What happens if you can't afford your mortgage payments?
First, take a deep breath. You are not alone.
Second, speak with your bank or other financial institution and explain your situation clearly as soon as possible. Often, the bank will come to some sort of temporary arrangement to accommodate your needs. The bank may agree to reduce or postpone a few payments.
If you cannot reach an agreement with your bank and you are unable to make your payments, the lender will begin taking legal action on your property.
What about a 2nd lender?
If you have equity in your home, there are several private lenders who may be willing to lend you money if you have enough equity. However, the interest rates are usually between 12% to 15% plus a substantial borrowing fee.
What about selling it?
If you have already defaulted on your mortgage, but are not yet in complete foreclosure - you still may be able to sell your home and keep any equity you made. Talk with your bank and let them know that you are trying to sell your property. They may put a hold on the foreclosure process for you. Sometimes it is better to give up that dream home, downsize temporarly and breath!
Can you give it back to the bank?
If your home is not worth more than your mortgage loan and you cannot make your payments, you may want to consider walking away from the home under a “quit claim deed.” If your mortgage lender agrees, you may be able to transfer title of the house to the lender in return for a complete release of all your obligations. The lender then becomes the full owner of the property.
What happens when the bank sells your house?
Don't expect to retrieve the equity you originally had in your property. It costs Banks time & money to sell your house. Some of these expenses will be for court orders, property maintenance, legal fees, etc.. If these costs are higher than your original equity,(& usually are) you are still liable for the difference.
If you stop paying your mortgage payments and do not make other arrangements with the lender, it will likely begin legal action to take possession of your home. Whatever your problems, it is always a good idea to advise your lender and request a temporary solution until you become more financially stable.
Contact us to learn the value of your home and how long it would take to sell in today's real estate market?
June 16, 2022
Currently there are 7,990 residential properties and 1,942 rural properties on the market through the Edmonton MLS REALTORS® association.
In the last 30 days, there have been 1370 new listings and 1197 price reductions.
In the last 7 days, 443 of these homes have come on the market, 343 have had price adjustments and there have been 295 sold properties. Remax Elite sold 159 of these homes.
This month, so far there have been 165 rural properties sold and 1,289 residential homes sold. 834 of these properties are located in Edmonton. 74 in Sherwood Park and 72 in St Albert.
If you currently have your home on the market and would like to know how to find a buyer for your home - read our "Top reasons why your home is not getting showings" blog.
Have questions? Feel free to contact us anytime or recieve a FREE HOME EVALUATIONS and learn what your home would sell for in a reasonable time period in our current real estate market
Learn the Top Reasons Your House Isn’t Getting Showings and How to Attract Buyers
Selling your home in today's real estate market can be a stressful time for many homeowners, especially with the quickly increasing cost of living and the nerveousness of buyers making such a large finacial purchase.
Consult with your real estate agent to come up with a plan to target those buyers who best fit your home style. Many REALTORS® in Edmonton who sell houses are social butterflies and will run ads for your property targeting those buyers.
Adjust your price. Even the slightest change of $1 reduction can restimulate buyers who are in a position to buy today on our auto-prospecting system.
Change your photos. If your grass in the front has an old photo from the previous season, change it. We don't want your home to look like it has been on the market for a while.
Change the dialogue. Rewrite your property specific details to capture the lifestyle. Make the buyers want to come visit an inviting, welcoming home- not just another generic house. Make it special.
Once you recieve an offer - DON'T DISGUARD IT because it is not the price you wanted! Work with your REALTOR® to negotiate the best possible outcome. After all, the buyers chose to write an offer on your home and not the one down the street. They have an invested interest and have given you the oppurtunity to sell your home.
FInd those buyers who are relocating to Edmonton. Many people are now leaving other provinces and coming to Alberta because of the cost of living. Contact an Edmonton relocation REALTOR® and find out how we attract those home buyers.
First Quarter Market Report for 2022 - Edmonton House Prices
Single detached homes increased in February by 3.2% from a year earlier to 422 units. This was the best February performance for Edmonton’s single-family homebuilders since 2015.
