RE/MAX Real Estate Blog

Boasting an average of 325 days of sunshine yearly it’s easy to see why Edmonton, the lovingly dubbed ‘Festival City’, thrives in summertime. Throngs of Edmontonians clamour to find any and every reason to celebrate outdoors, taking advantage of the heat (finally!), and twilight that lasts until well past 11 pm.

When you’ve spent a bulk of the year with cabin fever, waiting for snow to melt so you can leave the house in comfort, it’s hard to imagine a better place to emerge than Edmonton. With events, festivals, and cultural activities every day it’s easy to see why so many choose to stay in the city all summer long. Here are just of few of our favourite, and sometimes forgotten, gems to experience this summer in our fair city:

Freewill Shakespeare Festival 

Freewill Shakespeare Festival

Formerly known as the ‘River City Shakespeare Festival’, the newly monikered theatre company is now well into its 27th season. Much to the delight of Edmontonians and our great need to be outside, the company performs every summer at the outdoor Heritage Amphitheatre in Hawrelak Park. Their modern and creative take on old classics create an accessible experience for a wide range of audiences, while the idyllic nature setting makes for an ideal evening out. The company is producing two plays this summer, Coriolanus and As You Like It, running June 23 to July 19th.

Catch a Baseball Game

Edmonton Prospects Baseball Club

Gone are the days of taking in an Edmonton Trappers Game with a few friends in old John Ducey Park, but did you know the city still has a thriving team in the Western Major Baseball League? The Edmonton Prospects are a collegiate summer team that have played out of Telus field since moving there in 2012. With the exception of a handful of away games, you can catch them multiple times per week all summer long, for as little as $14 a person.

Movies on the Square

Scotiabank® Movies on the Square

Every Tuesday in August, Scotiabank^® hosts a free, family friendly, movie night in Churchill Square. The 3 story inflatable screen can be seen from all corners of the square, just bring a chair if you like and take in the outdoor cinematic experience. The first 300 people to arrive even get free popcorn!

Taste of Edmonton

Taste of Edmonton

For 31 years Taste of Edmonton has been one of the City’s most popular summer events. With new fare every year it’s hard for the this festival not to say fresh. Boasting the city’s newest and trendiest eateries, side by side with classic favourites, the festival provides a chance for foodies and non foodies alike to sample Edmonton’s best restaurant offerings all in one place. This year the festival will be held July 22-25 in Centennial Plaza (located at the corner of 100 Street NW and 101a Avenue NW).

Edmonton International Street Performers Festival

Edmonton International Street Performers Festival. Image Credit: Metro News

Renowned in the international theatre scene, the Street Performers Festival is the longest running celebration devoted exclusively to street theatre. Crowds are drawn to music, magicians, children’s and adult entertainers, juggler’s and fire breathers, the list goes on. With something for everyone it’s easy to see why this event has gained such popularity amongst locals and tourists. The festivities can be caught July 3-12 this year in Churchill Square.

Fort Edmonton Park

Fort Edmonton Park

This living history museum captures the glory and grandeur of pioneer life in Edmonton. It is a stunning recreation of the prairie life experienced by settlers and many of our ancestors, presented in an educational yet entertaining way. Hosting special events all throughout the summer, the park truly comes alive. Every Thursday the historic yet fully functioning cinema shows classic films for a fraction of urban theatre prices, additionally you can book a romantic stay at their Hotel Selkirk for the full pioneer experience. Another hi-light includes Opera performances outdoors in the park limited runs. Visit their website to keep up to date on coming events.

Heritage Festival

Heritage Festival

If you’ve ever craved Greek salad, green onion cakes, pyrohy, empanadas, and crepes all in one sitting, this is the place to be. Amazing eats, colourful attire, world music, and traditional dance are just of few of the experiences not to be missed at the Heritage Festival. For 3 days 60 pavilions showcase more than 85 cultural experiences from around the world, right in the heart of the river valley. The Heritage Festival is held August long weekend (1-3rd) in Hawrelak Park.

Take a Dip at an Outdoor Pool

Queen Elizabeth and Kinsmen Spray Park Outdoor Pool

Probably the most relaxing, laid back, and easiest to plan on our list. Soak in the sunshine at one of Edmonton’s four outdoor pools. There are pool toys and games for the kids and refreshing beverages and ice cream for purchase. Queen Elizabeth offers a spray park and sun deck, while Oliver pool boasts a water slide. Visit the City of Edmonton Outdoor Pools page for hours and information.

