Crestwood Community League – Learn More About This Great Community

Tue, 14 Nov by hollandassociates

crestwood community league edmonton

It was a great pleasure to interview Diana Steele, President of the Crestwood Community League.  The Crestwood Community League is the “oldest” continuing Community League in Edmonton, Alberta having celebrated their 100 year anniversary this year.

Learn more about Crestwood:

crestwood community edmonton

Not only is the neighbourhood set in a mature and stunning area of Edmonton, it has many amenities and activities for all ages.

 

The “Home To Candy Cane Lane” Community is a deep rooted neighbourhood in the heart of West Edmonton and is nestled between two ravines overlooking the North Saskatchewan River. With easy access to the Edmonton River Valley for hiking and bike trails, and abundance of parks, it makes the community a great destination for anyone to lay roots.  

crestwood community league edmonton

Crestwood is home to two schools – Crestwood School and St. Paul School and six churches – Bethel Apostolic Baptist Church, Crestwood Presbyterian Church, St. Andrew’s United Church, West End Christian Reformed Church, St John Catholic Church and West Edmonton Seventh Day Adventist Church.

 

There are many local businesses in the area making it easy for residents to stay within the neighbourhood and even walk to shops and stores. An easy walk to Cafe Blackbird before strolling to the park is a great way to spend an afternoon! Crestwood also provides easy access to West Edmonton mall and is only a 15 minute drive from downtown, making it a dream community for working professionals.

 

With redevelopment in the area occurring in the past few years there are newly built homes to choose from, as well as upgraded older homes. Large lots with trees, greenery and unique homes make it one of the most desirable neighbourhoods in Edmonton to live.

Edmonton Real Estate Statistics October 2017

Tue, 07 Nov by hollandassociates

October real estate report edmonton

 

As the busy fall season has officially wrapped up we are looking forward to the winter and holiday season coming up. This is an exciting time of year at Holland & Associates.
We have put together some information about the October Real Estate Market here in Edmonton, AB.
In October….
The average price for residential properties in October 2017 was $370,484 up by a slight 0.06 from September. While the amount of homes sold since laster is down, the amount of new listings from last year is up.
The average days on the market didn’t see a drastic shift from last year with the the average residential at, the exact same as last year. Condos stayed on the market two days longer than last year, while single family homes and duplex/townhomes were on the market slightly less longer from 2016.
The most expensive single family home sold in the city went for $2.15M and the highest priced condo sold for $925,000.
 
October 2017
M/M % Change
Y/Y % Change
SFD2 average3 selling price – month
$431,654
0.23%
1.44%
SFD median4 selling price – month
$390,000
-1.58%
-0.74%
Condominium average selling price
$242,887
-3.74%
-0.45%
Condominium median selling price
$231,250
2.82%
1.47%
All-residential5 average selling price
$370,484
0.06%
1.72%
All-residential median selling price
$347,000
0.29%
-0.29%
# residential listings this month
2,362
-15.64%
10.68%
# residential sales this month 
1,339
-0.15%
-2.90%
# residential inventory at month end
7,691
-7.11%
7.70%
# Total6 MLS® System sales this month
1,724
-1.93%
-3.85%
$ Value Total residential sales this month
551,695,331
-0.85%
-2.88%
$ Value of total MLS® System sales – month
646,449,511
0.63%
-0.79%
$ Value of total MLS® System sales – YTD
6,987,292,388
10.15%
0.10%
Are you looking to learn more about the current market or would like a free market evaluation?  Let us help you make it as easy as possible.  Contact us today for more information. 

CMHC Mortgage Stress Test For Uninsured Homebuyers

Tue, 31 Oct by hollandassociates

CMHC Mortgage Stress Test For Uninsured Homebuyers

Starting in the new year those individuals applying for uninsured mortgages will face tougher rules when it comes to qualifying for a mortgage.

The New Mortgage Stress Test 

 As of January 1st, 2018 the Canadian Mortgage and Housing Corporation has released a new stress test that home buyers will need to qualify for before receiving an approval.  Currently those buyers with down payments of 20% or more do not require mortgage insurance through CMHC.  According to the Financial Post, This market will now need to
 
Qualify based on either the Bank of Canada posted rate for the five-year fixed rate product or two percentage points above their contracted mortgage rate, whichever is higher.”
Currently uninsured buyers can qualify for an interest rate starting at 2.97%, but with the new changes will require to qualify for a 5% interest rate.

Why Is CMHC Making These Changes?

 The plan is that they are looking to protect Canadian homeowners, especially stating the vulnerability in Toronto, Hamilton, Vancouver, Victoria and Saskatoon. Typically vulnerability occurs when there is an overheating in the market causing houses to be overpriced and overvalued.  This effect can hurt homeowners financially, should there be a dip in the market.  This also ensures that individuals can afford their home, should the interest rate rise.

Outlook On The Current Market 

 As buyers and sellers rush to see their approval before the deadline of Jan 1, 2018 many predict a busy season ahead in the Edmonton area on both the buying and selling end. This could be one of the busiest Christmas months the market has seen in a few years.
If you are looking to access your current financial situation, you can use the Mortgage Affordability Calculator Maybe you are looking to tap into the market before the new year? Contact us today and let us do the work for you! Learn more about our home purchasing process here.
The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the REALTORS® Association of Edmonton. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.