Western Canada Leads Country

A recent study from TD Canada Trust (Regional Economic Outlook, published October 31, 2005) shows Alberta and the rest of western Canada ahead of central and eastern Canada in most economic indicators.

"The sizzling demand for workers in the energy sector and other areas such as mining, construction, and transportation has pushed down the unemployment rate in AB, BC, and SK to the lowest levels on record. In an effort to address shortages and attract labour from elsewhere in Canada, firms in Western Canada have offered more generous wage hikes. As a result, personal disposable income growth is running at rates well above the rest of the country and little change in this picture is expected in 2006."

"The recent shift in in job market momentum and inter-provincial in-migration to the west has been reflected in differences in housing market activity. Along with P.E.I., BC and AB are the only provinces where housing starts for 2005 are likely to surpass last year's levels. In 2006, residential production is expected to ease in all regions, dampened by rising interest rates and continued erosion in affordability. Despite the broad based decline, we anticipate residential construction will cool off to a lesser degree in Western markets. In fact, on a per capita basis housing starts in AB and BC will remain the strongest. Mirroring these homebuidling trends, the BC and AB resale housing market are on track to outperform the rest of the country in 2005, with prices soaring by a double digit pace in most cities. Next year, we expect increases in average home prices to moderate even in these two leading provinces, although a further outperformance compared to the national-average gain of 4% seems to be a good bet."

The complete report is available on the TD Canada Trust website at www.tdcanadatrust.ca

Maxamize your home value.

Before you get into this article Sara put up regarding preparing your home for sale I want to put my two cents in.
It never ceases to amaze me how buyers react in a clean property. They feel more comfortable to stay longer, their anxiety level drops and this means good news for sellers. I've helped hundreds of sellers over the years, my self and Sara included maxamize the sale value of their homes for very little money. In one recent instance for a mere $7000. we helped our seller net almost $40,000.00 more than their home was evaluated at. So this stuff works. If you want the most for your home use us but definitely prepare your home for sale. Enjoy.

There’s an old saying that you never get a second chance to make a good first impression. This is particularly true of real estate, when prospective buyers usually make a subconscious decision about your property within the first few seconds of walking in the door. Whether you’re selling your home, or just looking to update its appeal without breaking the bank, here are a few low cost but high impact remedies to update your home

• De-clutter: The best way to make your home feel welcoming to buyers and visitors is to create an environment similar to that found in a model home. The look is simple, with clean lines and bright, roomy interiors. You can create a similar look by reducing the number of non-functional items you have in sight throughout your house. Less is more, and that applies to furniture right on down to all the coats your have hanging up in plain sight. A simple rule of thumb is, if you haven’t used it in over a month, you probably don’t need it. Pack it up and make some space.

• Keep it neutral: If you’ve visited a model home recently, or looked at the latest decorating magazines, you’ll notice that the décor is neutral, using soft, light colours to create a feeling of spaciousness. Strong colours should be limited to small accents like throw pillows, area rugs and artwork. Just because you like orange doesn’t mean you have to paint all your walls with it! A small splash of colour will make your room ‘pop’.

• Define your spaces: Each room of your home should have a clearly defined identity that is obvious to viewers. Don’t leave it to the buyers’ imagination that your junk/storage room would make a good bedroom. Set it up so that buyers can visualize themselves using it that way.

• Add some ambience: Don’t forget the other senses when you update your home style. In these days of spas and aroma therapy, its time to throw out the pot pourri and cloying floral sprays and use subtle scents that are fresh and clean smelling. Keep it natural. Even a bowl of fresh lemons on the kitchen counter does wonders.

• De-personalize: This style remedy is strictly for those who are selling their home. Start your moving process now, by packing away all items of a personal nature throughout the house. Items such as family pictures, trophies, and personal mementos distract the buyer and reinforce that this is someone else’s home. De-personalizing your interior is a great way to help buyers picture themselves moving right in and living there.

Want more home style remedies? Ask us for our expert advice on how to showcase your home to its best advantage.

Search all Edmonton and area MLS Listings at www.edmonton-homes.ca.

Alberta Real Estate to Remain Strong

The CMHC Housing Outlook Conference took place today in Edmonton. Seems Albertans are a little different than the rest of the country - more of us own our own homes, more of us plan on buying a home in the next 5 years and more...

This article from the Edmonton Journal explains...

Maintaining your home’s exterior

Whether you’re a potential buyer or already own your own home, you can appreciate that it makes good sense to protect that investment with regular maintenance. Here in Edmonton, it’s especially true, as our homes suffer the effects of extreme weather conditions.

The materials used in the construction of the exterior of a home have a lot to do with future maintenance. If you’re looking to buy a new home, the amount of wood used in the exterior will be a major factor in how much time, effort and money you can expect to devote to maintenance. Wooden siding, decking, fences, trim and windows all need regular staining or painting to keep them in good shape. Vinyl siding and windows take less maintenance and last much longer, so whether you’re in the market for a new home, or want to determine the salability of your existing property, you can factor in that feature as a big plus.