We can’t possibly include ALL the city’s activities in one article, and many are so much a part of the city they hardly need discussing, yet here are a few of our honourable mentions: Edmonton Folk Music Festival, K-Days, Edmonton International Fringe Theatre Festival, and  the Muttart Conservatory.

Visiting Edmonton? Why not stay awhile? CLICK HERE to contact one of our friendly, experienced agents who can help you find your dream home right here in Festival City. 

The Canada Mortgage and Housing Corporation (CMHC) has recently reported on updated results of their House Price Analysis and Assessment (HPAA) framework. According the CMHC, the analyses attempts to “detect the presence of problematic conditions in Canadian housing markets”. These conditions can range from factors like overbuilding, and overvaluation, to acceleration of home prices, and overheating. The article backgrounder found HERE explains in detail the rubric used in the study.

The CMHC article explains further:

“The HPAA is a comprehensive framework that is designed to assess housing market conditions by taking into consideration the economic, financial and demographic drivers of housing markets. The use of multiple indicators of housing conditions, which incorporate various data sources and prices measures, provides a robust picture of overall housing market conditions.”

The study, which was originally published in November of 2014, reviews the market on both a national level overall, as well as focusing on the major influential centres of Vancouver, Calgary, Edmonton, Toronto, Ottawa, Montreal, Québec and Halifax.

The HPAA considers the incidence, intensity and persistence of these four main risk factors that may provide an early indication of the potential for a sharp decline in house prices.

The CMHC concluded in the original report that there was a “modest” overvaluation on a national scale, with that condition persisting in some census metropolitan areas more than others. Edmonton and Calgary were not present amongst the CMA’s listed for overvaluation, showed no indication of overheating, and presented no risk of acceleration.

Late this spring the framework was revisited, as reported by the EREB, to provide an update on the landscape of the Canadian real estate market. Edmonton again fared surprisingly well in the face of a booming market, risk assessments being categorized as “low” overall. Calgary has apparently been showing indicators of overvaluation, however the CMHC goes on to explain that the Alberta’s economic boom and bust cycles are tending to naturally govern problematic factors:

“MLS^® sales have declined in recent months in [Edmonton and Calgary], pushing the sales-to-new listings ratio to buyers’ market levels, reflecting the impact of lower oil prices on housing demand in these oil-producing centres. This is expected to place downward pressure on house price growth, which could lessen the current risk of overvaluation in Calgary.”

The EREB also indicated that despite market growth in April, with 1597 sales, the city is showing a slight overall decline in residential sales. REALTORS® association of Edmonton President Geneva Tetreault comments on the current market:

“Sales are definitely down this year, but the sales numbers are still higher than 2011. It is unlikely that anyone would call 2011 a bad year for housing sales. It’s just in comparison to last year, we are not quite as busy. Prices are stabilizing and inventory is robust. We will continue to see increases in sales as we move into the selling season”

The CMHC report would indicate that presently, Edmonton one of the few Canadian CMA’s not presenting market risk factors.  CLICK HERE if you are interested in searching for a property or connecting with a Re/Max agent.

A regular focal point of municipal discussion, and oft mention topic here on the blog, has been the City of Edmonton’s Evolving Infill project.

The aggressive program has made great strides to effectively amend municipal zoning bylaws to make infill projects a desirable and efficient an option as possible for homeowners, investors, and developers. In the face of a skyrocketing population quickly running out of options for private residences, the city has allotted a great deal of resources to what they see as their primary solution to this major issue facing the city’s residents. Creating allowances for higher density options in established neighbourhoods is seen as more viable than costly urban sprawl around the city’s borders.

Image Credit: Edmonton.ca

The most recent stage in the progression of the project has been an easing of zoning regulations for the narrowing of lots. New regulations will allow for land in RF1 zoned areas to be parcelled into smaller widths than previously allowed, to a minimum of 7.6 M (25 feet). According to edmonton.ca:

“The Single Detached Residential (RF1) Zone provides for small scale housing, such as single detached houses, semi-detached and duplex housing. The RF1 zone is the least dense among standard residential zones and found across throughout Edmonton”

The focus has been on lower density zoned areas, as they have the most potential for future expansion to create more residential space. Other zoning changes recently approved by city council have included that of garage and garden suites. Slackened laws now permit these types of residences to be built at “any location on a street in residential areas”.

