to the current statistics released by the REALTORS® Association of Edmonton. The average residential sales price is up, the price of a single family detached home or a condo is up, number of sales is up and inventory is up over the previous month.

“Local market housing sales this year are tracking as we forecast in January,” explained REALTORS® Association of Edmonton President Chris Mooney. “Historically for the month of May, the days-on-market (50 days) is at the second lowest point in four years while the sales-to-listing ratio at 53% is at the second highest point in the same period. Both metrics are a good indication of market optimism.”

The average* price of a single family detached home in May was $380,545, up a quarter of a percent from last month. An average priced condo sold for $241,079, up an amazing 3.65% from April. Duplex and row house prices declined 2.96% month-over-month but the average residential price (including all types of residential properties) was up 1.39% from a month ago.

Median prices in most housing categories were up: SFD up 1.13%, condo up 3.64%, Duplex/row house down 2% and all residential up 0.8%. There were 1,857 residential sales in May (up 24.9% from April) with listings of 3,525 properties (up from 3,278 in April). As a result, inventory increased from 7,715 properties to 8,180.

“There is a wide range of property on the market right now but it is turning over quicker than in recent months,” said Mooney. “The local economy is picking up, the demand for labour is increasing but the national situation is keeping interest rates low. We anticipate increasing prices and sales through the summer ahead as we originally forecast.”

Total Edmonton and area MLS® System sales in May were $701 million for an annual total-to-date of $2.574 billion.

Highlights of MLS® System activity

May 2011 activity                                      Record for the month*      % change fromMay 2010

Total MLS® System sales this month                   2,080                                   3.27%

Value of total MLS® System sales - month      $701 million                            1.53%

Value of total MLS® System sales - year         $2.57 billion                          -9.40%

Residential¹ sales this month                            $616 million                            1.23%

Residential average price                                 $331,974                                -2.42%

SFD² average selling price - month                  $380,545                                -2.48%

SFD median³ selling price                                $357,000                                -2.19%

Condo average selling price                             $241,079                                -2.96%

¹. Residential includes SFD, condos and duplex/row houses.

². Single Family Dwelling

³. The middle figure in a list of all sales prices

* Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area.

Top 5 tips for first time home buyers.

2011-06-02T10:11:00.003-06:00

http://www.rewedmonton.ca/content_view_rew?CONTENT_ID=3121

Local Housing Market well-balanced: able to meet reasonable expectations

2011-05-05T09:29:00.000-06:00

Edmonton, May 3, 2011: According to the REALTORS® Association of Edmonton, the average price of housing remained relatively stable through April as compared to the previous month. The all-residential average price decreased $310 to $327,415; down from $327,725 in March. Single family home prices decreased $425 while condo prices rose $1,305 (0.6%) during the month. Despite the activity the market is balanced without a distinct advantage for either buyer or seller.

“Prices and sales usually increase in the second quarter and REALTORS® are busy serving new and repeat customers,” explained REALTORS® Association of Edmonton President Chris Mooney. “The increase in new listings means that there is a good selection of homes to choose from. However, the market is still price sensitive and sellers will have to have a realistic pricing strategy if they are expecting a quick sale.”

Residential sales were 1,487 down 7.8%; compared to 1,613 in March. Residential listing activity rose from 2,958 units in March to 3,278 units in April. Inventory of homes on the Multiple Listing Service® increased from 6,885 last month to 7,215 as of April 30.

The average* price of a single family detached home in April was $379,075 with a median price of $357,000. Condo average price was $234,220 with a median of $220,000. Duplex and rowhouse prices rose on average from $294,585 to $300,906, a 2.1% increase. All prices reflected sales across the entire Edmonton region including surrounding communities and counties.

“There is a lot of activity in the local market and the situation changes every day and from neighbourhood to neighbourhood,” said Mooney. “Only your REALTOR® has access to the most up-to-date sales activity and sold prices. He or she is prepared to work closely with you to locate your next dream home or sell the property that no longer meets your lifestyle needs.”

The average days-on-market in April was 49 days. The residential sales-to-listing ratio was 45% in April and total MLS® System sales were over $1.822 billion for the year so far.

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Highlights of MLS® System activity

April 2011 activity                                        Record for the month*                            % change fromApril 2010

Total MLS® System sales this month                      1,646                                                       -21.70%

Value of total MLS® System sales - month         $549 million                                                 -24.30%

Value of total MLS® System sales - year            $1.82 billion                                                 -15.40%

Residential¹ sales this month                               $487 million                                                  -23.50%

Residential average price                                      $327,415                                                      -3.70%

SFD² average selling price - month                       $379,075                                                      -2.10%

SFD median³ selling price                                     $357,000                                                     -3.50%

Condo average selling price                                  $234,220                                                     -7.30%

¹. Residential includes SFD, condos and duplex/row houses.

². Single Family Dwelling

³. The middle figure in a list of all sales prices

* Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area. Prior period figures have been adjusted to include late reported sales and cancellations and therefore reflect a more accurate view of the period than previously reported at month end.

First Quarter Housing Sales on Normal Track; Prices Up

2011-04-14T10:50:00.002-06:00

Edmonton, April 5, 2011: REALTORS® expect the local real estate market to follow a well-worn annual sales track. However, like the stock market, large external forces can skew the market. In 2010, the threat of increased mortgage rates and a change to mortgage qualification rules accelerated sales in the first quarter and caused a sales slump in the following months that took all summer to work through. This year there are no external influences on the market and it is operating normally again.

According to the REALTORS® Association of Edmonton, residential sales in the first quarter are normal for this time of year although lower than 2010 numbers because of the abnormalities imposed on the previous market. There were 3,479 residential sales in the first quarter, which is down from 3,890 last year.

“We will see sales number bounce back as we move into the spring market period,” said REALTORS® Association of Edmonton President Chris Mooney. “All the fundamentals for this market are positive. There is job stability, low unemployment, income growth and in-migration. New home builders are busy and I expect buyers to be looking at the housing options which match their lifestyle changes.”

At the end of March, the average* residential price (includes all types of housing including condos) was down 4.6% from a year ago at $327,725. The average price of a single family detached home was down to $378,912 compared to 2010 (a -2.6% change) and condos were priced down 7.5% year-over-year at $232,706.

As the market picks up momentum, prices inch up each month with the average residential price up 4.8% from a month ago. Compared to February, prices for SFDs were up 5.8% and condos up 0.8%.

“REALTORS® expect that prices will continue to climb slowly through the next quarter as usual,” said Mooney. “We are already seeing strong sales in the lower end of the market but tighter mortgage qualification rules have slowed sales in the upper end. Sellers should review their asking prices or consider minor home improvements that will appeal to the potential buyer.” Mooney urged both buyers and sellers to contact their REALTOR® to get assistance and advice on home selection and pricing strategy.

REALTORS® listed 2,960 residential properties in March and sold a total of 1,503 properties. Current residential inventory is 6,885 up 7.8% from last month. The residential sales-to-listing ratio in March was 45% with days on market down from 58 to 50 days. Total MLS® System sales this year are $1.235 billion.

Highlights of MLS® System activity

March 11 activity                               Record for the month*  % change from '10  % change Feb '11

Total MLS® System sales this month              1659                       -10.30%                   45.10%

Value of total MLS® System sales - month    $554 million              -13.20%                   52.00%

Value of total MLS® System sales - year       $1.24 billion              -13.50%                   91.80%

Residential¹ sales this month                            $493 million              -14.00%                   50.80%

Residential average price                                 $327,725                  -4.60%                      4.76%

SFD[2] average selling price - month               $378,912                  -2.59%                      5.84%

SFD median[3] selling price                             $355,000                  -2.74%                      2.31%

Condo average selling price                             $232,706                  -7.48%                      0.76%

¹. Residential includes SFD, condos and duplex/row houses.

². Single Family Dwelling

³. The middle figure in a list of all sales prices

February Housing Prices mirror 2009 after increasing from January

2011-03-04T13:18:00.000-07:00

Edmonton, March 2, 2011: It was 2009 all over again if the housing figures released by the REALTORS® Association of Edmonton are any indication. Prices for all categories of residential property sold in February mirrored prices in the same month in 2009 after showing pricing gains from January this year.

Single family detached properties sold for $359,934 on average* in February; up 1% from January. The February price was down 3.1% from a year ago but close to the $349,810 price in February 2009. Condo prices followed the same pattern. At $230,911 on average, condos were up 4.5% from a month ago but down 0.65% year over year. In February 2009, condos sold for $229,685. The average price for a duplex/rowhouse in February was $303,440; up 2% from January but down 5.6% from a year ago. In 2009, the February price for this category was $288,379.

"Sales and prices in early 2010 were pushed up by the impending mortgage rate increases and qualification changes," explained REALTORS® Association of Edmonton President Chris Mooney. "Now that the market is stable, price levels have returned to the 2009 levels. However, the price increases for all housing types from January indicate the slow upward movement that local REALTORS® anticipated."

The all-residential average price (including single family, condo, duplex, townhouse, mobile home and other residential housing types) was up three quarters of a percent from January but down 1.8% from a year ago. However, at $312,840 it matched the February 2009 price at $310,488.

REALTORS® listed 2,631 residential properties in February and sold a total of 1,044 properties. Current residential inventory is 6,389 up 13.4% from last month. The sales-to-listing ratio in February was 39% with days on market down from 67 to 58 days. "With the recent announcement by the Bank of Canada that interest rates are not being raised, consumers can have confidence in the strength of the local real estate market," said Mooney. "Call a REALTOR® to begin your house search."

- 30 -

Highlights of MLS® System activity

February 2011 activity                       Record for the month*   % change from Feb '10

Total MLS® System sales this month             1,143                              -20.30%

Value of total MLS® System sales - month $364 million                     -20.80%

Value of total MLS® System sales - year     $643 million                     -18.50%

Residential¹ sales this month                         $326 million                     -20.60%

Residential average price                              $312,840                            -1.76%

SFD² average selling price - month               $359,934                            -3.10%

SFD median³ selling price                             $347,000                            -2.50%

Condo average selling price                          $230,911                            -0.65%

¹. Residential includes SFD, condos and duplex/row houses.

². Single Family Dwelling

³. The middle figure in a list of all sales prices

* Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area.

Homebuyers dig into snow banks not wallets in January.

