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780.991.1313 REVIEWS

EDMONTON REAL ESTATE: CHANGES TO LENDING RATES

January 21, 2015 By

EDMONTON REAL ESTATE: LENDING RATE CUTS

EDMONTON REAL ESTATE: LENDING RATES

This morning the Bank of Canada governor Stephen Poloz made the unexpected announcement that the Bank of Canada cut lending rates by a quarter of a percentage point, citing the plunging oil prices as the reason. Considering that Canada’s main income comes from oil exports, which will be reduced along with investment and employment in the energy sector, the drop in oil prices are not helping the Canadian economy according to the Bank of Canada.  The new rate is now 0.75% was originally at 1%, since the fall of 2010. This rate drop was not predicted by economist and has taken the market by surprise.

This move is significant and it shows how the Bank of Canada is concerned about the recent drop in Canadian oil prices and how this uncertainty can pose an effect on the Canadian economy. Recent oil prices have went below $50 US a barrel from $105 US in June 2014. This decline has weighed in significantly on the Canadian economy and considering the rate that they have dropped, it creates this uncertainty on the impact it will have on Canada’s economic outlook. The loonie has also changed from 1.1 cents to 82.6 cents US and is now at its lowest level since April 2009.

The Bank of Canada has also scaled back its original forecast for Canadian economic growth this year from 2.4% to 2.1% in 2015. Ultimately they believe that the GDP growth will be 2.1% and will rise to 2.4% in 2016. This revised growth forecast is based on the assumption that oil prices will average out at $60 US a barrel over the next 2 years. With oil prices going down, this could significantly increase the risks of inflation and financial stability in Canada.

Filed Under: Edmonton Real Estate, Miscellaneous Articles

Improve Your Credit Rating in 2015

January 13, 2015 By

Improve Your Credit Score

Here are nine ways to help improve your credit rating. 

It’s the beginning of a new year, here are some quick tips to help you improve your credit rating in 2015.

1. Pay Your Bills On Time: Always remember to pay your bills on time. Utility bills like your phone, cable and electricity are not always recorded but many phone companies report late payments.

2. Pay Off Your Debts: Always pay off your debts as soon as you possibly can, and try to pay off the highest interest debts off first.

3. Pay In Full: When possible, pay the balance off all your credit cards, every month.

4. Stay In Your Limit: Do not go over the credit limit on your credit cards.

5. Carefully Apply for Credit: Don’t make too many credit applications. When applying for a mortgage on a home, use a mortgage broker. Your score doesn’t change if you make personal credit inquiries.

6. Contact Creditors: If you are having troubles making payments, contact your creditors to work out possible solutions.

7. Read Your Statements: When you received statements from your credit card company, make sure you read them carefully and make sure you are up to date with any changes or fee increases.

8. Two Card Maximum: Avoid store credit cards. Keep your credit usage to no more than two credit cards and one line of credit.

9. Credit Report: Get a copy of your credit report from all three credit reporting agencies at least once a year to make sure your credit is in order.

Filed Under: Miscellaneous Articles

THANK YOU TO ALL MY AMAZING CLIENTS!

December 18, 2014 By

Thank you to all my amazing clients for allowing me the opportunity to serve you in all your Real Estate needs in 2014. This opportunity has lead me to becoming a lifetime member of the 2014 National Chairman’s Club. It is a great achievement to be ranked among the top 1% of Royal Lepage professionals from coast to coast and I am extremely grateful to have received this wonderful honor. Thank you again for the confidence and unending support throughout my 26 years of Real Estate in Edmonton and I look forward to continuing my Real Estate service to you in 2015.

THANK YOU TO ALL MY AMAZING CLIENTS!

Filed Under: Edmonton Real Estate, Miscellaneous Articles

Edmonton’s Luxury Real Estate Trend

December 4, 2014 By

Edmonton's Luxury Home Market

In the last couple of years, Edmonton’s population has continued to grow at a rapid pace and so have the Real Estate sale prices for luxury homes. From January to November 2014 there were a total of 125 properties in Edmonton that sold in the million dollar price range, whereas in 2012 there were 75 properties that sold for similar pricing. Alberta’s energy industry has provided a stronger economy and greater opportunities for employment to the ever growing population, which in turn allows more people to upgrade to higher priced luxury properties. Also the fact that we have half of Canada’s top 10% earners living in Alberta, becomes another reason we are seeing this rise in million dollar properties sales in 2014. The highest demand in Edmonton is for the condominiums and single family homes that are in the medium to high price range and continue to increase in market value from month to month, but with this new trend of million dollar sales prices it’s bound to impact the market value of the homes in their neighbourhood.

What do you think about the rise of the million dollar homes in Edmonton?