According to city statistic, there are 54,833 lots with appropriate RF1 zoning that meet the criteria for subdivision into narrower lots, all within mature and established city neighbourhoods. The city of Edmonton has provided maps detailing the lots within each area’s neighbourhoods that are eligible, here are the Central, Northwest, Northeast, Southwest, and Southeast maps provided by the city for development research. Each area can be clicked on to see a more detailed, neighbourhood level plan.

 First-time buyers drive the Edmonton housing market. REMAX has more just CLICK HERE for the Re/Max Spring Trends Market Report!

The EREB has just reported some interesting, and potentially unpredicted, statistics based on cumulative March numbers. Sweeping trends for spring appear to be slight drops in total overall residential sales. Yet despite this downturn, the strength of the market has remained unaffected with average sale prices continuing to rise.

Sale prices across the board increased about 3%, with duplexes seeing the highest year over year increase of 6.9%. Single family dwellings rose 1.5% since March of last year, and the smallest growth of all the residential categories were condominiums which saw a 1.2% increase. March’s average single family home sold for $438,880, while duplexes and row housing went for around $354, 022, and condomiumns rounding out at the lower $249, 841.

As mentioned, despite small pricing increases, surplus inventory which has been seen flooding the market since early spring, caused a decrease in overall sales. The same time last year saw 1,554 homes sold, while a decrease of 6.5% overall led to only 1,453 closed transactions. 876 single family dwellings were sold in March of 2015, a 4.5% year over year decrease, while 416 condominiums were sold in contrast to the previous years 474. Duplexes and row houses, though showing the highest price increases, were the only property category to also show an increase in inventory sales, which went up a full 6%.

REALTORS® Association of Edmonton President Geneva Tetreault explains that these spring sales figures are actually a positive byproduct of our fairly stable market over the past few years:

“The fact that our prices did not have the dramatic increases seen over the past few years in other cities like Calgary, Toronto and Vancouver means we have not experienced the same overvaluation. That is why our prices are not taking the same hit even though our inventory is way up and sales are slightly down. A more accurate valuation should keep our average prices more stable.”

CTV Edmonton interviewed Tetreault on the topic of the EREB’s figures in this recent report.

Geneva Tetreault discusses the highs and lows of the spring market with CTV news.

The March market report also touched briefly on rural market statistics for the surrounding Edmonton area. There were 143 residential sales this March compared to last year’s 156, a decrease of 8%. Mirroring the trends showing up in the city, residential listings have seen an increase of nearly 12%.

Tetrault explains that atmosphere of this new market is still strongly oriented towards buyers:

 “The big story continues to be the increase in inventory. We ended 2014 with a fairly low inventory. The influx of new listings means that buyers now have the opportunity to be a little more choosey. Having a REALTOR® help you navigate the market is always a wise decision, particularly in a complex market like ours.”

With 5, 944 properties on the market, 3,152 of those new MLS listings in March alone, it’s easy to see how buyers are experiencing a very different climate than that of 2014.

CLICK HERE to discuss the market potential of your home with a realtor, or to search for one of the many available properties in the Edmonton area.

It’s that time again in Edmonton

Edmonton in showing all the signs of spring, from warm sunshine, and rising temperatures, to longer days and lawns in sight for the first time in months. This change also means melting snow which can lead from minor to major flooding and water damage issues; not to mention the wear and tear caused by major climate fluctuations. Oh the joys of living with Alberta weather!

Just a little diligence and minor preventative measures can save homeowners a fortune in the long run, so we’ve prepared a short and simple list of 6 ways to prep your home for this coming spring.

1. Strategic snow removal. 

It is important prevent against melting snow pooling around basement windows or draining into the foundation, therefore it needs to be shovelled strategically. Shovel melting snow to a down-sloping area so it will melt away from your home. Additionally, be sure to clear snow away from basement windows.

