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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?

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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

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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!


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Living in South Edmonton Homes

South Edmonton homes for sale are situated in central southwest Edmonton and conveniently located within close proximity of shopping malls, ravines and the LRT.


Aspen Gardens is located near the Kaskitayo Ravine nestled away from major roads, surrounded by the beauty of the Whitemud Creek Ravine, and was constructed in the late sixties and early seventies. Many of these great Aspen Gardens dwellings are luxury houses that overlook the ravine with fantastic views year-round and were originally designed to appeal to individuals and families in search of a quiet, affluent community in south Edmonton.


Duggan is south of 40 Avenue and east of 111 Street and features an established community league, playgrounds, a hockey rink, school, along with large park spaces known for annual soccer tournaments. Duggan real estate listings are primarily bungalows with double oversized garages and back alley access. This is a very popluar place to purchase south Edmonton homes for sale.


Also referred to as Petrolia, Greenfield is a mature south Edmonton neighborhood near Greenfield that features good-sized bungalows and luxury houses situated on larger than average lots. Greenfield has one of the best children's playgrounds south of the river with a spray pad, unique climbing walls, and newer equipment making it a great place to purchase real estate for families.


Rideau Park is quietly surrounded by several amenities allowing residents to easily commute without having to drive. Several Rideau Park houses were constructed during Edmonton's real estate boom in the seventies and consist of smaller stand-alone houses and apartment-style condominiums.


Royal Gardens is bounded by Whitemud Drive, 111 Street, 40 Avenue, and 119 Street. Adjacent communities include Aspen Gardens, Greenfield, and Rideau Park. Almost half of Royal Gardens are condominiums providing first-time buyers with a choice of apartment-style condominiums, duplexes, triplexes, and townhouses.


Westbrook Estate is a small elite luxury community in south Edmonton near the Kaskitayo Ravine. It is nestled away from the city south of Aspen Gardens bounded by the beautiful Whitemud Creek ravine and lush greenery. Westbrook Estate was designed as a prestigious, affluent community with architecturally designed real estate sit on large lots surrounded by mother nature. Living in one of our most prominent communities also comes with a significant price tag. The majority of Westbrook Estate, south Edmonton homes for sale are well into the millions along Westbrook Drive and Marlborough Road

If you have any questions about southwest Edmonton real estate listings or other south Edmonton homes for sale or upcoming real estate listings, feel free to reach out to us, anytime at 780-910-5179.

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Living in University Edmonton Homes

The University of Alberta is located in the central portion of southwest Edmonton. The University area is bordered by Groat Road near Royal Mayfair Golf Club, 72 Avenue, and Calgary Trail.


The University of Alberta area has always been one of the most sought-after communities. Living here gives residents easy access to one of our biggest resources at the Rutherford Library, the University of Alberta Hospital considered one of the nation's leading research and teaching hospitals. The campus also offers diverse recreation activities including the Universiade Pavilion, with a pool, climbing wall, sports courts, and fitness and lifestyle center.


These southwest Edmonton homes for sale vary in age, price, and location. House prices range from some of Edmonton's most expensive for beautiful executive houses and penthouse suites overlooking the river valley to more affordable walk-up apartment condominiums. Dwellings in the University are luxury properties and executive houses. Recently several of the older University homes for sale were purchased, torn down, and replaced with new modern houses. Residential real estate here is changing quickly, but still keeping its nostalgic feeling.


Belgravia is a luxury community located near the University of Alberta's main campus. It is named after the Belgravia area of 19th-century London. Several Belgravia houses along Saskatchewan Drive overlook the river valley. This is prime location real estate! Three out of four properties in Belgravia are occupied by the owners and were built prior to 1961.


Garneau is situated next to the University of Alberta, south of Waterdale Hill and Saskatchewan Drive. Real estate in Garneau offers a vast mix of properties from great commercial buildings for nearby amenities to a few war-time character houses and mature duplexes to new infills. Purchasing any University homes for sale and real estate in this part of southwest Edmonton is a great investment for both rental income and small businesses.


Grandview Heights real estate listings are located between Belgravia and Lansdowne, bounded by the University of Alberta and Fox Drive. These luxury houses are across from the prominent community of Glenora. Real estate in Grandview Heights is one of the city's most desirable and most expensive places to live.


