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Canadian Finance Minister Jim Flaherty is watching Canada's hot real estate market and may increase the minimum down payment for homebuyers and cut back amortization periods if the housing market continues to heat up, according to CTV News. "If we see further evidence that there is excessive demand in the housing market or that there's an indication that people are taking on obligations that they will not be able to handle in the future when interest rates rise, then we will take some action," Flaherty said in an interview with CTV's Question Period. He added, "The likely action we will take is to increase the size of the down payment from five per cent to a higher number, reduce amortization - bring it down from 35 years to something less." These actions will make it more difficult for homebuyers to qualify for a mortgage. Flaherty's comments come after the release of the November housing numbers last week by the Canadian Real Estate Association, which showed existing home sales increasing by 73 per cent compared to a year ago and prices rising by 20 per cent. Here in Edmonton, our numbers have not reflected this same amount of growth. The Department of Finance reduced the maximum amortization period for mortgages from 40 years to 35 years in October 2008 in an effort to prevent a U.S.-style housing bubble.
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Today I was archiving my 2009 receipts and bills to prepare for the 2010 ones to come in and to keep my tax relevant "stuff" all in one area. It occurred to me that many of you are first time home buyers! I thought I would blog a small reminder. Click on this link to view the details. http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhbtc-eng.html $750 in your pocket is nothing to shake a stick at!! Heather
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2009 was a wonderful year. I wish to thank all of you for your kindness, your friendship, your referrals (the lifeline of our business), and so much more. I hope and pray that 2010 is even better for you all!! Blessings to you! Heather Faulkner
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• single story - $219,900 - Wow! Brazeau County, Brazeau No. 77 - 2000 sq ft quonset resting on 10 acres of park-like property. Cozy 2 bedroom bungalow situated close to parkland, 15 minutes from Drayton Valley and 50 minutes from Edmonton, this is the perfect setting to get back to nature and out of the hustle and bustle. Enjoy watching the wild life while soaking in a hot tub after a long day. Great views from both the front and back decks. Fishing, camping and quadding nearby. Property information
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Virginia Park, Edmonton - Announcing a great new listing! #304 11115 - 74 St NW, a 764 sq. ft., 1 bath, 1 bdrm apartment condo. This great home is for the 18+ crowd only. Great location, great building for only $165,000.00 Property information
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In response to your questions about the first time home owner tax credit, I thought I'd post this -- it is directly from the following link from Revenue Canada:Budget 2009 proposes to introduce a new non-refundable tax credit based on an amount of $5,000 for first-time home buyers who acquire a qualifying home after January 27, 2009 (i.e. the closing is after that date). The credit for a taxation year will be calculated by reference to the lowest personal income tax rate for the year and is claimable for the taxation year in which the home is acquired. An individual will be considered a first-time home buyer if neither the individual nor the individual’s spouse or common-law partner owned and lived in another home in the calendar year of the home purchase or in any of the four preceding calendar years. A qualifying home is one that is currently eligible for the Home Buyers’ Plan that the individual or individual’s spouse or common-law partner intends to occupy as the principal place of residence not later than one year after its acquisition. Budget 2009 also proposes that the credit be available for certain acquisitions of a home by or for the benefit of an individual who is eligible for the disability tax credit (DTC). In particular, the credit will be available in respect of a home acquired after January 27, 2009 (i.e. the closing is after that date) by an individual who is eligible for the DTC, or by an individual for the benefit of a related individual who is DTC-eligible, if the home is acquired to enable the DTC-eligible individual to live in a more accessible dwelling or in an environment better suited to the personal needs and care of that person. For the purpose of this credit, a "DTC–eligible" individual is an individual in respect of whom an amount is deductible under the DTC for the taxation year in which the agreement to acquire the home is entered into, or would be deductible if costs for an attendant or care in a nursing home were not claimed for Medical Expense Tax Credit purposes by or on behalf of that person. Where the home is acquired by or for the benefit of a DTC-eligible individual, the home must be intended to be the principal place of residence of that individual no later than one year after its acquisition. The credit may be claimed by the individual who acquires the home or by that individual’s spouse or common-law partner. For the purpose of this credit, a home is considered to be acquired by an individual only if the individual’s interest in the home is registered in accordance with the applicable land registration system. Any unused portion of an individual’s First-Time Home Buyers’ Tax Credit may be claimed by the individual’s spouse or common-law partner. Where more than one individual is entitled to the First-Time Home Buyers’ Tax Credit (for example, where two individuals jointly buy a home), the total amount of the credits claimable for the year by those individuals shall not exceed the maximum amount of the credit that would be claimable for the year by any one of those individuals
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Completely Updated!
• 1,137 sq. ft., 2 bath, 4 bdrm 1 1/2 story "Semi-Bungalow" -  MLS® $319,900 Bellevue, Edmonton - This delightful 3+1 bdrm 1137 sq ft semi-bungalow has been tastefully updated throughout! The living room features a beautiful mantled fireplace, hardwood floor, neutral tones, and new windows. The kitchen has been upgraded with new cabinets, pot drawers, microwave hood fan, new windows, and a cork floor which saves your feet from stress while you prepare your family and friends dinner! The basement is a bright welcoming space that features a family room with a natural slate surround gas fireplace, a 3 piece bathroom, and a bedroom. The top floor features two large bedrooms, one of which has a walk in closet & was formally used as the master bedroom. The main floor bathroom has been upgraded to include a soaker tub, ceramic tile flooring a tile tub surround trimmed with trendy glass tile!! Park both your cars in the double garage. Enjoy the perennials in the yard. Shows a 10! Appliances, security system, lawnmower, play structure, built-in vacuum and all the attachments are included.
