The Home Tribe Real Estate Blog

When it comes to adult living, this 50+ condo offers both convenience and style. Located in The Estates At Lakeside, unit 374 features a unique layout including 2 bedrooms and a den. White cabinetry in the kitchen makes it both bright and open. Close to the future LRT and easy access to both 66th street and 50th street, this home is ideal for those looking to downsize their space without downsizing their life. Be sure to check out this Edmonton condo now!

Call Elisse & Caitlin today to view 587-400-SOLD (7653)

Over the last year, the very definition of what an Edmonton Adult Condo (in Alberta) has changed drastically. Until now, there was no legislative precedent in terms of what could or couldn’t be done when it came to set age restrictions in a condo. The NDP bill is designed to provide “families with children housing options in the new year if proposed changes to Alberta’s human rights legislation are passed”. The proposed bill includes some key aspects that are extremely important to keep in mind if buying an Edmonton condo is something you are considering this year.

Not All Edmonton Condos Will Be Affected

There are some exemptions to this bill. Most importantly, Edmonton condo buildings can set an age restriction of 55+. This is good news for many of our clients who are interested in downsizing and moving into the condo life while benefiting from neighbours in a similar age and life demographic.

The Bill Won’t Change Your Life Anytime Soon

For those condo owners that have bought into “age restricted” buildings such as 18+, these new rules will not come into effect for another 15 years. According to Hugh Willis, spokesman for the Canadian Condominium Institute in northern Alberta, he believes that the “15-year transition is a “common-sense compromise” for owners who will have to decide whether to switch to a seniors-only building or open up to families with children”.

What This Means To You

When buying an Edmonton condo it really comes down to your life over the next 5-7 years. This is typically the amount of time one owns a property so it is important to factor in all potential lifestyle factors. When my husband and I purchased our first home, which is a condo, we too had to make the decision of whether we would be okay with buying a condo that had age restrictions in place. While we didn’t know when we would consider having children, it still was in the back of our minds and I am honestly so happy we decided to purchase in a condo building that would allow us to grow as a family if we chose. We welcomed Harrison into our life 1.5 years ago and are still so happy that we made the choice of living in a condo that would welcome our son.

No one can predict the Edmonton Real Estate Market and if we had been forced to move when I found out we were pregnant with Harrison, it would not have been ideal in our lives both from the market factor but also our preference for the downtown life.

During this time though, I have also had the amazing opportunity to work with many incredible seniors (some of my 80-year-old clients) who are so full of life. For them, it was important to find a place that offered a more low maintenance style living alternative, but also a place where they could connect with like-minded individuals. Ultimately, we found them great properties in 55+ buildings where group outings, holiday gift exchanges, and card games were the norm.

At TruHome, our goal is to get to know YOU our clients and truly understand what is important in your lives. From here, we can match you with the right property.

We met the sellers through our awesome lead developer and from the start of listing, to offer, to sold, they were amazing clients to work with. We got to have a lot of fun in our marketing efforts including our “Sister Act” video tour.  1 week after launching our video and promoting it online, we negotiated a sale at 98% list. Every time we get to put a SOLD sticker up is a great day, but more so because of our seller, Cassie, was able to help up us put up the SOLD sign.

Menisa is a community in the South East region of Edmonton providing easy access to 66 street and the Anthony Henday. Our clients loved living here as they felt it was a great community to raise a family with schools and parks nearby. View all homes for sale in Menisa.

Want to learn more about our marketing efforts on how we can get your Edmonton home to SOLD – book a Free Edmonton Home Evaluation to learn more.

This past month, according to Airbnb, Edmonton made the list of top trending destinations for rentals, ranking in 3rd behind Ganagneung, Korea and Bournemouth, UK. Only 2 Canadian destinations made the top 20 list with Fernie, BC at number 17. Our new ranking indicates Edmonton has seen a 284% increase in bookings¹! Wow. Edmonton? From someone who has personally benefited from renting out income properties with this particular service, here’s what I’ve learned.

Edmonton Property investors have typically maintained two means to make rental income:

1. Long-term rentals, usually for 1 year or more.  A typical one bedroom Edmonton condo could yield around $1000.00 per month.
2. Shorter Term Rentals. These would typically be between 3-6 months and usually are furnished. A 1 bedroom would rent at around $1200.00 per month.

But now, property investors can choose services like Airbnb.

