Edmonton Real Estate

My own personal Rememberance

A few years ago I had the good fortune to go to Vimy Ridge in what was perhaps one of the most stirring moments of my adult life.  There I was at the site of the famous Canadian battleground where my Grandfather had fought almost 9 decades earlier.  "He was here" I kept thinking, although it was certainly more quiet now than it was back then. 

When I knew my grandfather as a young boy and he'd tell me stories about the war, somehow I always pictured him as an older man fighting in the war, not the young twenty something that he was.  I also imagined Vimy Ridge and Amien as being very different places than what I've now had the opportunity to visit.  

My most stirring moment came when we walked through the chalk tunnels that the infantry huddled in before the attack.  I wondered how he and the other men managed their fear knowing what lay ahead for them.  It was simply eerie stand in those cold, dark and damp tunnels, and I never felt closer to knowing my grandfather than at that point. Somehow the old man whose lap I used to sit on got very young in my mind and very, very brave.

As we left Vimy my eyes watered with pride as I watched my daughter carry her great-grandfather's picture and show it to the Canadian staff at the interpretive centre.  

Remembering is simply not enough.  We enjoy a very good life here in Canada a life that has been born out of the sacrifice of others.  Sons and Daughters, Mothers and Fathers have forged the true North strong and free.  They have shown us the way so let's not just remember them but build a better place for all with what they have given us. 

Here are some photos from our visits to Vimy Ridge:

The chalk tunnels 

 Sara's parents and my mom in the trenches

Our dads reading the names engraved on the monument there are 11,285 names of Canadian solders who were killed in France carved on the walls. More than 7,000 are buried in 30 war cemeteries within a 20-kilometre radius of the Vimy Memorial.

This sorrowing fi gure of a woman represents Canada—a young nation mourning her dead.

 The Memorial seen from afar

Craters from the constant bombing still exist today. 

Beware of the IRS Boogieman

Everybody’s doing it.  Its the latest "it". Btw it ain’t sex I'm talking about... "it’s", going down south and buying a piece of Americana.  It’s seriously become almost as big as the Spice Girls.  Well almost. 

We’ve posted on here before about things you’ll want to consider when buying property in the US including a couple of the big no no’s to watch out for. One such issue is paying maintenance fees in empty HOA’s and condo complexes. 

So whenever I talk to someone else who’s on their way to buy some American property I simply ask: "How did you solve that IRS thing?"  “Huh?” is their usual reply.  “You know, that IRS filing thing that can have major implications on your estate?”. 

I’m no tax expert but there is some legislation between the U.S. and Canada about a reciprical tax treaty enabling one another to go after tax cheats.  Of course you're not a cheat, at least not deliberately.

So if you don’t know what I’m talking about, and you’re buying some property south of the 49th you better get some tax advice eh!

Reminder - Online Real Estate Career Seminar Tonight

There is still space available for our online real estate career seminar tonight. Don't miss out! This online seminar is geared towards those considering a career in real estate, as well as anyone currently enrolled in the licensing course. We will discuss:

• Why most agents fail and how you can succeed
• Commissions, splits and desk fees
• How to find clients
• What skills are important for new REALTORS®
• What to look for in a brokerage
• Training - when, why, how much?
• Joining a team vs going it alone

The vast majority of new REALTORS® are out of the business within 2 years. Don't be one of them!

Monday, November 9, 6:30pm. Open to the first 15 registrants, space is filling up.

Edmonton New Home Construction Increases for 4th Month in a Row

Canada Mortgage and Housing Corporation (CMHC) released their monthly "Housing Now" report on new home construction in Edmonton today. For the fourth month in a row new starts in Edmonton increased year-over-year in October. Here are the highlights:

• Housing starts in the Edmonton area totalled 947 units in October compared with 699 units in September and 612 units in October 2008.
• Overall starts this year still trail production reported in the first ten months of 2008 by 24%, but single family home starts are up by 30%.
• Construction began on 598 single family homes in October (compared to 481 in September), representing a substantial gain over the 223 units started in October 2008. This was the best October performance since 2006.
• Multi-unit starts decreased in October by 10.3% year-over-year to 349 units, but increased over last month (218 units). Multiple starts have fallen by 55% on a year-to-date basis.

CMHC Markey Analyst Regine Durand noted: “Builders across the Capital region are looking to replenish inventories for the important spring selling season ahead. Concerns over the elevated supply of condominium apartments in Edmonton will keep multi-unit starts at low levels for the balance of 2009.”

Housing starts across Alberta’s seven largest were up 29.5% from October 2008.