There were 817 completed new built and unoccupied stand alone and semi-detached houses, down from 878 units a month prior. The average price for single-detached house absorbed in Metro Edmonton increased in February by 4.3% year-over-year to $561,753.
In the first quarter of 2022, there were a total of 5074 properties sold in Edmonton including 3640 houses & duplexes and 1434 condominums. With the low interest rates and buyers wanting to get into the real estate market before the rates increase, we had a surplus of multiple offers in the first part of 2022, making this quater a sellers market which led to the increased Edmonton house prices!
Fourth Quarter Market Report for 2021 - Edmonton House Prices
New home builders in the month of November had one of thier best months for selling single family detached houses. Many of these builders were adding legal basement suites which made it more feasable for first time buyers. CMHC reported 838 completed and unoccupied single and semi-detached units (including show homes) in the Edmonton area in November, up from 825 in the previous month.
There were a total of 4625 properties sold in Edmonton including 1288 houses & duplexes and 3337 condominums. One of the reasons condominium sales may have been high is that during the third quarter, the total net migration into Alberta amounted to 16,690 persons. The last quarter of 2021, the real estate market was very active and was a great time to be selling condominiums in Edmonton and houses in Beaumont Alberta.
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.
Second Quarter Market Report for 2021 - Edmonton House Prices
This quarter was the best quater for anyone who already owned a property in Edmonton with the highest home owner value price increase since 2008. Statistics Canada’s New Housing Price Index (NHPI) for Edmonton also increased by 5.2% in May compared with a year earlier. The biggest price increase in our real estate market was in Sherwood Park and St. Albert.
If you are thinking about selling and moving up, now would be a very good time to consider the move, especially with the low interest rates and the increase of other municipalites across Canda.
In thes econd quarter of 2021, there were a total of 5624 properties sold in Edmonton including 1517 houses & duplexes and 4107 condominums.
What is a Housing Bubble and How Does it Affect You?
You have heard the term "housing bubble", but what does it actually mean, and is Edmonton experiencing one? Whether you already own a home and waiting for the right time to sell, or are considering buying another property in the near future, it is valuable to know whether to buy and sell in a housing bubble and how it may affect you.
A housing bubble happens when the price of homes rises quickly, at an unsustainable rate. Typically, a price-growth rate that’s in the high single-digits is considered to be healthy and sustainable. Under healthy conditions, homeowners continue to earn equity over time, sellers can make a profit on resale, and buyers can still afford to get into the market. This has been the trend in most Canadian provinces except for Alberta over the last decade where Alberta house prices have plateaued and in some places dropped dramatically.
What Usually Happens When a Housing Bubble Bursts?
During a housing bubble, homes become overvalued. When the bubble bursts, prices fall. Homeowners who have no intention of selling are unlikely to feel the direct impacts of the bursting bubble. However, these market conditions often indirectly impact other aspects of the economy, so to call homeowners who aren’t selling “free and clear” would be misleading. The Homebuyers who purchased a home during a housing bubble likely paid considerably more than it is worth.
Is Canada in a Housing Bubble?
The Canadian housing market took a surprising upward turn during the COVID-19 pandemic, after coming to a grinding halt in mid-March. The slow-down was short-lived, and what followed through the remainder of 2020 was a spike in demand for homes met by a shortage of supply. With 2021 well underway, there appears to be no end in sight. There are a number of factors that indicate we’re not experiencing a bubble caused by market speculators, contrary to some media reports.
A recent online survey of RE/MAX brokers and agents in Western Canada, Ontario, and Atlantic Canada found that speculators are not a factor in the Canadian real estate market at this time. In fact, more than 96% of RE/MAX brokers and agents supported this finding, confirming that the majority of homebuyers are end-users. Speculators tend to wait out hot markets, buying when prices are down and selling when they’re up again. The short-term investment opportunities they’re generally looking for are hard to find under current market conditions. Bully offers and bidding wars are commonplace, and we continue to see demand outpacing supply with the release of the monthly housing market data. These factors are generally inhospitable to speculators and investors.
For a housing bubble to burst, there needs to be a steep incline in inventory and new listings, and a decline in demand – neither of which is likely to happen any time soon.