A typical night stay in an Airbnb in Edmonton, for a 1 bedroom condo (not shared accommodation) works out to an astounding $100.00 per night on average².  Add cleaning service fees and you are looking at typically $120.00/night with average utilization being 80% – you are now making around $2500 per month.  Sounds like a no-brainer right?

Well, we would love to say yes, but there are some considerations prior to jumping on the Airbnb train.

Are you allowed to Airbnb your Edmonton Condo?

By owning something, it is natural to think that you can do what you want; however, when you sign on to condo living, you are also agreeing to the condo associations bylaws. In many condo buildings in Edmonton, you will find a clause in the bylaws that advises that short-term leases are not permitted. Airbnb rentals are by the night, and most travellers usually average 3 nights or less, this, by definition, would not be allowed.

In this case, you can consider pursuing the Airbnb rental or you can look at ways to change your condo bylaws.

If you pursue moving forward with renting your Edmonton condo via Airbnb, please consider the following:

• The condo board may consider taking legal action against you.
• The board can deactivate your key-fobs, thereby making it difficult, if not impossible for your Airbnb tenants to get into the building.
• The board can deny access to the building and/or your unit to anyone attempting to occupy the unit in violation of the short-term lease rule.

If your condo association is limiting your options for renting out your YEG pad, you can work with the owners in your building to consider changing the bylaws to be more inclusive of rental agreements like Airbnb. This could be a long process as it can be difficult to change the bylaws of a condominium. The reason for this is that it requires approval from 75% of the total unit factors (residents) in order to be able to change, withdraw or replace, through a special resolution, a bylaw.

Change can happen. It does take time and a willingness from all parties it will affect. To influence change or help in decisions within your condo, we always recommend joining the board and becoming a part of the process.

Consider what CRA will want from you…

Using Airbnb could result in your yearly tax accounting getting more complicated since it is situated in a bit of a grey area from a taxation perspective. The government may consider your use of Airbnb as essentially operating a mini (very mini) hotel. Due to this, they may expect you to charge and remit taxes just like any other commercial operation.

Depending on your municipality and local rules, there may also be local hotel taxes that are expected go to the city that you would technically be responsible for collecting.

So what can you do? Be aware. Talk to your accountant about implications from a tax perspective sense. Read the condo bylaws and ask questions before you buy. Research the rules surrounding Airbnb from the municipal perspective.

Be sure you have the right insurance in place

Chances are your standard insurance policy does not include the use of services like Airbnb.

If something ever happened in your unit and you need to make a claim, or worse, if something ever happened to someone in the unit and you were being sued, your insurance company may not cover you if they found out that the occupant was from Airbnb.

Keep in mind, Airbnb does offer Host Protection Insurance in Canada, so be sure to read up on what it offers and how it can work with your own personal insurance to protect your assets. Talk to your insurance company and determine with them how they can work with you.

Conclusion: We agree Airbnb is great. Just put in the time to prepare your unit and determine if Airbnb is the right choice for your investment strategy.

At present time, perusing Airbnb.com you can see there are dozens of landlords using the website to rent out their condos downtown. Similar to the conflicts of Uber, Airbnb also needs to be looked at from a personal level, a condo level, a municipal level and a provincial level.

The fact that Airbnb usage is so high in Edmonton reflects that there is a need and desire for it in our marketplace. The question is, how can Real Estate investors navigate the world of Airbnb to ensure they are staying within the law and protecting their future cash flow in a positive way?

At present, the safest way an Edmonton real estate investor can use Airbnb is by pursuing home purchases that sit outside of condo regulation. There are great options, especially in mature areas of Edmonton (Westmount, Inglewood, Forest Heights, Ritchie etc) that offer homes with legal basement suites or attached home styles that are priced at similar rates to typical condos in the core.

Chat with our team to discuss your investment needs. We are here to help you navigate the Edmonton real estate market better.

Caitlin Heine,

TruHome Advisor

Caitlin Heine, your TruHome Real Estate Advisor has been using the services of Airbnb for years both in Edmonton and Vancouver. She understands what it means to invest in Edmonton Real Estate and strategies to navigate positive cash flow.

More information here:

https://www.ahla.ca/wp-content/uploads/2017/09/Edmonton-AB.pdf

¹ http://edmontonjournal.com/news/local-news/edmonton-is-a-trending-global-travel-hotspot-airbnb 

² https://www.airbnb.ca

*We are not affiliated, associated, authorized, endorsed by, or in any way officially connected with Airbnb, or any of its subsidiaries or its affiliates. The official Airbnb website can be found at http://www.airbnb.ca The name “Airbnb” as well as related names, marks, emblems and images are registered trademarks of Airbnb.

