We been having such beautiful warm autumn in Edmonton. Recently I was early for a listing appointment and had 15 mins to spare so I went for a walk admiring the leaves turning colour, sun shining, and walking along the river valley and it was most beautiful thing I seen for a while. I took lot of photos… If there is one positive regarding Covid, it is to help me to realize the city I’m living in is beautiful and there are lot of areas I have not seen yet. On Thanksgiving Day I wrote down 100 things I am grateful for. Have you try to write down 100 things that you are grateful? Its a fun exercise and might find it change your perspective of life and I much prefer it to all the focus that Halloween seems to generate.
Speaking with Jey Arul (owner of Davies Property Management) he was excited to provide an update for rental market here in Edmonton as they have noticed it getting stronger and rents increasing. There are many factors contributing to this such as stronger economy now many pandemic restrictions have been lifted, and higher oil and gas prices (this is Edmonton after all). The oil price has already doubled this year and still set to go higher by the end of the year as you have probably noticed each time you fill up or anytime you buy anything as freight cost have increased too. He sees this trend continuing as we expect to see an increase in migration from within Canada and internationally.
There are many factors that determine the rental rates such as location, age of the property, upgrades
to the home, garage, finished basements, number of baths, etc. The above will hopefully help
you in guiding you with your Real Estate investment.
But if you are not into Real Estate Investing, why is this information important to you? The following graphic from REIN shows you the long term success formula for Real Estate. After rents have been increasing for a while then more people look to buy their own home and this increased demand equates to increases in property prices. Yeah!
October 31st is Halloween and I feel most people seem to put more time, effort and money into this one evening than they do for planning their future. Maybe because it is not part of the culture I grew up in that it doesn’t have the same attraction for me. Sure a fancy dress costume & party are fun and so is handing out candy but as far as I am concerned, the most important day in October is Thanksgiving Day.
The sales figures for October will be out in just a day or two so we are looking forward to seeing them and confirm our predictions. What we have noticed is a gradual shift in the market which is expected at this time of the year so smart sellers have been listing below market value attracting multiple offers on day one and actually end up selling for a higher price. The other key part of that is having a completely updated property that looks amazing. If it hasn’t been updated, or the work looks cheap, they tend to attract low ball offers. Insurance costs are going up and some buyers are finding it harder to obtain insurance when buying a home so make sure you have enough time before removing conditions when you put an offer in.
Fionna been asking me to buy a roller bag for school as apparently she is carrying lot of books to school everyday. So she told me go online to buy it. I couldn’t believe the big price range for something as simple as a bag. Anyway, I asked her to pick a one that she really likes and will last her through to high school, so she picked the one she likes, and the price was reasonable and it didn’t look like a unicorn, because she is planning to keep this bag until high school. Presently the bag arrived and she really likes the bag, but she is more excited in the box – They never change do they.
This article contains the opinions of Andrew Barrett and Selena Cheung. Licensed Realtors® with COLDWELL BANKER Venture Realty.
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