The Home Tribe Real Estate Blog

In the midst of a sweltering July, the real estate scene in the Greater Edmonton Area (GEA) not only sizzled but also showcased significant growth. This month, the area witnessed a 3.5% month-over-month increase in residential unit sales, totaling 2,941 transactions. This marks a robust 27.1% rise compared to July 2023. The listings followed suit with 3,729 new residential properties hitting the market, up by 2.9% from June and a notable 13.2% from the previous year. Despite the uptick in listings and sales, overall inventory dipped by 1.4% from last month and stands 15.1% lower than last July.

Breaking down the numbers, detached homes led the charge with 1,708 units sold, an increase of 2.8% from June and a substantial 23.5% from last year. On the flip side, semi-detached homes saw a slight decline of 6.6% in sales from the previous month but managed a yearly gain of 13.0%. Row/townhouses experienced a healthy boost with sales up by 4.7% from June and a remarkable 52.0% year-over-year increase. Apartment condominiums, although fluctuating slightly, reported an 11.7% month-over-month increase and a 32.3% jump over the previous year.

Price-wise, the total average price of residential properties edged up to $440,466, a modest 0.4% rise from June and 7.7% from last year. Detached homes commanded an average price of $552,031, reflecting a 2.3% increase from June and a 9.8% increase year-over-year. Semi-detached units, while dipping 3.6% in price from June, showed a year-over-year price increase of 7.4%, closing at an average of $406,906. Row/townhouses nudged up to $292,072, a 0.7% rise from June and a significant 10.6% from last year. Apartment condominiums saw a slight price decrease of 3.4% from June but are still up 4.9% over the previous year, averaging $204,315.

According to the MLS® Home Price Index (HPI), the composite benchmark price in the GEA slightly decreased by 0.4% from June to $406,600, but is up by 7.1% compared to July 2023.

Melanie Boles, 2024 Board Chair of the REALTORS® Association of Edmonton, commented on the market dynamics, stating, “Despite the July heatwave, the real estate market experienced an unexpected surge in buyer activity. While we typically see a slowdown after the busy spring months, this July proved different, thanks to continued demand and limited supply.”

In terms of how quickly homes are selling, detached homes averaged 32 days on the market, showing a slight increase. Semi-detached homes sold faster, averaging 27 days, while row/townhouses took a bit longer at 31 days. Apartment condominiums lingered on the market for an average of 43 days. The overall average days on market for all residential listings increased slightly to 33 days, although this is still quicker than last year by 12 days.

This snapshot of Edmonton’s real estate market in July 2024 paints a picture of a market that, despite the seasonal heat, continues to demonstrate vigorous activity and healthy appreciation in property values.

Data and Information provided by the REALTORS® Association of Edmonton

If you are in the market for a new home in Edmonton, there are a variety of options available to you. One option that is becoming increasingly popular is buying a brand new build. While some people may prefer the charm and character of an older home, there are many compelling reasons to consider a new build. In this blog post, we will explore some of the benefits of buying a new building in Edmonton.

Customization

One of the biggest advantages of buying a new build is the ability to customize your home to your exact specifications. When you purchase an older home, you are often limited by the existing layout and design. With a new build, you can work with the builder to create a home that meets your specific needs and preferences. From the layout of the rooms to the finishes and fixtures, you have control over every aspect of your new home.

Energy Efficiency

Another benefit of buying a new build is the energy efficiency that comes with modern construction standards. New homes are built with the latest energy-efficient technologies, including insulation, windows, and appliances. This can lead to significant savings on your utility bills over time, as well as a reduced carbon footprint.

Warranty

When you buy a new build, you will receive a warranty from the builder. This can provide peace of mind knowing that any defects or issues that arise within the first few years will be covered. You can learn more about Alberta New Home Warranty Program here. This is not always the case with older homes, where the buyer is often responsible for any repairs or maintenance that are needed.

Low Maintenance

New builds require less maintenance than older homes. With a new build, you don’t have to worry about replacing the roof, upgrading the electrical system, or dealing with other costly repairs that may come with an older home. This can save you time and money in the long run, and allow you to focus on enjoying your new home.