The Canadian housing market is still feeling the impacts of the pent-up demand from 2017 when the government introduced the foreign buyer tax and the mortgage stress test as a means to cool the overheating market. These policies prompted many homebuyers to move to the sidelines, opting to wait and save, with plans to re-engage in the housing market in a few years.
Now fast-forward a few years to 2020. COVID-19 had a similar impact on the market, whereby many homebuyers delayed their purchase plans due to pandemic-related uncertainties. That pre-existing pent-up demand for homes continued to swell. With Canadians subject to stay-at-home orders with nowhere to go and spend their hard-earned money, they collectively saved historically high sums, which was injected back into the housing market once consumer confidence returned. The spending came in the form of record-high home sales and for those who were unwilling to face the competitive resale market conditions, renovations to existing dwellings. In fact, Canadian real estate was said to be the driving force behind the Canadian economy in 2020. Savings, low-interest rates and low inventory continue to put pressure on the housing market.
What is Happening to Edmonton's Real Estate Market?
A housing bubble can happen as a result of non-organic growth like it did in January 2006 to June 2007 and the average single-family detached house rose by $200,000. This happened due to our job surplus and supply and demand of real estate. Basically, people were moving to Edmonton and the surrounding area for work and there was a shortage of houses to buy.
Edmonton house prices hit the high point at the crash of economic stability in the summer of 2007 and the real estate market crashed fast when the bubble burst and the ripple effect of a bursting housing bubble flooded Alberta. Several homeowners were holding more than one property which resulted in lower asking prices and foreclosures. There were fewer buyers to due to the loss of jobs, economic instability, and uncertainty, a surplus of housing choices, and anticipation of a more housing prices drop.
Is Edmonton in a Housing Bubble?
The answer is "no". Edmonton is one of the few places in Canada, where house prices have not changed for the last decade, making it a great place to a home. Although in the last few months, Edmonton's real estate market has picked up a bit and there have been a few more multiple offers, we are not anywhere close to our last real estate bubble. Edmonton's increase in real estate activity has been due to the low-interest rates and not the economic factors. We currently have some of Canada's best-priced real estate making Edmonton a great choice for investment.
Is now a good time to buy in Edmonton?
The answer is yes. With low house prices, low-interest rates, and an inviting international real estate market, Edmonton is a fantastic place to buy a home.
Is now a good time to sell in Edmonton?
It depends. If you are a condominium owner, expect to take a loss on your property if you have purchased it in the last ten years. If you are selling a luxury home, the demand is beginning to increase especially near Canmore and country residential. For those who are selling detached houses in Edmonton, prices are stable, and asking prices need to be at "fair market value" to receive an offer within a reasonable time period.
If you would like to know more about Edmonton's real estate market, feel free to contact our experienced, professional Edmonton Remax Realtors who can guide you through the buying and selling process.
Top Benefits of New Home Buying
From lower upfront maintenance costs to design flexibility, new construction can provide opportunities for homebuyers navigating a low inventory market. While some homebuyers are holding out for the right house to become available – one with historic charm, outdoor space, square footage, or whatever they’re seeking – others are skipping the search and going straight to new construction. Not only can buyers customize the home to meet most or all of their needs as well as their wants, negotiating the contract can be less complicated. For Edmonton new home buyers struggling to find their dream home in a current low inventory market, Our RE/MAX real estate agents share the top benefits of new construction home.
Less bidding wars when purchasing an Edmonton new build
One of the biggest advantages of new construction is that homes are sold on a first-come, first-served basis. That means no bidding wars – and no need to waive an inspection, appraisal, or other contingencies to make an offer stand out. Appraisers often look at what similar homes in the area have sold for in recent months to help determine a home’s value. That means if it’s been a while since another home has sold in a particular neighborhood, an appraiser may be using outdated information to price a listing in the resale market. Because multiple units are often sold in a new build development section at once, appraisers typically have several recent comparable properties to consider when setting a price for a new construction home.
