Edmonton Mortgage Report
In this section of my website you’ll find more useful reports on the local Edmonton market. From real estate news to renovation tips, I try to keep my clients up to date on trends in this area. To learn more about financial conditons relating to mortgages, please contact Shaddy Estephan on (780) 406-4000 or visit his website by clicking on Edmonton Mortgage services.
Edmonton Mortgage Report - Friday, February 5, 2010 - Northlands vs. the Katz Group Face-off Over New Hockey Arena
Will Edmonton replace Rexall Place, home of the Edmonton Oilers? And if so, who will build and operate it? That is the debate currently underway between Northlands and the Katz Group. Both have secured supporters from high places, making the dialogue that much more interesting.
Northlands, who currently owns and operates Rexall Place, has enlisted the services of Spotlight Strategies, Inc. of Calgary and the sports consultant firm of CSL International from the United States. The Katz Group has partnered with Tory minded insiders Joan Forge and Peter Elzinga. It is rumoured that Joan Forge is no longer onboard.
Northlands did announce that it will no longer go through with plans to build a new arena on the existing property site, but rather is in support of a downtown site as long as it is financially viable and in harmony with the community. Other options, such as a new arena on the Northlands Park racetrack grounds, are being explored.
Northlands history with the Edmonton Oilers goes back to 1974 when the organization built Rexall Place. The hockey team has always been the primary tenant. Though Northlands has a proven track record and has plenty of supporters wanting their involvement in the new arena project, the views of the Katz group will be taken into account. After all Daryl Katz does own the arena’s future tenant, the Edmonton Oilers.
Edmonton Mortgage Report - Tuesday, January 26, 2010 - Financial Fraud on the Up Swing
As experts warn the victims interested in reclaiming lost investments that the inquiries are hopeless, Police in the Toronto area comment that thousands of Canadians have fallen victim to Ponzi schemes over the past few years.
A Ponzi scheme is an illegal tactic used by con-men and crooks to steal money from unsuspecting investors by literally taking the money and using it for personal purposes instead of investing the money into the stock market or mutual funds as they claim. When investors ask for money to be returned, the person behind the Ponzi scheme usually just takes in more money from naive investors to pay those who want the money back.
Without new investors, these schemes collapse because there is literally nothing there. Canadian Earl Jones recently tricked over 150 investors to give him over $50 million over a twenty year period. At this point, most of the money cannot be found. Another, Andrew Lech, stole over $50 million from Ontario investors through the financial crisis. With the recent economic downturn, it is almost certain that any money committed to these Ponzi schemes has been absolutely lost.
At this point, there are more than several cases of Ponzi schemes making their way through Canadian courts. One financial advisor based in Toronto is currently charged with fraud by a high court for operating such a scheme. The man is accused of stealing over $30 million from some 100 Canadian investors. He claimed he was using the funds to operate a hedge fund called Oversea Chinese Fund Limited Partnership.
Forensic accountants blame the recent wave of financial-related crimes to greed on part of the financial advisers and gullibility on the part of the clients, who commit money to unknown ventures.
The sad part is that most victims never receive their money back, says long-time forensic accountant Al Rosen.
Edmonton Mortgage Report - Thursday, January 14, 2010 - Housing First Program Starts First Apartment Project
The only way to effectively eliminate homelessness is to find somewhere safe for those on the street to go. The province of Alberta, in concert with Hope Mission in Edmonton is spending $7.3 million to build 52 apartments at 106th Avenue and 107th Street. It is a start.
These permanent housing units are an extension of the Hope Mission, a one time emergency shelter that is increasingly being used as long term housing for the homeless. Those currently staying at the shelter who are in the addiction recovery program will be eligible to move into the new building. Each tenant will pay rent through jobs held at the Herb Jamieson Centre. Social services will be available to residents through the mission.
Last year the government of Alberta promised $100 million to build over 700 housing units across the province. Though the recession has increased the number of homeless on the streets it has also decreased building costs and Alberta now estimates it can build almost 900 apartment units. Of course much of this depends on what the provincial budget looks like when it is revealed in February.
Follow through of this promise will not only get more people off the streets but will cut down on provincial spending in other areas such as health services or in various levels of the justice system. The Housing First program, as it is called, is expected to have its first apartments available in late spring of 2010.
Edmonton Mortgage Report - Tuesday, December 15, 2009 - Rebound to continue in Edmonton real estate market: ReMax survey
First time home buyers are expected to play a major role in the continuing rebound of Edmonton’s residential real estate market for 2010. Their continuing influence will keep the market strong into the New Year especially in the condominium sector where the affordable entry price points are particularly attractive.
Edmonton expects a 2 percent increase in the number of homes sold over 2009 at an estimated 21,000. Inventory levels are predicted to stabilize at roughly a three to four month supply. This information was released after a recent ReMax survey.