Queen Alexandra is located near the desirable nightlife on Whyte Avenue, only a few minutes south of the University. Real estate in this part of southwest Edmonton is a mix of residential and commercial properties. Over the last few years, a large portion of Queen Alexandra's properties has been replaced with beautiful three-story luxury infill houses.


McKernan is near the University LRT. It is named for John McKernan, a prominent businessman in the City of Strathcona whose parents' farm was located there beginning in the late 1870s. McKernan homes offer a mixture of single-family dwellings and houses, several new duplexes, and infill housing.


Strathcona was originally the heart of our municipality near the University of Alberta. There is a mix of real estate in this community consisting of new infills, mature bungalows, and semi-bungalow houses, and high-rise condominiums. Homeowners are drawn here for various reasons including the Mill Creek district.


Windsor Park is a luxury community, located immediately to the west of the University of Alberta's north campus and overlooking the North Saskatchewan River and shares a short boundary with Belgravia. Almost every Windsor Park dwelling is classified as a luxury house. Even the older character properties fall into the luxury home price category.


If you have any questions about southwest Edmonton real estate listings & University homes for sale or upcoming real estate listings in University, feel free to reach out to us, anytime at 780-910-5179.

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Living in an University Edmonton Home

The University of Alberta is located in the central portion of southwest Edmonton. The University area is bordered by Groat Road near Royal Mayfair Golf Club, 72 Avenue, and Calgary Trail.


The University of Alberta area has always been one of the most sought-after communities. Living here gives residents easy access to one of our biggest resources at the Rutherford Library, the University of Alberta Hospital considered one of the nation's leading research and teaching hospitals. The campus also offers diverse recreation activities including the Universiade Pavilion, with a pool, climbing wall, sports courts, and fitness and lifestyle center.


These southwest Edmonton homes for sale vary in age, price, and location. House prices range from some of Edmonton's most expensive for beautiful executive houses and penthouse suites overlooking the river valley to more affordable walk-up apartment condominiums. Dwellings in the University are luxury properties and executive houses. Recently several of the older University homes for sale were purchased, torn down, and replaced with new modern houses. Residential real estate here is changing quickly, but still keeping its nostalgic feeling.


Belgravia is a luxury community located near the University of Alberta's main campus. It is named after the Belgravia area of 19th-century London. Several Belgravia houses along Saskatchewan Drive overlook the river valley. This is prime location real estate! Three out of four properties in Belgravia are occupied by the owners and were built prior to 1961.


Garneau is situated next to the University of Alberta, south of Waterdale Hill and Saskatchewan Drive. Real estate in Garneau offers a vast mix of properties from great commercial buildings for nearby amenities to a few war-time character houses and mature duplexes to new infills. Purchasing any University homes for sale and real estate in this part of southwest Edmonton is a great investment for both rental income and small businesses.


Grandview Heights real estate listings are located between Belgravia and Lansdowne, bounded by the University of Alberta and Fox Drive. These luxury houses are across from the prominent community of Glenora. Real estate in Grandview Heights is one of the city's most desirable and most expensive places to live.


Queen Alexandra is located near the desirable nightlife on Whyte Avenue, only a few minutes south of the University. Real estate in this part of southwest Edmonton is a mix of residential and commercial properties. Over the last few years, a large portion of Queen Alexandra's properties has been replaced with beautiful three-story luxury infill houses.


McKernan is near the University LRT. It is named for John McKernan, a prominent businessman in the City of Strathcona whose parents' farm was located there beginning in the late 1870s. McKernan homes offer a mixture of single-family dwellings and houses, several new duplexes, and infill housing.


Strathcona was originally the heart of our municipality near the University of Alberta. There is a mix of real estate in this community consisting of new infills, mature bungalows, and semi-bungalow houses, and high-rise condominiums. Homeowners are drawn here for various reasons including the Mill Creek district.


Windsor Park is a luxury community, located immediately to the west of the University of Alberta's north campus and overlooking the North Saskatchewan River and shares a short boundary with Belgravia. Almost every Windsor Park dwelling is classified as a luxury house. Even the older character properties fall into the luxury home price category.


If you have any questions about southwest Edmonton real estate listings & University homes for sale or upcoming real estate listings in University, feel free to reach out to us, anytime at 780-910-5179.

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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. 


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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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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.


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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.

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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.

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