New constructions homes are more energy-efficient and require less maintenance
An important consideration in any real estate purchase is how much maintenance the buyer is interested in taking on. DIY-enthusiasts may enjoy making an older home their own, while some buyers would prefer something more turnkey. Although all homes in Edmonton will require maintenance at some point, new construction usually requires less upfront work when it comes to upkeep. A new built should come with an Alberta home warranty.
New construction can also offer the advantage of new technology and energy efficiency. Some enhancements can be added to older houses, but it may take more time for the homeowner to recoup the cost of the updates.
Your new Edmonton home will check all the boxes
What I love about new construction is that for the most part, clients get exactly what they want and don’t have to settle for the resale dwelling that didn’t have that extra room or the countertop the way they wanted. Many builders offer a base model with several options for customizations and enhancements. Sometimes buyers may be able to change a layout of a room by moving a wall or adding windows for more daylight.
Although most Alberta builders don’t negotiate the price of design elements, a Realtor can advise which features are worth paying for upfront, and which ones can be upgraded at a later date. Builders will rarely allow buyers to bring in their own contractors during the construction process, but it still may be less expensive to update features – such as flooring – after closing.
You can still leverage the guidance and expertise of our Remax Realtors
A new construction project can differ from purchasing a home on the resale market in several ways – but the value our experienced Realtors can bring to the transaction remains the same. The benefit of having an experienced Edmonton Realtor in new construction is having someone to fight on your side when construction isn’t going like it should and knowing your real estate agent is working on your behalf and NOT the builders. A new build purchase has many of the same milestones as an existing home purchase – such as the appraisal, inspection, and, of course, closing date.
The most important thing to keep in mind when purchasing new construction is patience. Although some builders have completed properties ready for move-in, buyers looking for a custom new build home should plan on at least 8 months to a full year for construction completion. But while a buyer is waiting, their current home could be already growing in value. Once a new development sells out one section of homes, they often sell the next group for a higher price.
According to Remax.ca, the Edmonton housing market is to remain balanced through 2021 with house prices increasing by 2%. Edmonton real estate is likely to continue as a balanced market in 2021, with demand being segmented. Buyers are looking for single-family homes and yards, which includes duplex and row-style townhomes.
Who’s Driving Demand for Edmonton Real Estate?
Move-up buyers are currently driving demand in the Edmonton real estate market, which is expected to continue into 2021. The most popular property type of property among move-up buyers in Edmonton is single-detached houses and townhouses.
First-time homebuyers in Edmonton are typically single homebuyers. These buyers are not looking at one property type specifically and are buying across all property types. The average price spent on a property by a first-time homebuyer is approximately $300,000.It is expected to be more difficult to enter the market as a first-time homebuyer in 2021, as there is expected to be less inventory, making it tough for buyers to find the right property.
Move-up buyers in the Edmonton housing market are typically young couples. There has been very little hesitation in move-up buyers when it comes to entering the market, as many are trying to take advantage of the low-interest rates and low property values. Move-up buyers in Edmonton have changed the criteria on what they look for in a home due to COVID-19. Many move-up buyers are looking for yards, more space, separate offices and finished basements.
The condominium market in Edmonton is most popular with single homebuyers and young couples. The average price for a condo in Edmonton is $222,181. Apartment-style condos are currently in oversupply, which means prices are likely to drop. Currently, in Edmonton, many examples of large assessments have been seen, mostly due to insurance costs escalating dramatically for condo corporations, which has resulted in higher condo-fees.
Edmonton’s luxury market is currently driven by move-up buyers with the average starting price for a luxury home in Edmonton being $1,000,000. At this price point, many buyers are getting great value, with the majority of the homes being newer infill or older beautifully renovated homes with large yards in mature areas, or huge lots, often with ravine or private nature backing, in new development areas.
Edmonton’s Hottest Neighbourhoods
Edmonton’s top-selling neighbourhoods in 2020 were Anthony Henday Zone (West), North Central Zone and Southwest Zone. These neighbourhoods are expected to continue as the most popular neighbourhoods moving into 2021.
