The Home Tribe Real Estate Blog

You’ve decided to buy a home now that you have saved up enough money to put 5% down (or less than 20%). You know you’ll be responsible for a mortgage, however, are you are aware that if your down payment is also less than 20% you’ll also be responsible for qualifying for a conventional mortgage and for mortgage loan insurance?

The first step is understanding: What Is Mortgage Loan Insurance

Mortgage Loan Insurance is basically a guarantee to the lender that you are good for the money, meaning you will not default on your mortgage. If a situation arises were you are not able to pay your mortgage, the insurance ensures that the lender won’t have to cover the balance of the purchase price. The federal government requires the lenders to ensure your mortgage if the home being purchased is made with less than a 20% downpayment. At present there are three companies in Canada that offer mortgage insurance: Canada Mortgage and Housing Corporation (CMHC) owned by the Canadian government and the only insurer that covers 100 percent, Genworth Financial and Canada Guaranty both of which cover only 90%.

The second step is understanding: How Much Will It Cost Me?

The cost of insurance really varied depending on how little or how much of a down payment you choose to include in your home purchase. For example CMHC highlights the following premiums:

In plain English, is that for example if you purchase a condo at $250,000, you will expect to pay a premium of:

• $8,550 with 5% down
• $5,400 with 10% down
• $3,825 with 15% down

That basically sums up with Mortgage Loan Insurance is and how it affects you and your mortgage. Any questions, please feel free to get in touch (587-400-SOLD (7653)) or send a message my way.

Start-up week is finally upon us! A week to celebration entrepreneurship and innovation and we are extremely excited to be a part of the excitement. This year, HomeTribe has been included as one of the start-up’s being featured at Launch Party 6 this Thursday, October 22, 2015.

What Is Edmonton Launch Party?

Launch Party Edmonton, the city’s flagship startup event that celebrates and showcases the hottest startups in town. Launch Party gives you the opportunity to meet our city’s brightest entrepreneurs, demo their products, and celebrate everything that our startup community has to offer.

Many amazing companies that have been a part of this amazing event have gone on to reach new heights. I’m sure many people have heard of Poppy Barley or Pogo Car Share for example. These are just 2 examples of many.

So, who exactly made the cut for the class of 2015, preview some amazing companies that will be cheering on tonight as well:

Chitter

Brought to you by: Mark Galloway, Tamara Bain, Kyle Kaiser, Ben Lavin, Sabby Choudhary

Get To Know Chitter: “Chitter is a mobile social media app that gives college and university students a digital way to engage with each other and keep up with what is going on around them in the fast paced environment of higher education.”

FitSet

Brought to you by: Tim Gourlay, Jake Stief, Raj Gandhi, Leila Panjvani, Bindesh Rach

Get To Know FitSet: “Fitset is a single membership to thousands of group fitness classes every day in 5 major Canadian cities — including yoga, spinning, obstacle course training, dance, boot camps, ballet barre and so much more. Our membership gives you the ability to try a new workout every day or visit each partner studio up to three times per month — for $99/month. Whether you are looking to diversify your workouts, discover your next favourite studio, or just explore your city, chances are we have studios close to wherever you live, work, and/or play. We aim to make fitness exploration as simple and convenient as possible.”

Carenetwork.com

Brought to you by: Dr. Noel Gibney, Kyle Fox, Emmet Gibney

Get to know Carenetwork.com: “CareNetwork.com is the easiest way for teams of hospital doctors to stay in sync. With teams working in shifts to provide around the clock care to dozens of patients with complex problems it is incredibly challenging to stay organized. CareNetwork.com helps these doctors to keep track of who their sickest patients are, what their patients’ stories are, and what needs to get done now. Collaborating through the CareNetwork.com app ensures this typically ephemeral information gets shared during shift change. Happier doctors, safer patients.”

instaMek

Brought to you by: Asem Alsaadi, Uzair Ahmed

Get To Know instaMek: “instaMek removes the hassle and struggle associated with traditional automotive service and repair by making the process as simple as ordering a book online. Within seconds this on-demand service allows car-owners to request and schedule a fully certified mobile mechanic (“Mek”) to their home or workplace – all at a price up to 30% cheaper than a shop. All work is guaranteed with a warranty on parts and labor and Meks are reviewed after every job to ensure top notch workmanship. Since its launch in February, instaMek has serviced over 500 vehicles and currently operates in 11 different cities across Canada.”

