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Third Quarter Market Report for 2021 - Edmonton House Prices

Single-detached houses in the Edmonton CMA increased in August by 40.4% from a year prior. This was also the best August performance for single family new home builders since 2017.


Although Edmonton houses prices fell a bit this quarter,  both Beaumont and Spruce Grove  Alberta saw slight increase in house prices. There was also a high number of people looking to move out of the cities which started a price increase in country residential homes.


In the third quarter of 2021, there were a total of 5976 properties sold in Edmonton with an inventory sales increase from last the previous quarter including 1727 houses & duplexes and 4249 condominums.


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How to Hire the Right Real Estate Agent when Buying

Choosing the right realtor is one of the most important decisions that you will make when you’re ready to buy a home in Edmonton. A good agent can help you navigate the buying process with minimal stress, whereas a not-so-good agent might make the process harder on you (and your wallet) than it needs to be and a great agent will provide a great buying experience. There is no magic formula for finding a great agent, though there are certain steps that you can take to improve your chances.



What should you look for when you choose a real estate agent?

Behind every good real estate agent is a set of skills that make them a top choice when you’re looking to buy a home. So what are these skills? They’ll vary depending on your needs and your personality, but at the very minimum, you should choose a real estate agent who has these five key qualities.


Good communication

Communication is a key factor in a real estate transaction and being comfortable with your Realtor is key. If you are analytical, find an agent who is also analytical and system focused. These agents are usually dressed in a suit and will provide you with detailed information. If you are really social, choose an expressive agent. These Edmonton Realtors can be found via Facebook and are usually dressed in bright colours.


Top 12 Questions to ask a Realtor when Buying

1. How long have you been a Realtor in Edmonton?

Agents that have been in the business for a while will be able to anticipate problems before they arise.

2. Do you have a real estate speciality?

Most experienced Edmonton Realtors have a speciality from condominiums to luxury home sales.

3. Can you tell me about the areas we are interested in?

Your Realtor should be knowledgeable about the area you’re looking at. Edmonton communities vary in demographics and amenities from one neighbourhood to the next.

4. Will I be working with you individually, or with a team?

If you enter an agent-buyer relationship with the understanding that the agent will be handling you personally, it can be alarming to be handed off to an assistant. Ask who you will primarily be dealing with.

5. Can you recommend ...?

Mortgage brokers, appraisers, property inspectors and real estate lawyers. A good agent will already have a number of real estate professionals they work with on a regular basis.

6. How does your commission work?

As with any financial transaction, get a good understanding of how your agent is compensated before entering into a relationship with them.

7. Can you explain the home buying process from start to finish?

The process can be long and complicated for first-time homebuyers. Ask your agent to explain the process to you from beginning to end, and take notes, being sure to ask for clarifications you need along the way.

8. What’s the best way to contact you?

Every Realtor in Edmonton prefers different ways of communications. Some agents do not give out their cell phone numbers and others are not tech-savvy. Some agents will reply immediately and others can take hours.

9. Do you work on weekends?

Ensure that the availability to show you properties works for both you and your Edmonton Realtor.

10. How many homes are you willing to show me?

Some agents will only show you 3 properties, while others will show you dozens of homes. If an agent is only willing to show you a few properties, it is probably because they are too busy, however, if a Realtor is willing to show you unlimited properties - they are called a "Wheel Estate Agent"

11. Will you provide a CMA for this house?

A CMA or comparative market analysis can help you determine fair market value and determine if it is priced accurately.

12. Do you work full-time or part-time as an agent?

Edmonton Remax Realtors are full-time agents who are more likely to be able to devote more time to work for you than someone who is pursuing real estate on the side.


Take the time to talk with the agent to find the best fit for you. We recommend interviewing 3 Edmonton Realtors. Our agents can be contacted directly at 780-910-5179 or email us!

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Pros and Cons of Different Property Ownerships

Before buying a home, it’s important to consider what type of lifestyle you live. If you travel a lot, a house may not be the best choice. No matter what type of home you choose, there are advantages and disadvantages of all types and styles. It makes sense to review all the pros and cons of home you're looking for.


Advantages Of Buying Single Family Home:

  • Investing in a tangible asset
  • Building equity as you pay down your mortgage.
  • Greater privacy and an option to renovate it to your personal style
  • Stable monthly payments on a fixed mortgage mean you’ll pay the same monthly amount until the end of your mortgage term

Disadvantages of Single Family Ownership:

  • Upfront closing costs (usually 1-2% of the total purchase price)
  • It will be more difficult to accept an attractive job offer requiring you to pick up and move to another city.
  • Maintenance costs are yours and over time, something will need to be replaced from a leaking faucet to new shingles

Advantages of owning a Condomium:

  • Condo fees usually cover exterior maintanance cost
  • Easier Upkeep
  • Condo fees usually cover the cost of heat & water and sometimes electricity and cable costs
  • Shared common area (Anywhere from shared road ways to a community pool)
  • Communal living (you are part owners of a greater area and may even become part of the managment board)

Disadvantages of Condomium Ownership:

  • Condo fees (In addition to your mogtgage you must pay monthly condo fees)
  • Less Privacy (Depending on the style most Condos Share at least one wall with thier nieghbor)
  • Restrictions (Depending on the Condo there may be restrictions such as noise, odor, pets, ect)

Depending on the type of property you choose to purchase there are also pros and cons:

Detatched Single-Family:

Pros:

  • Freedom to do what you want from demolishing the house to adding additional rooms, gardens, garage or basement suites for residual income.
  • Even if the value of the structure itself depreciates, the land on which it sits can become more valuable
  • Backyard BBQs & entertaining outdoors


Cons:

  • You are responsible for all maintenance

Townhouse Condominiums

Pros:

  • Semi-private yards
  • If there is a major upgrade, the cost is sharded by each unit
  • Your own parking spot/garage
  • You can change anything in the interior of the home from kitchens to fresh paint
  • Your neighbour can keep an eye on your property while you are away

Cons:

  • There will be a monthly condo fee
  • You are responsible for maintaining the interior of the property
  • You are living close to your neighbour
  • Condo fees can increase

Apartment Condominiums

Pros:

  • Condo fees usually cover the cost of heat & water and sometimes electricity and cable costs
  • No exterior yard work
  • Less cost to homeownership


Cons:

  • Less privacy. Your neighbours will know when you come home and when you leave.
  • There may be rules on the type of flooring you are allowed to put in your property
  • Must abide by all bylaws
  • Pet restrictions 
  • Condo fees can increase

New builds

Pros:

  • Alberta new home warranty
  • You will be the first person to live there
  • Everything is fresh
  • New appliances 


Cons:

  • The cost of new builds is higher than resale.
  • Added GST (usually already hidden in the price)
  • If there is an issue, you will need to deal with the builder
  • You will be responsible for adding fences and completing landscaping
  • The cost of finishing a basement
  • Annual HOA Fees
  • New builds are on the rise due to a higher lumber cost


If you have questions about buying a home in Edmonton or the surrounding area, we are here to help. Contact us today!



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Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.