Filed Under: Miscellaneous Articles

Edmonton Housing Outlook 2014

November 27, 2014 By

housing outlook

2014 has been a good year for Alberta. It has been the leader in economic growth across all Canadian provinces. Alberta’s energy production and development has been the key driver in this strong economic performance and will continue to push Alberta’s growth in the coming years. The Canadian dollar being low this year also helped increase the value of our exporting energy and that has helped the provincial government have a surplus in it’s operating budget this year. Alberta has definitely benefited from it’s fast growing population, which is primary due to the people that move to Alberta for it’s employment opportunities. In 2014 Alberta had the highest growth rate in employment out of all the provinces. The new housing market in Alberta was projected to rise by 4% to 19,300 units and is predicted to remain relatively stable at 19,200 unit in 2015 and 19,000 in 2016. In the resale market, the new listings are rising and projected to continue growing. In 2014 the average MLS sales price in 2014 was projected to rise 4.7% to $398,900, and it is looking to continue increasing to $407,800 in 2015 and $417,500 in 2016. The increases in the MLS sale prices will create competition for the new home builders and will ultimately provide consumers with more options.

 

Filed Under: Edmonton Homes, Edmonton Real Estate, Miscellaneous Articles

Affordable Homes in Alberta

November 26, 2014 By

affordable homes
Homes became more affordable across Canada in 2014 according to the latest Housing Trend and Affordability Report issued by economic researchers. Ownership costs are fairly low in Alberta and compared to long term and national averages. The province has climbed by 0.4% points for bungalows and 2 storey homes. Whereas the measure for condos eased by 0.2% and stands at the lowest level among all the Canadian provinces. Resale across Canada has increased for the 8th time in the past 9 months which is reflective of the hot markets in Edmonton, Calgary, Toronto & Vancouver. Strong demands for the homes in these cities, has been shown through the prices appreciating much faster than other local markets. A decline in fixed mortgage rates was the key reason there was such a growth in the housing market since the spring of 2014.

 

Filed Under: Miscellaneous Articles

Edmonton Homes – Hottest Residential Market

November 13, 2014 By

Edmonton has recently been hyped as one of Canada’s hottest residential markets for investors in recent weeks and has also been recognized as the top residential market based on potential growth and economic development. Edmonton had seventeen homes in the previous month sell for over 1 million dollars. Edmonton’s current REIN score which is based out of a possible 50  is currently standing at 45. The REIN score is based on such things as how well a city deals with factors such as job creation, population growth, post-secondary education and city infrastructure. As well it’s yield for potential growth, housing to rental ratio and how much rental increase potential. Edmonton topped the list just beating out Calgary by 1 point. Meanwhile, other cities that were high on the list were Fort Saskatchewan at 43 out of 50 and St. Albert came in at 39 out of 50.

If you are looking to get into the real estate market as an investor call Norm Cholak today at 780-991-1313 to have him help you buy or sell today!

1280px-Downtown-Skyline-Edmonton-Alberta-Canada-01A

Filed Under: Edmonton Homes, Edmonton Real Estate, Miscellaneous Articles

Remembrance Day

November 10, 2014 By

NOV 11 2014

Today we remember the efforts and sacrifices made by the generations of Canadians in the name of peace and freedom around the world.

Filed Under: Miscellaneous Articles

FIRST TIME BUYERS | LEE RIDGE | ROB

November 5, 2014 By

Today I removed conditions on a property in Lee Ridge in Mill Woods with my first time buyer Rob, who was referred to me by his parents who have been my clients in the past. I had a great time working with Rob on the search for his very first home. Even after 26 years in Real Estate I still find it exciting to help clients make the leap from renting to ownership. If you are ready to take the same leap into the Edmonton Real Estate market, then give me a call at 780-991-1313. Helping you is what I do!

Lee Ridge Edmonton Homes For Sale

Norm Cholak Mailer Card

 

Filed Under: Edmonton Homes, Edmonton Real Estate, Miscellaneous Articles

Halloween Safety Tips

October 30, 2014 By

Walk Safely

  • Cross the street at corners, using traffic signals and crosswalks.
  • Look left, right and left again when crossing and keep looking as you cross.
  • Put electronic devices down and keep heads up and walk, don’t run, across the street.
  • Teach children to make eye contact with drivers before crossing in front of them.
  • Always walk on sidewalks or paths. If there are no sidewalks, walk facing traffic as far to
    the left as possible.  Children should walk on direct routes with the fewest street crossings.
  • Watch for cars that are turning or backing up. Teach children to never dart out into the street or cross between parked cars.

Trick or Treat With an Adult

  • Children under the age of 12 should not be alone at night without adult supervision. If kids are mature enough to be out without supervision, they should stick to familiar areas that are well lit and trick-or-treat in groups.

Keep Costumes Both Creative and Safe

  • Decorate costumes and bags with reflective tape or stickers and, if possible, choose light colors.
  • Choose face paint and makeup whenever possible instead of masks, which can obstruct a child’s vision.
  • Have kids carry glow sticks or flashlights to help them see and be seen by drivers.
  • When selecting a costume, make sure it is the right size to prevent trips and falls.

Drive Extra Safely on Halloween

  • Slow down and be especially alert in residential neighborhoods. Children are excited on Halloween and may move in unpredictable ways.
  • Take extra time to look for kids at intersections, on medians and on curbs.
  • Enter and exit driveways and alleys slowly and carefully.
  • Eliminate any distractions inside your car so you can concentrate on the road and your surroundings.
  • Drive slowly, anticipate heavy pedestrian traffic and turn your headlights on earlier in the day to spot children from greater distances.
  • Popular trick-or-treating hours are 5:30 p.m. to 9:30 p.m. so be especially alert for kids during those hours.

Halloween

Filed Under: Miscellaneous Articles
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