The best part of our job is when we get to work with super awesome clients. This holds true with helping our buyer move into this awesome home in Magrath Heights. First of all, this neighbourhood is such a wonderful gem located in Southwest Edmonton. The house itself is an attached single family home – meaning no condo fees with little to no daily exterior maintenance. Located only a couple blocks from the park and right along the Larch Sanctuary, this is a perfect place to call home for families and nature lovers.

If you are looking to buy a home in Magrath Heights or sell your home – be sure to give our Edmonton real estate team a call.

Thank you for making our 2017 such an amazing year. We can’t wait to keep working closely with all our clients new and old this year. A happy new year to you and all your loved ones. Here’s hoping your 2018 is filled with wonder, excitement, and all that you wished for this year.

Sincerely,

Elisse, Caitlin & Your TruHome Team

P.S. We always appreciate a referral – your trust in us and recommendation of our services to your friends and family means the world!

Okay, after stuffing ourselves for the holidays, it’s time to start thinking about what’s for dinner next year. Is it just us, or have you noticed an increase in vegan and vegetarian options in Edmonton? The city is finally getting some recognition for our most creative and seriously delicious eateries, but what about the new vegan spots diversifying Edmonton’s offerings? These spots are worth a visit whether you’re a vegan or just looking for something new in YEG.

Arcadia

The utopian dream lives on! Arcadia focuses on Alberta beer, good music, meat-free offerings, and conversation. And, they do a pretty good job of it. It’s an awesome idea grounded in socially conscious community development. Their space is great (kid friendly til 8) and it’s contributing to the incredible growth of 124th street.

Here’s what you’re going to do; check the next concert date, text your homebody friends to make plans, layout evening clothes for your homebody friends so they have something other than pyjamas to wear, eat a late lunch, get to Arcadia, order a Fahr North Dunkelweizen and the 124 Street Nachos (complete with Sailin’on coconut bacon), lather, rinse, and repeat until satisfied. You’ll pick up on the vibe quickly and get to experience life on the good ship Albion.

Die Pie 

Can you ever get enough pizza? No. Not up for discussion. That’s why we’re just as excited to see Die Pie bringing plant-based pizza to Jasper Ave. Mari Toni Gerner, Elisse’s sister in law and plant-based culinary expert, tells us that one of the most difficult ways to introduce people to plant-based food is to replicate something they are really familiar with. But, Die Pie is definitely up to that challenge. It all comes down to the vegan cheese. I know there are some pizza aficionados that cringed reading that, but stick with us. This is vegan cheese made by Die Pie in their downtown kitchen (available for purchase I might add). It’s delicious and perfect for their pizzas.

Just try it. They’re set to change the pizza game in Edmonton. Don’t miss out.

The Moth

Yay! Development in the Quarters. It has definitely taken some time but we are happy to see that the area will host Cafe Mosaics’ new venture, The Moth. The restaurant looks stunning, and if you’ve been to Cafe Mosaics, then you know you can expect the food to be worth the visit.

The Moth is trying to highlight raw and nutritious ingredients at a price more people can afford. Again, it seems to be about servicing the community and trying to be a hub for Edmonton’s inner city residents. If you’re in the neighbourhood, check out the Moth and let us know if it lives up to the hype!

It seems the underlying concept of socially conscious community development is pretty consistent across the board. These are Chefs and Entrepreneurs doing purposeful work to help Edmonton grow. If you’re looking to try something new, or you just saw OKJA, send these places some love. Without them, we’ll just keep seeing the same stale restaurants and we’ll never get to see what Edmonton could become.

Good Eating Edmonton,

TruHome

!Shout out to the originals who laid the foundations for vegan Edmonton!

Padmanadi’s (2002)

Cafe Mosaics (2011)

Noorish (2011)

Buckingham (2013)

Every winter, after the first snow, I start to get excited about Christmas. I think to myself, “this year I’m going to be on top of all my shopping, get everything done online, and just hang out in my warm house waiting for Amazon to do the work for me”. And then, every year, I find myself gambling with delivery times or running around town trying to find cute independents where I can buy great last-minute gifts while avoiding the malls. This year is no different, so I’m going to capitalize on it and spread a little holiday love. Here are some of our must-visit local shops for the new year (or if you’re like me, now, quickly, before the 25th).