If you have wood in your exterior surfaces, you’ll extend its lifespan by keeping it clean of polluting chemicals. A good power-washing in the fall and again in the spring will help reduce the unwanted grime that can speed the deterioration of your wood surfaces. Paving stones and driveways will also benefit from an intensive cleaning to eliminate damaging pollutants. And as long as you’ve got the power-washer out, eavestrough gutters should receive a thorough cleaning regularly, at least two or three times a year, to ensure water runs freely away.

If your wood surfaces are painted, you’ve got a lot of work ahead of you. Paint tends to split and flake off and requires strenuous sanding and scraping to get the surface ready for a fresh coat. Many people are daunted by the amount of work this entails and contract the job out to professionals, which can be quite expensive. A more desirable alternative is the use of stain, which simply fades as it’s absorbed into wood over time and can be reapplied year after year on top of previous coats. Stain rarely needs more than a minimal sanding to smooth out any rough spots and each successive coat you add over the years adds to the protection of your wood. Before staining, remember to repair cracks with wood filler to prevent water from seeping in. Unlike the limited choices of years ago, today’s semi-transparent stains come in a range of colours to suit any style.

When the time comes to replace your fencing, iron and steel fences will last the longest with low upkeep costs, while upgrading the overall look of your property. You may also opt to replace wooden decking with patterned concrete for the same reasons. But while this may add to your home’s appeal and help it sell more quickly at resale time, don’t expect to recover its full cost in the sale price of your home. If you’re considering making changes to your home’s exterior and want to know how it will impact the future resale value of your home, be sure to contact us.

www.edmonton-homes.ca

Edmonton Price Increase Predicted to Lead Country in 2006

The following is an excerpt from a report released today by Re/Max. Similar reports have been published by many outfits at about this time for the past few years, and the annual results thus far have vastly exceeded expectations, so take the report with a grain of salt.

The RE/MAX Housing Market Outlook 2006 report found that the vast majority of major Canadian markets surveyed are expecting modest price appreciation ranging from 2 to 5% in 2006. The only exceptions are Vancouver, Kelowna, and Calgary, all of which are forecast to experience price increases of about 10 percent next year, the companies reported.

Nationally, home sales are forecast to climb 2 percent by year-end 2005, to 472,100 units – the best year ever for housing in Canada. Average price appreciation is expected to post a 9 percent gain, bringing the value of a Canadian home to $246,600.

“Affordability has certainly been a major concern, particularly in markets in British Columbia and Alberta, where average price has experienced strong upward momentum throughout 2005 due to tight inventory levels," said Elton Ash, regional executive vice president at RE/MAX of Western Canada. “An influx of new listings in the marketplace should ease some of the upward pressure on housing values and allow purchasers the luxury of time when buying a home."

The highest percentage increases in unit sales are expected to occur in Western Canadian markets next year, the RE/MAX offices reported. Edmonton and Regina are predicted to lead the country with a 5 percent increase over 2005 levels, and 61 percent of all markets forecast activity in 2006 to be on par with the previous year's figures.

Strong economic fundamentals are expected to contribute to healthy residential real estate activity yet again in 2006, according to the report. Western Canada, Newfoundland, New Brunswick and Nova Scotia, in particular, are expected to benefit from thriving oil and gas-related industries. Nationwide in Canada, billions of dollars have been earmarked for non-residential construction.

“Canada's economic engine continues to fire on all cylinders, outperforming expectations at every level," said Michael Polzler, executive vice president and regional director at RE/MAX Ontario-Atlantic Canada. “Consumer confidence levels are strong. Even the Bank of Canada's effort to put the brakes on the economy – boosting interest rates one half of one percentage point in a two-month period – only served to bolster home-buying activity. Interest rates could climb as much as two percentage points before we see any real impact on the housing market."

Land Titles Turnaround Times

Waiting for your land title can delay closing on the purchase of your new property. Keep your transactions flowing smoothly and closing on time by staying up-to-date with the turnaround times at the Land Titles offices by visiting www.spin.gov.ab.ca. Current registration turnaround times in Edmonton and Calgary are posted in red on the home page.

Consumer Tips

I found these Consumer Tip Sheets on the Alberta Government website and thought they were a worthwhile read if you're thinking of renovating or buying a condo or timeshare:

Home Renovations and Repair
This document outlines everything you need to know about hiring a contractor as well as information about contracts and cancellation rights.

Contents include:
Choosing a Contractor
The Contract
Paying for the Work
Protect Yourself From Liens
Working with Prepaid Contractors
If You Have Problems
Home Insurance
More Information
Hire Certified Tradespeople
http://www3.gov.ab.ca/gs/pdf/home.pdf

Buying Time Shares
In this tipsheet, you'll find out:
· what a time share is all about,
· how you are protected,
· how to decide whether a time share is for you, and
· how to avoid problems when you buy a time share.
http://www3.gov.ab.ca/gs/pdf/timeshare.pdf

Buying and Owning a Condominium
Overviewing the key topics that affect buying and owning a condominium.
http://www3.gov.ab.ca/gs/pdf/tipsheets/Buy_Own_Condo.pdf