Posted on
February 27, 2021
by
Graham Ogden
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Benefits of Homeownership vs. Renting
The benefits of owning a home instead of renting offer buyers several tax advantages, the ability to grow equity, and of course a place to call your own. It’s also a feel-good milestone that offers a sense of pride and accomplishment. And, the current real estate and mortgage market conditions have created the perfect opportunity to transition from writing a monthly rent check to investing in your own home.
Check out these benefits of owning a home. See why it may be the best financial decision you can make, and learn some key tips on how you can get there affordably.
1. Rents continue to increase
The cost of rent has increased at a very fast rate throughout the country. This trend is only expected to continue. In fact, research shows rent in many markets has grown much faster than median incomes. The high cost of rent means that paying a monthly mortgage is often comparable to or even cheaper than renting a home.
2. Homeownership is a better long-term investment
Renting your home means paying your landlord and having nothing to show for it the next month. Home ownership is a great investment because it’s a method of forced savings. When you buy a home with a 30-year mortgage and make monthly payments, you will own a home to sell at the end. If you rent a property for 30 years, however, you won’t ever get any of your monthly rent payments back.
3. Interest rates are historically low
The argument for buying instead of renting only gets stronger with the low-interest rates that are currently available. What may seem like a slight difference in your mortgage rate can make a huge difference in your monthly payment. Interest rates are still competitively low. So, now is a great time to purchase a home and take advantage of low rates. Locking into a low 30-year mortgage rate today could save you hundreds of dollars each month for decades to come. When comparing the benefits of owning vs. renting, you will find that many of the current rental rates are higher than a mortgage payment, and you do not get the advantage of a yearly tax deduction.
4. Predictable monthly payments
Tired of your rent rising? Sick of it causing your budget to change? When owning a home, and using a fixed-rate mortgage, that can never happen. You’ll always pay the same amount each month, each year. Plus, there's no risk of a landlord trying to kick you out because he wants to sell the home.
5. Tax deductions
Being a homeowner does not have to be just a long-term aspiration. Enjoy short-term savings via annual tax write-offs and mortgage interest payment deductions, along with other deductions depending on each individual’s situation. These deductions often amount to significant savings, and they are of course not available to renters.
With all of the benefits of owning a home, you owe it to yourself to find out whether owning vs. renting is best for you. Taking the simple step of speaking to a qualified mortgage lender may be the smartest financial situation you make, as it can allow your family to make monthly home payments toward your own asset instead of increasing your landlord’s wealth.
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Posted on
February 6, 2021
by
Graham Ogden
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Edmonton Market Report for February 2021
Residential Unit Sales and New Listings Up to Start 2021
Total residential unit sales in the Greater Edmonton Area (GEA)* real estate market for January 2021 increased 47.1% compared to January 2020 and increased 5.9% from December 2020. The number of new residential listings is up year over year, increasing 8% from January 2020. New residential listings are up month over month, increasing 87.9% from December 2020. Overall inventory in the GEA fell 17% from January of last year and increased 5% from December 2020.
For the month of January, single family home unit sales are up 50.1% from January 2020 and up 8.5% from December 2020 at 737. Condo unit sales increased 43.8% from January 2020 and increased 2.7% from December 2020.
All residential average prices are up to $364,040, a 3.7% increase from January 2020, and up 0.4% from December 2020. Single family homes sold for an average of $427,677, a 3.2% year-over-year increase from January 2020, and a 0.4% decrease from December 2020. Condominiums sold for an average of $216,757, a 6.1% increase year-over-year, and prices are down 0.5% compared to December 2020. Duplex prices increased 1.6% from January 2020, selling at $344,400, which was a 4% decrease from December 2020.
“The Edmonton market in January saw an increase in year-over-year residential unit sales as well as month-to-month sales,” says REALTORS® Association of Edmonton Chair Tom Shearer. “There have also been more sales of single-family homes, condos and duplexes compared to January of last year, while we’ve seen an increase in month over month sales for single-family homes and condos and a decrease in duplex rowhouse sales. We are encouraged to see this kind of activity at the start of the year, which is typically a slower time in the real estate market, and especially in the current economic climate.”
Single family homes averaged 59 days on the market, a 14-day decrease from January of last year. Condos averaged 73 days on the market, a 10-day decrease year-over-year, while duplexes averaged 70 days on market, a 15-day decrease compared to January 2020. Overall, all residential listings averaged 65 days on market, decreasing by 14 days year-over-year and increasing by 7 days compared to the previous month.
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Posted on
January 28, 2021
by
Graham Ogden
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Winter Activities in Edmonton
Wondering what is there to do this winter in Edmonton? In one word – P L E N T Y, whether you are a winter buff or not.
There are more than one hundred activities available to you across the snow and ice blanketed Edmonton winter landscape. Explore Alberta capital region through your favourite winter activity : one snowshoe trail or one toboggan hill at a time.
Elk Island National Park - Wildlife (Bison, Elk) viewing is at its best in winter as animals come out in the open to forage for food (Bison Loop Road) in this unspoiled prairie winter wilderness. The national park offers plenty of other winter activities like cross country skiing, snow shoeing, along the many multi use trails.