Overall home prices are also expected to increase by 3 percent by the end of 2010. Predictions are that the selling price will average $330,000 per residence.
The market is expected to be a fairly even playing field for most of the year with perhaps sellers having a slight edge.
Edmonton Mortgage Report - Friday, December 11, 2009 - MLS Data Shows Strong 2009 Real Estate Rebound
Last year, when the global economic downturn combined with a regional real estate market correction in Edmonton, the area saw activity in the residential real estate market hit a ten-year low in the number of sales. Effects of the downturn were felt across the country and the globe.
After the dismal year in the Canadian real estate market, the Realtors Association of Edmonton recently released data regarding housing figures which shows a dramatic pick-up in activity. There were over 1,260 residential home sales in November 2009, an increase of over 41% from the same period in 2008. These numbers are excellent news for the Edmonton housing market after it endured a miserable 2008 in regards to prices and sales activity.
The great news is that the MLS sales data for five of the past six months has shown a year-over-year increase in home sales and average prices compared to the same period of 2008. Not only has sales activity surged for single-family homes, the prices of the homes has remained stable, ending up a modest 1.45% higher for year-on-year figures. Condo prices remained stable throughout 2009, and the activity in condominiums has exceeded expectations in the area.
Many realtors expected that the sales numbers in 2009 would be similar to those of 2008, but with a month left in 2009, many realtors have already sold more property in 2009 than they sold in 2008. This strengthening activity into the year-end is a great sign for the real estate market in 2010.
Edmonton Mortgage Report - Friday, November 20, 2009 - October Resale Housing Numbers See Strength
October resale housing sales continue to be robust. Sales of all home types through the Multiple Listing Service® was at its second highest level ever seen. Sales were up 23% from a year ago, but down about 10% from September. The pullback in sales is seasonal, as sales continue to trend lower through the fall.
REALTORS® Association of Edmonton sees strength in the housing market. They say that buyers are confident about the future, and expect interest rates to eventually rise, so now is not a bad time to buy. Buying in this market means locking in historically low interest rates rates.
Prices remained stable across the board. Single-family home prices were down 2% from last quarter, but year-over-year numbers saw a modest increase. Condo prices were down 3% month-over-month, but yearly figures remained exactly the same. Average residential prices were down 2.5% from September, but year-over-year figures also saw a gain. Long-term, the market looks solid.
Of the 2,205 homes in the MSL® System,1,535 of those listings sold. This is an amazing sales-to-listing ratio of 70%. The housing market still sees good looking homes within the average price range get bought quickly.
Edmonton Mortgage Report - Monday, November 9, 2009 - Choosing A Contractor for Home Renovation
Based upon studies conducted by real estate experts, the current market offers some unique chances for first time homebuyers.
The right contractor can be chosen for home renovation based on at least three estimates. The best method in finding the right contractor is through word of mouth and through references that are satisfied customers. Sometimes it could be better to use the services of several subcontractors if several jobs such as bathroom or kitchen renovation have to be done.
It’s also common practice to ask the contractor to provide a detail written estimate in order to make thorough background checks. Check out the size of the materials being used and be prepared to compare the prices of other contractors for determining which contractor provides the best services at an affordable rate. The following steps should be followed before signing a contract with any company:
• Ask for recent work photos and also check the references. We can also try to visit sites where work is currently taking place.
• Give the Better Business Bureau (BBB) a call to verify any complaint against the company in question. This way you can find whether or not there are any complaints against the company with which you are going to sign a contract with.
• Check with the licensing office to find out whether or not the contractor has a valid license as well as with the trade association to determine if a particular contractor is qualified for a particular job.
• Check with the business licensing office to find out if the company is registered.
When everything is checked and approved the contract can be signed; however, it must have the appropriate business information and the cost for material, labor, starting and ending date as well as warranty details. When large jobs have to be done sometimes a lawyer has to be considered before signing a contract. The payment must be done only after the completion of the job or a certain stage of completion has been reached. A good contractor can be chosen through a little legal work.
While making a contract with a company the following things must be known about the company:
• The experience of a company.
• Specialized work done by the company.
• Similar kind of jobs done.
• Compare prices with other companies.
• The garbage disposal is also done by the company.
• Dealing with health hazards such as when removing asbestos
The tips for stopping fraud contractors are as follows:
• The contractor must satisfy at least three estimates.
• Don’t sign a contract if it has cash deals.
• Check with any previous customers and find out if they were satisfied.
• The licensing bodies and BBB must be checked to know about the company.
• All the details must be included in the contract.
• The legal rights must be known before signing a contract.
• The total fees must be paid only after completing the entire work.
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