Homes Sales for the month of May 2023

Edmonton sold detched houses in the...

Southwest - 224 with an average sold price of $622,630

Southeast - 219 with an average sold price of $482,596

West - 150 with an average sold price of $586,180

Northwest - 135 with an average sold price of $452,114

Northeast - 202 with an average sold price of $422,635

MLS® listed new builds - 101 with an average price of $625,287

Edmonton

There were a total of 1805 properties sold with an average days on market of 42. Compared to last month, home sales were up, house prices were up and days on market were down. There were 588 condominiums sold and 1217 single family houses sold with an average price of $492,945. There were still 429 expired properties which were on the market between 40 to668 days.

Sherwood Park

There were a total of 164 properties sold with an average days on market of 34. There were 45 condominiums sold and 119 single family houses sold with an average price of $514,975. There was only 10 expired properties. Definately a sellers market in Sherwood Park.

Spruce Grove

There were a total of 111 properties sold with an average days on market of 38. There were 16 condominiums sold and 95 single family houses sold with an average price of $442,312. Another month of increased house prices. There was only 16 expired properties this month, some of which had been on the market for over a year.. The market is picking up again!

Beaumont

There were a total of 48 properties sold with an average days on market of 50. There were 5 condominiums sold and 43 single family houses sold with an average price of $511,188. Only 9 properties expired and did not sell.

Leduc

There were a total of 95 properties sold with an average days on market of 39. There were 11 condominiums sold and 84 single family houses sold with an average price of $419,107. Only 9 properties expired and did not sell.

For recently sold house prices - click here.

View last month's home sales

Homes Sales for the month of April 2023

Edmonton sold detched houses in the...

Southwest - 186 with an average sold price of $641,175

Southeast - 164 with an average sold price of $480,275

West - 129 with an average sold price of $526,853

Northwest - 105 with an average sold price of $432,447

Northeast - 122 with an average sold price of $401,554

MLS® listed new builds - 84 with an average price of $615,754

Edmonton

There were a total of 1,438 properties sold with an average days on market of 45. There were 487 condominiums sold and 951 single family houses sold with an average price of ;$488,383. There were 417 expired properties which were on the market between 14 to 547 days. 119 of these were apartment condominiums.

Sherwood Park

There were a total of 108 properties sold with an average days on market of 36. There were 23 condominiums sold and 85 single family houses sold with an average price of $521,016. There were 10 expired properties. This was another month in a sellers market!

Spruce Grove

There were a total of 93 properties sold with an average days on market of 52. More homes sold this month for a higher asking price, but the days on market increased. There were 7 condominiums sold and 86 single family houses sold with an average price of $457,276. There were 17 properties which did not sell and expired.

Beaumont

There were a total of 39 properties sold with an average days on market of 53 . There were 3 condominiums sold and 36 single family houses sold with an average price of $524,077. 5 properties expired and did not sell.

Leduc

There were a total of 72 properties sold with an average days on market of 43. There were 9 condominiums sold and 63 single family houses sold with an average price of $443,271. 11 properties expired and did not sell.

For recently sold house prices - click here.

View last month's home sales

Is your City of Edmonton Property Assessment Accuarate?

Property assesments in Edmonton are only a base point. Your home could be worth a lot less or a lot more. The city uses a computer system to generate an estimated guess of your homes value without physically seeing it. There are several reasons why your property assessment is not accuate.

Should I dispute my tax assesment?

Every year, edmontonians recieve thier city assesment and if you feel that assessed value is incorrect, you do have the option to dispute it. If you win, your property taxes will go down. However, if the city says your home is worth more, they will increase the amount of taxes you owe every year. Before disputing the value of your home, it is best to reach out to an experienced REALTOR® for a more accurate selling value.

What is the difference between a property assesment and your tax assesment?

A tax assesment is what the city of Edmonton says your home is worth. A property assesment is the current market value of what your property is actually worth in today's real estate market.

There are many factors which come into play when there is a discretion in the price of your homes value. Mainly because the city is only guessing whats going on in your neighborhood by looking at sales data. Below are reasons why the city of Edmonton assessment is different from the true value of your home?