2011-02-02T11:40:00.004-07:00

Edmonton, February 2, 2011: According to the REALTORS® Association of Edmonton the average price of housing increased slightly in January as compared to the previous month. The all-residential average price rose three quarters of a percent to $310,766; up from $308,497 in December. Single family homes rose a quarter of a percent while condo prices dropped just over one percent during the month.

Residential sales of 735 were on par with December sales (834) and sales in January 2009 (775) but off 21% from the same month last year (931). Residential listing activity rose from 1,102 units in December 2010 to 2,142 units in January. Inventory of homes on the Multiple Listing Service® System decreased from 5,721 at year end to 5,633 as of January 31.

“Traditionally the market dips in December but inventory starts to build in January to supply the spring market,” explained REALTORS® Association of Edmonton President Chris Mooney. “Prices are up slightly but the cold weather seems to have kept buyers and sellers out of the market. We expect sales activity to increase along with spring temperatures and continue all through the first two quarters.”

The average* price of single family dwellings in January was $356,276 with a median price of $349,900. Condo average price was $220,993 with a median of $214,000. Duplex and rowhouse prices also dropped on average from $315,163 to $297,587 a 5.6% drop. All prices reflected sales across the entire Edmonton region including surrounding communities and counties.

Mooney suggested that changes to mortgage qualification rules would not have the same effect that last year’s rule changes had. “In 2010, people reacted early to the changes and completed their home purchases earlier than usual. The reduction from 35 to 30 year amortization limits will come into effect on March 18 but we do not expect it to affect a large number of purchasers,” said Mooney.

The average days-on-market in January was 67 days up from 53 last year. The residential sales-to-listing ratio was a low 34% in January and total MLS® System sales were almost $253 million.

- 30 -

Highlights of MLS® System activity

January 2011 activity                                  Record for the month*  % change fromJan.'10

Total MLS® System sales this month                         803                            -22.60%

Value of total MLS® System sales - month           $253 million                      -19.70%

Value of total MLS® System sales - year              $253 million                      -19.70%

Residential¹ sales this month                                $228 million                       -21.00%

Residential average price                                      $310,766                           -11.10%

SFD² average selling price - month                        $356,276                             -2.29%

SFD median³ selling price                                    $349,900                             -1.71%

Condo average selling price                                  $220,994                             -8.35%

¹. Residential includes SFD, condos and duplex/row houses.

². Single Family Dwelling

³. The middle figure in a list of all sales prices

* Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area. Prior period figures have been adjusted to include late reported sales and cancellations and therefore reflect a more accurate view of the period than previously reported at month end.

Updated mortgage rates.

2011-01-28T12:30:00.002-07:00

http://www.rewedmonton.ca/MORTGAGE_RATES/index_html

Single Family and Condo Prices Slightly Lower in December

2011-01-06T09:58:00.001-07:00

Edmonton, January 5, 2011: The average price for a single family detached home in December was $355,270, down about $10,000 as compared to the price in November. The average condo price dropped less than $6,000 to $223,454. The marginal price reduction (down 0.45%) continued a SFD slide that started in June when average prices were over $390,000. Condo prices peaked at $252,700 in April and have continued a relentless march downward since then.

The REALTORS® Association of Edmonton released month end and year end results for sales through the local Multiple Listing Service® and includes all residential sales for the City of Edmonton and surrounding communities and counties.

As compared to December 2009, single family prices were down 2.5% and condo prices were off by 7.2%. The average price of all residential property sales in December was down 2.0% as compared to a year ago.

“Homebuyers are watching housing prices slide and may attempt to catch the market at the bottom by delaying their purchase but the low point is only evident about three months after it is reached,” said Larry Westergard, President of the REALTORS® Association of Edmonton. “Home sales are still happening each day and by waiting, the wary buyer may miss the ideal home.”

He urged home sellers to also watch the pricing trends to ensure that their home was appropriately priced relative to the market. “Market activity will pick up again in the spring as usual according to trends,” said Westergard, “Keep your REALTOR® on speed-dial to ensure you have access to the latest market figures.”

Residential sales activity in December was off 34% (784 sales) as compared to November but fewer homes (1,110) were listed and that reduced the available inventory by 18% to 5,721 residential properties on the Edmonton MLS® System. The average days on market rose from 59 to 66 days.

Year-over-year, the all-residential price (includes all single family, condominiums, duplex/rowhouses and mobile homes sold through the year in the Edmonton area) rose 2.6% from 2009. The SFD price rose 3.52% and condos rose 1.89% for the year. REALTORS® sold a total of 18,293 properties of all types in 2010 which was down 14% from 2009. They listed 40,597 properties which is up 7.6% from the previous year. Total Edmonton MLS® System sales were valued at $6.12 billion: a 12% drop from 2009.

The 2011 president of the REALTORS® Association of Edmonton, Chris Mooney, will release his forecast of housing sales and prices on Wednesday, January 12 at the 23rd Annual Housing Forecast Seminar for REALTORS® and their guests.

-30-

Highlights of MLS® System activity

December 2010 activity                                  Record for the month*       % change from Dec. '09

Total MLS® System sales this month                          869                                          -11.50%

Value of total MLS® System sales - month          $281 million                                   -10.20%

Value of total MLS® System sales - year            $6.12 billion                                    -11.70%

Residential¹ sales this month                                       784                                           -11.00%

Residential average price                                       $308,496                                         -2.02%

SFD² average selling price - month                        $355,270                                         -2.49%

SFD median³ selling price                                      $336,500                                         -3.99%

Condo average selling price                                   $223,454                                         -7.20%

¹. Residential includes SFD, condos and duplex/row houses.

². Single Family Dwelling

³. The middle figure in a list of all sales prices

Housing prices soften as sales bump up

2010-12-04T10:44:00.000-07:00

Edmonton, December 2, 2010: The average price of a single family detached property in the Edmonton area continued to soften in November. According to the REALTORS® Association of Edmonton, at $362,657, the average* SFD price was half a percent lower in November than it was in October. Compared to a year ago the price was down significantly by 2.5%. November condo prices also took one of the biggest drops this year with the average price down 2% to $229,603 month-over-month and just under 3% year-over-year. Average duplex/rowhouse prices of $318,605 went up over the previous month (6%) and previous year (10.6%).

Despite the softening of prices in specific categories, overall the market remained stable with the all-residential average price of $319,479 (up 0.65%) from October and up a third of a percent from last year. There were 1,220 residential sales on the Edmonton Multiple Listing Service® in November as compared to 1,177 in October. Listings were down from 2,267 in October to 1,860 in November. This resulted in a drop in the available inventory from 7,689 to 6,982 residential units; still considered high for this market.

“Softening prices, a dip in interest rates, increasing sales nationally and excess local inventory all contributed to a month-over-month sales bump,” said Larry Westergard, president of the REALTORS® Association of Edmonton. “Housing affordability in Edmonton is lower than the national average and economic growth in Alberta is expected to exceed other parts of the country.”

The sales-to-listing ratio in Edmonton and area was 66% and the average days-on-market was down from 60 to 59 days. Taken together the two figures indicate that sellers must exercise patience as they wait for a buyer. They should be encouraged to learn that there was over $400 million worth of real estate sold through the local MLS® System in November.

“It seems that Edmonton is out of phase with the rest of the country and is lagging slightly in comparison to other major markets,” said Westergard. “All the indicators suggest that an increase in real estate sales is right around the corner. Your REALTOR® will continue to monitor the local market and provide appropriate advice for each specific property.”

-30-

Highlights of MLS® System activity

November 2010 activity                                 Record for the month*      % change from November 2009

Total MLS® System sales this month                         1,239                                     -29.00%

Value of total MLS® System sales - month         $400 million                                 -30.50%

Value of total MLS® System sales - year           $5.82 billion                                  -5.52%

Residential¹ sales this month                                      1,220                                      -1.45%

Residential average price                                       $319,479                                     0.31%

SFD² average selling price - month                        $362,657                                    -2.49%

SFD median³ selling price                                      $350,000                                    -1.10%

Condo average selling price                                   $229,603                                    -2.99%

¹. Residential includes SFD, condos and duplex/row houses.

². Single Family Dwelling

³. The middle figure in a list of all sales prices

2 PRICE REDUCTIONS!!!!!

2010-11-16T12:09:00.000-07:00

BOTH OF THESE LOVELY HOMES WERE JUST REDUCED AND ARE PRICED TO SELL IMMEDIATELY. CALL ME FOR MORE INFO AND CHECK OUT THE LINKS BELOW FOR PICTURES.

12024 93 ST ($214,999)

http://www.coreytoker.com/Edmonton/Alberta/Homes/Alberta_Avenue/Agent/Listing_16942646.html

12723 119 ST ($164,999)

http://www.coreytoker.com/Edmonton/Alberta/Homes/Calder/Agent/Listing_12822965.html

October Edmonton housing update.

2010-11-03T11:33:00.005-06:00

Edmonton, November 2, 2010: Although the all-residential average price dropped 3% in October, average prices are almost exactly what they were a year ago. Single family dwellings were sold on average for $365,691 which is just $1,434 less (-0.39%) than October 2009. Condos sold in October for about $2,000 less (-0.9%) than a year earlier at an average price of $235,893.

“Stability is the key word for the Edmonton housing market,” said Larry Westergard, president of the REALTORS® Association of Edmonton. “Prices this fall are matching almost dollar for dollar with prices for the past two years. But I am pleased to report that the inventory dropped 10.6% in October, and as it returns to a more normal level, prices will start to move.”

The average* all residential price in October was $317,422 as compared to $327,235 in September. It was less than one percent lower than the October 2009 price of $320,184. Listing activity continued to slow with just 2,269 residential properties added in October. There were 1,077 residential sales for a sales-to-listing ratio of 44.5%. Total residential inventory was 7,689 properties at the end of October as compared to 8,602 the month prior. The average days-on-market went up to 60 days from 56 last month.

The all-residential median price rose from $306,500 in October 2009 to $308,000 last month. “This rise in the median price stretched the range of the lower end of the market,” said Westergard. “Yet REALTORS® still found 529 properties priced under $300,000 for buyers with smaller budgets or modest housing needs in October. There is still a home suitable for every buyer in this market.” There were 32 sales of residential properties priced at over $750,000 during the same month.

