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Downtown Edmonton multi-res boom: 14 projects on the books

An expected boom in Edmonton’s downtown population is being credited for driving residential construction and positive prospects for commercial leasing.

Colliers’ fourth-quarter 2018 office market report shows last year was the first year of positive office space absorption in Edmonton in the past four years. The majority of that absorption, 333,094 square feet, occurred downtown.

“We’re starting to see the office market stabilizing and we’re seeing people actually looking into the downtown core,” says Fahad Shaikh, vice-president office and healthcare real estate for Colliers in Edmonton. “There is a sense that more people means more vibrancy in the downtown. . . . There’s seven new (residential) high-rise starts under construction, or going to be done, in the next two or three years.”

The Colliers report also lists another seven residential high-rise projects in preliminary planning.

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TINA’S FEBRUARY MARKET NEWS

My observation of increasing debt load is a part of many conversations I have been having over the past several months.  It’s a tempting strategy, when vulnerable to an economic downturn, to tap into one of the huge benefits of owning property – your available equity!  With equity comes the temptation to dip into it if a large expense or possible investment arises. There are many strategic ways to use your equity without ruining any personal financial advances you have made.  The most crucial step you need to take is to fully understand your options for tapping into that money and the associated risks.

Simply put, your home equity is the market value of your home relative to any loan balances remaining.  There are two main ways to utilize this value.

–   Getting a home equity loan provides you with a lump sum of money that you pay off in monthly installments, generally over five to 15 years.  As with any loan, you will be required to pay interest on the amount, but it is usually a fixed rate.

–  Choosing to use a line of credit instead offers similar benefits, but instead of receiving the money up front, you are given a pool you can draw from as needed.  With this option, the lender provides a maximum borrowing limit and you can choose to use it or not until it is reached.

Before dipping into your home equity in either way, it is important to understand the possible consequences.  In both instances, your home is used as loan collateral. This means if you are unable to make payments on the loan for any reason, the lender can sell your property or take your home in foreclosure.  Additionally, there will likely be closing costs and fees you have to pay in association with the loan.

So you see, I am not just in the business of sales and marketing.  I prefer to be regarded as your real estate Advisor!

Remember, average sale prices and market activity may not be entirely reliable when considering real estate investments in more mature communities.   Your best way to get an assessment of your home and its current market value is by calling on me to help and provide you with a free home evaluation. I really want to help you in any way I can.

Whether you are buying, selling, or just daydreaming about a new home, I can help you make an informed decision.  Give me a call, text or an email at 780-695-0542, tina@tinafournier.com.

 

Perception vs. Reality: Ski resort properties are more attainable than Western Canadians think

  • Seventy-one per cent of Western Canadians who are interested in purchasing a ski property are looking for all-season resort capabilities
  • Twenty-three per cent of Western Canadians believe they can afford a property at a ski resort
  • Those living in an urban (27 per cent) and suburban (24 per cent) area are significantly more likely to be interested in owning a ski property in the near future, compared to those living in a rural area (16 per cent)

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Why Do I Need A Real Estate Agent As A Seller?

When it comes to selling your home, hiring a real estate agent not only means less work, worry, and risk, it means hiring someone who is knowledgeable and well versed in all aspects of the real estate industry.

 “You want someone who knows your neighbourhood, your community, and has the experience necessary to sell your home quickly and for the best price.”

Choosing to work with a RE/MAX Real Estate Professional means choosing someone who will help you with the following throughout the entire transaction:

  • Determine the best asking price for your home
  • RE/MAX Agents are professionals who have access to the tools and technology they need to market your home to sell
  • Your agent will help you prepare your home to sell and will be able to recommend services that will ensure your home is at its best when it comes time for showings
  • You will receive regular updates and information on the progress your agent is making in selling your home
  • Your agent will ensure you are always in the know about changes in the real estate market
  • When you receive an offer on your home, your agent will review the offer with you and handle any negotiations with the buyers
  • The agent will handle all aspects of the transaction while providing you with regular status updates
  • Moving can get stressful! Your agent will help on the closing date to ensure all important documents are signed and delivered on time
  • If necessary, your agent can also help you arrange different aspects of your move such as recommending a trusted moving company

What are the Risks of Selling Yourself?

As mentioned above, choosing to work with a real estate professional will mean less work, worry, and risk for you during an already busy and stressful time in your life. However, if you decide to sell your home yourself, it is wise to know the risks you could run into. Take a look at a few of the major ones below:

  • Incorrect pricing that turns off potential buyers
  • Properly understand all legal matters disclosed in writing to protect your interest
  • Safety is a big issue when showing your home. You must plan ahead when it comes to showing your home, and take all potential threats into consideration
  • Have you been practicing your negotiation skills? Improper negotiation can lose you money or cause you to end up with unrealistic terms
  • No being familiar with all aspects of the transaction including the inspection and financing

At the end of the day, the choice to hire an agent is yours to make. Keep in mind that at RE/MAX, we always have agents available who are willing to answer your home buying and selling questions. Visit remax.ca to get in touch with a local agent and for more answers to your top home buying questions in our Ultimate Home Buyer’s Guide.

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Five things worth waiting for when Edmonton’s downtown ICE District is complete

EDMONTON—The ICE District in the city’s downtown core, complete with a new JW Marriott hotel, residential condos, and office spaces, is almost ready for the public.

It all started with the completion of Rogers Place arena, the new home for the Edmonton Oilers, through a partnership between the city and Edmonton-based Katz Group. Now, the ICE District will span over 25 acres of downtown Edmonton, with hopes that it will bring the city up to par with global hubs like Toronto, Hong Kong, and New York City.

“We’re going to have amenities that are going to be of a similar scale,” said Glen Scott, Katz’s senior vice-president of real estate, in an interview with StarMetro. “Where people visiting Edmonton will go, ‘Wow, they’ve got stuff happening, and the downtown is vibrant.’”

With construction in its final stages, here are five things you need to know about the new ICE District:

1) According to Scott, a new grocery store will be built in place of the former Greyhound station downtown, serving as the anchor tenant of the property, alongside a liquor store and a sports bar. The name of the grocery store will be announced next month.

2) The ICE District will feature a public plaza, which will serve as a gathering place, equipped with an outdoor ice-skating rink and a space for outdoor concerts and festivals. It will be more than 50,000 square feet, and will be located between 102 and 103 streets.

Scott said the plaza will also feature a large outdoor ad space reminiscent of Times Square in New York City or Dundas Square in Toronto, with digital screens that will be attached on the outside of adjacent towers. Scott dubbed the space as “Dundas Square on steroids.”

3) A third of the residential units have already been sold in the Stantec Tower, which will be one of the tallest structures in Western Canada, according to Scott. Units will go from as low as $300,000 to as high as $1.2 million. Units will start on the 31st floor of the tower, with office spaces below.

As for The Legends Private Residences, 90 per cent of the units have already been sold. Scott said a few Edmonton Oilers’ players will be tenants of the ICE District.

4) The JW Marriott Hotel will have the largest event space in the City of Edmonton, called the Wayne Gretzky Ballroom, Scott said. It will also have a high-end fitness space that will be open to both people in the hotel and the public, and restaurants led by Oliver & Bonacini, a company that runs a number of upscale eateries in Toronto and across the country.

The hotel will be 22 storeys, with The Legends Private Residences existing above. The entire building will exceed 50 storeys in height. Bookings can already be made online, in time for the hotel’s opening next year.

5) By this time next year, ICE District will come to life. The JW Marriott hotel is slated to open sometime between April and May, Scott said, while the rest of the space has a completion date for summer 2019.

Article by Thestar.com

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