As we approach the year’s end, it’s a great time for predictions about the coming months in terms of real estate. The Edmonton home prices have been surprisingly stable in the past couple of years, which we found intriguing here at Point2 Homes. We talked with our friend and expert broker Sara MacLennan of Liv Real Estate about Edmonton real estate predictions for 2017. There are changes coming – read on to stay ahead of the curve.
Liv Real Estate is a small but growing family-run brokerage in Edmonton, founded in 1975 by Ken Johnston. Throughout these 41 years, Edmonton has grown tremendously, and the agency has been poised to track these changes constantly. Sara MacLennan gives us a breakdown of the latest trends emerging in Edmonton: darling new neighbourhoods, the impact of new mortgage laws on the local market, as well as plenty of advice for first time buyers.
Which neighbourhoods are on the rise in Edmonton?
Sara MacLennen used the metrics on the company site to provide information about where people are flocking nowadays in Edmonton:
“In terms of online traffic, the newer neighbourhoods of Windermere and Summerside get twice as much traffic as any other neighbourhood on our site (10,000-12,000 page views a month). This is partly because they are large neighbourhoods with lots of listings, but also because they’ve been developed to attract a variety of people, with properties ranging from affordable 1-bedroom apartments, to multi-million dollar properties.”
It appears that Central Edmonton is also a hot spot, due to the more recent construction of “infill” properties which are more expensive than similar buildings in other neighbourhoods. As everywhere else, Edmonton’s home buyers prioritize different things – for some, the more limited space, or higher price could be worth being closer to the beating heart of the city.
What are the market trends for 2017?
According to Sara, average home prices in Edmonton have remained very stable since the latest peak in 2014 because the average size of sold homes over the past 2 years has been steadily increasing, although sale numbers have been dropping. The combination of these two factors makes it seem like the market is very stable, but that’s about to change.
The new mortgage laws in Canada make it so many potential home buyers won’t be able to afford mortgages as large as before, which might easily lead to a decrease in demand. This means that it’s very likely that prices in Edmonton will start dropping in 2017.
What should I do if I want to buy a home in the near future?
Besides following the market insights of local experts, there are a number of universally valid pieces of advice any good agent will give.
- Find out what you need to know before you start looking, so that your vulnerability isn’t taken advantage of. Consider that a good real estate agent will advise and aid you, not trap you!
- Don’t just work with, or sign with, the first person that you meet! The worst thing you can do is sign something that you don’t understand; it can cost you thousands of dollars and make you indebted to an agent you barely know. Some agents will offer a first time buyer consultation which is a good sign they’ll help you make the best decision.
- Good brokers can give personal recommendations for reputable mortgage brokers, inspectors, lawyers and any other professional service providers you may need, in consultation sessions. At Liv Real Estate, these sessions are free, scheduled at your convenience, and there is no obligation to work with the brokerage after the session.
- When you first meet an agent, come armed with questions (a simple Google search for questions to ask will give you a good starting point) and if you don’t like their answers, move on. Ask friends for recommendations and check out reviews online. The right agent will help you navigate the real estate jungle, and even make the process fun.
- Having realistic expectations will help you find your ideal property faster and give you confidence that you’ve made a promising investment in your future.
With over 15 years of Corporate Level and Residential Marketing Experience, Sara MacLennan knows exactly what it takes to make a great Real Estate Agent. The one imperative skill that is often overlooked, or not exercised to its full potential, is ‘marketing.’ As Co-Founder and Marketing Director of Liv Real Estate, she provides agents with the right tools to excel at selling real estate.