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McLeod Realty and Robert McLeod Real Estate Blog Edmonton Real Estate

We love our home with its many memories and its spacious yard. But when the kids are gone, why do you need all that space? Do you want to keep up the yard and shovel snow?   What happens when the stairs in your home become difficult too climb and changing a light bulb almost impossible?

Many couples are reaching a point in their lives where their kids are gone and they no longer need or want the extra space and burden of a single family home.  

A condominium can be a great option for when your lifestyle no longer suits a house. However, there are many things to consider when thinking if a condo is right for you.

Here are a few things to think about:

  • How much storage do I need? You’ll need to let go of a lot of things when moving to a condo.
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I’m sure you’ve all heard we’re in a buyer’s market.  But what does that mean?  Home inventory is at its highest in Edmonton since 2008.  By the end of June total residential inventory for sale reached 2861, an increase of 8.21% over June 2017.  This means that buyer’s have more to choose from and may be able to get a better deal as seller’s compete for their business. 

Current Inventory
All residential - 2861 (year over year increase of 8.2%)
Single Family - 1570 (year over year increase of 13.6%)
Condo - 994 (year over year increase of  .61%)
June 2018 Sales
All residential -1260 (year over year decrease of 11%)
Single Family - 763 (year over year decrease of 11%)
Condo – 363 (year over year decrease of 9%)

Average Selling Price (YTD)
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Year over year all residential unit sales up 14%

Edmonton, February 2, 2018: Total all residential unit sales in January 2018 in the Edmonton Census Metropolitan Area (CMA) were up 14.23% relative to January 2017. Specifically, across each category when compared to January 2017, single family home unit sales were up 12.85%, condominium unit sales were up 14.41% and duplex/rowhouse unit sales were up 22.08%.

The average single family home unit price increased to $428,750, an increase of 2.89% compared to December 2017 and an increase of 2.20% compared to January 2017. The duplex/rowhouse average unit price was $348,613, which was an increase of 3.44% compared to December 2017 and a decrease of 2.06% relative to January 2017. The condominium average

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For any active agents in the market who serve Edmonton I'd say that most will agree 2016 was the year where you worked 3 times harder to put a deal together than in quite a few years. But few are saying or identifying why it's such a challenge. Buyers still want to buy and sellers still want to sell. What's changed?

We've had lots of things affect our market this past two years, and likely they will continue to present challenges to us. I won't beleaguer the question or try to point the finger, my point now, more than ever is the importance of discussing Value. The best verb to define Value is: "estimates the monetary worth of (something)." Now when an agent is working with a buyer or seller, each party is trying to negotiate the best possible deal. We

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Should I add Commercial Real Estate to my portfolio?

Commercial is a big word than can mean a lot of things in real estate, just like residential. In the residential world; different classes, different tenant needs, different management models. The same rings true to world of Commercial real estate, and trying to lump anything that is not residential into commercial is misleading. So when asking yourself, “Self, is now the right time to look at commercial?” the questions you should start with first are:

1)   Why do I want to try something that is not residential, something I likely know little about?

2)   I’m likely going to need more money, is my return really that much better than that same investment return I’m getting in what I know… my

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I consider myself fortunate that so many brokers & clients feel open enough to call me to discuss their business, what they are seeing and ask for advise. My middle initial after all is F for Fraser, not Frasier, but regardless, I'm listening.  

On average I get 3-5 calls a week to ask me what to do. In good times the calls are less frequent. As times change I can easily gauge a market by the types of questions I'm being asked, this market is sure producing some interesting discussions. Some of the agent calls are how to generate more business, some are how to have difficult conversations with difficult clients. My friends & previous client calls are how to keep properties rented, and in some cases talking clients off the ledge to not sell. 

We are

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I know, I know. The notion that buying a pre-sale condominium is a smart investment is heresy among many REIN members. And I get it – generally speaking, they don’t make much sense, particularly in markets like Vancouver where an investor can’t possibly hope to see positive cash flow when they’re spending $1,000 per square foot. But not all markets are created equal, and in Edmonton the pre-sale still makes financial sense for the right kind of investor.

Who’s that right kind of investor? The kind that’s just starting out, and doesn’t have the kind of capital it takes to take on something more ambitious like an infill project – not yet, at least. I know a lot of the investors that I meet that talk about wanting to own that four-plex or that little

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A REIN member recently had an experience that prompted her to ask me if developers can discriminate against an investor in a project sale. This is a great question and begs a deeper explanation.

First, the Canadian Human Rights Act protects citizens from 11 grounds of discrimination, such as: race, ethnicity, color, religion, race, age, sex, sexual orientation, marital status, family status, disability, and/or a conviction. Beyond this are discriminatory practices, such as refusals to employ, harassment, etc. which may tie into the REIN member’s experience.

On the basis of this question, can someone such as a developer refuse to sell a unit or units to an investor? That quick answer is, “Yes”. Does this answer shock you? The reality is there are

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Maybe you’ve been thinking about it for a while. Or maybe it just dawned on you. Either way, you’re convinced: you want to buy a building. My advice, as someone who’s been there? Wait. It might save you from making the biggest mistake of your career.
Believe me, I get it. Owning a building offers economies of scale that you just can’t get with individual units, and it could, if done right, put your personal wealth-building plan on the fast track. But that’s the catch – most people don’t do it right. They tend to make the move from single units to entire buildings without enough dry powder or patience, both of which are necessary assets to have when entering this space. And maybe most important of all, many of them don’t actually know what their goals are

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“The West wants in.” It was the phrase that built a movement, helped make the Reform Party of Canada the Official Opposition and eventually lead to Stephen Harper becoming Prime Minister. But lately it seems like that’s been reversed, and everyone wants in to the West. And no wonder: with the best economic fundamentals in the country and an energy sector that – sorry, environmentalists – is going to continue cranking out oil, jobs and wealth for at least the next 25 years, it’s about as sure a bet as you’re going to find. Now it’s your turn to make a bet of your own on that prosperity.

You know why you need to make that bet, too. Unless you want to subsist on a diet of cat food sandwiches and trips to the library, the table stakes for a comfortable

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