What buyers think when they check out your tax assesment (And they do)

If your assesment is higher than your selling value, buyers may feel like they are being ripped off. If it is lower, they can feel like they are getting a great deal. An experienced REALTOR® will explain why there is a discression, however, if buyers are not educated, the sale of your home can go sideways.

Reasons not to rely on your City of Edmonton property assesment

• They don't go into your home (unless you dispute it and invite them in)
• Several foreclosures in your neighborhood (this will decrease your homes value)
• Several permits taken out for renovations (this will increase your homes value)
• A few nearby properties sold 1.5 to 2 years ago which were much higher or lower
• The condition of your home is worse of better than most in the neighborhood
• The square footage of your property
• The size of land your property sits on 

If you are considering selling your home, please contact me for a free no-obligation accurate market analysis of your home. Call my office at 780-910-5179

Notable luxury real estate trends taking place in Edmonton

Tight inventory levels continued to challenge luxury buyers in the Edmonton real estate market first three months of 2023, with high-end sales over $1 million hovering at 40, down significantly from year-ago levels during the same period. Despite pent-up demand and an ongoing influx of buyers from Ontario and British Columbia, listings available for sale have slowed to a trickle, especially at the coveted $1 million to $1.2-million price point. Buyers are squeezed between what they want and what is currently available, and they seldom match up. Close to 260 listings are currently available between $1 million and $14 million. Values, however, are holding up fairly well, with no big dip, given that the cost to build is so much higher.

Move-up buyers, usually in their late 30s to late 40s with teenage children, represent the lion’s share of high-end purchasers. Most are seeking large homes and substantial lot sizes in mature neighbourhoods, a trend that ticked up during the pandemic. Existing stock, including spec properties, is most sought-after, with fewer buyers choosing to build or buy newer homes from plans due to the uncertainty of spiralling construction costs. The strongest demand is found in west end neighbourhoods such as Crestwood and Laurier overlooking the river valley, while Windsor Park and Belgravia are popular destinations sough of the river by the University of Alberta. Upper-end buyers seeking larger lots typically look to Edmonton’s luxury communities such as Windemere with its estate properties on the ravine or in Summerside, where homes backing onto the lake are coveted. Downsizing and lateral moves are also occurring, albeit to a lesser extent, with homeowners in older, established neighbourhoods trading large, tired homes for smaller and newer infill properties within similar areas.

The foreign buyer ban has had an unintended consequence in the Edmonton area as corporate transfers and professional sports players get caught up in the net. With no exemptions in sight, many have chosen to rent. As the spring market takes shape, luxury REALTORS® are fielding more calls from both interested buyers and much-needed sellers but some sort of catalyst is necessary to really kick-start the housing market. A decline in interest rates would be the ideal impetus, providing a boost to consumer confidence and mindset. Until then, we expect activity to be somewhat tempered in the months ahead, with the luxury market kicking into high gear by the fall.

Read more at blog.remax.ca

RE/MAX IS A TOP GROWING FRANCHISE ONCE AGAIN

It’s the second year in a row that RE/MAX has earned a top 10 spot, with the brand having ranked on the list for 22 total years. In its most recent rendition, Entrepreneur’s Fastest-Growing Franchise Worldwide ranking is based on the net total new units (franchises and company-owned) added worldwide from July 2021 to July 2022.

With more people relocating worldwide - RE/MAX REALTORS® are there with a presence in more than 110 countries and territories. When you list your home with a RE/MAX REALTORS®, we don't just market your home locally - we market your home internationally. We have thousands and thousands of buyers relocating throughout out the world.

“RE/MAX continues to rank on these respected lists because entrepreneurs see the value in aligning with a top brand that empowers them to be in business for themselves but not by themselves,” said Shawna Gilbert, Senior Vice President of RE/MAX Global and Commercial. “RE/MAX franchisees are truly industry leaders around the world. They are a growth-focused group who are dedicated to raising the standards of the real estate industry everywhere.”

This is not the first accolade RE/MAX has earned so far from Entrepreneur in 2023. The brand was recently recognized on Entrepreneur’s prestigious Franchise 500 list, earning a spot as a top franchisor for 39 years in a row.

“RE/MAX is built for productive, experienced agents – and newer agents with the drive to level up – so we're able to sustain services when others are pulling back." When real estate markets take a downward turn, you need a great REALTOR® to help get your home sold - Choose a RE/MAX REALTOR®.