Edmonton New-Home Construction
Edmonton’s new-home construction sales are strong for single-family in both the suburbs and infill. Apartment condos are in oversupply. Most buyers are looking for a new or “like new” home across all price ranges. Based on the current demand, stand-alone houses, duplexes and townhomes with yards are a little undersupplied. One new-home construction trend that has emerged throughout 2020 has been the need for home office space options, which is directly related to COVID-19.
Canadian Housing Market in 2021
Canadians are on the move. RE/MAX isn’t calling this an “exodus,” but the re-location trend across the Canadian housing market is real, and it’s just one focus of the RE/MAX 2021 Housing Market Outlook Report. RE/MAX Canada anticipates healthy housing price growth at the national level, with move-up and move-over buyers continuing to drive activity in many regions across the Canadian housing market. An ongoing and widespread housing supply shortage is likely to continue, presenting challenges for homebuyers and putting upward pressure on prices.
How to Accurately Price Your Edmonton Home
Not sure what to ask for your Edmonton (or surrounding area) home? First, you should know the numbers on your remaining mortgage balance, payout penalties, closing costs and real estate commissions and what you will need in your pocket to be able to sell your property.
Pricing any real estate accurately is based upon a few factors. One of the main factors right now in Edmonton and the rest of Alberta is the economic and political factors. If there is no consumer confidence, a few thousand dollars can make a big difference in today real estate market when buyers are contemplating between your home and the comparable one down the street. It doesn't matter if you have just renovated your bathroom. Pricing is a key factor in a "downturn", "soft", or "buyers market".
When pricing your property - from the start - you need to take a step back and look at it through the eyes of a buyer and do some research. A few of the key components in choosing a realistic price when putting your home for sale include these tools which a real estate agent can provide you:
Your tax assessment is only a starting point:
Do not base pricing your home on this alone, Your tax assessment is a good starting point, but may have been over or under assessed depending on the real estate activity in your community over the last few years. Were there lots of homes foreclosed upon near you? Did you originally pay too much for your property when you purchased it? Were there several homes sales at the turn of the market? All of these factors are taken into consideration when the city does your property tax assessment.
Know your community absorption rate:
A real estate absorption rate is the number of months it would take to sell the current inventory in your community assuming no other homes are added to the market. An absorption rate is a great tool used by Edmonton Realtors to predict the rise and fall of real estate prices. Knowing the absorption rate of a community can give home sellers an advantage to pricing a property, knowing how many days they should expect their home to be on the market.
Is your home worth the asking price:
Does your home offer value: Foreseen residual or potential income can increase the value of your home. If you have a garden suite or a basement suite, ensure that you have the permit documentation. Value can be in other forms as well, such as living in a community that is undergoing a transformation. Items such as an oversized back yard or outdoor swimming pool do not necessarily add any value.
Is your property a money pit: Some homeowners think changing the flooring and adding a fresh coat of paint will increase the value of a property? This is only a quick fix and should be done will help and if there are any concerns during a property inspection, the buyer will no go forward without compensation or not at all. If you have an older home, there are several items that should be repaired, replaced or upgraded including the shingles, windows, exterior grading, furnace, electrical and plumbing. If you have not been diligent with home maintenance, price your home accordingly.
Location! Location! Location!
If you are situated along or near a busy road, train track, or a factory, your house price will be worth a bit less - no matter how pretty your home is and vice versa, if you are situated along a ravine, park or green space, in a community which is undergoing revitalization or has a positive economic factor, or feature a great view, your home will be worth more money.
Comparative Market Analysis
A CMA or Comparative Market Analysis should not be confused with an appraisal. An appraisal is a price, usually completed by a financial institution and is based more upon what it cost to rebuild the current condition of the property. A Comparative market analysis is usually performed by an experienced Real Estate Professional, to determine a range of value for a Real Estate Subject Property.
It is the current value or price range of residential property in a community that has been compared to properties that would be your competition if you were selling in today's real estate market, properties nearby which have recently sold, and properties that were listed, but did not sell. Adjustments are made to these comparable properties to reflect the tangible and non-tangible differences in value between the comparable homes and the sellers' property.
Can You Afford to Sell Your Edmonton Home in 2021?
Although the Edmonton real estate market is still soft with dormant house prices, buyers are starting to come out of hiding to look in anticipation of our economic optimism and 2021 looks to be a better year to sell your Edmonton house.
