Selena’s September 2023 Newsletter

Andrew Barrett

8 months ago

Selena News September 2023 Edition

ISSUE: 166

Happy Autumn

As summer draws to a close, I will miss the warmer temperatures but I will not miss the smoke filled skies. With night time temperatures dipping, suddenly we have geese flying overhead and leaves starting to yellow. I am always so amazed at how quick this transition from one season to the next is. Time to paint outside doors, trim and fences while you can and smart Home sellers are asking to do outside photos while still appealing even though the inside is not yet ready for sale.

Market Update

Looking at sales figures for August and comparing to last year we see there were more Single-Family homes listed and sold in Edmonton with a modest 2% increase in prices (ie, not even keeping up with inflation). Similar for Half Duplexes and Townhouses although Townhouses have seen way more sales in 2023. The Condo market however saw the same number of listings with a huge amount of sales but despite that, prices have not increased at all. So when you add up all the different housing categories, there have been more listings and more sales then last year with a very small increase in prices which you can also see in the below graph.

So why is this happening in Edmonton where just about every other city has seen massive increases? I found one study which claimed Edmonton to be the worst place to have bought property in the last 5 years. Their reasoning was other cities saw better appreciation compared to Edmonton, but then I saw the study was funded by an online gambling platform so one can assume their audience is looking for large returns in a short time without doing anything to improve the value. Going forward I see Edmonton market has plenty room for improvement and with so many people coming to Canada and Edmonton being so affordable, I think it is Edmonton’s time to shine.

Underused Housing Tax

At first mention of this new tax I thought people were referring to BC vacant home tax and assumed it did not apply to our situation because we live in Alberta. but more people started asking us questions so I did a little research. Turns out we will need to file UHT form for some of our properties but luckily the deadline for 2022 filing has been extended to October 31st, 2023. If you own property then I suggest you check with your accountant if you have not already done so. The vast majority of Canadians will not need to file UHT form but the penalties for not filing are quite high so best to find out if it applies to your situation. Here is link to CRA website where you can learn more. https://www.canada.ca/en/services/taxes/excise-taxes-duties-and-levies/underused-housing-tax.html

Latest Sales Data

Every Month the Edmonton Real Estate Board gathers the latest sales figures sorted by property type, price ranges, listed and Sold. Click the above link to download a copy.

Hidden Costs

Fionna was shopping for school supplies and found a pen she really liked. The price tag said only $1.99. She is already smart enough to know this is effectively two dollars but she was surprised when she went to pay for it, it was suddenly $2.10. Now she knows about GST and how it is added to almost everything we buy. Using credit cards all the time and especially not asking for a receipt, can detach ourselves from the cost of our purchases. Because Fionna was using cash and it was her money she learnt a very valuable lesson about tracking her spending. Time for a reward.

Disclaimer: Not intended to solicit buyers or properties under contract.
This article contains the opinions of Andrew Barrett and Selena Cheung. Licensed Realtors® with COLDWELL BANKER Venture Realty.
The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Service®, and the associated logos are controlled by
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