Community

New builds are often part of a larger community development, which can provide a sense of community and belonging. Many new developments include amenities such as parks, playgrounds, and community centers. This can be especially appealing for families with young children or anyone who is looking for a tight-knit community.

Buying a brand-new home in Edmonton can be an excellent investment for many reasons. Our team has expertise and relationships with numerous builders across the Edmonton region, from spec homes (ready to move into) to custom options, from starter to luxury, and everything in between – we have you covered. The best thing to do is reach out and start discussing your Edmonton home-buying goals.

Buying a home in the Edmonton area is a significant milestone, and saving for a down payment is a critical step. Canadians/Edmontonians have several saving options, each with its benefits and considerations. Here’s a breakdown of three popular choices: the First Home Savings Account (FHSA), Home Buyers’ Plan (HBP aka RRSP), and a Tax-Free Savings Account (TFSA).

First Home Savings Account (FHSA)

The First Home Savings Account (FHSA) in Canada is a tax-advantaged savings account designed to help individuals save for their first home. This account aims to make homeownership more accessible by providing significant tax benefits for first-time homebuyers.

Pros:

• Contributions are tax-deductible, and withdrawals (including investment income) for qualifying first home purchases are tax-free.
• Offers flexibility and significant tax advantages for first-time homebuyers.

Cons:

• The annual contribution limit is capped. The annual contribution limit for the First Home Savings Account (FHSA) has been $8,000 in recent years, and there is a lifetime contribution limit of $40,000.
• Specifically designed for first-time homebuyers, limiting its use for others.

Home Buyers’ Plan (HBP)

The Home Buyers’ Plan (HBP) is a program in Canada that allows individuals to withdraw from their Registered Retirement Savings Plans (RRSPs) to buy or build a first home, without immediate tax penalties.

Pros:

• Allows you to borrow up to $35,000 from your RRSPs to buy or build a first home, interest-free.
• A repayment period of 15 years gives ample time to return the funds.

Cons:

• Requires repayment, otherwise, it is added to your taxable income.
• Using RRSP funds can interrupt the growth of your retirement savings.

Tax-Free Savings Account (TFSA)

A Tax-Free Savings Account (TFSA) is a flexible investment account in Canada that allows contributions to grow tax-free. Withdrawals can be made at any time for any purpose, also tax-free. It’s available to individuals 18 and older with a valid Social Insurance Number. While contributions are not tax-deductible, the account offers significant tax advantages, especially for long-term savings and investment growth.

Pros:

• Contributions aren’t tax-deductible, but investment growth and withdrawals are tax-free.
• Offers flexibility; funds can be withdrawn anytime for any purpose, including a home purchase.

Cons:

• Annual contribution limits may restrict how much you can save over time.
• Doesn’t offer the same direct home-buying incentives as FHSA or HBP.

When considering these options, think about your timeline for buying an Edmonton home, your current and future tax situation, and how much you can save. Consulting with a financial advisor and an Edmonton mortgage broker can also provide personalized advice tailored to your specific circumstances. Whichever path you choose, start early and review your strategy regularly to keep your home-buying dream on track.

Did you know we offer complimentary Home Buyer consultations to talk about your unique goals and desires? Based on where you are at in the process, we can also connect you to top-tier professionals who can further guide you in getting ready to become a homeowner.

Winter might not seem like the ideal season to put your home on the market. Many sellers are under the impression that the cold weather, shorter days, and holiday distractions can be deterrents for potential Edmonton homebuyers. However, with the right strategies, selling your home in the winter can not only be feasible but also advantageous. Here are some tried-and-tested tactics to make your winter home sale a success:

1. Highlight Winter Positives:
   • If your home has features that are particularly advantageous in winter, such as a fireplace, good insulation, or a hot tub, be sure to highlight these in your listing.
   • A cozy ambiance can be a major selling point. Be sure to emphasize areas where families can gather and enjoy winter nights together.
2. Staging for the Season:
   • Incorporate warm blankets, throw pillows, and some tasteful seasonal decor to create a cozy atmosphere.
   • Use soft lighting to create a warm glow throughout the house. Consider using fairy lights, candles, and table lamps.
3. Clear the Path & Light It Up:
   • Ensure that driveways, walkways, and entrances are always cleared of snow and ice.
   • Ensure the entranceway is well-lit for easier visibility and to provide a welcoming feel.
   • By providing a safe path, you’re not only preventing potential accidents but also demonstrating that the house is well-maintained.
4. Use Quality Photos from All Seasons:
   • Including pictures of your home in other seasons can help potential buyers visualize the property’s year-round appeal.
   • High-quality photos are especially essential in winter when natural light may be limited.
5. Be Flexible with Showings:
   • With shorter days, it might be challenging for potential buyers to visit during daylight hours. Offer more flexible showing times, including weekends.
6. Set the Right Price:
   • Winter may not be the time to test the market with a high price. If you’re serious about selling, set a competitive price from the start. Seek the guidance of a trusted REALTOR®.
7. Market Online:
   • Winter weather can deter some from physically visiting homes. Enhance your online presence with virtual tours and detailed descriptions. Make it easy for buyers to explore your home without braving the cold.
8. Highlight Energy Efficiency:
   • If your home has energy-efficient features, highlight them. Potential buyers will be attracted to the prospect of saving on heating bills during the colder months.
9. Capitalize on Lower Inventory:
   • Fewer homes are listed during the winter, meaning less competition. Use this to your advantage by emphasizing the uniqueness and desirability of your property.

Emphasize the Holiday Selling Point:

• For many, the idea of celebrating the holidays in a new home is appealing. Play up this sentiment by subtly decorating for the season.

Stay Negotiable:

• Buyers in the winter are often very serious and might be facing their own time constraints. Be open to some flexibility in order to get the outcome you are aiming for in the end.

While winter might come with its set of challenges, it also presents unique opportunities for Edmonton home sellers. By being proactive and employing the right strategies, selling your home in the colder months can be a win-win situation for both parties.

If you are considering selling your Edmonton & area home – let’s chat. Our team of Edmonton Realtors would love to help you navigate this journey.

Selling your Edmonton home is an exciting endeavour but it can also be overwhelming due to the complexities involved. Whether it’s your first time or you’re a seasoned home seller, it’s easy to make errors that could potentially derail the selling process, cost you money, or extend the time your home spends on the Edmonton market. By understanding common pitfalls, you can navigate the sale of your home more efficiently and confidently.

   Overpricing Your Home: It is normal, homeowners often cherish their homes and can overestimate their market value due to their emotional ties to the home. Pricing a property correctly from the start is crucial. An inflated price can result in your home sitting on the market longer, creating an impression among potential buyers that something is amiss. Instead, aim for a competitive and fair price, which aligns with local market trends and the value of comparable properties. Sometimes, there may even be an advantage to list below value based on your risk tolerance.

Neglecting Repairs/Updates: Every homeowner knows that wear and tear are a part of life, but failing to address necessary repairs before listing can send red flags to potential buyers. Small issues like leaky faucets or chipped tiles can signal neglect, while larger structural issues like outdated electrical, an older roof, or HVAC can significantly decrease the value of your home. We recommend conducting a pre-listing walk-through with your agent to identify items that can improve your home’s appeal and potentially increase the final selling price.

Forgetting to Stage: Staging is more than just cleaning and organizing. It involves creating an environment that helps potential buyers visualize themselves living in your home. This could mean decluttering, rearranging furniture, painting walls in neutral tones, or making aesthetic improvements. A well-staged home can create a powerful first impression and help your property stand out in a competitive market. This is something that you can discuss when you’re talking about pre-listing repairs with your agent – you’d be surprised what changes really matter and which ones may not matter as much to potential buyers. Talk with your agent about how to maximize your time and budget.

Not Accommodating Showings: Often a buyer and their agent will be seeing many homes in one appointment and scheduling can be a little like a game of Tetris where everything has to fit together just right to maximize your time. If a seller can’t accommodate the requested time (even shifting one viewing by 10-20 min can throw off the entire appointment) there’s a high likelihood that viewers will just move on to the next property.While constant showings can be inconvenient, they’re crucial to selling your home.

