COMING SOON! An exclusive Ambergate Realty Advisors listing. This home may not yet be on the open market. To view it first, contact us today.

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Available with immediate possession & situated on a larger landscaped lot in the popular Trumpeter community, this triple garage, 3 bedroom 3 bathroom home would be perfect for a car enthusiast, a large family, or perhaps a professional couple that enjoy space inside & outside the home. On the main floor you will enjoy an open floor plan including a living room with cosy fireplace, a gourmet kitchen, garden doors out to the deck, a bathroom & laundry. The upper floor features a very large master with 5 piece ensuite featuring…

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Would it be smarter to buy a home now?

Or wait and perhaps buy a smaller or less attractive home later this year?

In early March, the governor of the Bank of Canada Tiff Macklem confirmed that for now, interest rates will not be going up. This is the first time a statement like that has been made in a year*.

That means the prime rate which is the rate at which your bank can borrow money to lend to you is 4.5%.

In the USA, its currently 4.75% and some investors are saying that it could go up to 5.5% by June 2023. This would happen because inflation is climbing in the USA.

A gap this big could devalue the Loonie against the US dollar, at which point the Bank of Canada may need to increase interest rates to encourage continued interest…

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The Edmonton condo market is showing signs of recovery.

Sales Prices

Whilst condos traded for less money in February 2023 when compared to 2022, prices were around $2,000 UP when compared to February 2021. And prices are around $5,000 UP in February compared to January 2023.

We expect to see condo prices improve as we hit the spring market.

Sales Volume

The steep growth in condo sales this year perhaps suggests that buyers are recognizing the hidden value of condo product when compared to single family homes.

Condos are much more affordable when compared to single family homes at the current time.

I would expect that this growth curve will continue into 2023.

Days on Market

Condos sold in only 63 days on average…

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The February the market delivered a solid performance.

Sales Prices


In February 2023, average sales prices were around $439.000, down on 2022, but around $8,000 UP when compared to February 2021. So far this year, values have been flat, but we expect that to change.

Sales Volume

Don’t let this graph fool you. January and February 2023 sales volumes are at pre Covid norms. We expect sales volume to climb in March, as we enter the traditional spring market.

Days on Market

Average days on market in February 2023 was 52 compared to 40 last year and 46 in 2021. This may suggest a little hesitancy on the part of home buyers, perhaps in light of interest rate increases, but really nothing to worry about.

Supply

We…

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Apart from getting out of a rental, most people buy homes to achieve one or more of the following goals.

To move to a new area or away from one.

To buy a bigger home than the one they have now.

To buy a smaller home than the one they have now.

But, for you to really get to understand your client well and to understand their overall situation and underlying motivations you need to ask great questions.

On my team I teach advisors to ask questions around the following areas:

FORD

Family – how many members. Is the family getting bigger or smaller?

Occupation – Does proximity to work matter? For some the address or style of home conveys status.

Recreation – What do they like to do when they are not working? Are the kids in sports…

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