Edmonton Real Estate Market Weekly Update

Here is our update on the Edmonton real estate market. (Previous week's numbers are in brackets). For the past 7 days:  

New listings: 306 (341, 370, 333)
# Sales: 225 (275, 261, 256)
Ratio: 74% (81%, 71%, 77%)
# Price changes: 221 (189, 212, 168)
# Expired/Off Market Listings: 324 (98, 135, 161)
Net loss/gain in listings this week: -243 (-32, -26, -84)
Active listings for single family homes: 1792 (1933, 1954, 1912)
Active listings for condos: 1485 (1576, 1560, 1562)

Inventory is continuing its seasonal drop - it's actually the lowest it's been in at least two years (that's how long I've been doing the weekly updates). Looking at the year as a whole you can see a general trend towards decreasing inventory and increasing sales:

 
Later today our subscribers will get their monthly bonus e-mail with an article on a different way to make money investing in real estate. It's not too late to subscribe!

Have a great weekend!

Here is our update on the Edmonton real estate market. (Previous week's numbers are in brackets). For the past 7 days:  

New listings: 306 (341, 370, 333)
# Sales: 225 (275, 261, 256)
Ratio: 74% (81%, 71%, 77%)
# Price changes: 221 (189, 212, 168)
# Expired/Off Market Listings: 324 (98, 135, 161)
Net loss/gain in listings this week: -243 (-32, -26, -84)
Active listings for single family homes: 1792 (1933, 1954, 1912)
Active listings for condos: 1485 (1576, 1560, 1562)

Inventory is continuing its seasonal drop - it's actually the lowest it's been in at least two years (that's how long I've been doing the weekly updates). Looking at the year as a whole you can see a general trend towards decreasing inventory and increasing sales:

 
Later today our subscribers will get their monthly bonus e-mail with an article on a different way to make money investing in real estate. It's not too late to subscribe!

Have a great weekend!

So You Think You Can Sell - Edmonton Real Estate Career Advice Part 2

Last week we started a series of articles about real estate careers, answering some of the most common questions people have about becoming a REALTOR®.

Next week we are hosting an online career seminar where we will discuss getting started in a real estate career including topics such as: skills, training, costs, selecting a brokerage, commissions, prospecting, working with a team vs flying solo, and more. If you're thinking about a career in real estate, or are already taking the course register today for our online seminar and get your career going in the right direction - there are only 15 spots available on a first come first served basis. The seminar takes place on Monday November 9 at 6:30 pm.

Online Career Seminar -

We have found there are 5 common reasons why most new agents are out of the business within two years. The previous article discussed the lack of planning that is common among new agents. The topic today is:

Lack of Commitment

No one starts their real estate career thinking "I’m not committed to real estate" (just like no one gets married thinking they are not committed to their spouse, but divorce happens a lot!). It's only later that you discover the restrictions that were placed on their commitment:

• "I had to hold a part time job bar-tending because my family couldn’t survive with no money coming in, and it was just too difficult to make it work."
• "My fiance makes a salary  with benefits and I have to work around his schedule.  That means taking care of the kids in the morning and not scheduling appointments when he has to work in the evenings."
• "I have a certain lifestyle that’s most important to me.  Golf and travel are important so my career will have to be secondary to that."

I’m not saying that these (or other) reasons are bad, but when you are new in a competitive industry, the difference between success and failure is often those extra steps you take for your clients.  As an employer/manager I care about your personal struggles and priorities, but some of your clients will not, especially when hundreds of thousdands of their dollars are on the line. 

My Sensei (a very successful Edmonton real estate agent) always says, if you want to be great at something “you are either all in or all out.”  The bottom line is, that truly successful people in this industry are extremely committed in the begining and yes, that means some personal sacrafices may have to be made. Once you are truly sucessful you can manage the balance between personal and career objectives more easily but at the start commitment and hard work are key.

If you're interested in more information about working at our little company, check out www.jointeamjohnston.com today and don't forget to register for our online career seminar.

Edmonton Real Estate Market Shrugs Off Flu

I have been reserving judgement all year on the market until we were through September and October.  Well the stats are in and October and September were, as Jim Carrey would say: “smokin.”

Signs that a balanced market were coming started to show around April.  There are still some unresolved issues out there in the market place, especially in newer condominiums, but overall the market has performed very well in comparison to 2007 and 2008.  

If you look at equitiy markets and how they bit the bullet from October of 2008 to March of 2009 it's easy to correlate that this plunge affected confidence in real estate.  Speaking to one adviser for Mawer group (an investment company with 6.5 Billion in assets under management) they didn’t see the bounce in March coming.