If your planning on selling your Edmonton home this year, do your homework and estimate your closing costs to ensure you have enough money to make your move. There is nothing worse than sitting with your lawyer and not having enough funds to close your sale.
When a home is sold, the seller incurs various closing costs in addition to paying out the remaining balance on their mortgage and payout penalties. Typical closing costs for a seller may include any property taxes which are in arrears, encumbrances, the cost of a real property report with compliance and/or title insurance, any permits which were not obtained earlier, real estate commissions, any provincial, GST revenue, agricultural or business taxes, liens and legal fees. If the property is a condominium, the seller may also have costs of condominium documents, unpaid condo fees, levies and the estoppel certificate. When selling a house in Edmonton, the seller's costs vary from a few hundred to several thousand.
Since our Edmonton economy is not in the best shape and buyers have become nervous about making large purchases, there are several ways to maximize the value in your home without major renovations including staging and a little bit of home maintenance. Pricing your home correctly in today's Edmonton Real estate market is crucial and timing is also a factor. Read more on your community absorption rate and find out how long it will take to sell your home in Edmonton.
If you are not sure if you have enough equity in your home, contact one of our real estate experts for a free home evaluation.
Did your Home Get Stigmatized?
In real estate, a stigmatized property is a property that buyers may shun for various reasons other than its physical condition or features. These reasons can include the death of someone who was occupying the home to a murder that has taken place inside the property. Some buyers believe the house may now be haunted.
When a death occurs inside a home, it may not always be disclosed to a buyer. Although when there has been a murder, it is usually public information and can be found on the net. According to the Real Estate Council of Alberta, a murder on the property does not need to be disclosed.
Many jurisdictions recognize several forms of stigmatized property and have passed resolutions or statutes to deal with them. One issue that separates them is disclosure. Depending on the jurisdiction of the house, the seller may not be required to disclose the full facts.
When a home is considered a stigmatized property, the selling value may be decreased to attract more buyers. These houses are priced accordingly and purchasing one for a lesser real estate cost, financially benefit the buyers.
Types of stigma may include houses formally used in a crime, such as a drug house or brothel. Foreclosures where debt collectors are unaware that a debtor has moved out of a residence and may continue their pursuit at the same location.
The wrong starting price can also stigmatize a property when selling your Edmonton home. When a residential dwelling sits on the market for long periods of time, buyers assume there is something wrong with it. Learn how to price your Edmonton home properly from the start. Contact us today to receive a free in-home pricing evaluation.
Buying a Condominium in Edmonton?
When deciding between purchasing a single-family house or a condominium, one of the largest factors is the price. Currently, in Edmonton, there is a surplus of condominiums for sale and are a great real estate investment whether you are a first-time buyer or are looking for residual income as a rental property.
Purchasing a condominium in Edmonton comes with both perks and downfalls, especially if you are not familiar with the history of the condominium. When you buy a condo, you are buying a share in the complex, similar to other investments, you will own a portion of the common area - both capital gains and loses. If you are familiar with what you need to know before purchasing an Edmonton condominium, you are leaps ahead. The first thing you need to know is your money (condominium fees) will be spent.
The bylaws may also play a key part in purchasing a condominium. Bylaws overall are pretty standard, but read them anyway or take them to your lawyer to read. There may be items in there which can be important to a buyer which may have been overlooked. A few examples are: No pets allowed, Extra costs occurred as a rental property, or no bar-b-ques allowed on a balcony. If you have any concerns with the bylaws, feel free to contact the management companies and ask questions.
Depending on the type of condominium you are purchasing, will depend on what the condo fees cover. Sometimes these fees only cover exterior maintenance. Complexes with more amenities such as exercise rooms and pools will always have higher fees due to the maintenance cost of purchasing a condo with several units is, in the event, there is a special assessment on the building, the cost is shared by a larger number of people.
