Gord Edmiston, Associate Broker

12/07/2022

Great news for Alberta real estate! Not so much for the rest of the country, though.

Canadian real estate showed some encouraging signs last month, but don’t be fooled. RBC Economics wrote to clients breaking down major markets that have reported November sales. Canada’s largest bank warned that the market is still firmly in correction mode, with just a few exceptions. Despite m...

11/16/2022

A lot of people have been asking me about real estate in Edmonton and what it will look like going forward. While the market has slowed this fall, I suspect that Edmonton will continue to see people moving here and that we will be a steady market as we boast some of the most affordable housing and job opportunities in the country. Call me and we can discuss any of your real estate needs.

Record international migration along with “close to record” interprovincial migration has boosted demand for housing.

10/05/2022

A lot of my clients are choosing to continue to work from home and are renovating their spaces accordingly. Here is a great article that highlights what the experts are suggesting you consider before undertaking any improvements.

https://www.houzz.com/magazine/pros-share-the-design-features-their-clients-want-right-now-stsetivw-vs~163303356?bsft_aaid=329e9826-7f03-489a-bf58-7ecadf452c0f&bsft_eid=59f8ca1e-2167-47f9-b120-73d407774b3f&bsft_pid=0a0fd94d-a148-4723-b2d4-5d82cb50ecde&utm_campaign=100522-us-homeowner-newsletter&utm_source=blueshift&utm_medium=email&utm_content=100522-us-homeowner-newsletter-10-most-popular&bsft_clkid=b9652eb9-df6b-425c-910b-c35fe2720bbf&bsft_uid=3bda04d4-bf43-4638-b507-f4facdc7daf6&bsft_mid=bd44778e-aa89-441b-85c2-955cdc56945a&bsft_pp=1&bsft_link_id=15040&bsft_mime_type=html&bsft_ek=2022-10-05T08%3A00%3A37Z&bsft_lx=12&bsft_tv=13&bsft_bk=block1&utm_term=block1prod0

09/21/2022

We recently renovated our 20 year old kitchen and it looks like we got most of it right! This is a great article if you are looking at a kitchen/island renovation. Great suggestions!

Planning a kitchen? Check out these pro tips for designing a great-looking and practical island

08/31/2022

So, a lot of my clients have been asking me about a correction. Is there going to be an impending correction or a drop in Canadian real estate prices? This article speaks to this and of interest to my friends and clients, is that most economists and forecasters are suggesting that this will largely be felt in the Greater Toronto & Vancouver areas respectively. Silver lining for Alberta? Affordability of real estate in the Greater Edmonton Area is still one of the best in the country and if anything several specialists are suggesting that we are likely to see an increase in net migration to our province as younger working professionals leave these areas. Edmonton and Calgary are major centres that provide ample opportunities for employment and home ownership potential for younger people looking to raise their families.

Canada's second-largest bank is the latest to forecast declining real estate prices, but the good news is they don't see a deep recession.

08/23/2022

What is title insurance anyway? A lot of people don't understand what it is, how it works and why it is a good idea to obtain when you are buying a property. This article is a quick read and explains this in detail.
https://myedmontonlawyer.com/titleinsurance-2/

08/18/2022

So, it turns out that, if it walks like a duck and looks like a duck, it may not actually be a duck! This article is intended for real estate members, however this issue is something that many of my clients have encountered and asked about over the years when buying and selling properties with suites.
http://www.reix.ca/blog-post/importance-of-stating-suites-as-legal-or-illegal/?fbclid=IwAR1xWUoo9X2nPRmOLEVr9RuwddGaSJS5Zv7McySDGBdNm-OaYrN3JLfpijQ

08/12/2022

https://betterdwelling.com/canadian-real-estate-prices-to-fall-more-than-expected-desjardins/
I am hearing a lot of talk and uncertainty with the rising interest rates and inflationary pressures that we are witnessing now.
This quick read breaks down how higher rates will ultimately improve the cost of living. The Bank of Canada believes that there is a silver lining here. "The goal is to stimulate demand in excess of supply to create a shortage of goods, boosting inflation."

Yet another Canadian financial institution thinks real estate is worse than we think. Desjardins made a sharp downward revision to its forecast for Canadian real estate prices. The revision comes after fundamentals eroded faster than expected, already hitting their previous forecast price drop. By t...

06/28/2022

Many clients have asked what, if any, improvements should be undertaken prior to listing. While every situation is unique, I thought this article had some prudent advise on do's and dont's of renos and improvements. Message me directly if you are thinking about performing renos prior to selling as I can advise you on what you should/should not do.
https://za.investing.com/magazine/renovation-trends-that-decrease-the-value-of-your-home/?utm_source=facebook&utm_medium=cpc&utm_campaign=23851702289610090&utm_content=SubwayTiles-2__&origin=facebook&fb_params%5Bad_id%5D=23851702297270090&fb_params%5Badset_id%5D=23851702290090090&fb_params%5Bcampaign_id%5D=23851702289610090&fb_params%5Bad_name%5D=SubwayTiles-2__&im_dars=1x100_3x104_5x533_7x376&fbclid=IwAR2tysQtDSNKbuGgbpvZyv97Ibhu6kIpfKTZsNB5uYlIOwk1SWbkTVYoX4o

Putting your own stamp on your home is perfectly natural, but have you ever stopped to consider just what your personal touches do to the value of your home? Everything from painting to tiling choices and beyond could impact how much future buyers are willing to pay.  It’s not always as simple as...

06/24/2022

https://betterdwelling.com/this-time-is-different-central-banks-are-tightening-into-a-bear-market-oxford-econ/
An interesting read. Some important takeaways here. It is always a fine balance, but let's hope our central bank has the long term vision to manage inflation while not completely sacrificing future economic growth.
“Central banks have changed the way they react to economic conditions, largely focusing on current inflation and its impact on expectations at the expense of future growth”

Advanced economies replicating the same monetary policy mistakes are facing monster inflation. Now with additional external pressures driving inflation even higher, policy is tightening as the economy deteriorates. That’s the opposite of what usually happens, warns global forecasting firm Oxford E...

06/13/2022

https://renx.ca/cibcs-benjamin-tal-on-inflation-and-interest-rates/

Great article from Benjamin Tal. Some key points from this article:
regarding inflation he believes “Two years from now, inflation will be two per cent"
Regarding interest rates, Tal believes "the difference between 2.5 and 3.5 per cent is the difference between no recession and a recession. It’s as simple as that.”
regarding development “The No. 1 issue facing (housing) supply now is construction labour because we don’t have enough of it. The cost of construction means that it’s much more difficult to complete a project on schedule."

The Bank of Canada is attempting to convince people it’s serious about decreasing inflation, which reached 6.9 per cent last month – the highest rate in 31 years. CIBC managing director and deputy chief economist Benjamin Tal told an audience

01/04/2022

https://betterdwelling.com/nearly-all-canadian-real-estate-markets-saw-more-subprime-buyers-including-toronto/

It is interesting that we are seeing an historic rise in sub-prime purchasers in Edmonton and several other major centres in Canada. What does this mean for our local market for 2022? Many experts are suggesting that we will see increasing mortgage interest rates in the coming months. Contact me if you or someone you know is considering a purchase this year and I will provide you with more information to help inform your next moves and actions.

Canadian subprime real estate buyers are scrambling to join the housing gold rush. Earlier this week, we discussed the sharp climb in subprime mortgage borrowers in Q3 2021. Today we’ll break the Equifax data down by city and show the highest concentrations. All but three major cities in Canada sa...