In real estate however, confidence in strong fundamentals improved affordability, and lower interst rates gave buyers the confidence to move forward. Slowly but surely the log jam of inventory that had been pressing prices down was unlocked. While prices were relatively stable this October, the overall picture year to date is a lot rosier in Edmonton than it was just 10 months ago.

While some problems still have yet to be worked out in the Alberta economy (stagnat gas industry and increased deficit), there have also been a lot of positives for Alberta and in particular Edmonton. With the cost of labour down, many companies have been looking forward into the future and that has played out well for Alberta so far.  The chill of potentially higher interest rates to come has not seemed to dampen the market yet, but that will be a developing story in the months to come.

Here is what it all looked like:

 
 

 

Our subscriber email will be sent on Friday with the weekly update and will have a more detailed analysis of the current market as well as a insider's explanation on how to make money in real estate today. Don't miss out - subscribe now!

Edmonton Home Builders Confidence Grows

The Canadian Mortgage and Housing Corporation (CMHC) released their Housing Now report on new home construction in Edmonton last week. Construction of single family homes in the Edmonton area significantly increased again in September:

 

To me that means Edmonton area home builders are feeling increasingly confident in the market in Edmonton. The question is - are they over confident? 

Other highlights from the report:

• Housing starts totalled 699 units in September compared with 428 units in September 2008.
• Total housing starts have amounted to 3,620 units so far this year, down one third from 5,400 units reported during the first nine months of 2008.
• Single-detached starts in the Capital region totalled 481units in September, more than double the 235 units tallied in '08 - the best month for builders since October 2007.
• Median price $476,900, down 4.6% on a year-over-year basis (compared to $349,900 on the resale market).
• Apartment activity has seen the greatest retrenchment, falling by 83% from the first nine months of 2008.
• Multiple unit rose by 13% in September to 218 units compared with 193 starts last year (the first gain since May '08). So far this year, multiple dwelling starts have declined by 60% to 1,374 units, down from 3,428 multiple units reported from January to September '08.
• Multiple unit completions in September experienced sizable gains over the same month last year (second month in a row) reaching 805 units  compared with 542 in September 2008.
• Inventories - condos 1,222 units the highest level since June 2005, single families 474 the lowest level since July 2007.
• Labour: The unemployment rate hit its highest rate since March 1997 in September - 7.4%. Most of this increase was do to an increase in the work force because peopler are moving here for work (our economy is weakened but not as much as many other areas in the country). Average weekly earnings were up 5.2% on a year-to-date basis to the end of September.

I was planning on having the monthly stats up today, but there was another glitch in the stats put out by the REALTORS® Association of Edmonton so we'll have to wait until that is sorted out. As always our subscribers will receive extra analysis (such as why are new homes so much more expensive than resale?) and stats shortly after the monthly number are posted. Don't miss out - subscribe today!

Edmonton Photo of the Week

Yesterday was gorgeous in Edmonton (for November anyway) and many people were out taking advantage of the sunny day. I don't exactly know what you would call the sport we captured below, but it looks pretty extreme to me. This photo was taken near the Jamie Platz YMCA in West Edmonton, if you look closely you'll see the kite flyer is standing on a board with wheels. He/she was flying around that field!

 

Edmonton Real Estate Market Weekly Update

Here is our update on the Edmonton real estate market. (Previous week's numbers are in brackets). For the past 7 days:  

New listings: 341 (370, 333, 414)
# Sales: 275 (261, 256, 227)
Ratio: 81% (71%, 77%, 55%)
# Price changes: 189 (212, 168, 205)
# Expired/Off Market Listings: 98 (135, 161, 132)
Net loss/gain in listings this week: -32 (-26, -84, 55)
Active listings for single family homes: 1933 (1954, 1912, 1959)
Active listings for condos: 1576 (1560, 1562, 1587)

So far this month the REALTORS® Association of Edmonton has reported 1465 sales. The average residential sale price is $317k, single family homes are $361k, and condos $238k all of which are down from the end of last month. I am a little surprised with the stronger than usual sales that average prices have dropped but it seems sales in the higher price ranges are slowing. In September there were 99 sales over $500,000 and in October there have only been 78 so far.

 

Happy Halloween!
 