Westmount Soap Company

Westmount Soap draws inspiration from the freshest neighbourhoods in Edmonton. They are all about natural ingredients that create soaps that are gentle on the skin. I’m starting out in my neighbourhood – Ritchie – and then exploring up from there. Everything smells so good and the soaps really don’t feel harsh at all. After the dust settles on the holiday season, pick yourself up some soaps, settle in for a relaxing bath, and explore the city. It’s a low effort Edmonton tour.

You can find the Westmount Soap company at the 124th Grand Market and in a few craft fairs in 2018.

Or Visit Them Online At WestmountSoapCompany.ca

Alberta Craft Council

If you’re looking for something unique and produced in Alberta, you need to visit the Alberta Craft Gallery. There is so much to explore and yes, the pieces are for sale. You could get lost for a day in the glasswork, woodwork, pottery, fibre art, jewelry, furniture and home accessories from over 150 artists. I like my gifts to have a story attached to them. This place is perfect for unique home decor. It’ll also make you feel good about yourself for supporting local artists and any shop that can do that is worth a visit.

They have locations in both Edmonton and Calgary. If you want to learn more about the work they’re doing, talk to someone in the store or visit Alberta Craft Council online.

Bear Cat and Bimbo

Bearcat & Bimbo is all about reclamation and repurposing. Elisse has personally known one of the founders, Dan Hallett, for a long time and is not surprised by the awesome creativeness that he and his partner bring to the craft. They do amazing lighting and home decor using unconventional materials. Pick up something interesting for your home or as a gift. These pieces are anything but generic, so at the very least, you need to see some of the work they do. You can check it out on their Facebook or Instagram accounts. They also do custom work if you’ve got something else in mind.

The Colombian Mountain Coffee Company

Coffee! What’s better than that? Coffee with a story. This beautiful couple, Kristin & Santiago Lopez, is bringing their family tradition to Canada and as result of their hard work, we get to enjoy this incredible coffee. We first met them in the salsa world and we are so excited for what they are bringing to the Edmonton coffee scene. The coffee is roasted here in Alberta and if you’ve been lucky enough to encounter this company, you know how good it is.

But, it’s not just about the coffee. It’s more purposeful than that. In addition to visiting the farms that source their roastery, they work to ensure that those farms and co-ops are paid fairly. It’s pride and hard work resulting in a product that’s easy to get behind. Keep a lookout for these two in the coming year including the launch of their new “brick and mortar” location right near Vi’s for Pies.

You can also catch them around town various weeks, be sure to check out their online here.

Edmonton Made

Want to find more local businesses doing great work in Edmonton? “Edmonton Made strives to enhance the exposure of locally based businesses and to make it easy to shop local and find distinctly Edmonton products and experiences. Edmonton Made helps local entrepreneurs tell their stories, grow their audiences, and connects them with the resources they need to be successful.”

Visit the gift shop online at EdmontonMade.com 

Happy Holidays Edmonton!

We want to take a second to thank all of the great people in our community (Edmonton) who make our lives so great. You all make what we do more enjoyable and that keeps us working hard to come up with new ways to better help our clients when it comes to buying or selling Edmonton Real Estate. We look forward to 2018 and hope that we get the opportunity to work with some of your nearest and dearest in their next yeg home hunt or sale – we are always so appreciative of the referrals we get and the trust we have earned. We can not thank our wonderful clients/friends enough!

We also wanted to thank everyone who made it out to this year’s Plaid & Pine Holiday party. And, to those who missed it, we can’t wait to see you next year! (the holiday party photos are now viewable here – be sure to share, like and tag).

This years party was held in support of Sorrentino’s Compassion House. They are doing valuable work for women who need to travel for cancer treatment in Edmonton. The home is so caringly designed and maintained. Everyone deserves to feel at home and safe which is why this organization spoke to us. It really is a haven for so many that would otherwise have to endure much less supportive environments during their treatments. With your help, we managed to raise $700 dollars for their cause. Thank you! Over the year we have also donated a portion of each real estate transactions earnings towards the Children’s Miracle Network and the Realtors Community Foundation (who directly helps hundreds of local charities a year).

All of this wouldn’t have been possible without our generous sponsors. Another huge thank you to River City Financial and Murray & Stadnyk Law. If you’re in need of a mortgage broker or any legal services, we highly recommend both of these organizations. We work frequently with them both, and the experience has been so overwhelmingly positive. We are also extremely appreciative of the generous donations from the Edmonton Oil Kings and the Edmonton Prospects Baseball Club.

River City Financial believes in financial education, we think that is where the power is. We’ll help you get ready for the next steps of home ownership and understand what you can afford.