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Belmead, Edmonton - We invite everyone to visit our open house at 46 Belmead Gardens NW on March 29 from 2:00 PM to 4:00 PM. Property information
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4 Bedroom Townhouse!
• 1,140 sq. ft., 2 bath, 4 bdrm 2 story - MLS® $199,900 Belmead, Edmonton - 4 bedrooms & large living room in a bright and welcoming townhouse in the west end. Featuring 2 parking stalls, a remodeled bathroom, new hot water tank, new windows and doors, huge pantry, newer appliances, a finished rec. room in the basement and more. The fenced back yard features gas hook ups for your barbecue entertaining in the summer months! Conveniently located close to shopping, schools the Whitemud & Anthony Henday for a quick commute. Property information
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An Economic perspective on current Edmonton real estate. |
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With Heather doing her blog, well I had to contribute something myself. With the drop in home prices from $427,000 in July of 07 to the current $350,000 mark, I can't help but think this may very well be a good time to buy. Add to that being able to get a 5 year closed mortgage for as low as 4.29%. I have seen buyers now coming out of the woodwork when comparing their rental costs versus ownership costs. Before now, many buyers either could not get financing for what they would like to buy or were not willing to pay the high mortgage payments. Inventory levels have also dropped significantly over the last year. What does all this mean? I believe we are in a buyers market. There is quite a lot of choice and not often do we see multiple offers. I say "not often" cautiously because we have seen this on undervalued properties. I believe in this province with its many economic advantages. Once oil prices return to where they should be ($70-$80 per barrel) I believe we are going to again see strong growth. At that point, how many sellers will be willing to move much from their asking price? If you are considering getting into a home, give me a ring and I ,or more accurately "we", would be happy to help you with your home hunting. Dennis Faulkner, B.A. Economics |
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This is a straight quote from the News Release. Local housing prices continue to slide while sales rise Edmonton, March 3, 2009: The average price of most types of residential property slipped down a notch in February after a short rally in January. Sales numbers climbed across the 1,000-unit threshold for the first time since October but are still below the same month sales for last year. “It is a typical pattern that sales activity picks up as we move into spring,” said Charlie Ponde, president of the REALTORS® Association of Edmonton. “Listing activity also rises as homeowners enter the market in anticipation of spring activity.” There were 1,075 residential sales in February with 2,667 listings added to the MLS®. The sales-to-listing ratio was 40% and there were 7,097 homes in the inventory on February 28. The average* price of a single family home in February was $347,309 – down 1.5 percent (-$5,380) as compared to January. Condo prices were down 4.9% (-$11,678) to $226,857 and duplex/rowhouses sold on average for $309,180 (a 3.3% price increase). Total residential sales through the MLS® for the month were $332 million – down 24% from the previous February. When all residential property sales are averaged the average all-residential price dropped 2.55% from January and 8.7% from a year ago. It is now $308,970 as compared to $338,347 in February 2008. Consumers continue to be confused by housing figures originating from American or Canadian sources that do not reflect the condition in local markets. “I urge people to consider national trend figures carefully” said Ponde. “Sales and listing figures produced by the REALTORS® Association of Edmonton track local sales that may not be included in so-called national housing indexes such as the National Bank/Teranet House Price Index.” Teranet only includes figures from six Canadian cities (not including Edmonton) and Toronto figures carry a weight of 42% according to their web site. Ponde explained that REALTOR® Association numbers are calculated by summing all residential sales in the greater Edmonton area that were made through the Multiple Listing Service®. The total value of all sales is divided by the number of transactions to determine the average residential price. Other averages are calculated by housing type or by geographical criteria to provide more refined analysis of the local market. REALTOR® figures do not include new home or private sales. Sales figures are double checked by brokers and cooperating REALTORS® and are also subject to review by the REALTORS® Association.
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Being new to blogging, I sat at my desk writing eye catching little blog titles that might appeal to my readership. I wrote "The Current Market" and "10 Mistakes you must avoid". But when it all comes down to it, is that the point of blogging??? Another opportunity to market cliches? I am a REALTOR®. I work, live and breate my job. It is my life and my passion. I am married to a REALTOR®. My children are going to join us soon as assistants and, possibly, one day become REALTORS®. (OK, so half of the children still have to make it through elementary school first, but that will be "soon"...). I love taking my clients to look at houses. I love seeing how other people decorate their homes, and have stolen more than one decorating idea from viewing a home. But most of all, I love helping my clients find their dream house. It might be a fancy high end home, a entry level starter home, or the disaster house in a good location for the people who just want a fixer-upper. Everyone is different! Every "dream home" is different. But after viewing a few with my clients, I know what does and doesn't work for my clients; often before we even see it! I am one of those REALTORS® who actively search out the right home for my clients. The best is when I find the house (often a new listing the general public doesn't have access to just yet) on MLS and call my clients. I am usually so excited at this point! I'll take them as soon as they can go to see the house and when they love it as much as I thought they would I feel such joy! THEN, when I use my superior negotiating skills to get the best price and terms for my clients, all is well in my world. This is what makes any career meaningful: doing right for people who you have the opportunity to work with! If you want to find that dream house, let me, or more accurately "us" get to work for you... Heather Faulkner
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