Reserve Fund Study
A Reserve Fund Study is one of the most important documents. With every condominium complex in Alberta, it is now mandatory to have a new Reserve Fund Study completed every five years (New condos are exempt until they are five years). The reserve fund study is a physical study completed on the building and indicates any foreseen structural issues with the building. It is laid out in the same manner as any business plan with predictions of structural deficiencies and repairs and how they will affect condo fees.
There are several documents to review prior to purchasing a condo in Edmonton Alberta. Like any investments, it is extremely important to view the financials of the complex. Below is a list which you should add as a "Satisfactory Review" condition to your purchase to offer.
- a statement setting out the amount of any contributions due and payable in respect of the unit
- the particulars of:
- i. any action commenced against the corporation and served on the corporation
- ii. any unsatisfied judgment or order for which the corporation is liable
- iii. any written demand made on the corporation for an amount in excess of $5,000 that, if not met, may result in any action being brought against the corporation
- the particulars of, or a copy of, any subsisting management agreement
- the particulars of, or a copy of, any subsisting recreational agreement
- the particulars of any post-tensioned cables located anywhere on or within the property that is included in the condominium plan
- a copy of the budget of the corporation
- a copy of the most recent financial statements, if any, of the corporation, including the most recent year-end and month-end statements
- a copy of the bylaws of the corporation
- a copy of the most recent approved and most recent draft minutes of the annual general meeting
- a copy of the minutes and draft minutes of meetings of the board of directors of the corporation for not less than the past 12 months
- a statement setting out the amount of the capital replacement reserve fund
- a copy of the reserve fund report
- a copy of the reserve fund plan
- a statement setting out the amount of the monthly contribution (commonly referred to as condominium fee) and the basis on which that amount was determined
- a statement setting out any structural deficiencies that the corporation has knowledge of, at the time of the request, in any of the buildings that are included in the condominium plan
- a copy of any lease agreement or exclusive use agreement with respect to the possession of a portion of the common property, including a parking stall or storage space
- a copy of the registered condominium plan
- a copy of the condominium additional plan sheet certificate (CADS)
- a copy of the insurance certificate
- the amount of any homeowner association fee
- a copy of any proposed special resolution awaiting a vote
- a copy of any easement, covenants and restrictions (ECR) agreement
- a copy of any other building or site report such as a building assessment report, building envelope report, geotechnical report, technical audit, performance audit
- any other relevant information
We know that buying a condo in Edmonton is a bit more complicated than purchasing a single-family home, that is why, here at RE/MAX, we want you to feel confident with the ins and outs of buying a condo. Never hesitate to call us at 780-237-7074 if you have any questions or concerns during your buying process we are here to help.
Are You Paying too Much for Your Edmonton Home?
Before you offer any seller a price for a property, there are a few facts you should know. The asking price or the city assessment of a property does not necessarily reflect the "market value" of the home. Below are a few questions you should check into prior to making an offer.
Is the property tax assessment accurate? If not, find out why
For the city of Edmonton, you can find out the tax assessment value of any residential property at https://maps.edmonton.ca/map.aspx. Although the amount the city thinks the property is worth does not necessarily reflect the true value. It is only used as a starting point.
Are real estate prices going up or coming down?
What is the latest real estate trend in that community? To determine if Edmonton community property values are going down or to tell if it is becoming one of Edmonton's hot spots, use the absorption rate tool.
How much was the bank property appraisal?
Financial institutions base their appraisals on the "Emily System", which is an accumulation of recently sold comparable properties. If there are no relevant sold Edmonton properties or if your home is more unique, independent appraisers can do a "cost to replace" appraisal. A good Edmonton real estate agent will complete a "Sold Comparative Market Analysis" (CMA) for you, prior to submitting an offer to purchase.
Is the property staged to avoid any defects?
Don't be fooled by the staging in a property. This is one of the biggest mistakes a buyer can make. When viewing a home, overlooking the nice furniture and freshly painted walls. Take a close look at the overall condition of the property. An easy way to know if a dwelling is shifting is to open and close the windows and doors.
Do you know what a realistic offer should look like?
No matter if you are buying a home in Edmonton in a buyers market or a seller's market. Submitting a realistic offer is important. When a home is priced accordingly to the real estate market, don't try to "low ball" the seller, you will end up paying more because you have insulted them. Do your research.