-30-

Highlights of MLS® System activity

October 2010 activity                                   Record for the month*          % change from Oct. '09

Total MLS® System sales this month                      1,244                                         -28.70%

Value of total MLS® System sales - month         $404 million                                  -29.90%

Value of total MLS® System sales - year           $5.37 billion                                  -12.80%

Residential¹ sales this month                                 1,077                                           -29.60%

Residential average price                                    $317,422                                        -0.86%

SFD² average selling price - month                     $365,691                                        -0.39%

SFD median³ selling price                                   $345,000                                        -1.43%

Condo average selling price                                $235,893                                        -0.91%

¹. Residential includes SFD, condos and duplex/row houses.

². Single Family Dwelling

³. The middle figure in a list of all sales prices

2010-10-28T16:19:00.004-06:00

Thanks for the grammer help to everyone at the U of A hospital!!!!

10 reasons why you should buy a home NOW

2010-10-26T23:06:00.002-06:00

http://articles.moneycentral.msn.com/Banking/HomeFinancing/10-reasons-you-should-buy-a-home-now.aspx?cp-documentid=25948264

Purchase plus improvements

2010-10-22T12:55:00.002-06:00

http://www.rewedmonton.ca/content_view_rew?CONTENT_ID=2958

Lack of consumer activity holds housing market steady

2010-10-05T08:51:00.002-06:00

Edmonton, October 4, 2010: Housing prices in the Edmonton area remained stable as we enter the final quarter of the year. Single family dwelling prices in September mirrored prices in August and condo prices rose slightly after four months of decline. Both listings and sales declined in September as compared to a month ago.
“The market seems to be resting,” said Larry Westergard, president of the REALTORS® Association of Edmonton. “After the turmoil of the past couple of years and the rush to buy in the early part of the year, it seems that consumers are just sitting back and waiting to see what comes up next.” There are still over 8,600 residential properties in the local inventory and buyers have lots of choice.
The average* price of a single family property was up $472 and sold for $370,653 in September. Condominiums, which have dropped in price for four consecutive months, rallied and sold on average for $238,822 last month. The slightly less than 1% price increase did not reverse drops from a high of $252,728 in April. The duplex/rowhouse average price was down 11% to $313,462 but tends to vary widely from month to month. The residential sale price (which includes all types of residential property) was $326,499; down less than a quarter of a percent from last month.
Residential sales in September were down from the previous month at 1,187 as were listings at 2,668. This sales-to-listing ratio was 47% and the average days-on-market was unchanged at 57 days.
“The third quarter activity was identical to the first quarter this year,” said Westergard. “Typically we see sales dropping from Q2 to Q3 but remaining higher than Q1. This reflects a very active market in the first part of the year which was spurred on by financial incentives and the threat of increasing interest rates.”

-30-

September 2010 activity	Record for the month*	% change from September 2009
Total MLS® System sales this month	1,379	-27.30%
Value of total MLS® System sales - month	$450 million	-26.50%
Value of total MLS® System sales - year	$4.94 billion	-11.50%
Residential¹ sales this month	1,187	-23.20%
Residential average price	$326,499	0%
SFD² average selling price - month	$370,653	0.70%
SFD median³ selling price	$348,000	0.55%
Condo average selling price	$238,822	-3.10%

¹. Residential includes SFD, condos and duplex/row houses.
². Single Family Dwelling
³. The middle figure in a list of all sales prices

Social media takes flight with housing data

2010-09-29T10:48:00.000-06:00

http://www.rewedmonton.ca/content_view_rew?CONTENT_ID=2937

Selling a Home - Step # 14

2010-09-07T11:03:00.002-06:00

The REALTOR® Commitment

You’re trusting a REALTOR® with your most valuable possession, your home. REALTORS® take this responsibility very seriously. Here’s what we promise you.

Your REALTOR® is highly trained

REALTOR® training is so rigorous that candidates often fail the pre-registration courses. Those who do pass must master a long, diverse list of subjects ranging from housing construction to family law.

Your REALTOR® is continuously trained

We keep pace with the times. All Licensed REALTORS® must take continuing education courses to make sure their knowledge on subjects like legal issues and technology are up to date.

Your REALTOR® does everything by the book

A licensed REALTOR® must be registered under provincial laws that govern exactly how real estate can and cannot be traded. These regulations are your legal guarantee of professional behavior.

Your REALTOR® is an ethical businessperson

REALTORS® must adhere to the extensive Code of Ethics of the Canadian Real Estate Association. Several provinces have additional Codes of Ethics governing the behaviour of real estate professionals. Your interests must always be put first.

Your dealings with a REALTOR® are insured

For your peace of mind, provincial regulators sponsor consumer protection programs that may require, for instance, that REALTORS® maintain Errors and Omissions Insurance. Often deposits consumers make in real estate transactions are also insured under these programs.

Opportunity for recourse

Should you have concerns about the professional behavior of a REALTOR®, provincial regulators and your local real estate board or association take these matters very seriously and work quickly to resolve any issues.

Your REALTOR® has access to the Multiple Listing Service® and Real Estate Weekly

The MLS® System is the single most powerful tool for buying and selling a home. It is a complex information sharing and cooperative marketing network created by REALTORS® to help consumers buy and sell homes. The Real Estate Weekly is an Association-owned newspapers and as such, only REALTORS® have access to this medium, which distributes over 60,000 papers per week. The paper is distributed throughout Edmonton and surrounding areas as far north as Westlock, south to Wetaskiwin, east to Ardrossan and west to Alberta Beach and now includes Strathcona and Sturgeon counties.

Selling a Home - Step # 13

2010-09-06T10:49:00.001-06:00

What to Expect from Your REALTOR®

REALTORS® help you get the most for your home and they remove stress and confusion from the process. Here are just some of the advantages.

Your REALTOR® becomes your home’s champion

When you sign a “Listing Agreement” with your REALTOR®, this is their promise that they will use their skills and resources to get you the best deal for your home.

REALTORS® know how to attract the most potential buyers

Your REALTOR® is an expert home promoter, connected to a network of other REALTORS® and their buyers. They know how to write compelling ads for your home and only REALTORS® can place your home on the Multiple Listing Service®.

REALTORS® will help you increase your homes “sale-ability”

You probably have an emotional attachment to your home and therefore can’t view it objectively. Your REALTOR® will help you present your home in the best possible light, so buyers will fall in love with it more easily.

Legal know-how? They know how

A mishandled document can ruin a sale, or lead to legal action. Your REALTOR® has the experience to recognize potential hurtles early and the resources to help you find solutions and get the process back on track quickly.

Market Knowledge – To help you get the most for your home

REALTORS® are masters of reading the market and recommending the best price for your home. A REALTORS® experience literally pays!

Negotiation Skills – To keep the deal on track

REALTORS® are indispensable when it comes to bargaining with buyers. Tempers can flare and heels can dig on. Your REALTOR® is an expert at smoothing things out.

Next step: The REALTOR® Commitment

August housing market quietens

2010-09-05T11:13:00.002-06:00

Edmonton, September 2, 2010: The REALTORS® Association of Edmonton reports that the average price of single family property in the Edmonton area has softened with a small drop for the second consecutive month. Prices were plateaued at just over $388,000 from March to June. Condominium prices have dropped steadily from their high point of $253,000 in April and are down another 2.99%.

“Despite the two month drop, single family homes are still priced a bit higher than they were at the same time last year,” said Larry Westergard, president of the REALTORS® Association of Edmonton. “There may be bargains in the condominium market as prices are about $10,000 less than a year ago, on average.”

The average* priced single family property was down 1.96% and sold for $372,253 in August. Condominiums dropped in price for the fourth consecutive month and sold on average for $232,230 in August. The duplex/rowhouse average price was up 16.7% to $352,662 but based on just 56 sales so the average may be skewed by the selection of properties sold. The average residential sale price (which includes all types of residential property) was $325,588; down just 1.3% from last month.

Residential sales in August were down from the previous month at 1,195 as were listings at 2,700. This sales-to-listing ratio of 44% increased the available inventory to 8,822 units at the end of the month. Sales were slower as the average days-on-market was up six at 57 days.

“Although the market has quieted this summer the inventory is being constantly refreshed,” said Westergard. “Our 3,200 REALTORS® are listing 50 to 100 properties every day and wide choice is available in all areas. We don’t expect a big push this fall but homes are selling although the sales cycle is longer than many sellers would like.”

-30-

August 2010 activity Record for

the month* % change from

August 2009

Total MLS® System sales this month 1,361 -32.20%

Value of total MLS® System sales - month $445 million -31.40%

Value of total MLS® System sales - year $4.45 billion -10.50%

Residential¹ sales this month 1,195 -29.50%

Residential average price $325,588 2.01%

SFD² average selling price - month $372,253 1.23%

SFD median³ selling price $350,000 --

Condo average selling price $232,230 -4.18%

¹. Residential includes SFD, condos and duplex/row houses.

². Single Family Dwelling

³. The middle figure in a list of all sales prices

Selling a Home - Step # 12

2010-09-05T11:08:00.002-06:00

Go it alone, or use a REALTOR®?

The fact is, most people who try to sell their own home end up using a REALTOR® in the end anyway. Before anybody decides to fly solo through this complex, time consuming and financially perilous process, they should consider these questions.

Will you really “save” the real estate commission?

When buyers see a home for sale ‘by the owner,’ they see a bargain. They imagine the REALTORS® fee going into their pocket, not yours.

Are you familiar with real estate law?

Complicated and ever changing, real estate law governs nearly every phase of selling your home. One mis-step and an entire deal can fall through, or worse, a lawsuit can come your way.

How many potential buyers will you reach?

Selling a home takes more than just hanging a “For Sale” sign. How will you promote your home? Will you write your own ads? How will you use the Internet, knowing that you’ll have no access to REALTOR.ca or the Multiple Listing Service®?

Do you have the time?

Promoting a home is a full time job and you may already have one. Will you be able to take calls at any time? How about screening the callers to figure out if they’re qualified to buy your home? Not everybody who calls is even suitable to walk through your home, but how do you tell?

Do you know the market well enough to get the most for your home?

Lacking years of experience, the average do-it-yourselfer is merely guessing at their listing price. Often they set the price too low and miss out on thousands of dollars, or they price their home too high and drive away willing buyers.

What about your selling skills?

If the personalities of prospective buyers rub you the wrong way, can you still deal with them effectively? What about your own defensiveness when you hear negative comments about your home? Best to keep it at arms length through a REALTOR®.