2. Properly positioned gutters.

Downspouts should extend outward to a position where they discharge meltwater at least two meters from your home to ensure it doesn’t drain towards your foundation. Be sure eaves are clear and functioning properly before the majority of melting starts to occur. A leaking roof is not the best time to discover blockages!

3. Basement monitoring. 

Check your basement for signs of leaking or dampness, especially in areas you don’t frequent regularly. The small amount of time it takes to check can save you much unneeded hassle.  For additional peace of mind, a water alarm can be purchased inexpensively, to alert you to the first signs of flooding

4. Be a helpful neighbor.

The key to spring drainage are the sewage infrastructures already put in place by the city. Though not directly on your property it is important to ensure curb side drains are clear of debris. Being aware of drains near your home and monitoring them will prevent issues with your own home and surely earn the gratitude of your neighbours.

Properly sealed doors and windows are your greatest ally against heating and cooling costs.

5. Door and window damage.

While you’re already out looking for drains and checking your eaves, take a quick stroll around your house noting each door and window you come across. Check that caulking and weatherstripping hasn’t deteriorated, as it so often will, during the harsh winter months. This is inexpensive to repair and will be invaluable when cooling your home in the summer.

6. Prep your HVAC.

It’s been months since you needed A/C so you may want to be sure it’s still functioning properly.

The two best times of year to check your HVAC systems are spring and fall, as these are the season that fall right before periods of the harshest climate change that can wreak havoc on these systems. Pop in a new air filter, and ensure you have an extra one on hand. Then double check your air conditioner is still functioning, as the first day it hits 30 degrees won’t be the best time to call for last minute repairs.

Looking to get into a new home before the summer rush? CLICK HERE to search for available options in your neighbourhood and price range!

The EREB has released their first market report of the new year, outlining how real estate in the city has fared this past January.

The name of the game has been inventory, as the market saw a 30% increase in residential listings, as well as a total inventory growth of 17%, when compared to January of last year.  Within the first month of 2015 there were 2316 residences listed, while in December of 2014 only 932 new listings hit the market.

An additional factor in inventory increases was a slight decline in sales, to be expected this time of year, by a margin of about 13% in month-over-month totals. These considerations have created an excellent climate for buyers overall. REALTORS® Association of Edmonton President Geneva Tetreault clarifies the current market environment,

“We ended 2014 with low inventory. While this is not unusual for the winter, it can make it difficult for buyers to find the right home. The influx of properties we have seen on the market in January will be a relief for buyers – allowing them more choice in their price range and possibly more time to make their selection…Buyers in the popular $400,000 price range often struggled in 2014 to find their ideal property or had to move quickly before it sold. This increase in inventory will be a great benefit to them.”

Despite some sales decreases and current economic factors in Alberta creating pressure, the market has remained as strong as ever, with sale prices still seeing increases. January sale prices increased 1% from the previous month and almost 4% from the same time last year. The residential sale price averaged $362,394, with single family homes at $427,178, and condos remaining stable at $247,116.

President Tetrault elaborates on the local conditions,

“We are likely seeing the effects of oil prices and a feeling of economic cautiousness amongst some buyers. Clients are looking to REALTORS® for advice and guidance to navigate their own individual situations. We expect more of an uptake in the market as spring approaches and more people start to look for homes.”

CLICK HERE to search for a property or contact a real estate professional. 

While past articles have highlighted the charm of Edmonton’s more historic communities, a new focus is turned towards the city’s newer or ongoing development projects. As Edmonton continues to expand ever outward, what do new residential communities have to offer in terms of housing, infrastructures, community facilities, and commercial amenities?

Windermere is one of Edmonton’s newer neighborhoods, which has begun to establish community roots. It is part of the larger area also known as Windermere, which also consists of the neighborhoods Ambleside, Glenridding Heights, Glenridding Ravine, and Keswick.Windermere is located in the city’s southwest, east of the river valley and south of Anthony Henday Drive.

Windermere Boundaries

The significance of the name Windermere, borrowed from a neighborhood in Cumbria, England, is in its root words ‘winder’ and ‘mere’ which mean ‘take one’s breath away’ and ‘’boundary’ or ‘landmark’ respectively, referring to it’s scenic proximity to the river valley which the area overlooks.