Here is our update on the Edmonton real estate market. (Previous week's numbers are in brackets). For the past 7 days:  

New listings: 341 (370, 333, 414)
# Sales: 275 (261, 256, 227)
Ratio: 81% (71%, 77%, 55%)
# Price changes: 189 (212, 168, 205)
# Expired/Off Market Listings: 98 (135, 161, 132)
Net loss/gain in listings this week: -32 (-26, -84, 55)
Active listings for single family homes: 1933 (1954, 1912, 1959)
Active listings for condos: 1576 (1560, 1562, 1587)

So far this month the REALTORS® Association of Edmonton has reported 1465 sales. The average residential sale price is $317k, single family homes are $361k, and condos $238k all of which are down from the end of last month. I am a little surprised with the stronger than usual sales that average prices have dropped but it seems sales in the higher price ranges are slowing. In September there were 99 sales over $500,000 and in October there have only been 78 so far.

 

Happy Halloween!
 

Edmonton Real Estate Career Advice - Part 1

Most of our readers are very interested in the real estate market in Edmonton, and some are so interested they even consider a career in real estate. What many people don't realize is that we are always looking for good people to work with us.

A lot of people contact us about joining our little company through www.jointeamjohnston.com, and most people have the same questions about working in the real estate industry. So, we've decided to do a series of articles here on the blog about real estate careers, and why the majority of new real estate agents are out of the business within two years.

Why do most new agents fail?

1. Lack of planning
2. Lack of committment
3. Lack of resources
4. Selecting the wrong brokerage
5. Lack of business savvy.

Today we will discuss the lack of planning that is common among new real estate associates (the other issues will be addressed in future articles).

Most people who have become licensed in real estate have no clue what is actually required to be successful in real estate.  They get licensed with a minimum amount of training and then off they go "helping" buyers and sellers.  They hold the same license as I do but I can tell you from painful experience they usually have a long way to go before they really start to understand that real estate is more than looking at homes.

The first common mistake among new associates is choosing a brokerage and starting training after getting their license. If they have interviewed at different brokerages, they have probably been told to expect not to make a sale for the first 6 months. This is because the average new associate actually doesn't make a sale for the first 6 months. Why? Lack of planning!

Another reason new associates have a slow start is that the brokerage they choose has a lack of training and business development support, and they condition their associates to accept lower results right from the get go.

I’ve always believed you have to be prepared to make a sale the moment you are licensed (many of our associates do), but you also have to be prepared to survive until you do.

So... plan ahead! Meet with brokerages before you take the course. Create your business plan before you take the course (your broker can help you with this). Start training and create your marketing plan while you're in the course. If you get all this done ahead of time, then the day you are licensed you are ready to start making a living. Otherwise, you'll end up like most other new licencees without a sale for 6 months.

We start working with our new hires while they're still in the course - this is very rare amongst real estate companies. We take them on appointments and mentor them before they are licensed, we help them study for the exams and answer their questions, we train them on the technology they will be using, we get their web sites set up and marketing pieces ready to go... all while they are still in the course. That's why all of our new agents have made at least one sale in their first month and are all still in the business.

If you're interested in a career in real estate in Edmonton check out www.jointeamjohnston.com for more information.

Edmonton Photo of the Week - Baby Heroes Campaign

The Edmonton REALTORS ® Community Foundation supports many local charities one of which is the Terra Centre for pregnant and parenting teens. Their "diaper drive" ended yesterday - they were asking for donations of boxes of diapers. Diapers are a necessity and a big expense for parents. Teen parents can succeed with community support and raise healthy happy children. So, without further ado this is a photo of the diapers that Edmonton REALTORS®  donated being dropped off at the West Edmonton Mall:

And a photo of the pile collected by Terra:

 
  
Both photos courtesy of BabyHeroes on Flickr.

In the end they beat their goal of 5000 boxes of diapers! Nice job!

 

Search for Edmonton Real Estate Like a Pro

A new dawn is here in Edmonton real estate.  Today we are launching the first website of its kind by an Edmonton Real Estate Company.  It's super fast,  very easy and will allow you to search for things that you haven’t been able to search for before, until now.  Is it the best search site in the Edmonton area?  We think so or we wouldn’t be the First Real Estate Company to launch it.  Ultimately it's you who will decide if it's the best search.  Ever since we started the Edmonton Real Estate blog 4 years ago we’ve listened to what people have wanted and www.EdmontonRealEstate.pro is the result.

Here’s some of the cool new features you can utilize on www.EdmontonRealEstate.pro that you won’t find on other Edmonton brokerage websites at this time.