Do you have the negotiation skills to keep a deal on track?

When an offer comes in, emotions can run high with so much money on the line. This is why direct seller-to-buyer deals often end in disaster. REALTORS® keep it professional and are indispensable when it comes to bargaining with buyers.

Next step: What to Expect from Your REALTOR®

Selling a Home - Step # 11

2010-09-05T11:07:00.001-06:00

10 Questions to Ask When Hiring a REALTOR®

Home owners should interview a few potential REALTORS® before deciding on one to sell their home. Here are some smart questions to ask.

1. How long have you been in the business?

◦A freshly-licensed REALTOR® can do a wonderful job and will have up-to-date training; those in the business longer bring more practical experience to the table.

2. What is your average list-to-sales-price ratio?

◦A competent listing REALTOR® should hold a track record for negotiating sales prices which are very close to list prices.

3. How will your marketing plan meet my needs?

◦Specifically, how will you sell my home? Where and how often do you advertise? Will you show me a sample flier? How do you market online?

4. Will you provide references?

◦Ask if any of the references are related to the REALTOR®. Ask if you can call their references with additional questions.

5. What separates you from your competition?

◦Key phrases to listen for: assertive, available by phone or e-mail, analytical, able to maintain a good sense of humour under trying circumstances.

6. May I review documents that I will be asked to sign?

◦A good REALTOR® makes forms available to you before you are required to sign them. Ask to see agency disclosure, listing agreement, seller disclosure.

7. How will you help me find other professionals?

◦Ask for a written list of referring vendors. Get an explanation if you see the term “affiliated.” It could mean the REALTOR® is getting compensation from vendors.

8. How much do you charge?

◦You don’t have to ask if the fee is negotiable, since all real estate fees are negotiated.

9. What kind of guarantee do you offer?

◦If you sign a listing agreement with the REALTOR® and later find that you are unhappy with the arrangement, will the REALTOR® let you cancel the agreement?

10. What haven’t I asked you that I need to know?

◦Pay close attention to how the REALTOR® answers this question, because there is always something you need to know - always.

Next step: Go it alone, or use a REALTOR®?

Selling a Home - Step # 10

2010-09-03T10:18:00.002-06:00

Close the Deal

Your negotiations were successful and you have a legally binding agreement. But, is the house truly sold? Not quite yet. It’s time for the vital final steps known as “closing.” Your REALTOR® and lawyer will do most of the work Thank goodness. Closing a deal involves many, many complicated and time-consuming legal maneuvers. Which is why you’ve hired pros.

Your Closing Checklist

You still have plenty to do yourself and here’s a comprehensive list.

Contact your lawyer and notify them an agreement has been signed. Make sure they’re ready to close the transaction. Call your insurance agent and arrange cancellation or transfer of your homeowner’s insurance. If the home you are selling will be vacant for more than two or three days, make sure your insurance company is notified.

Immediately begin satisfying any conditions of the agreement that require action on your part. They have definitive dates for completion and failure to do so can result in a lot of hassles, or even spoil the whole deal. Contact a moving company to arrange your move on or prior to closing date.

Notify your lawyer and lending institution if the buyer is assuming your mortgage. Send out your change of address notices and advise the post office. Notify the Ministry of Transportation about your new address for driver’s license and registration.

Contact the utilities, telephone and cable companies about transfer or removal of service. Note: Your lawyer will often handle the transfer of utilities. Notify your REALTOR® immediately if anything changes about your property or your situation.

Contact With Your Lawyer

If you plan to “discharge” or pay off your mortgage with proceeds of the sale, your lawyer will obtain a statement from your lender showing your outstanding balance on the mortgage and any penalties you’ll have to pay to discharge the mortgage.

A few days before closing, your lawyer will ask you to sign the paperwork that enables the title to be transferred to the buyer.

On closing day, your lawyer will receive and distribute the proceeds from the sale, pay off your mortgage and other costs and give you a cheque for the net proceeds.

Congratulations!

You should be pleased that all your hard work paid off. We hope these ten steps helped make it easier. You’ve probably already used the proceeds from your sale to purchase your next property. A very wise move indeed, because as you know, home ownership is one of the best long-term investments you’ll ever make.

Next step: 10 Questions to Ask When Hiring a REALTOR®

Selling a Home - Step # 9

2010-09-02T12:39:00.003-06:00

Receive an Offer

All of your hard work has paid off, but you won’t know exactly how much it’s paid off until you see the offer. This is an exciting, often emotional time, so be prepared.

Your REALTOR® will walk you through the process.

You’ll see every offer. It’s required that your REALTOR® show you every offer submitted. They’ll call for an appointment, usually at your home, to discuss the offer. The buyer’s REALTOR® will probably be there, too. They are there to represent the buyer’s best interests in the negotiation. The buyer will not be there, so you can review and respond to their offer without any awkward pressure.

Your eyes will be immediately drawn to the price!

Here’s where emotions can really kick in. This isn’t a poker game, but remain calm. Listen to the REALTORS® before making any judgments.

You’ll probably ask the buyer’s REALTOR® to leave the room.

Now you and your REALTOR® are alone to discuss the merits of the offer. Maybe it’s time for a high-five, or maybe it’s time to plan your counter offer. You may also wish some private time to discuss things with your spouse.

Three Options when Responding to an Offer.

You can accept the offer.

You got the price you were hoping for, maybe even more! The closing date looks good and there are no fussy conditions. Sold!

You can reject the offer.

This offer isn’t even close.

You can “sign back” or “counter” the offer.

This offer is close, but something’s not quite right. Now the delicate art of negotiation begins, by “signing back.” Some reasons why you may want to “sign back” or “counter?”

You want more money.

This is by far the most common reason people “sign back.” Everybody wants to get the most for their home and as the saying goes “if you don’t ask, you don’t get.” Go for it, but don’t get too greedy and insult someone who has made a fair offer.

You want to change the closing date.

Maybe your buyer has already sold their previous home and has no place to live. They want to move in soon; sooner than you’d like. Maybe you haven’t even started looking for a new home! In the same way that you can “sign back” a higher dollar amount, you can also “sign back” a compromise closing date. Perhaps the buyer is willing to offer more money to compensate you for the inconvenience of living in a motel for a few weeks. Welcome to the world of negotiation and compromise.

There may be some undesirable conditions on the offer.

Conditions are points of contention which must be fulfilled in order for the sale to go through. Here are some common conditions which buyers place on their offers

i.Buyer to obtain financing. If the buyer doesn’t have a mortgage lined up, they will often put in this condition. The sale will only go through if the

buyer can get the mortgage they want. For some sellers, this is too big an “if”, but the buyer’s REALTOR® will be candid about their odds of approval.

ii.Approval to assume mortgage. You have a great mortgage rate on the property and the buyer only wants your home if they can also take over your easy payments. Will this potential buyer qualify?

iii.Sale of purchaser’s home. The buyer hasn’t sold their existing home yet and they want to be protected from the expense of owning two properties. Maybe their house will sell in a flash. Maybe it won’t sell at all. Maybe you don’t want the sale of your home riding on so many maybes. Time to consult your REALTOR® about the other home and its odds of selling soon.

iv.Property Inspection. This condition is becoming standard practice. Hopefully, you have followed the suggestion of your REALTOR® and disclosed every detail of your home’s faults, so there won’t be any surprises. Refusing a home inspection before sale is highly suspicious to a buyer and may spoil the deal.

The Art of Counter-Offers and Negotiation.

A successful negotiation is one that leaves both you and the buyer feeling satisfied with the outcome. This is a highly emotional time, so be sure to regularly “check your head” and ask yourself “How important is this particular detail to me? Am I willing to jeopardize a sale over this?” Remember once you “sign back” an offer, you are releasing the buyer from their offer and they are free to walk away. Thankfully, your REALTOR® is an expert and seasoned negotiator, and will help you every step of the way. Happy negotiating and best of luck!

Next step: Close the Deal

Selling a Home - Step # 8

2010-09-01T09:40:00.001-06:00

Prepare Your Finances

Before the offers start rolling in, you should prepare for the massive amounts of money that will pass through your hands.

A lot of the money will probably be going to your mortgage.

If you own your home free-and-clear, congratulations! For the rest of us, there are a lot of mortgage considerations.

“Discharging” your mortgage

Many people use the proceeds from the sale of their home to “discharge” or pay off their mortgage. If you have what is known as an “open” mortgage, you can pay it all off without any penalties. If you have a “closed” mortgage, be prepared to pay a few month’s payments in penalties.

If you’re buying a new home, is your mortgage “portable?”

Many mortgages are “portable” meaning that you can take your mortgage money with you and buy a new home, without penalty. This can be a real bonus if the interest rate on your mortgage is lower than existing rates! If your new home is more expensive and requires more mortgage, you’ll have to borrow the extra money at the new, higher rate.

Maybe the buyer is “assuming” your mortgage

Your mortgage may have a feature that allows the new buyer to take over your mortgage. If the interest rate is lower than existing rates, this can be a very enticing selling feature for your home.

Become a mortgage lender yourself?

If your buyer is having trouble arranging all the money to buy your property, you may consider lending directly to them. This is called a “Vendor Take Back” mortgage and it’s often used by sellers to help move a property in a slower market. This is an incredibly complicated financial dealing, and you must talk with your REALTOR® and lawyer before choosing this route.

If you find your new dream home before you’ve even started to sell your old one

Talk to your existing mortgage lender. You may be able to arrange “Bridge Financing.” This is when your lender (the bank) is confident your existing home will sell quickly and they agree to lend you the down payment for your new dream home.

The Tax Implications of Selling Your Home

Capital gains tax

If the home was your primary residence, you will not have to pay taxes on any capital gain (the increase in the value of your home). If you had tenants living in part of your home, such as the basement, you will pay capital gains tax on a portion of your profits. You may also owe capital gains tax if you’re selling a vacation property. Talk with an accountant to find out what you’ll have to pay.

GST for professional services

Your lawyer and REALTOR® are providing services and services are subject to GST.

Next step: Receive an Offer

Selling a Home - Step # 7

2010-08-31T10:12:00.002-06:00

Let your REALTOR® Market Your Home

You’ve spruced up your home and it’s never looked so good. It’s time for your REALTOR® to do their thing. Your REALTOR® has marketing tools at their disposal to make the job easier.

