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Todd & Danielle Millar

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This And That

05-08-08
Todd & Danielle Millar










What Edmontonians think about the real estate market - "Eventually my house will be worth more than I paid for it. Until then I am enjoying being my own landlord. I am here for the long haul." Terry

Province promotes environmental hotline -"We have the rapid-response team, we have the emergency personnel, we have the expertise and we have the capacity to deal with it, (environmental issues)"Environment Minister Rob Renner

Alberta can handle oil-price drop: economist -"Companies are investing very prudently right now and can still make good money at $70 a barrel,"Peter Hall, economics vice-president of Export Development Canada.

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Edmonton Is Still A Deal

04-29-08
Todd & Danielle Millar

You wouldn't think so with all the negative news and complaining that goes on but compared to other major Canadian centers Edmonton is a bargain for housing and cost of living.

"With health-care premiums being eliminated next year in the latest Alberta budget, Albertans, new and established, have one more reason to feel they live in one of the most economical areas of the country. Housing prices have softened a little in the past few months, but recent figures show the average home in Edmonton is selling for $353,000. According to MLS listings, in Greater Vancouver a similar home sells for $581,000 and in Toronto, homeowners are paying $366,000. Calgary is considerably higher at $436,000. Rents vary widely, too, with Vancouver advertising one-bedroom apartments at $1,500 a month and up, and Toronto offering a similar suite for $1,250 plus utilities. Meanwhile in Edmonton, a one-bedroom apartment just west of downtown can be obtained for $895 per month on a one-year lease. When you consider the province has no sales tax and an annual economic growth rate of 5.5 percent, Edmonton continues to attract Canadians from all over the country. And the outlook is promising as projects worth billions of dollars are being planned in northern Alberta, which will keep the area in the centre of economic development. Everything considered, it’s a pretty economical city, and combined with great entertainment at more than 30 festivals a year, wonderful sports facilities, and almost-unlimited employment opportunities, it’s a great place to live and work, too." Heather Andrews Miller For Metro Edmonton

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Balanced Market Let's First Time Buyers In

04-24-08
Todd & Danielle Millar

Last year when prices in Edmonton rose close to 50% first time buyers were afraid they would never be homeowners. The frenzy that resulted in "conditionless" contracts, bidding wars and listings on the market for mere days left a lot of people feeling out of control in their buying. The attitude was buy it now or never see that chance again.

However since the market has cooled a little buyers can take there time picking a choosing deals. They can have terms that protect them or help them buy more easily.

"With the best selection of homes listed for sale in years, entry-level buyers have the luxury of time on their side,...""No longer forced to act in haste, first-time purchasers can make offers conditional on financing and home inspections." RE/MAX

We are certainly able to pick and choose the properties we are buying now and with better terms and a lot of room for negotiation. It's a nice time to buy.

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Oh Look, Someone Else Discovered Alberta!

04-22-08
Todd & Danielle Millar
This great nugget is from www.marketwatch.com:

"A boom of unprecedented dimensions is sweeping Canada's spectacularly scenic western province of Alberta, the Texas-sized territory with a population of 3 million that is home to a pair of world-class cities -- Calgary (population 1.2 million) and Edmonton (population 1.1 million)." Marshall Loeb, Market Watch

It doesn't matter what the Edmonton property market does in the short term because all the international investors who are coming to Alberta, Canada are looking at the long-term. That is how the "strong hands" do it. For more information on Alberta Oilsands click here

But I leave you with this:

"Canada has rather rapidly become the largest supplier of oil to the U.S. Alberta is producing more than 1 million barrels of so-called synthetic oil a day, and the province is sitting atop the largest petroleum deposit outside the Arabian Peninsula (as much as 300 billion recoverable barrels).
As a result, the economy of Alberta since 2002 has been growing an average 12.2% annually. That's not far from China's average, 14.8 %. In the past decade, Alberta's per-capita GDP has almost doubled, to $66,000.
Demand for labor is so intense that Alberta has basically run out of people. Fast-food emporiums, for example, are closing down because managers cannot find folks willing to work for their modest wages." Read More
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So It's Not Just An Edmonton Thing

04-18-08
Todd & Danielle Millar
Sales are falling across Canada while listings are surging in western Canada. Could it be the record cold winter where people just weren't interested in checking what was on the market? I think in Edmonton it's a lot of investors testing the water to see what the property they bought last year is actually worth or what they pull out with.

“Canada's six-year housing market boom is officially over. Aside from a few choice prairie locales, sales are melting faster than this year's snowpack,” Douglas Porter, deputy chief economist at BMO Nesbitt Burns

I'm not sure I agree with that blanket statement but I know this year is not the year to put your house on the market. Talking with a friend the other day she was certain she could get $450,000 for a property in Edmonton that frankly would pull 25% less with buyer incentives (vendor take backs, assumable etc). Her local "real estate expert" said put the house on the market and you will get whatever you ask.

Seems like a good example of why sales are dropping; with expectations like these no one will close the deal.
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