Murray & Stadnyk Law specializes in corporate commercials, real estate law, wills & estates. Our team of dedicated, experienced lawyers and administration will handle your file in a professional timely manner.

Thank you all for a great year. Happy Holidays from our family to yours! Stay in touch: 587-400-7653

Elisse Moreno, Caitlin Heine & The TruHome Team

We all dream about our perfect home, the one with open concept, bright and spacious rooms beautifully laid out with that living room set you saw at Restoration Hardware. You can almost hear the leaves sway gently as you step out the front door onto that beautiful tree-lined street in Ritchie. Then, you wake up, in front of some headline about Canada’s new mortgage “Stress Test”, and reality sets in.

Don’t Panic. It may not affect you and even if it does, you’re the resourceful type after all. You know how to stretch a budget and now you’re remembering that perfect living room set you saw at Structube. Everything is going to be okay.

Here’s What You Need to Know

On January 1, 2018, all buyers that are ready to buy a home with a 20% down payment or greater, that are used to today’s way of qualifying for a mortgage, won’t be able to receive as many mortgage dollars as they thought they might be able to. This new “Stress Test” being implemented will reduce your borrowing power by 25%. It will also apply to refinancing a home and will reduce your refinancing ability by 25% compared to today. There’s still time to avoid these changes. If you’re considering buying in the near future, speak to someone today to see if this will affect you.

Mortgage qualifications are changing on January 1, 2018, and you can expect more adjustments to rates and qualifying factors coming soon.

A Bit of the WHY Behind These Changes

Over the last year, we have seen a few changes to the way mortgages work and people apply. The first Stress Test implemented in the summer of 2017 was done so to reduce the purchasing power of high ratio buyers (buyers with less than a 20% down payment). This was done to be sure buyers could easily afford and renew their mortgage in an economy where house prices may be high and rates are going up.   

As of January 1st, 2018, the new Stress Test will apply to conventional financing, (buyers with a 20% down payment or more). This stress test will look a little different. For a buyer with 20% down, the Stress Test says that all lenders must qualify the borrower(s) at the Benchmark Rate. The Benchmark rate on the day of this writing is 4.99%

As mortgage Brokers, we have a formula that takes the interest rate into account along with your debt and your income and we produce a mortgage number that falls within an acceptable range of your borrowing opportunity. It is important to know that your contract rate is different than the Benchmark rate. That means the contract rate for your mortgage with good credit, a good job and an acceptable down payment and all things looking great would likely be between 2.99% to 3.09% for a five year fixed term. And this is the rate that your payment would be based on. ( so this is good) BUT…

As of January 1st 2018, buyers with a 20% down payment or more or that have equity in a home and are refinancing must qualify for a new mortgage or refinance at the greater of the Benchmark rate which at the time of this writing is at 4.99% or an interest rate 2% higher than the contract rate that your payment will be based on. This qualifying procedure will reduce your purchasing/refinancing ability by 25%.

Why did the rules change…well, the Federal Government is saying that rates are on the rise. They are also trying to control the overpriced housing market in the bigger cities like Vancouver and Toronto and we all have to follow suit.

The current stress test reduces a new buyer’s purchasing ability by 20% and the Stress test being implemented Jan 1st, 2018 reduces a conventional buyer’s purchasing ability by 25%. So, I can tell you that you could have had a bigger mortgage last summer but those days are changing.

Don’t Panic

Times have changed, but what has not is that owning a home is a fabulous asset in your financial portfolio, and often, an appreciating asset at that! Start shifting the rooms in your dream home and be prepared to get creative. Keep planning and dreaming about home ownership! Owning that home of your dreams is very, very possible. It just might take an extra step to get there.

At River City Financial we believe in financial education, we think that is where the power is. Yes you can still get a mortgage for your new home easily enough and yes you will still find stylish furniture that will fit into your new Edmonton house. Things are just a little tighter in the financing world today than yesterday, and your furniture will still look great in your new place!

Come chat with us at River City Financial and we will a have a full conversation and help you make the best decision for you. Anyone on my team at River City Financial will help you get ready for the next steps of home ownership and understand what you can afford.

Yvonne Wilchewski

River City Financial, Broker/Owner

CFF Bank Center, Owner

Yvonne Wilchewski is an accredited mortgage broker in Edmonton, Alberta. With over 20 years of experience in the Mortgage Industry, she offers mortgage ideas that will be profitable for you and your family. River City will strive to get you the best rates possible along with the best product for your specific mortgage needs.