The “For Sale” sign

Despite all our leaps in technology, the “For Sale” sign continues to be an extremely effective way to advertise. Anybody responding to your sign is a good lead, because they have seen the home with their own eyes and are interested enough to phone in. If somebody is bold enough to knock on your door and ask for a “quick peak”, politely tell them that all visits are being handled by your REALTOR®.

Traditional media

Your REALTOR® may choose any or all of the following: classified ads in the newspaper (often with a photo), ads in Association magazines, like the Real Estate Weekly, real estate listings on cable television and good old fashioned mail. Neighbourhood mailers are still incredibly effective.

Multiple Listing Service® and the power of the Internet

Your REALTOR® will place your home on the Multiple Listing Service®, ensuring maximum exposure to all REALTORS®. Multiple Listing Service® listings are advertised on REALTOR.ca, Canada’s most popular Internet research tool for residential real estate and a big reason why many Canadians who search for a home start on the Internet.

REALTORS® really know how to network

Your REALTOR® is part of an extensive community of REALTORS® who collectively represent hundreds of eager buyers. REALTORS® will call their friends, who call their friends, who call their friends. The power of word-of-mouth will really be working for you.

Ultimately, your home itself becomes a selling tool. Start with an open house for REALTORS®

Most REALTORS® like to see a home with their own eyes before they show it to their buyers. A REALTOR® Open House is the most efficient way to attract all these REALTORS® and if your home is perfect for one of their buyers, you can be sure they’ll rush right out and tell them! Your REALTOR® will organize everything and get the buzz started.

Next, an “Open House” for everybody

Many buyers want to get a feel for your neighbourhood before they start working with a REALTOR®. That’s why Open Houses to the public are so important. They usually last a few hours on a Saturday or Sunday, and there are a few simple but important rules to follow.

Make sure your home looks it’s finest

Your best buyer may just walk in off the street, so make sure you’re ready.

Lock away valuables

Most people are decent, courteous and honest, but it’s wise to stash valuables like jewellery, cameras and other small valuables. As added security, your REALTOR® will request a name and phone number from every visitor.

Attend to any hazards

Is there an electrical cord somebody could trip on? Is there a chair that will collapse if somebody actually sits in it? Fix it, or lose it.

Avoid cooking foods with strong aroma

Almost nobody’s dream home smells like smoked herring!

The best way you can help

Don’t be there. You want people to feel relaxed and allow themselves to daydream that your home is their home. This just isn’t possible with you there. Go see a movie, or if you have pets take them on a field trip.

REALTORS® will want to show your home to individual buyers

Remember your REALTOR® Open House? All those REALTORS® have called around and found buyers looking for a home just like yours. Naturally, these buyers want to see your place firsthand before making an offer. Welcome to the appointment-only phase of showing your home. Your REALTOR® will act as a go-between and will give you as much notice for these visits as possible. Keep your home in top shape and be somewhere else during these visits.

A “lock box” makes it easier to show your home

A “lock box” is a small, sturdy metal box that’s affixed to your front doorknob. It’s a mini safe with a key to your house inside. REALTORS® are given a combination to the lock box, so they can show your home to interested buyers.

Be patient with visits. Hopefully they will lead to a great offer, soon!

Next step: Prepare Your Finances

Selling a Home - Step # 6

2010-08-30T10:21:00.001-06:00

Prepare Your Home for Sale

Break out the mop and the paintbrush. It’s time to give your home a mini-makeover. Here are all the little things you can do to attract the big offers.

◦Real Estate Staging Association

Time to see your home through a buyer’s eyes

Over the years, you’ve grown quite comfortable with your home’s little imperfections; the hole in the screen door, the chipped paint on the baseboards, the mess in the basement. Grab a clipboard and take a tour of your home.

Get rid of the clutter

Your house will feel a lot bigger and more inviting when you get rid of all the non-essential stuff lying around your house. Clear out those closets, remove bulky, unused furniture and rearrange the remaining pieces to make the best use of space. Fight your inner-pack rat at every turn. If you haven’t used something in the past year, toss it, donate it to charity or sell it in a yard sale.

Clean everything

Cleaning is the single most cost effective way to make your home more attractive to buyers. Floors, windows, walls, doors, baseboards, everything! Give extra care and attention to the two most important rooms in a buyer’s mind: bathrooms and kitchens. Once it’s clean, keep it clean! You never know what day your ideal buyer will visit.

Repair as much as you can, within reason

During your “home tour” identify anything that’s broken, half-finished or simply doesn’t work. Fix all the little things like leaky faucets, doors that squeak or that don’t close properly and small cracks in the ceiling. Some repairs are absolutely vital, like a leaky roof or basement. Nothing kills a sale faster than signs of water damage. If there’s an unsafe electrical problem you must fix this too, for the good of the sale and the buyer’s safety (not to mention your own).

Depersonalize your home

Remember, you want buyers to walk through your house and feel like it’s their home, not yours! People just don’t have good visual imagination. They won’t see past your cluttered wall of family portraits, your collection of curling trophies or your ‘eccentric’ home decor. These things are guaranteed to prevent buyers from emotionally placing themselves in your home. Remove everything that’s too much about you and ask your REALTOR® for help deciding.

Never underestimate the power of paint

Strong colours on the walls or wild wallpaper make it hard for buyers to imagine their furniture in your house. Consider repainting your home in bright, neutral colours that will enhance a room’s size and look more inviting. Next to cleaning your home, paint is the most cost-effective way to increase your home’s appeal and attract offers.

Add some beautifying touches

Replacing tattered old curtains with some fresh draperies may make a world of difference. Mirrors on the wall will help rooms feel far bigger. A few new houseplants will add undeniable appeal. Pay special attention to the outside of your home. Trim the trees, weed the garden and consider planting a few new flowers. Your home needs to make a great first impression with some serious “curb appeal.” You don’t need to spend a fortune to make a big difference.

Weighing the cost of improvements vs. the potential return

Don’t get so carried away with prepping your home that you forget why you’re doing this, to get more money! You need to consider two things before making any improvements. Will this make my home more desirable to buyers?

Will this increase the value of my home more than it costs me to do it?

Painting, minor repairs and modest landscaping work are prime examples of improvements which really pay. There are many home improvement shows that focus on people improving their homes for sale. Watch them and learn. Your REALTOR® is also an expert when it comes to prepping homes.

Your hidden problems

As discussed in the Listing Agreement, you must disclose any major problems that won’t be obvious to potential buyers. A basement that floods every spring, a shower that backs up when someone flushes the toilet, unsafe wiring, let your REALTOR® know everything and discuss your options. Denying problems now will lead to a much bigger problem later, often in the form of a lawsuit. People love honesty and many buyers are happy to fix a problem if your home’s price is adjusted fairly.

Next step: Let your REALTOR® Market Your Home

Selling a Home - Step # 5

2010-08-29T11:04:00.001-06:00

Add a Lawyer to Your Team

Similar to when you bought your home, it’s essential to have a lawyer handle all the various legal documents that change hands.

You’ve probably already worked with a real estate lawyer

The most logical candidate is the lawyer you hired when you bought your home. They’re already familiar with the property and may have even prepared the purchase documents. If you were satisfied with their work and fees, look no further.

Other ways to find a lawyer

Ask the people you trust like friends, family or business associates if they know a lawyer with substantial real estate experience. REALTORS® can also give you the names of several lawyers. Before you agree to a lawyer, make sure they’re experienced in real estate, ask how they structure their fees and get an estimate of the other legal costs you can expect.

◦Law Society of Alberta

How your lawyer will help with the sale

Your lawyer will review important documents that require your signature. The most critical of these is the “offer” submitted by the buyer. You want to know exactly what you are agreeing to before you sign any offer. You will be legally committed to anything you sign, so it’s essential to make sure you’re protected.

Next step: Prepare Your Home for Sale

Selling a Home - Step # 4

2010-08-28T11:08:00.003-06:00

Determine Your Home’s Asking Price

Many people out there want to buy your home. The right asking price will attract buyers’ attention and pay you a maximum return.

You don’t want to set your price too low or too high.

◦Setting too low a price means you could miss out on thousands of dollars that some buyer would have happily paid.

◦Setting too high a price can scare away willing buyers and leave your home on the market for too long. When you lower the price, people may assume you are under pressure to sell and lower their offers even further.

Your goal is fair market value.

“Market Value” is a term that simply means the maximum amount of money that interested buyers are willing to pay for your property. Remember, buyers comparison shop, especially for something as expensive as a home.

REALTORS® know the general factors affecting your market.

Maybe larger families are moving into your neighbourhood. This trend will make homes with three or more bedrooms and large yards more appealing than two bedroom bungalows. Perhaps a large employer is opening a plant nearby, which will increase demand for housing in general. How are interest rates affecting people’s willingness to take out big mortgages? Do people feel confident about their financial futures? Your REALTOR® knows the answer to these questions and more importantly, how they affect the price of your home.

REALTORS® then calculate your home’s value within your market.

After accounting for general market influences, your REALTOR® will get very specific about your home and perform what is called a “Comparative Market Analysis” (CMA). Using the extensive background information available only to REALTORS® through the Multiple Listing Service®, they will compare your home to a collection of similar homes that have recently been sold in your area. No two homes are the same, but REALTORS® are very good at adjusting their calculations according to the differences. Your REALTORS® suggested asking price is thoroughly researched and designed to maximize attention and profit for your home. You can feel confident trusting their opinion.

Yes, first impressions matter.

It’s nearly impossible to replace the initial flurry of interest and activity a new listing will generate. REALTORS® in your area will want to see your home right away and tell their buyers all about it. Be sure you’re priced and poised to capitalize on this first wave of excitement.

Next step: Add a Lawyer to Your Team

Selling a Home - Step # 3

2010-08-27T10:52:00.001-06:00

Sign a Listing Agreement

The “Listing Agreement” authorizes your REALTOR® and their brokerage to market and sell your home. This agreement serves three purposes.

i.It defines your relationship. Every detail of your work together, including the limits of your REALTORS® authority will be clearly defined.

ii.It provides detailed information about the home. This information can then be placed on the board’s Multiple Listing Service®, to help potential buyers find you.

iii.It forms the basis for drafting offers on your home. Any formal offer on your home starts with the Listing Agreement.

Highlights of the Listing Agreement Authority

This describes the legal relationship between you and the real estate brokerage, and it sets a time limit for the REALTOR® to sell your home.