Cooking Lake Blackfoot Provincial Recreational Area - Cooking Lake-Blackfoot Provincial Recreation Area also provides another venue for plenty of fun winter activities including wildlife viewing, snowmobiling, dog Sledding, cross country skiing & ice skating. This recreation area is also the venue of one of most famous ski festival – Canadian Birkebeiner.
Strathcona Wilderness Centre - Enjoy a glorious winter day with family skiing, snow shoeing (Trail map) or join for any of the special events like World Snow Day, Moonlight Ski, The Great Pastry Caper at the Strathacona Wilderness Centre.
Snow Vally Ski Club - Skiing, Snowboarding, Snow school. Details
Sunridge Ski Area - Snowboarding, Snow tubing, Snow school, Skiing. Details
Rabbit Hil Ski Resort - Skiing, Snowboarding, Snow School Details
Hiking and Snowshoeing - If you love walking in winter, then treat yourself by walking along the many River valley trails. All River Valley trails are maintained by the city of Edmonton. From Terwillegar Park to Hermitage Park you’ll discover a wide range of family facilities you can really warm up to! Whether you’re tobogganing, skating, cross-country skiing, snowshoeing, or winter picnicking, you can find warm resting areas en-route(Winter Chalets).
Ride the new Funicular and experience the snow blanketed River Valley like never before! Ride the funicular from the 100 Street near the Hotel MacDonald to the river valley trail system near the Low Level Bridge. If you want additional exercise, take the urban staircase. There is also a separate track for runners and a bike rail for cyclists who opt to push their bikes up and down the stairs. Funicular is Wheel chair and stroller accessible.
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Walk Out Bungalow $669,900
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Posted on
January 14, 2021
by
Graham Ogden
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Edmonton Market Report for January 2021
Total Year to Date Residential Sales Up to Close Out 2020
Total residential unit sales in the Greater Edmonton Area (GEA)* real estate market for December 2020 increased 31.47% compared to December 2019 and decreased 20.65% from November 2020. The number of new residential listings is down year over year, decreasing 0.15% from December 2019. New residential listings are down month over month, decreasing 29.59% from November 2020. Overall inventory in the GEA fell 17.29% from December of last year and decreased 19.34% from November 2020.
For the month of December, single family home unit sales are up 26.44% from December 2019 and down 24.64% from November 2020 at 679. Condo unit sales increased 34.90% from December 2019 and decreased 18.30% from November 2020.
All residential average prices are up to $362,447, a 2.61% increase from December 2019, and down 3.77% from November 2020. Single family homes sold for an average of $428,900, a 4.24% year-over-year increase from December 2019, and a 2.32% decrease from November 2020. Condominiums sold for an average of $217,843, a 3.68% decrease year-over-year, and prices are down 5.57% compared to November 2020. Duplex prices increased 1.84% from December 2019, selling at $331,034, which was a 2.00% decrease from November 2020.
“The Edmonton market in December saw an increase in year-over-year unit sales, compared to a decrease in month-to-month sales,” says REALTORS® Association of Edmonton Chair Tom Shearer. “There have also been more sales of single-family homes, condos and duplexes compared to December of last year, while we’ve seen decreasing month over month sales in all markets, which is typical for this time of year. Total year-to-date residential sales for 2020 came in at 17,036 – a 2.94% increase compared to 2019.”
Single family homes averaged 53 days on the market, an 11-day decrease from last year. Condos averaged 62 days on the market, a 15-day decrease from last year, while duplexes averaged 57 days on market, an 18-day decrease compared to December 2019. Overall, all residential listings averaged 58 days on market, decreasing by 11 days year-over-year and increasing by 4 days compared to the previous month.
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Posted on
December 24, 2020
by
Graham Ogden
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Seasons Greetings
To all my clients, colleagues, and business partners:
I would like to take this opportunity to wish everyone a wonderful holiday season. 2020 has no doubt be one for the ages. My wife and I continue to be grateful for a happy, active and healthy family.
It has been over 11 years since I was recruited by RE/MAX and 16 years since I started practicing Real Estate. RE/MAX's market presence and additional resources ensure that my clients receive an unparalleled Real Estate experience. I remain committed to ensuring you have the most timely information, relevant resources and best team so you can buy or sell with confidence. Of course, it doesn’t happen without your trust and confidence in me. For this I am so grateful.
Thank you for your business, referrals and loyalty in 2020. I look forward to serving you in 2021.
Warmest wishes for the upcoming year.
Sincerely,
Graham Ogden – RE/MAX RIVER CITY
The right advice for buying or selling with confidence.
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Today’s Bank of Canada rate hold announcement marks almost four straight years that the key benchmark rate has remained unchanged, since September 8, 2010. Great news if you have a variable-rate mortgage or home equity line of credit; the prime rate stays at 3%.
The announcement noted that “the risks to the outlook for inflation remain roughly balanced, while the risks associated with household imbalances have not diminished.” With these considerations, the Bank is maintaining its monetary policy stimulus, and remains neutral with respect to the timing and direction of the next change.
The next rate-setting day is October 22nd. |
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