Evented

Brought to you by: Ramneek Purewal, Avneet Purewal

Get To Know Evented: “Evented is a web-based platform geared towards serving the event industry. Evented works by offering people who are planning events a consolidated, comprehensive, and current directory of local vendors who can service their events. Users can use features such as sorting filters and user reviews to make finding and finalizing vendors a more streamlined and efficient process. Evented is also able to eliminate the need for vendors to advertise on multiple platforms by providing a marketing tool that specifically targets their intended audiences. Evented works to create something useful for you; your city’s essential event vendor directory.”

VR Bike

Brought to you by: Peter W Wood, Pierre Boulanger, Stephanie Shaeffer, Ga Young Kim

Get To Know VR Bike: “MedROAD Inc. is a company designed and formed to act as a portal for delivering to the general community the exciting and state-of-the-art research and innovation developed out of the Advanced Man Machine Interface Laboratory, University of Alberta. These areas of innovation include: 3D virtual reality, telemedicine and enhanced image viewing. We at MedROAD Inc. are very excited to deliver some of the exciting and unique projects we have been worked on at the University; connecting our clients and consumers with the very forefront of research and development.”

PFM Scheduling Services

Brought to you by: Dale Schuurmans, Csaba Szepesvari, Martha White, James Neufeld, Jason Harder

Get To Know PFM Scheduling Services: “PFM is a company that came out of Alberta Innovates Center for Machine Learning (AICML) at the University of Alberta after 3 years of ground breaking research. PFM has developed a scheduling product suite that automates schedule production, optimization and analysis for shift workers in complex organizations that contend with sophisticated rule sets such as collective bargaining agreements. Currently, PFM is focusing on healthcare and is partnering with Telus Sourcing Solutions as a distribution channel and United Nurses of Alberta Union and Alberta Health Services as clients.”

Varafy Corporation

Brought to you by: Werner Biegler, Justin Sharp, Ken Fyfe

Get To Know Varafy Corporation: “Varafy gives Educators the power to create an unlimited number of fresh and unique problems and their detailed solutions in minutes versus hours – and have fun doing it!”

JumpSeat

Brought to you by: Mike Priest, Paul McCarthy, Trevor Dell, Christian Dendy

Get To Know JumpSeat: “JumpSeat is a product of Ten Speed Technologies and transforms how organizations onboard, train and support their employees. By providing in-context, interactive, step-by-step task guidance, users learn what they need to learn, at the moment they need to learn it. Our unique training method keeps the user in the browser, away from your support desk, and since it overlays on top of your existing web-applications, keeps them productive while learning. No code integration is required and no developers are needed to create your interactive guides.”

and last but not least last:

HomeTribe

Brought to you by: Elisse Moreno, Ryan Ramage, Luke Wang, Chantelle Maris and the rest of our awesome crew

Get To Know Home Tribe: “Home Tribe is a technology driven real estate team dedicated to creating a more personalized real estate experience. We do this by combining traditional real estate services, technology, Big Data and Analytics. Our first technology application, “Home Tribe Match” helps buyers find the perfect home based on their lifestyle needs. We take into account safety, commutability, neighbourhood dynamics and more to determine the homes currently for sale on the market that are most desirable to a buyer. This time-saving, easy to use app makes it simple for a buyer to move through the buying process.”

We hope to see a lot of friendly faces at this awesome event. Until tomorrow night. 🙂

Upgrading from a smaller Edmonton condo to a larger house can be an exciting and memorable event for anyone. There are many benefits associated with living in a large space, and these range from functional considerations like having more storage space to decorating benefits like finally having enough space to walk comfortably around all of your furniture. However, some who are preparing to make this transition may also be concerned about a larger home being too spacious. After all, a smaller space can have a cozy, intimate feel that is desirable. It is possible to upsize a home while also retaining an intimate feeling in it, and these are a few tips that can be used to accomplish this goal.