Read more at https://news.remax.com

Why choose RE/MAX REALTORS® in Edmonton

• RE/MAX agents sell more real estate than any other Canadian brand.
• With a presence in over 100 countries and territories, the RE/MAX network’s global footprint is unmatched by any other real estate brand.
• Every 30 seconds, a RE/MAX agent helps someone find their perfect place.
• With more offices worldwide, RE/MAX serves home buyers and sellers closer to home.
• RE/MAX offers support and services not available at other real estate companies.
• RE/MAX has helped millions of families buy or sell a home.
• Each year, RE/MAX agents help hundreds of thousands of families buy or sell a home
• Full time agents with in-house lawyers, real estate brokers and mortgage brokers

Homes Sales for the month of March 2023

Edmonton sold detched houses in the...

Southwest - 178 with an average sold price of $607,398

Southeast - 155 with an average sold price of $448,242

West - 105 with an average sold price of $535,897

Northwest - 68 with an average sold price of $390,028

Northeast - 119 with an average sold price of $405,588

MLS® listed new builds - 97 with an average price of $564,438

Edmonton

There were a total of 1291 properties sold with an average days on market of 51. There were 470 condominiums sold and 821 single family houses sold with an average price of $470,637 There were 398 properties which did not sell which were on the market between 39 to 478 days. One fifth of these expired dwelling were less than 5 years old and consisted of new home sales net yet completed.

Sherwood Park

There were a total of 94 properties sold with an average days on market of 36. The number of sales were up, house prices were up and days on market were down. There were 31 condominiums sold and 63 single family houses sold with an average price of $496,897. There were only 12 homes which did not sell. Another sellers market month!

Spruce Grove

There were a total of 79 properties sold with an average days on market of 36. There were 10 condominiums sold and 69 single family houses sold with an average price of $390,547. There was only 13 expired properties this month. The market is now in favor of sellers!

Beaumont

There were a total of 45 properties sold with an average days on market of 43. There were 2 condominiums sold and 33 single family houses sold with an average price of $480,803. Only 5 expireds.

Leduc

There were a total of 53 properties sold with an average days on market of 40. There were 6 condominiums sold and 47 single family houses sold with an average price of $433,871. There were only 2 properties that expired.

For recently sold house prices - click here.

View last months home sales

How to Accurately Use the Residential Measurement Standard

Alberta REALTOR® must use the Residential Measurement Standard (RMS) when measuring residential properties. This measurement standard helps consumers easily and accurately compare different types of residential properties.

The RMS offers a consistent means of representing the property above grade space. Among other things, the RMS sets out what parts of a property can be included in its measured-area. For example, if a room has a dormer with a ceiling height of only 4 feet, is it included as floor space? What about finished basements that are entirely below grade? 

When stating the area of a residential property, your REALTOR® must follow the RMS principles:

• Alberta REALTORS® must use the RMS.
• Identify if the measurement system is metric or imperial, and apply it consistently. Measurements must be calculated to within 2% of the RMS size.
• For detached properties, measure the property using the exterior wall at the foundation.
• For properties with common walls, such as half-duplexes, townhouses, and apartments, measure the interior perimeter walls (paint-to-paint) at floor level.
• Include floor levels that are entirely above grade. Below grade levels must not be included in the RMS area. If you have a split level, this may include two or three levels depending on where the grade sits.
• Include all additions to the main structure above grade areas within the structure if they are heated and insulated.
• The property must have a minimum floor-to-ceiling height of 7 feet. If the ceiling is sloped, the area with a floor-to-ceiling- height of at least 5 feet is included in the RMS area, provided there is a ceiling height of 7 feet somewhere in the room. This can eliminate bay window sitting areas.
• Exclude open areas that have no floor, such as vaulted areas.

Your REALTOR® also has a responsibility to ensure you understand the RMS and its implications, and is required to discuss it with you. This discussion will help you make informed decisions about the size and suitability of properties.

For more information about the RMS, you can read the Consumer Guide to the Residential Measurement Standard in Alberta.

How Concerned Should You Be With Radon in Your House?

What is Radon?

Radon is an odourless, tasteless, colourless radioactive gas that is the by-product of uranium decay. Uranium occurs naturally in soil and rock formations, and creates uranium deposits, some Canadain provinces such as Alberta and Saskatchewan, have higher radon levels.