Exclusive or Multiple Listing Service®?

“Exclusive Listing” means that the marketing and knowledge of your property is limited to within the listing brokerage. A exclusive listing does not require the Brokerage to share information regarding your property or to co-operate with other brokerages and their associates. REALTORS® generally recommend listing your property on the Mulltiple Listing Service®.

The MLS® System is a cooperative selling system paid for and operated by REALTORS®. 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. So it can be used to spread the word to other REALTORS® to help find you a buyer resulting in maximum exposure. It really is the better way to sell.

Price

The real key to attracting buyers. You have the final say over this magic number, but your REALTOR® will have very useful advice. You can learn more about choosing the right asking price when marketing your home.

Real estate commission

This is usually a percentage of the final sale price and you only pay once your REALTOR® has found you an acceptable offer. This commission or percentage is negotiable and is agreed upon between you and the individual brokerage.

A physical description of your property

Your REALTOR® will itemize the lot size, the age of your home and the style of construction. They’ll list the style, number and size of the rooms. They will also be sure to include any outstanding selling features of your home such as “backs onto ravine” or “fabulous kitchen renovation.”

Legal information

Items such as the lot number, land surveys and the zoning code will be included.

Financial information

like the minimum deposit you require with any offers. If you have a mortgage that can be assumed (taken over by a buyer) that information should be listed because it could make your home more desirable, especially if you’re locked into a lower interest rate than what is presently available.

Completion date

This lets everybody know how long you need to move out, once your home is sold. The standard time is 60 or 90 days, but if you can be flexible be sure to make note.

How the home will be shown?

Normally your REALTOR® will arrange appointments. Any specific instructions, such as “make sure the cat stays in” can also be noted.

What exactly is included in the price?

Chattels and Fixtures

Chattels are moveable items like washers and dryers, microwaves and window blinds. Chattels are not automatically included in the sale, but sellers will often include them to sweeten the deal. Any chattels you wish to include should be clearly noted. Fixtures are permanent improvements to a property like central air conditioning, installed lighting and wall-to-wall carpeting. Fixtures are assumed to be included in the sale of the home unless you note otherwise. Maybe the dining room chandelier is family heirloom and you wish to take it with you. The line between chattel and fixture can get blurry, so leave nothing to chance! Go over every item with your REALTOR® and make sure it’s accounted for in the Listing Agreement.

The importance of a Seller Property Information Statement

Many real estate boards now request a Seller Property Information Statement. This can list any recent renovations or improvements, but more importantly, it lists all the known major defects and faults with the home, hidden or not. Be honest about imperfections. Maybe the basement leaks during the spring thaw, maybe the kitchen sink backs up when both showers are running. It is best to come clean and report it. If you don’t and a significant fault is discovered before the sale, it can cast a shadow of doubt over the rest of the home. If the fault is discovered after the sale and it can be proven that you knew about the problem, you may be sued for the cost of the repairs.

Be honest about imperfections

Maybe the basement leaks during the spring thaw, maybe the kitchen sink backs up when both showers are running. It is best to come clean and report it. If you don’t, and a significant fault is discovered before the sale, it can cast a shadow of doubt over the rest of the home. If the fault is discovered after the sale, and it can be proven that you knew about the problem, you may be sued for the cost of the repairs.

Honesty is always the best policy

A major defect does not mean your home will not sell. List the defect and state how your home’s price has been lowered accordingly. This can actually be attractive to some buyers, especially if they have experience with the required repairs!

Next step: Determine Your Home’s Asking Price

Selling a Home - Step # 2

2010-08-26T10:04:00.001-06:00

Find a REALTOR® Who is Right For You

Your REALTOR® who helped you buy your current house is a good start. Sticking with a REALTOR® just makes sense. If they did a good job helping you buy your home, they’re probably the best candidate for helping you sell it. They already know the home inside and out and they know you, so you’ll save time two ways.

Interviewing candidates

Don’t be afraid to ask questions, or screen a few REALTORS® before deciding. Make sure you feel comfortable with them and that they show a genuine interest in helping you. For a list of questions you can ask view the page“10 Questions to Ask when Hiring a REALTOR®”

Should you choose the REALTOR® who suggests the highest asking price for your home?

Ask what method they used to assess your home’s market value. How was your home compared to other homes in your neighbourhood that have been sold recently? Determininig the asking price will give you a better understanding of listing price and how it affects the sale of your home.

Next step: Sign a Listing Agreement

Selling a Home - Step # 1

2010-08-25T08:48:00.001-06:00

Decide When to Sell

Status report - Is it a buyer’s or a seller’s market?

When there are lots of people looking for homes but not many for sale, this is called a ‘seller’s market’, because the seller has something everybody wants. When there are more homes for sale and not many people buying them, this is called a “buyer’s market” because buyers have more power of choice. A REALTOR® is the best person to consult about this.

How quickly do you need to sell your home?

In a seller’s market, top price and a fast sale can go hand-in-hand. In a buyer’s market, more sellers are competing for your potential buyer. If you have to sell right now, you may wish to lower your asking price a bit to speed up the sale. REALTORS® are masters at figuring the price-to-listing ratio and know how to attract offers without going unnecessarily low.

Seasonality - Do home sales get frostbite?

It’s true. Winter sales tend to be slower and spring sales are more brisk. Regardless, there are always people looking to buy and seasonality is only one of many factors to consider. If you’re also buying a home. In this case, you don’t really have to worry about playing the market. If you sell your existing home for a ‘low’ price, you’re probably also buying at a low price. If you are upgrading to a larger home, this actually works to your advantage. Imagine when your bigger home is on the upswing. If you’re downsizing from a bigger home to a smaller home or a condo, you need to pay a bit more attention to the market.

Buy first or sell first? The eternal question

Many people are able to time their sale and purchase so they happen on the same “closing date.” Buyers can make their offer “conditional’ on the sale of their existing home, to make sure they’re not left paying for the upkeep of two homes. When selling, you can try to extend the “closing period” to give yourself more time to find your next home. REALTORS® are very skilled at this sort of negotiation and can make your transitional life a lot easier.

If you find your new dream home before you’ve even started to sell your old one.

Talk to your existing mortgage lender. You may be able to arrange “Bridge Financing.” This is when your lender (the bank) is confident your existing home will sell quickly and they agree to lend you the down payment for your new dream home.

Next step: Find a REALTOR® Who is Right For You

Buying a Home - Step # 12

2010-08-24T08:38:00.002-06:00

Move In

Moving day will come sooner than you think, so get planning now. Unless you have major repairs or renovations planned, you probably want to move in the day you take possession. If you intend to move at the end of the month, contact a moving company or truck rental company now. Most people move during this time and there aren’t trucks and movers for everybody. If you can move mid-week or mid-month, a moving company might cut you a deal.

Go with a reputable moving company

We’ve all heard moving horror stories. Go with an established, insured mover, so your items are protected.

Pack it yourself and pack early

Nobody will take the same care you will. Start early and spread it out over many days. Label all your boxes by room so the movers know where to put them and label anything that’s fragile.

Do you really need to take that with you?

A new home is a new lease on life and a chance to liberate yourself from stuff you simply don’t need. If you haven’t used it or worn it in the last year, you don’t need it. Have a garage sale, or give it to Goodwill or United Way. You won’t have to pack and unpack it and it will become someone else’s treasure.

Once you move in

The boxes are mostly unpacked and you’re settling in nicely. You will now feel a strange urge to begin making changes and improvements right away. That old carpet has to go; a bigger deck would be great for entertaining. Slow down! Take time to get a feel for your new home and more importantly, your new budget. Take a deep breath and enjoy what you have, your new home.

The REALTOR® Committment

Buying a Home - Step # 11

2010-08-23T10:52:00.002-06:00

Close the Deal

Your offer has been accepted and you can’t wait to move in. These are exciting times, but don’t break out the bubbly just yet. You have to close the deal. Your REALTOR® and lawyer will do most of the closing work, but here’s your checklist.

Closing checklist

◦Immediately begin satisfying any conditions of the agreement that require action on your part. Your REALTOR® will fill out the documents stating that the conditions have been satisfied.

◦Have your lawyer begin searching title to the property. This can take a while, so make sure you give ample time.

◦We recommend a home inspection to avoid any unpleasant surprises on move-in day.

◦Well before closing, get your homeowner’s insurance. Your insurance broker will give you a ‘binder’ letter certifying that you’re covered. You can’t get a mortgage without this letter!

◦Contact your lender and have them finalize your mortgage documents. Have your lawyer review them before you sign.

◦Your lawyer will transfer essential utilities like hydro and water, but you’ll have to make sure telephone and cable companies switch their services to your name.

◦If you rent, you must give notice to your landlord, or sublease your apartment.

◦Begin planning your big move! Where are those cardboard boxes?

◦Send out your change of address information and fill out a card at the post office. Contact the Ministry of Transport about changing your driver’s licenses.

◦A day or two before closing, you’ll meet with your lawyer to sign the closing documents. Your lawyer will tell you in advance what certified cheques you’ll need to seal the deal.

The big day arrives

Deliriously happy and emotionally exhausted, here you are on closing day. You made it! If your lawyer has arranged everything well, closing day can be surprisingly low on drama. Before you know it, you’ll be handed the keys you new home.

Next step: Move In

Buying a Home - Step # 10

2010-08-22T11:20:00.001-06:00

Find a Home Inspector

When walking through a home you’d love to buy, it’s hard to put aside your emotions and really ‘see’ what kind of shape it’s in. Now that you are buying, it’s time to see everything. Home inspections rarely cost more than a few hundred dollars and their service can save you from unpleasant surprises when you move in. Your offer to buy may be conditional upon a satisfactory home inspection. This is an increasingly standard condition on any resale home. If the seller doesn’t want you closely examining the home before you take possession, you have to wonder why.

Go with a qualified professional

Make sure your inspector is a member of a provincial association of home inspectors. It’s your guarantee they have the training and experience for the job. Your REALTOR® may suggest several home inspection companies to choose from.

◦Canadian Association of Home and Property Inspectors

◦National Association of Certified Home Inspectors

What will they check during the inspection?

Lots of stuff. Plumbing and electrical systems, the roof, visible insulation, walls, ceilings, floors, windows and the integrity of the foundation. They check for nasty stuff like lead paint, asbestos, mould, outdated and dangerous wiring and they’ll look for evidence of pests like mice or termites. A good inspector should make you feel like you’re watching a CSI detective.

