AllEdmonton Real Estate Blog

Condo Fees – how are they calculated?

If you are thinking of buying a condominium in Alberta, understanding condo fees is key to making good decisions. When you write an offer “pending the review of condo documents”, you will receive hundreds of pages of information. Knowing what makes up the condo fees will help you determine if the condo you are considering is a good buy or not. Lets start from the basics. How are condo fees calculated?

Condo Fees Explained

Every month condo owners pay a fee to the condo corporation to cover their share of the “COMMON EXPENSES”, also known as shared expenses. COMMON EXPENSES are expenses for the operation of the condominium complex and include things like maintenance, snow removal, parking lot paving, lawn

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CMHC changes rates again...

It's nothing new. It's actually the 3rd time in only 4 years. CMHC has announced Changes to Mortgage Insurance Rates once again. And by changes, I mean increases.

New home buyers have to dig a little deeper.

New home buyers have to dig a little deeper thanks to CMHCs new announcement. The government owned mortgage insurer said that the minor increase would amount to an extra $5 a month for the typical insured mortgage. But Marco Torto, a Mobile Mortgage specialist with TD Canada Trust, shared a document that shows the increase could be much higher. Check it out on my Facebook page.

The typical Edmonton buyer is taking on a 5 year term @ 2.94% and a 25 year amortization. With a healthy down payment of between 15%

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It feels a little like salt was poured on the wounds of a province with a struggling economy.  If it were not hard enough for people to save up a downpayment on their first home, Ottawa, in an effort to reduce family indebtedness, felt it better for people to pay rent rather than a mortgage.  Thank you Ottawa.

How are they doing this?

Starting October 17th, borrowers who do not have 20% or more as a downpayment will be required to qualify at the bank of Canada posted rate for they loan.  Previously, if you put 5-19% down on a home, your ability to qualify was based on your actual interest rate -- currently around 2.5% on a 5 year term.  Now borrowers are qualified based on significantly higher rate -- currently 4.64%.  This means that a person

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“Home is where the heart is.” “Home sweet home.” “Home is where love begins…” It is clear that people have a distinct love affair with their homes. It is a place of rest, of comfort and of love. We choose our furnishings and decorate to reflect our own tastes. It becomes our safe place from the cruel world. We love our homes. That’s why selling them can produce a huge array of emotions which can cloud your judgement. It’s good to be prepared.

Lets start with the premise you love you home. You know that there are dated items in the home, but “there is nothing wrong with…” rings in your mind. You may be saying to yourself "I love the quaint kitchen design, so will others", or "this was the best unit in the complex when I bought it 18 years ago, so it is

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Q:  I am planning to sell a condo.  Who is responsible for obtaining the condo documents, where do I get them and how much money do they usually cost?

A: Here is the standard wording in an offer to purchase.  It outlines that the seller provides the documents, and provides a list.  It is good to have these on hand as soon as you list your property, if not before.  You can obtain these documents from your property manager, but some properties will have their own sites, like genie pad that may have many free of charge.  You can also check to see if your property manager uses "condo papers" for document management at www.condopapers.com.  The cost is typically $100 - $700 depending on the property management company.

The Faulkner Group will put your

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I'm beginning to believe that Edmonton will not only skirt a recession, but see price increases in real estate in 2016. CMHC's market analysis is projecting an increase in resale restate prices in 2016 with continued employment growth.

With the Notley government making some bold moves and investing in Alberta we should continue to see strong employment numbers. Their approach to environmental responsibility may end up being one of their smartest moves making our oil more attractive to international buyers and developing new markets. Hopefully pipelines are soon to follow.

There are forces that may very well lead to a resurgence in oil prices again and soon enough that Edmonton really won't feel much at all in terms of a recession.

We are not

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With the employment growth in Edmonton this year and expected growth for next the forecast is for real estate prices to increase for next year. Builders are raising their prices at the end of the month.

Go figure.

Walking through Southgate Mall or dining out at the Keg, you wouldn't think oil prices have went down at all. I guess with investments in the oil sands being 40 year projects it's going to take awhile for the reduced oil prices to have any overall negative impact on our economy.

I guess that explains how our home went pending at full list in 3 days and how we ended up paying full list for our new home. I guess it also explains why the future U.S. president came to Edmonton, or rather sent his son, 2 years ago to invest his fortune. He's

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I could create a compelling argument on how the slump in oil prices is a good thing for Alberta.

We simply were growing too fast. Our infrastructure was being taxed to the limit. Labour was becoming overwhelmingly expensive putting our medium and small businesses under enormous pressure to meet demand and find staff. This pause in our ridiculous growth gives Alberta an opportunity to regroup an opportunity to build infrastructure and government facilities at more reasonable costs.

In terms of real estate, the smart investors see this as a great opportunity to buy. The selection now is very good. There is a much better chance to negotiate and get a great buy on a great property. We have done quite a bit of work with some big players and that's what

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Finally took a little time away from real estate to do some research on the Alberta economy as well as the national and international scene.

I found it interesting that I am not the only economics guy rooting for Notley.

Todd Hirsch​ seems to also be hoping for quite a bit of good out of this government. I read an article in his blog where he outlines 3 threats to our oil industry. 1) Price. He identifies Saudi Arabia, Venezuela, Russia and now North Dakota as the ones who are in control of price on the supply side and China on the demand side. We are simply price takers. 2) Pipelines. With limited and expensive access to markets...we could be hurting. From an environmental perspective I think pipelines may be our best alternative. 3) Our

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