• Search by community name - (This is extremely cool)  Just click the community you want and bam, faster then you can say  "www.edmontonrealestate.pro is awesome”, the results are there.  You can split it into condos or homes.  I can’t even do this as easily with my interface to MLS.  So if you want to know what's for sale in your neighborhood or in other neighborhoods this is the fastest and easy place to get that info.
• Search by MLS number or search the entire Edmonton area by multiple MLS numbers.  I get tons of requests asking for more information on certain MLS numbers.  Other than going to MLS.ca this is the only website that offers this speedy little search.  Put your seat belt on though, It's ridiculously fast.
• Category searches (with more to come).  Never before offered category searches like, Edmonton Luxury homes, West Edmonton Real Estate (look at them all or break it into price category), University area real estate, only new homes and condos, luxury condos and much more.  These category searches don’t presently exist on any other Edmonton  real estate brokerage website so if you want to see these searches you have to go to www.EdmontonRealEstate.pro where you'll also find a list of all the category searches that you can search by. 
• Map searches using google maps.  We were the second Real Estate Company in Edmonton to use the map search that was prominently displayed in an issue of the Edmonton Journal.  That map search is currently at www.FindMyEdmontonHome.com and our new map based search blows it away.  Or you decide which is better and let us know.
• You can also save your own customized searches and come back to them when you like.
• You can save your favourite listings very easily.
• Obviously we still don’t make people sign in
• Super fast.  No more waiting for agents to email you properties.

There is some more really cool new features to come on www.EdmontonRealEstate.pro so stay tuned.  Note it is a dot pro domain, not dot com.  So if you want to search the Edmonton area real estate market like a pro then there is no other website that compares to it.  We hope you enjoy it.  We built it for you.

If you want more assistance with searches or want to see any of these properties or would like more detailed information about them just contact us.

Note.  If you are NOT reading this post at www.EdmontonRealEstateBlog.com please let us know who the theiving $%#%'s are.

Edmonton Real Estate Market Weekly Update

Here is our update on the Edmonton real estate market as of noon today. (Previous week's numbers are in brackets). For the past 7 days:  

New listings: 370 (333, 414, 361)
# Sales: 261 (256, 227, 287)
Ratio: 71% (77%, 55%, 80%)
# Price changes: 212 (168, 205, 220)
# Expired/Off Market Listings: 135 (161, 132, 361)
Net loss/gain in listings this week: -26 (-84, 55, -287)
Active listings for single family homes: 1954 (1912, 1959, 1934)
Active listings for condos: 1560 (1562, 1587, 1541)

So far this month there have been 1126 sales, which could put us over 1600 for the month and make it the second best October on record for sales. The average residential sale price sits at $319k (up from last week but still down from last month), single family homes at $366k (up from last week and slightly down from last month) and condos at $237k (down from last week and last month). Things are looking pretty good!

Have a great weekend and enjoy searching the MLS® on our new site - www.edmontonrealestate.pro

Here is our update on the Edmonton real estate market as of noon today. (Previous week's numbers are in brackets). For the past 7 days:  

New listings: 370 (333, 414, 361)
# Sales: 261 (256, 227, 287)
Ratio: 71% (77%, 55%, 80%)
# Price changes: 212 (168, 205, 220)
# Expired/Off Market Listings: 135 (161, 132, 361)
Net loss/gain in listings this week: -26 (-84, 55, -287)
Active listings for single family homes: 1954 (1912, 1959, 1934)
Active listings for condos: 1560 (1562, 1587, 1541)

So far this month there have been 1126 sales, which could put us over 1600 for the month and make it the second best October on record for sales. The average residential sale price sits at $319k (up from last week but still down from last month), single family homes at $366k (up from last week and slightly down from last month) and condos at $237k (down from last week and last month). Things are looking pretty good!

Have a great weekend and enjoy searching the MLS® on our new site - www.edmontonrealestate.pro

Edmonton's new real estate rules

In years past Edmonon real estate was definitely steady in appreciation and appreciatively undervalued.  So what's changed since the run up of values here in Edmonton and Across North America? Something I've noticed over the past 20 years is that  the Edmonton real estate market has always gone from patches of stability to instability then back to stability.  One has to wonder, given that the Edmonton real estate market was volatile for much of 2007 and 2008, if 2009 was not the stability that I've been talking about. 

The question is are the periods of stability going to be shorter now? Although fundamental investors have been in the market almost non stop, already in 2009 I've seen increased speculation, and a return to quick flips that I really didn't expect to see so soon. 

Based on my observations the two new rules for real estate are:

1. Expect more volatility.  The market can change quickly in real estate and even if you're buying for the long term expect some volatility.
2. Be a leader.  In the past couple of years the leaders walked away with piles of money and the stragglers got burnt.  If you're going to play be a leader if you expect to win.