Join the inspection

There’s no better way to get familiar with your new home than being part of this checkup. If any problems are detected, you’ll see them firsthand and you’ll also learn some maintenance tips from a genuine pro.

You’ll get it in writing

Their report will summarize the condition of your home. If there’s anything that needs work, the home inspector will provide an estimated cost for the repairs.

Home inspection for a new home?

New does not equal perfect and construction quality can vary greatly from builder to builder. Repairs and corrections will probably be covered by a provincial new home warranty program, so bad news doesn’t necessarily mean it will cost you.

Next step: Close the Deal

Buying a Home - Step # 9

2010-08-21T10:17:00.001-06:00

Arrange a Mortgage

Money makes the world go round and a mortgage gives you the power to buy a home. This isn’t the most fun step in buying a home, but it’s vital.

Who do you talk to?

There are hundreds of banks, credit unions and other lenders out there who would love your monthly mortgage payments. So talk to everybody. Now is not the time to be money-shy! Talk to your banker and call around to other banks. Ask people you know. REALTORS® are very knowledgeable about mortgages and have lots of good advice.

Call a mortgage broker

Mortgage brokers are another great resource. They find low rates for a living and they usually don’t get paid unless you sign a mortgage through them, so they’re highly motivated to get you the best deal.

◦Alberta Mortgage Brokers Association

Your best mortgage might be the seller’s mortgage.

You can sometimes take over or ‘assume’ the seller’s mortgage. This is a great idea if the seller is locked into a lower interest rate than you can get right now. Your REALTOR® can help you.

Mortgage terminology

Mortgage term – Typically from six months to five years, the ‘term’ refers to how long the bank has agreed to lend you the money. At the end of the term, you usually renegotiate a new term.

Amortization – The length of time it will take you to pay off the whole mortgage. Often as long as 25 years, if you don’t accelerate your payments. The longer your amortization, the lower your monthly payments, but the more you pay in interest over time.

Interest rates – Interest is the cost of borrowing money and the interest rate tells you exactly how much. Using this mortgage calculator, check the difference between borrowing $100 000 at 6% and at 9% at the same amortization. Surprising, no? That interest rate not only affects how much you pay, it also affects how much you can borrow. So remember to keep searching for the best rate!

How big a down payment?

You want as small a mortgage as possible, which means making the biggest down payment possible. Just remember to set money aside for all the fees associated with buying a home. Not to mention moving, repairs, renovations, new furniture. Think ahead.

The RRSP Home Buyer's Plan

A little sweet relief. If you're a first-time homebuyer with money in an RRSP, you can withdraw up to $25,000 (Effective January 27, 2009 the withdrawal maximum increased to $25,000 from $20,000) without paying any income tax. If your spouse is also eligible, that's $50,000. Ask your REALTOR® how to best take advantage of this plan.

Lock into an interest rate. For how long?

It’s a tough question. What if you ‘lock in’ for five years and rates go into a period of decline? That could mean you’re stuck paying more than you had to for a long time. But if rates were to steadily climb over the next five years, locking in for five years now would be a great move. For many, a long term mortgage offers peace of mind in knowing that their mortgage payments will stay the same for several years. Your REALTOR® will have a lot of good advice.

What you need to apply for a mortgage

◦Letter of employment confirmation – Ask your employer for a letter that confirms your position, your pay and how many years you’ve been with the company.

◦List your assets – Your car, stocks, bonds, GICs. Show which assets will be used for your down payment.

◦List your liabilities – Car payments, student loans, credit card debt. List all the money you owe and note how you’re paying it off.

◦Social Insurance Number – And your chequing account number, and your lawyer’s contact information

What you need to know about buying or selling your home.

Information about the house you want to buy

The home is your security on the mortgage, so the lender wants to know all about it. Don’t forget these extra costs. Face your new financial responsibilities head-on, and you may even dodge some of them. And then won’t you look smart!

Application fee

Some mortgage lenders charge a fee to process your application. Many lenders will agree to waive this fee, so make sure you ask!

Appraisal fee

Your mortgage lender may need to have your new home appraised by a professional and they often pass the bill on to you. Sometimes your lender will also waive this fee. Again, it doesn’t hurt to ask.

Mortgage broker’s fee

Your mortgage broker may charge a fee that’s payable on your closing date. Ask your broker, to avoid surprises.

Land survey fee

Lenders may require a survey of your property. Lenders will often accept an existing survey. Get your lawyer on the case.

Home inspection fee

A home inspection is so important, we devoted an entire Step to it. Avoid surprises and protect yourself... this is money well spent.

Home Insurance

Mortgage lenders require you carry fire and extended-coverage insurance because your home is the security deposit on the mortgage. Often you can have these payments added to your monthly mortgage payments. Shop around.

Title insurance

Not mandatory, but it protects you from all sorts of fraud and potential errors surrounding the title to your land. It’s normally a few hundred dollars. Ask your lawyer for details.

Legal fees

Your lawyer is vital to the home-buying process. You’ll pay legal fees for their time and “disbursements” which are the costs involved in title searches, drawing up the title deed and preparing your mortgage.

Adjustments

The previous owner may have paid property tax or utilities in advance and they want to be credited for those payments. Ask your REALTOR® and lawyer what might come up on the closing date.

Maintenance and utility costs

Just a reminder, you now have more regular monthly payments in the form of property tax, utilities. Maybe some repairs are on the horizon.

Land Transfer Tax

Ask your REALTOR® or lawyer to calculate the payment.

The GST and new homes

Resale homes usually don’t involve GST, but new homes do. If you intend to live in your new home (instead of renting it out) there is some relief. Homes costing $350 000 or less get a 36% rebate. Homes over $450 000 do not qualify for this rebate.

Next step: Find a Home Inspector

Buying a Home - Step # 8

2010-08-20T11:59:00.003-06:00

Make an Offer

You’ve found a home? Congratulations! Now, if you actually want to make it yours, you have to make a successful offer, one that the seller will accept.

Preparing the offer

REALTORS® are expertly trained and will prepare the offer for you. Here’s some terms you’ll see in the offer

◦Buyer or Purchaser – That’s you

◦Seller or Vendor – The present owners

◦Purchase Price – The most important number - let’s hope the seller goes for it

◦Deposit – A cheque you write to the seller’s broker, who deposits it in a trust account. This is your way saying “my offer is serious.” The size of the deposit is up to you.

◦Clauses particular to this agreement – Every transaction is unique and your REALTOR® may add conditions important to you. Making your offer conditional upon a proper Home Inspection is a good idea.

◦Chattels included and fixtures excluded – Be sure you know what is included with the house! The washer and dryer, the microwave, draperies, light fixtures. Don’t leave anything to ‘chance’ because chances are it won’t be there when you move in.

◦Irrevocability of the offer – The length of time you give the seller to consider your offer. Usually less than 48 hours.

◦Completion date – The glorious day you take possession! Often 30 or 60 days after signing.

Submitting the offer

You’ve signed on the dotted line and your REALTOR® has whisked your offer to the seller’s REALTOR®. This process works best when you don’t meet the seller in person. The seller can accept your offer – Fantastic, when do you move in?

The seller can reject your offer

It’s not common for an offer to be completely rejected. Your REALTOR® will likely investigate, to see if there was some sort of misunderstanding.

The seller can ‘sign back’ or counter your offer

The seller wants to alter ‘some part’ of your offer. It’s almost always the price. The seller will cross out the price on your offer and write a higher number. Now it’s your turn to sign back and see if you can bring that number down. It can feel a bit like a ping-pong match. Emotions can run high, so both sides will be reminded that a little flexibility goes a long way.

Next step: Arrange a Mortgage

Buying a Home - Step # 7

2010-08-19T09:14:00.002-06:00

Add a Lawyer to Your Team

Buying a home involves piles of legal documents. You need someone to translate the ‘legalese’ and ensure your best interests are protected.

Finding a good lawyer

There are lots of good lawyers out there. Ask your friends or people at work. REALTORS® will happily give you the names of several good lawyers. They can’t legally recommend just one, but they’ll only refer lawyers experienced in real estate. Be sure you ask how they structure their fees and get an estimate of the other legal costs you can expect.

◦Law Society of Alberta

How your lawyer will help

There are many, many legal steps to transferring ownership of land from one person to another. Even if pitfalls like fraud, government legislation, zoning issues or unpaid taxes don’t come up, your lawyer will more than earn their pay by making the legal transfer of the home a smooth one.

Don’t be scared of your lawyer. They are here to help you. Ask questions if you don’t understand anything. Explaining legal jargon in plain language is a big part of their job.

Next step: Make an Offer

Buying a Home - Step # 6

2010-08-18T08:57:00.002-06:00

Sell Your Current Home

Not many people can hold on to two homes, so you’ll probably need to sell the home you have now. Be sure to check our incredibly helpful 10 Steps to Selling Your Home. In the meantime, here’s a quick overview.

When should you sell? Buyer’s and seller’s markets explained

When there are lots of people looking for homes but not many for sale, this is called a “seller’s market”, because the seller has something everybody wants. When there are lots of homes for sale and not many people buying them, this is called a ‘buyer’s market’ because buyers have more power of choice.

Wait for the market to improve?

If you’re selling one home and buying another, you don’t really have to worry about playing the market. If you sell your existing home for a ‘low’ price, you’re probably also buying at a low price. If you are upgrading to a larger home, this actually works to your advantage. Imagine when your bigger home is on the upswing.

Seasonality. Do home sales get frostbite?

It’s true. Winter sales tend to be slower and Spring sales are more brisk. Regardless, there are always people looking to buy and sell, and seasonality is only one of many factors to consider.

If you need to sell fast

Talk with your REALTOR®! They are experts and know the price that will make your home look attractive, without making you look desperate.

Buy first or sell first? The eternal question

Many people are able to time their sale and purchase so they happen on the same “closing date.” Buyers can make their offer “conditional’ on the sale of their existing home, to make sure they’re not left paying for the upkeep of two homes. When selling, you can try to extend the ‘closing period” to give yourself more time to find your next home. REALTORS® are very skilled at this sort of negotiation and can make your transitional life

a lot easier.

Sell with a REALTOR®, or go it alone?