Not Choosing An Agent You Trust: While your agent is definitely there to provide a deep level of customer service and ensure you feel taken care of, their primary job is to apply their expertise to the sale of your home. Sometimes this means giving you unpleasant news about the current market and where your home fits in (think reducing listing price or negative feedback from showings). This kind of honest relationship takes an immense amount of trust that the person you’re working with really does have the professional market knowledge and expertise to justify whatever they’re suggesting. So when choosing an agent – ask yourself if they’ve demonstrated enough market knowledge that you’re going to trust them even if the news is not what you want to hear.

Selling a home is a complex process that requires careful planning and execution. By avoiding these common mistakes, you can increase your chances of a successful and profitable sale. Always remember that every real estate transaction is unique, and it’s always wise to enlist the help of a real estate professional who can provide valuable guidance based on their knowledge and experience. Be proactive, do your homework, and you’re sure to navigate the home-selling process with fewer hurdles. Happy selling!

Edmonton and surrounding areas are home to a thriving greenhouse community, offering a wealth of options for avid gardeners and plant enthusiasts. From family-owned establishments with decades of experience to unique destinations combining greenhouses with additional amenities, there’s a greenhouse to suit every gardening need. Let’s explore some of the best greenhouses in Edmonton and area, and get a glimpse into the wonderful world of plants and gardening that awaits you.

1. Greenland Garden Centre: A Horticultural Haven in Sherwood Park Tucked away in Sherwood Park, just outside of Edmonton, Greenland Garden Centre is a horticultural paradise that draws visitors from far and wide. With an extensive selection of plants ranging from vibrant flowers and lush trees to bountiful vegetables, Greenland Garden Centre is a go-to destination for all your gardening needs. Inside their greenhouse, you’ll find an array of seasonal plants, expertly tended by knowledgeable staff ready to offer advice and guidance.

2. Erdmann’s Gardens & Greenhouses: Erdmann’s Gardens & Greenhouses is a family-owned and operated farm located in Westlock County, Alberta. They grow a wide variety of vegetables, potatoes, and bedding plants, hanging baskets, and planters. Their products are available at four Farmers’ Markets in Edmonton and the surrounding area, as well as at the farm itself.

3. Salisbury Greenhouse: A Family Legacy of Gardening Excellence For over half a century, Salisbury Greenhouse has delighted Edmontonians with its commitment to providing quality plants and outstanding customer service. Situated in Sherwood Park, this family-owned greenhouse is a beloved destination for both experienced gardeners and those embarking on their green-thumb journey. With a diverse selection of indoor and outdoor plants, Salisbury Greenhouse is a haven for discovering new varieties and seeking expert advice.

4. The Enjoy Centre: A Multifaceted Greenhouse Experience The Enjoy Centre, located in St. Albert, offers a unique fusion of a greenhouse and an array of additional amenities. Step into their expansive greenhouse to discover an assortment of beautiful plants, from vibrant flowers to aromatic herbs. Beyond the greenery, The Enjoy Centre also houses a charming café, a rejuvenating spa, boutique shops, and even a farmer’s market. It’s a delightful destination where you can immerse yourself in the world of gardening while enjoying other indulgences.

5. Ellerslie Gift & Garden: A Hidden Gem in South Edmonton Conveniently situated in south Edmonton, Ellerslie Gift & Garden is a local favorite for its extensive plant selection, gardening supplies, and delightful gift items. Wander through their greenhouse, and you’ll encounter an impressive assortment of annuals, perennials, and hanging baskets. The friendly and knowledgeable staff at Ellerslie Gift & Garden are always eager to lend a helping hand and share their gardening wisdom.

Edmonton’s greenhouses provide a haven for plant enthusiasts, offering a diverse range of plant varieties, knowledgeable staff, and a captivating atmosphere. Whether you’re seeking specific plants, gardening advice, or simply a delightful browsing experience, these greenhouses are well worth a visit. From the blossoming beauty of Greenland Garden Centre to the multifaceted charm of The Enjoy Centre, Edmonton’s greenhouse scene promises a world of inspiration and possibilities for your gardening endeavours. So, grab your gardening gloves and embark on a journey of botanical discovery!

Having a small space doesn’t mean you have to give up on the joy and beauty of gardening. In fact, gardening in small spaces can be a rewarding and fulfilling experience. This blog will guide you through the enchanting world of gardening in compact areas, helping you transform limited spaces into vibrant, green havens. Get ready to nurture your own miniature garden oasis right here in Edmonton.

