Homes like these energy efficient Oxford area homes are becoming more affordable in Edmonton Photo credit: CTV

This week, RBC Economics released a report that states that overall, Canada’s real estate has become slightly more affordable.

Even with the fast-rising prices in Vancouver and Toronto (and to a degree Calgary), the country is still in relatively good shape.

RBC Economics says that rising household incomes, lowered utility costs and low interest rates are making it easier for people to enter the market.

As you might have seen in our last post, there are many factors at play that can influence affordability and pricing of real estate. The Canadian Real Estate Association quoted a 7.1% year-over-year increase over October 2013. The MLS home price index posted price gains of 5.5% over last year (which is quite a bit lower than CREA’s numbers).

Either way, with the big three markets influencing our national landscape, it may seem easy for some to believe that home affordability is slipping away.

It isn’t.

Across the western provinces, homes have slightly risen in price—once we remove Calgary and Vancouver from the equation. Both cities’ markets have witnessed growth far beyond the national average. In many other markets, we’ve seen only slight to moderate growth at rates that are very comfortable for those markets.

We call the prices respectable because the drop in fixed mortgage rates is keeping the market strong. Also, the gradual rising incomes in the west are also helping to keep homes affordable.

So many of us are preparing to hear panic about the market, but the price conditions of Edmonton homes—as well as other western cities—are robust with a firm foundation.

We have settled into a solid growth trend, and affordability for Edmonton home buyers is improving. It’s never been a better time to get into the market.

If you are thinking about buying or selling your Edmonton home, get in touch with the Edmonton Home Pros team.

We’ve got the experience to help you make sense of the market and find the home that’s right for you and your family.

Happy Holidays & All The Best In 2014

The Edmonton Home Pros Team would like to wish you a festive Holiday Season filled with joy and among great company. We also wish you the very best this New Year. May 2014 be your best year yet! Set high goals for yourself this year and you will be amazed with what you can accomplish.

If one of your goals is to buy an Edmonton real estate home, contact Stephen Lau and the Edmonton Home Pros Team. We will listen to your needs, wants, and budget then work with you to find the perfect Edmonton property to call home. This Homebuyers Consultation is available to you at no cost!

If you’re interested in placing your Edmonton home on the market, feel free to contact us! Allow us to assess what your home is worth and advise you on selling your Edmonton property. Then, through our extensive Edmonton network, we will maximize your home’s exposure and find you the right buyer!

This is the second part to the Setting The Stage blog series. To read part one click on the link below:

Setting The Stage Part 1

Whether you are preparing your home for a private showing or getting it ready for an Edmonton Open House, the right home staging techniques will have your Edmonton Home For Sale looking like new!

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Image obtained fromThe City of Edmonton website

Edmonton has taken the next step in the river valley evolution. The development of West Rossdale will bring residents closer to nature with pedestrian friendly streets, property enhancements and new condominiums, while preserving the area’s existing open spaces and parks.

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With the ongoing revitalization of downtown Edmonton, Chinatown will soon see an increase in visitors resulting in a boost to its economy.

The City of Edmonton has invested $56 million dollars towards infrastructure and public amenities as part of the new downtown developments. In an effort to encourage area growth, the city’s downtown developments include a new urban community from 97th Street to 92nd Street and from 103A Avenue to the north of the river valley. The development, called The Quarters, consists of five districts. Designed as a pedestrian-friendly community, The Quarters residents will have instant access to many amenities including Edmonton’s river valley and Edmonton’s Chinatown.

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