The Housing Market & COVID-19
Doctors, EMTs, Firefighters, Nurses, Police & all the Support Staff - Thank you to all our front line workers for their efforts & tireless work during this exceptional time being experienced all over the world!
To combat the effects of the coronavirus outbreak on the economy, The Bank of Canada cut its benchmark interest rate by 50 basis points to 0.75%, making it more affordable for Canadians to get a mortgage. From an affordability perspective, the central bank's emergency rate cut could see more Canadians taking advantage of a cheaper mortgage rate. We are also seeing investors flee the stock market and park their money in investment grade bonds. A result of this flight to safety is that mortgage rates may be dropping. Lower mortgage rates increase the amount a home buyer can borrow, which could potentially push up prices as borrowers are able to make higher offers.
A lot of people who are serious buyers still want or need to buy a house. If they have their down payment and they have their jobs (many people had the capability to work from home already), they’re not concerned. Virtual Floor Tours & Floor Plans are there to assist both Buyers and Sellers during this time. I am available to host a Live Open House Tour and Video Conference Tours for those that are not comfortable or able to venture outside of their home right now. Sellers are putting into place steps as well to minimize points of contact (leaving lights on, leaving doors open, hand sanitizer stations, etc).
While it is too early to predict the immediate impact of COVID-19 on the spring market (or more likely a delayed spring market by 4 - 6 weeks), I still think housing in Alberta is a great long-term investment. Whatever your real estate needs are, I'm here to assist you directly.
Keep up the hand washing & social distancing (approx. 1 Costco Cart away from each other)! If you need any assistance with prescription delivery or grocery pick up, etc., feel free to contact me and I'm happy to help out.
All the Best!
Housing Affordability in Canada: 75% of Regions “Undervalued”
RE/MAX Rates Edmonton Real Estate on Affordability Scale. Edmonton real estate prices have been on the decline, with the city’s housing market ranked #3 of 16 Canadian cities when it comes to housing affordability.
Self Isolating - The Upside
With half of the world practicing self-isolation and social distancing, the reality of confinement is looking increasingly likely for us all in the near future. But staying in can be just as fun and productive as going out, with these tips to keep boredom at bay.
*EXCLUSIVE LISTING* TOP FLOOR! CORNER UNIT! CITY VIEW! This large, 2 Bedroom, 2 Bath home overlooks prestigious Saskatchewan Drive. Numerous windows and 12' Ceilings make for a BRIGHT & SUNNY suite. RENOVATED Kitchen. Additional Features include: IN-SUITE LAUNDRY, UNDERGROUND PARKING, AIR CONDITIONING, PRIVATE BALCONY, SURROUND SOUND, GAS BBQ LINE & GAS FIREPLACE!
MLS® Sales Up From Last February
- Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market for February 2020 increased 8.30% compared to February 2019.
- Single family homes sold for an average of $426,191
- Condominiums sold for an average of $212,520
- Duplexes sold for an average of$321,892
Brokerage: Re/Max River City
BUY - SELL - INVEST with PURPOSE
TOP 5% MEMBER REALTORS® Association of Edmonton 2017, 2018, 2019
*Based on qualifying volume and/or units for 2017, 2018 & 2019
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