Bring Furniture Closer to Together

In a smaller room, it may have been necessary to place larger furnishings directly against the wall, such as sofas, chairs and end tables. In a large, airy room, there may be ample space available for these items to float in the room. For example, pushing a sofa, armchairs and side tables around a central coffee table or area rug in the heart of a large room can enable ample walking space for foot traffic around these pieces while also creating a sense of intimacy for those who are sitting on the sofa or chairs.

Include Warm Colours in the Rooms

Another idea is to use warm colours when decorating. Warm colours like yellows, reds and oranges can be used as accent colours or on their own as the primary colour in the room, and these can create intimacy and warmth. Cool colours like blues, greens or even stark white can have the opposite effect, so it is best to incorporate at least some warm colours into larger rooms if intimacy and cozy warmth are desired.

Add Soft Textures Through Accent Pieces

Larger rooms have a way of making those in them feel intimidated and uncomfortable at times, and a great way to overcome this feeling is to incorporate soft textures into the space. With soft textures used for throw pillows, area rugs, lamp shades and other accent pieces, a touch of intimacy can be created. These are features that can make those in the room feel more relaxed and at peace. Even in rooms where accent blankets and pillows may not be appropriate, such as in a dining room or kitchen, soft tapestries on the walls or even softer, feathery-looking features in a vase may create a warmer and cozier environment for people to enjoy.

Decorating may come naturally for some, but it can be very challenging for others. When spatial concerns are present, decorating can become even more complex. Everything from colour choices for the space to how to arrange furnishings can be impacted by the space available. Many who have larger rooms want to create a cozy, intimate and home-like feeling in those spaces. These are a few of the ideas that can be incorporated in decorating plans to achieve desired results. To learn more about how to decorate a larger space, be sure to gain more tips and advice on our blog.

A Recap of What Happened During the Month of June 2015:

A first for 2015, the REALTORS® Association of Edmonton has recorded an increase in year over year sales for the month. Over 2008 sales occurred for residential real estate, up 2.4%, compared to June 2014. The number broke down as follows:

• 1243 Single Family Homes (2.1% increase from 2014)
• 572 Condos (1.6% increase from 2014)
• 156 Duplexes/Row Houses (11.4% increase from 2014)

Compared to last month (May 2015), sales were also up by 13%. The average days on market for June was 49 days, resulting in an average increase of 3 days more to sell.

“The reality of what we are seeing in the market is that the slight hesitation from buyers that came with the drop in oil prices is lessening. Edmonton has not been hit nearly as bad as what many predicted and buyers are becoming more confident that our market won’t plummet. This renewed confidence coupled with low mortgage rates and a healthy selection means that people are realizing that this is still a good time to buy.” [EREB] continues, “People move when their lifestyle warrants a change. This will always be true. There are always buyers and sellers, no matter what the market looks like or what analysts predict. REALTORS® are here to help you decide what move is best for you.”

Choosing to buy or sell is really about making the right lifestyle decisions for yourself. Remember, Elisse Moreno and the HomeTribe.ca team are here for you when you are ready to buy or sell.

4 Key Considerations to Keep in Mind whenYou Start House Hunting!

Looking for a new Edmonton house to purchase can be fun, exciting and even a little intimidating. Many people love searching for new homes online and touring properties with a real estate team like Edmonton Home Tribe.It is often easy to imagine living in or raising a family in some of these homes. Below you’ll find four key considerations that will help you narrow down the desired properties more easily and may even reduce stress while searching for a new Edmonton home to live in.

Get Pre-Qualified First

Some Edmonton home buyers will use an online calculator to estimate a sales price that is affordable for them. However, before getting serious about house hunting, it is important to work with a mortgage company and to actually get pre-qualified. After all, this will tell a home buyer what sales price range and loan amount range they may actually qualify for. Looking for advice on an Edmonton mortgage broker to speak to: be sure to ask as we know many great Mortgage Brokers and can give you a list of recommendations.

Choose an Edmonton Home That is Affordable for your Monthly Budget

The Edmonton home that is selected should be affordable for your budget, and there are several factors that impact affordability. The mortgage payment is one of the most significant factors, but the home that is selected will also impact repair costs, maintenance needs, utilities, taxes, insurance and more. The location, age, construction type, size and other factors will all impact these expenses in different ways, and you as a future homeowner should understand what your budget is for all aspects of the overall housing expense.