Radon seeps through the earth and into basements, where it can become trapped because of the efficient way our homes are sealed from the outside elements. Prolonged exposure to radon can lead to health problems, including lung cancer. In fact, after smoking, radon gas is the leading cause of lung cancer.

The Alberta Building Code 2014 included new requirements to protect homes from radon. The requirements came into effect in late 2015, and include, among other things, that new homes require a properly located radon rough-in or passive pipe in the basement, which can make it easier (and cheaper) to install a radon mitigation device in the future if it’s needed.

Does your Edmonton house have Radon?

It is important to know that homes anywhere in Canada can have dangerous radon levels. However, some of the homes in the prairie provinces have the highest average level of radon. 

Radon Gas Map, Canada. Source: Radon Environmental Management Corporation. 2011

How to test for radon

There are a few companies in Edmonton which will test for radon. This is becoming a more common contingency for home buyers. Long-term testing: tests of at least 90 days during the heating period (fall, winter, and spring) or during the height of summer when you may have air conditioning running provide reliable for determining radon levels.

Short-term testing: in Canada, some entities market and recommend short-term testing. Health Canada states short-term tests are not acceptable to assess radon levels as radon levels can vary significantly over time. Do not be misled, short-term tests do not provide buyers and sellers with an accurate indication of the likelihood of adverse radon levels.

What is an upside down mortgage?

An upside-down mortgage is simply a mortgage in which is more money is owing than what the property is worth. An upside down mortgage can happen to anyone. With real estate markets in big cities like Toronto and Vancouver where house values are decreasing, many homeowners will find themselves in this position today.

If you find yourself in this situation and can afford your monthly mortgage payments, the best thing to do is stay put and keep paying down your mortgage until you have built some equity.

Can You Sell Your Home With an Upside Down Mortgage?

You may want to or need to your home in a downward market, knowing next year, your home will be worth less. The answer is yes you can, but will need to take into consideration the ability to pay the debt you acquired between closing costs, mortgage penalties and mortgage payouts. If you are able to find the funds, sometimes it's just best to take the loss and move on to avoid going further into an upside down mortgage.

If you are struggling to make payments and your mortgage is upside down, talk with your bank. Your financial institution can allow you to sell your home and provide you with a personal loan to cover the shortfall, saving your credit.

The simplest solution for homeowners with upside-down mortgages is to continue making payments, if possible, and wait for home prices to rise again before selling their homes.

Are there any other options?

Sometime you will see an owner selling half of a house (yes it is possible). This is usually due to a civil enforcement and a lack of equity in the property. If you choose to keep your home and are will to sell half to a stranger, this may also be an option for you. 

Homes Sales for the month of February 2023

Edmonton sold detched houses in the...

Southwest - 90 with an average sold price of $591,986

Southeast - 97 with an average sold price of $450,180

West - 78 with an average sold price of $502,337

Northwest - 73 with an average sold price of $424,489

Northeast - 80 with an average sold price of $376,552

MLS® listed new builds - 57 with an average price of $550,581

Edmonton

There were a total of 924 properties sold with an average days on market of 56. There were 438 condominiums sold and 576 single family houses sold with an average price of $451,433. There were 392 properties which did not sell which were on the market between 61 to 522 days. A large portion of February's expired homes were condominiums in oliver and downtown Edmonton.

Sherwood Park

There were a total of 56 properties sold with an average days on market of 44. There were 11 condominiums sold and 45 single family houses sold with an average price of $473,043. There were 11 expired properties. This was a sellers market!

Spruce Grove

There were a total of 60 properties sold with an average days on market of 54. There were 7 condominiums sold and 53 single family houses sold with an average price of $408,729. There was only 17 expired properties this month. The market is picking up!

Beaumont

There were a total of 18 properties sold with an average days on market of 50. There were no condominiums sold and 18 single family houses sold with an average price of $505,750. 9 properties expired and did not sell. Every 2 out of 3 houses sold.

Leduc

There were a total of 46 properties sold with an average days on market of 60. There were 10 condominiums sold and 36 single family houses sold with an average price of $420,168. 14 properties expired and did not sell.

For recently sold house prices - click here.

View last month's home sales