Embrace Container Gardening:

Containers are your best friends when it comes to small space gardening. Opt for various sizes and shapes of pots, hanging baskets, and window boxes. This allows you to utilize vertical space and create stunning arrangements of flowers, herbs, and even vegetables.

Choose the Right Plants:

Select plants that are well-suited for small space gardening. Look for compact or dwarf varieties that don’t require excessive space to thrive. Herbs, lettuces, cherry tomatoes, and ornamental flowers like pansies and marigolds are excellent choices for small gardens.

Vertical Gardening:

Make the most of your vertical space by incorporating trellises, hanging planters, or wall-mounted systems. Train vining plants like cucumbers, beans, and peas to grow upwards, freeing up valuable ground space. You can create your own by attaching pockets or shelves to walls. This allows you to grow a variety of plants without taking up precious floor space. 

Window Sills and Balconies:

Take advantage of sunny windowsills and balconies by creating mini-gardens in containers or vertical planters. Herbs, microgreens, and small flowering plants can thrive in these spaces, bringing beauty and fresh flavours to your home.

Creative Planters:

Think outside the box and repurpose unconventional containers for your garden. Use old pallets, shoe organizers, or even recycled materials like tin cans or wine crates. Let your creativity flourish as you transform these items into unique and charming planters.

Hanging Gardens:

Hang baskets filled with cascading flowers or trailing plants to add visual interest and create a lush, suspended garden. Utilize sturdy hooks or overhead structures to bring life and greenery to eye-level spaces. If you’re looking to grow edible plants there are a multitude that are grown well in hanging baskets, our favourite being cherry tomatoes  

Companion Planting and Succession Planting:

Maximize your small space by practicing companion planting, where compatible plants are grown together to enhance growth, maximize space and repel pests. Additionally, utilize succession planting by staggering plantings to ensure a continuous harvest throughout the growing season.

Gardening in small spaces is a testament to the ingenuity and creativity of garden enthusiasts. By embracing container gardening, vertical solutions, and strategic plant selections, you can transform even the tiniest nooks into flourishing green retreats. Remember, it’s not about the size of the space but the love and care you put into it. So, grab your gardening tools and start cultivating your own slice of paradise, right in your small space. Happy gardening

Whether you plan to live in your Edmonton condo for a shorter or longer period doesn’t mean you can’t bring in designer style! There are lots of ways to make the most of your home and maximize the form and function of your space without compromising on your needs. Here are some tips to make your apartment feel even more like home!

Tip #1: Invest in Versatile Pieces

If you are purchasing new furniture pieces, think long-term. What pieces of furniture can you bring in now that will also serve you in your future home(s) as well? Think of smaller pieces that have flexibility in their utility such as small storage cabinets or console tables. These are pieces that can be used in many different rooms and areas so no matter where you go, you can take them with you. 

We love this console table as seen as an ‘entry drop spot’ with a dish for keys, a light for ambiance, and a mirror to give yourself one last check-over before heading out the door! The small scale and neutral finishes of the piece mean that it’s easy to incorporate into future areas, and it’s easy to change up the accessories to suit your evolving needs and style preferences.

This storage cabinet is used as a media unit but could also function in an office for overflow supplies or filing storage, in a bedroom for clothing or bins, or even in a dining room as a small cabinet as well.

Tip #2: Keep Things ‘Light’

Oftentimes, Edmonton condos can be on the slightly smaller side so, it’s best to trick your eye whenever you can by selecting items that are visually lighter. So with that in mind, think of lighter colors, brighter finishes, and using elements such as glass and mirrors throughout your space. 

In this space, you’ll see that our sofa, although the largest piece of furniture in the room, is a light grey color to contrast the darker floors.

We also specifically chose a glass coffee table to keep the space from being ‘bottom heavy’ which can easily happen when you have dark floors, dark furniture and pieces that are too large or visually weighted.

Even in the bedroom, we chose a light grey headboard to draw your eye up and add contrast to the light walls, but the lighter fabric stops the headboard from feeling too intrusive in the space. 