For more information on submitting real estate offers in Edmonton and find an experienced buyer's agent, contact an Edmonton Remax Agent.
What is a Comparative Market Analysis & How to Use it
Edmonton real estate agents can provide comparative market analysis, also known as a CMA, for any property including properties subject to divorce, civil enforcement, foreclosures, estate sales, city tax purposes, etc. It takes time for real estate agents to complete accurate home evaluations. Unless you have plenty of experience in buying and selling real estate, online home evaluations may be completely misleading and should never be used as a realistic asking price.
Seller Comparative Market Analysis
When working with sellers, a comparative market analysis is used to determine a realistic and accurate asking price. A Seller CMA is based on comparable properties which are currently active (homes for sale), recently sold homes (usually within the last six months), expired (homes that did not sell for various reasons) and the history of these homes. Other factors will include the current Edmonton real estate market, supply and demand, the condition of the property, the location, community absorption rate and many other factors. An experienced, professional Edmonton Realtor will take the time to go through all of this data with you, together with determining a true asking price for your Edmonton Home.
Buyer Comparative Market Analysis
When working with buyers, a comparative market analysis is similar to a bank appraisal and is used to write a reasonable offer to purchase. A buyers CMA is based on both current homes for sale and recently sold home price in Edmonton taking into consideration all relevant factors including the condition, size and location. For new builds, this process is a bit different and is based more on the cost to build, economic factors, building quality, and the reputation of the builder.
Free Comparative Market Analysis
If you are thinking about selling your home or if your home did not sell due to other factors, feel free to contact us for a professional no-obligation Edmonton home evaluation. We also service Morinville, Bon Accord, Gibbons, St. Albert, Spruce Grove, Beaumont and Devon. Our Homes & Gardens Real Estate Agents will take the time to help, educate and inform you on all real estate aspects of your community to determine the right value for your home, ensuring you receive the highest possible price. Simply CLICK HERE to fill in the form and we will get in touch with you shortly.
How much are closing costs in Edmonton Alberta
Are you ready to purchase your new home? Often, buyers find themselves overwhelmed with the cost of purchasing a home and should be aware of these extra home costs to ensure you won't be struggling at the last moment to find more cash to complete your purchase.
When a home is sold, the buyer incurs various closing costs in addition to the property sale price. Although most of the expenses of the house are paid for by the seller, usually including real estate commissions, the buyers pay a variety of fees such as mortgage origination charges, appraisal fees, title insurance, lawyer, home insurance, homeowner association fees (HOA) and property tax adjustments. Depending on the buyer and the home purchased, there may be additional fees including CHMC Fees, which can be added to your mortgage amount and other costs. agreed upon and not covered by the seller costs.
Don't forget your moving and utility hook-up costs. As a rule of thumb, one to two per cent of the cost of your home will cover all closing costs.
If you would like to know more about purchasing a home, contact one of our Edmonton Real Estate experts today for help and free advice.
If you are waiting to purchase a home - Keep up to date on the proposed HST tax which will be an additional cost when purchasing a home in Edmonton.
Does Your Bank Require an Appraisal?
Appraisals are an important part of buying and selling homes in Edmonton. Real estate appraisals establish a property's sold market value price. Banks and financial institutions require property appraisals when buyers require a mortgage on their new homes as security and provide financial institutions with a cost-effective assurance of the properties value for lending purposes. Appraisals are detailed reports compiled by licensed real estate appraisers.
Don't confuse a comparative market analysis, or CMA, with a real estate appraisal. A CMA is a sales report based on data entered into the multiple listing service, or MLS. Real estate agents use CMAs to help their clients determine realistic asking and offering prices.
An appraisal is also not the same thing as a property inspection. Home inspectors test appliances and outlets, check the plumbing and electrical, confirm heating and cooling system are in working order, use inspection tools to look for any moisture issues, missing insulation, etc. Such information is helpful for the buyer to know before moving in.
If your real estate appraisal comes in low, the bank may not lend you the money you need to satisfy your finance condition. You may need to come up with the difference in cash or re-negotiate the sale price of the property.