Though the community is new, the land has subsisted almost exclusively as an agricultural area historically. Approximately 80 dwellings in total existed when the land was formerly part of Strathcona County before its re-appropriation to the city of Edmonton in 1982. However it wasn’t until 2006 that city council created firm plans for residential development. The late 2000’s saw exponential growth of the area that continues into present day. By 2012 results from the municipal census concluded the neighborhood consisted of 1498 dwellings. 2009 showed a population of approximately 322, while 2012 showed a 563% increase to 2136 residents.

Ongoing Developments of the Area. Image Credit: City of Edmonton

According the development plans from the city of Edmonton’s neighbourhood profile:

“The plan for the Windermere neighborhood includes a range of housing types, densities and designs. Once complete, the neighborhood will include a mixed-use commercial center designed as a neighbourhood focal point, and a series of parks, pathways and institutional facilities which will be integrated with the residential development.”

Currents of Windermere is the most notable area of commerce in terms of area amenities. The open air shopping district boasts the city’s only VIP cinema, Cabelas outdoor and sporting goods store, 12 restaurants and coffee shops, as well as staple franchises like Wal Mart, Canadian Tire, Home Depot, and London Drugs. The district is also home to dental, optometric, and medical clinics to better serve the community.

Click here to view homes available in Windermere or any Edmonton area of your choosing.

For the few romantics left out there (they seem to be a dying breed), we’ve compiled our favourite DIY projects to create this Valentine’s day. They are simple and inexpensive, two words you don’t often hear associated with the oft dreaded V-Day. Click on photos and titles to follow the links for super simple instructions!

1. For the Love of Wine

Crafty yet classy, this wine heart adds a romantic touch to a centrepiece (and is a great excuse to polish off a bottle or two!)

2. Paper Roses

These delicate blossoms can be made in any colour of tissue paper, depending on your decorating theme.

3. Marquee

Don’t be fooled, you don’t need to be particularly handy to pull this one off, it’s actually incredibly straightforward and can say any message you like.

4. iPods of Love

Though the instructions indicate that these adorable candy wrappings are for kids, I can think of more than a few adults who would love to get their hands on one of these custom candy iPods.

5. Printable Paper

This is crafty AND economical, saving you unnecessary expenses on gift wrap that you can simply print at home. It can be left black and white for a classic look, or coloured in if you’re feeling artsy.

6. Tea for Two

Who knew tea bags were SO easy to create? These lovingly handcrafted hearts would make anyone feel special and can be customized with favourite tea flavours.

7. Scrabble Frame 

Why put that old board game to good use and tell someone how you feel? This is such a thoughtful gift yet comes together SO quickly.

The acclaimations for 2014  continue to roll in and word has been received that RE/MAX LLC has ranked as the #1 Real Estate Franchise according to the latest Franchise Times Top 200 report.

Re/Max Publicist Ronda Scholting explains the highly competitive criteria,

“The exhaustive annual survey is based upon 2013 world-wide sales and growth and includes franchisors from a wide variety of business sectors.”

The report outlines that real estate sales are based on total volume of homes sold.

For the 6th year running Re/max dominates their category, and while worthy of celebration, the honours comes as no surprise to the worldwide real estate powerhouse. The company, ranking twelfth overall, moved up two full slots from the previous year. As a top 20 competitor, Re/Max holds a prestigious spot amongst such franchises as Tim Hortons (#18), Marriott Hotels & Resorts (#11), and McDonald’s, who secured the number one slot on the list.

The astonishing jump from position 14 to 12 in just a year can be attributed to incredible sales growth. The 15.6% increase seen this year is more than triple that of nearly any of the top ten franchise’s reported numbers.

As far as industry competition goes, Re/Max certainly doesn’t need to be watching their back, according to the internal press release, “The closest real estate franchises were ranked #28 and #45.”

Additionally, the company made the top ten cut for sales growth, securing the #2 position in the ‘Fastest Growing Franchise‘ category, second only to Circle K.

Re/Max CEO Margaret Kelly has a straightforward approach to franchising.

Re/Max CEO Margaret Kelly commented on the straightforward nature of the company’s enduring success:

“Our philosophy at RE/MAX has always been very simple. Attract new franchisees by providing support services and competitive advantages that help them succeed. It’s why we continue to grow, innovate and evolve.”

CLICK HERE to read about Re/Max Edmonton agents and homes for sale.