Light warm-grey fabrics are very complimentary to most spaces and universally flattering, so try to purchase your largest investment pieces in those tones for pieces that you’ll be able to take with you no matter where you go! Then you can contrast with smaller accents and accessories that bring in bold colour and pattern!

Tip #3: Take Advantage of Your Walls

Storage can sometimes be a pain point in rentals and so as such, we suggest taking advantage of your wall space wherever you can, to add increased functionality and storage. 

Wall hooks in entryways or bedrooms are great for overflow hanging and storage of everyday items.

If you are in need of a workspace, consider using tall shelving surrounding the desk to increase storage and to use it as an opportunity to showcase some of your favourite pieces. Even in a living room, a tall bookcase is a great way to take advantage of your wall space without encroaching more than you need to into your floor space to add more storage.

Even something as seemingly small as hanging wall sconces instead of using floor or table lamps is a great way to utilize your wall space, freeing up more floor space and space on the top of your furniture pieces for your everyday items. Just remember, you’ll need to patch/fill those holes when you leave but if storage and space is at a premium, it’s worth doing!

Tip #4: Add Your Personality

Our final design tip when decorating your condo is to add your personality! Even if your space may not be your “forever home”, it’s important to add elements that bring you joy so that you love your home, no matter how long you plan on staying. 

Don’t be afraid to add artwork, bring in accessories, and use color to liven your space! Keep your walls neutral, so they act as the perfect backdrop for your favourite colors, textures, and artwork. 

And remember, have fun making your condo your home! 

Featured Guest Blogger: Diana Tidswell, CID. Partner and Interior Designer at Kresswell Interiors.Diana has dedicated over 12 years to the design industry. With a passion for creating uniquely personalized spaces, she approaches each project with a perfect blend of creativity and focus. Diana’s goal is to enhance homeowners’ lives through thoughtful and innovative design solutions. If you’d like to learn more about Diana or the services of Kresswell Interiors please visit KresswellInteriors.com or the Kresswell Interiors Instagram page.

The playoff season is here, and the excitement among hockey fans across the globe is growing as we are in the midst of round 2 of the playoffs. For fans of the Edmonton Oilers (which we are), this time of year is particularly special, as the team gears up for the chance to compete for the coveted Stanley Cup.

This year, the Oilers are poised to make a deep playoff run and we are all excited to see how it plays out. In the spirit of this, we wanted to share some fun tidbits of Oiler’s trivia about some of our players:

1. Connor McDavid, the captain of the Oilers, is the youngest player in NHL history to win the Art Ross Trophy as the league’s leading scorer. He achieved this feat in the 2016-17 season at the age of 20.
2. Leon Draisaitl, who plays center for the Oilers, was born in Germany and is the highest-scoring German player in NHL history.
3. Ryan Nugent-Hopkins, who plays center for the Oilers, is left-handed, but he shoots right-handed.
4. Darnell Nurse, a defenseman for the Oilers, is the nephew of former NFL quarterback Donovan McNabb.
5. Stuart Skinner, during his junior hockey career, Skinner played for the Lethbridge Hurricanes. He is thee youngest in his family. He is one of nine siblings. All of them have first names that begin with the letter “S”.
6. Zach Hyman is also an author. He has written a book titled “The Bambino and Me” in 2014, among others. The book tells the story of a young boy who forms a special bond with baseball legend Babe Ruth.
7. Evander Kane, a left winger for the Oilers, has played in over 700 NHL games in his career and has also represented Canada in international play. He was acquired by the Oilers in 2022 and has previously played for several other NHL teams.
8. Kailer Yamamoto, a right winger for the Oilers, is of Japanese and Hawaiian descent and grew up in Spokane, Washington.
9. Cody Ceci is an avid golfer and has participated in various charity golf tournaments. He is also known to be a big fan of the sport and has said that he enjoys golfing in his free time during the off-season.
10. Evan Bouchard became the youngest Oiler defenceman in history to record a goal on October 25, 2018, when he scored in a 4–1 win over the Washington Capitals.

It is always fascinating to gain some more insight into these talented players beyond the ice. We are eagerly watching each game in anticipation and hope that this will be “our year” here in YEG.