In the same way that many people decide not to fix their own cars or do their own dentistry, it’s wise to enlist a professional when selling your most valuable asset. Real estate transactions are complex, time consuming and involve a lot of legal documentation. Finding your new home and changing your life is hard enough! Your REALTOR® is expertly trained and highly motivated to get you the most for your home.

Next step: Add a Lawyer to Your Team

Buying a Home - Step # 5

2010-08-17T09:40:00.002-06:00

See What’s Out There

The hunt is on! Time for you and your REALTOR® to find that perfect home.

Read all about it

Start reading real estate ads in local papers, or visit REALTOR.ca. Let your REALTOR® know what you like. Visit areas you’re considering and get a feel for them. Make note of the surrounding schools, shopping and recreational areas. Keep an eye out for not-so-great things like large industrial areas, railway tracks and airports. Visit during the day and at night.

Open Houses, come on in

Open houses are a great way to see inside the homes of your potential neighborhood. The hosting REALTOR® probably knows the local market inside and out and will be happy to answer the questions that are bubbling up inside you– don’t be afraid to ask!

House hunting with your REALTOR® – hunting smarter

If you’ve been very good, you’ve armed your REALTOR® with your dream home desires. Even if you’ve just talked about it, your REALTOR® knows what you’re looking for.

Welcome to the wonders of REALTOR.ca

REALTORS® run an incredible research tool called the Multiple Listing Service® (MLS® System). You can view information about properties listed in MLS® Systems across the country at REALTOR.ca, the public advertising portal. Your REALTOR® will start sending you listings of potential homes right away. You’ll be amazed how fast and easy it is to zero in on your favourite few homes.

Work from a short list

If you and your REALTOR® have done your homework and used MLS® System listings to scout ahead, you only need to visit a handful of homes to make an informed and wise selection.

Stay objective when visiting potential homes

Walking through a potential home is a thrill, but try not to lose your head. Don’t let a giant kitchen island or swanky hot tub distract you from your real goal, finding a home that meets all your needs and fits your budget. Good luck and happy hunting!

Next step: Sell Your Current Home

Buying a Home - Step # 4

2010-08-16T11:02:00.001-06:00

Find a REALTOR® Who is Right for You

You know how much money you have and you have a good idea of what you want. Now you need the help of a real pro, to make your search a success.

REALTORS®. Highly trained and constantly training.

In Canada, licensed REALTORS® are members of their local real estate board, a provincial association and the Canadian Real Estate Association. This system of membership ensures the highest level of service and that you are always treated with honesty and integrity. This is backed by the REALTOR® Code of Ethics. Check our REALTOR® COMMITMENT if you want to learn more.

The Three REALTOR® Relationships

The relationship between a real estate brokerage and a client is called “Agency” and there are three major kinds.

Seller (Vendor) Agency

The real estate brokerage and all its REALTORS® represent the seller exclusively and it’s their job to get the best offer on the home. They are legally obliged to tell the seller anything known about a buyer. For instance, if a seller’s REALTOR® knows a buyer will pay more for a property, they must tell the seller.

Buyer (Purchaser) Agency

The real estate brokerage and all its REALTORS® represent the buyer exclusively. They seek out homes that meet the buyer’s needs and help assess the merits and defects of potential homes. They keep the buyer’s information confidential and never disclose information like the maximum amount their buyer is willing to pay. You may be asked by your REALTOR® to sign a buyer agency agreement. In fact, in some provinces, REALTORS® are required to ask you - for your own protection. This agreement ensures that the REALTOR® and the brokerage can look after your best interests.

Dual Agency

Sometimes, a brokerage may have an agency relationship with the buyer and the seller. Both the seller and the buyer must give their informed consent and the REALTOR® must always provide full and timely disclosure of all pertinent information to both parties.

Sell and buy with the same REALTOR®?

Absolutely! Especially if you’re remaining in the same community. Your REALTOR® is already an expert on your needs, so it can save you a lot of time and energy.

Selecting a REALTOR®

There are lots of ways to find a REALTOR®. As you drive through prospective neighbourhoods, jot down the names and numbers of REALTORS® on the For Sale signs. Open Houses are a great way to meet face-to-face. Maybe friends or family members have worked with a REALTOR® they love. Interview two or three and pick the one you like best.

How REALTORS® help buyers like you

◦Review your list of wants and needs and help you determine your price range.

◦Answer questions about the markets you’re interested in and help you compare homes and neighbourhoods.

◦Use the local Multiple Listing Service® (MLS® System). The MLS® System is the single most powerful tool for buying and selling a home. Your REALTOR® will give you access to exclusive features of the MLS® System that the public is not privy to.

◦Preview properties to ensure you’re only shown homes that meet your needs and budget.

◦Make appointments and walk you through potential homes, answering all your questions.

◦Give up-to-the-minute information on financing and explain your mortgage options.

◦Negotiate with the seller, smooth out any potential conflicts and draw up a legally binding contract.

Stick with your REALTOR®

One dream, one team. The REALTOR® you select will become an expert on your specific needs and tastes. Scattering your time and energy amongst multiple REALTORS® will work against your goal of finding your best home. And because most REALTORS® have equal access to the same property listings, there’s no real advantage to having multiple REALTORS®.

Next step: See What’s Out There

Buying a home - Step # 3

2010-08-15T11:45:00.003-06:00

Decide What You Want to Buy

◦Using the Association Zone Map may be helpful

Urban

Ahh, the big city. Sure the prices are generally higher, but you can walk to a restaurant, maybe even to work. You’ll also have the widest range of housing options.

Suburban

Newer schools, newer shopping centres, bigger yards, bigger homes, no wonder so many people love the suburbs.

Smaller Cities and Towns

There are many wonderful self-contained communities and compared to the big city, you can save a bundle.

Rural

If you like the idea of owning land how about a few acres all to yourself? Seclusion is not for everybody, but for some, it’s heaven.

Next, decide what type of home you want

By now, you probably have a good idea of what type of home is right for you. To familiarize you with the terminology, here’s a quick overview.

Single-family detached

As the name implies, the home is not attached to the home next door. Styles range from a single-story suburban bungalow, to a three-story Victorian.

Semi-detached or linked

Two houses that share a common wall. Usually less money than a fully detached home.

Duplex

A two-family home.

Town house

Also known as terrace or row housing. Several homes with a common style and joined in a row. They usually share walls on both sides.

The Condo Alternative

Some people can’t wait to start gardening on Sunday morning. If you are not one of those people, it’s just an elevator ride away. Condos also make a great first home purchase because they’re often thousands of dollars less than a detached home.

How Condos are owned

You’ll own 100% of your unit and a share of the common areas. Common areas include the necessary plumbing, electrical systems, hallways and elevators. They may also include lots of fun stuff like a private gym or party room.

Condo fees - Membership has its privileges and it costs

On top of your mortgage and property taxes, condo owners also pay a monthly fee to operate and maintain the common areas. Be sure to look into condo fees and how well they’re managed, before signing anything.

New or Resale?

Resale - Previously loved

Nothing can match the charm and character of an older home. As a bonus, the previous owner may have made improvements and upgrades and you get them with the house, usually for less than the cost of putting them in yourself. However, some may have a little too much ‘character’ like a leaky roof. Know what you’re getting into. You should always work with a knowledgeable REALTOR® and as we cover in Step 10 never buy a resale home without a Home Inspection.

Ah, that new house smell

You will be the very first person to live in your new home. In fact, your new home may be so new, that it’s not even built yet. Before you commit to anything, carefully examine the property, the blueprints and visit other homes built by the same company. Have your REALTOR® and lawyer review everything before you sign. While your home is being built, stay on top of the process and remember, you have a legal right to make a full inspection of the house before you accept it as complete.

You know what you want, but let's talk needs

Are you getting out of a two-bedroom apartment because it’s too small? Then your new home should have at least three bedrooms and probably a second bathroom. REALTORS® call these must-have features needs. Features you’d like to have are called wants. Your strategy should be to find a home within your price range that fulfills all or most of your needs and as many of your wants as possible.

Next step: Find a REALTOR® Who is Right for You

Buying a Home - Step # 2

2010-08-14T09:15:00.001-06:00

Figure Out How Much You Can Afford

Before you start looking for your dream home, let’s find out how big you can dream. Knowing your true budget is the first and most important step in buying a home. Why? A home is a big purchase. It’s probably the most expensive thing you'll ever buy and there are lots of expenses you might not even know about. Everybody’s total costs are different, but it’s almost guaranteed you won’t have that much money saved up. Hopefully you have enough for a nice down payment, but for the rest…

◦Yes, you need a mortgage

◦How much will a bank will lend you?

The first step in determining how much a bank will lend you is to understand how much you can afford each month. This is determined using two lending principals.

The first lending principle is that your monthly housing cost should not exceed 32% of your gross monthly family income. This principle is known as the Gross Debt Service (GDS) ratio calculation.

The second lending principle used, the Total Debt Service (TDS) ratio calculation, is that your monthly housing cost and payments on all of your other debts (including loans, credit card and lease payments) should not exceed 40% of your gross monthly income.

Next step: Decide What You Want to Buy

Buying a Home - Step # 1

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Make Sure You’re Ready to Buy

If you’re thinking of buying a home, you’ve come to the right place. This web site can turn you into a house-hunting master. But before we jump right in, you have to make sure three things are ready. You, your bank account and the real estate market.

Are you ready? Be sure.

Few joys can match the pride of owning the roof over your head, but you will have to make some sacrifices. There’s the obvious financial responsibility, but your home will also require constant care. That’s what real pride of ownership is all about.

Is your bank account ready? Check it twice.

Your first home will be the biggest financial obligation you’ve ever faced. You should already be an experienced saver and good at managing debt like student loans or credit cards. Ideally, you’ve also saved up some money for a nice down payment. Talk to your financial institution about the Home Buyers Plan too. Our next step will give you a crystal clear picture about how much you can afford.

Is now a good time to buy? Here’s the hottest market tip you’ll ever get.

Markets go up, markets go down and even the smartest experts can’t accurately predict when a market will peak or bottom out. The good news is if you’re buying a home as a long-term investment (and for long-term enjoyment), you’re protected from short-term changes in the market. Over time, real estate has almost always increased in value.

All you have to do is pick a home that meets the needs of you and your family. Then you’ll enjoy living in your investment as it grows in value. A home is one of the best financial decisions you can make and it’s tough to live in a stock portfolio!

Next step: Figure Out How Much You Can Afford