Consider Your Needs and Wants

It is easy to lose track of needs and wants in a house when touring properties. For example, a buyer may walk into a truly stunning home that has been beautifully staged and overlook the fact that it does not have the amenities or a layout that are actually needed by the homeowner. Before a buyer begins house hunting, it is important for the individual to make a list of absolute needs in a house as well as desired wants.

Think At Least Three Years Into the Future

A home is not typically something that is quickly or easily sold, and there are expenses related to making it ready to sell and to selling it. With this in mind, most homeowners will not sell a home before approximately three years from their purchase, and some may not sell it for five years or longer. The home that is purchased ideally should meet the buyer’s functional needs for space as well as other defined needs now and for several years into the future.

While house hunting can be fun, it also should end with a desired result for all of the time and effort exerted. These factors all should be considered before buying an Edmonton home, and they all can help a homebuyer remain on track when house hunting. Before beginning a new Edmonton home search or as soon as possible after starting it, the buyer should think about these things.

Know that the Edmonton Home Tribe team is ready to help you at all stages of the home buying process. Wanting to explore what home is right for you? Try out our exclusive “Home Tribe Match” technology where we will show you in less than 3 minutes the best homes on the market based on your personal lifestyle.

Or contact us today to get started on us working with you exclusively to find your next Edmonton home.

Wondering who the typical millennial Edmonton home buyer is? Recently, Endeavor America Loan Services and The Money Source interviewed 5,400 Millennials in the USA and obtained the following info. Do you think these results would be similar to an Edmonton Millennial? Share your thoughts in the comments below.

This week we had the pleasure of working with a lovely couple who were looking for a bungalow in a condo complex preferably in an adult community. Further understanding their lifestyle needs we determined that certain areas of the West end of Edmonton and St. Albert would be their more ideal locations largely due to the desire to live near their children and grandchildren. Narrowing it down we went on a showing appointment and viewed 5 homes one afternoon.

I think many people hope that when they fide “the one”, they will get a super sappy moment where they will cry out and scream “this is it”, however, this is not allows the case and that is ok.  We all have a gut reaction when viewing  a home and one will typically stand out more than the rest. In this case, the first home viewed was the perfect Edmonton home for our buyers. After viewing “x” amount of homes that were “not the right layout”, “didn’t have the type of floor they like”, “not a big enough garage” etc. we went back and decided to write an offer on the first home. It felt right the first time and made an even better impression the second viewing after seeing the other options presently on the Edmonton real estate market.

In the end, the community of Dechene was the right fit.

Next steps: Helping these home buyers remove conditions and move in! Cheers to another happy home buyer.

Prices Continue To Rise As Inventory Stabilizes

We are beginning to see the inventory in the Edmonton region stabilize with new listings down over 2% from last May. That being said, there are almost 30% more listings than last year and prices are continuing to rise for all residential properties.

The average days on market compared to last year is only slightly higher at 45. This number may continue to increase over the next few months due to slower sales and higher inventory.  During the course of May 2015, residential sales began to pick up with 1,784 reported sales, a 12% increase from April that reached 1,597.

A major trend is that duplex/rowhouse  homes continue to sell quicker with a an average 4% increase year over year.  Year-to-date, residential sales are down 13%.

That being said, everyone is optimistic that the increased sales will continue as confidence in the stability of the market grows. Multiple offers are still occurring in “popular price brackets” and prices have not declined. This is very reassuring to Edmonton Home buyers.

According the stats from the Edmonton Real Estate board:

Despite a decline in all residential sales, the average sale price was $381,111 up 2.5% from May last year. Single family dwellings sold for an average of $451,312 (up 3% from last May), condos for $256,143 (up 2% y/y) and duplex/rowhouses were the only price drop at $345,659 (down 2% y/y).

“People are continuing to take advantage of low interest rates and a greater selection in the marketplace. We are moving into our busiest season for real estate.”

Ready to discuss your buying or selling needs – be sure to contact our team at Home Tribe!