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Old
12-01-2009, 10:09 PM
  #1
mvprimate
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Housing in Edmonton

Hey everyone,

I just got the news that i am going to be moving back to Edmonton. I am hoping to buy my first house/condo. I was wondering if anyone can give me any insight on how the market is right now. Is it a good time to buy? Any advice on neighborhoods? I will be working on the northeast end of town but have always lived near the University so i could use some advice.

Thanks

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Old
12-01-2009, 10:24 PM
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Alex87
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Yeah, pretty good time to buy now. Interest rates are low and the housing market has definitely taken a downturn in the last year. I would much rather live south of the river in most cases, but there are definitely some deals to be had if you're willing to live in the northside.

I know there are a couple real estate agents that post here... I'm sure they'd be able to help.

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12-01-2009, 10:30 PM
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Thrill22
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market picked back up last year - reasonably priced housing went quickly, most with multiple offers (my wife is in real estate - so i get all the sob stories coming up to winter, the market usually slows down - but as usual, properties around the UofA are still overpriced and still selling - that being said, from what i've learned from half-listening to my wife, you should be able to get a fair number of properties in any neighbourhood this time of year - from castledowns to clairview if you're working in the NE - not sure this helped...

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Old
12-01-2009, 10:31 PM
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Not sure about your economic situation but it may be worthwhile to be cautious, many people believe a correction is coming which would be especially painful for typical first time buyers(5%35years)

http://www.theglobeandmail.com/repor...rticle1365253/

http://www.greaterfool.ca/

*This site is probably common knowledge but...
http://www.realtor.ca
The map function is great for browsing.


Last edited by NoLocus*: 12-01-2009 at 10:41 PM.
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12-01-2009, 10:36 PM
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Quote:
Originally Posted by Thrill22 View Post
market picked back up last year - reasonably priced housing went quickly, most with multiple offers (my wife is in real estate - so i get all the sob stories coming up to winter, the market usually slows down - but as usual, properties around the UofA are still overpriced and still selling - that being said, from what i've learned from half-listening to my wife, you should be able to get a fair number of properties in any neighbourhood this time of year - from castledowns to clairview if you're working in the NE - not sure this helped...
Hmm, your wife must work in a different market than I do. Last year(August on) the market crashed and the market was saturated with houses for sale.

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12-01-2009, 10:41 PM
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12-01-2009, 10:49 PM
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Originally Posted by Gforce33 View Post
Hmm, your wife must work in a different market than I do. Last year(August on) the market crashed and the market was saturated with houses for sale.
not sure - think she closed 20-something this year - maybe just fluke? maybe lots of return business? - heh, maybe i should check with her before i post ... or else actually listen to her drone on about real estate... nah

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12-01-2009, 10:51 PM
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isn't that right by westmount, bugg? had some friends that lived (where i think that is) there...

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12-01-2009, 10:57 PM
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isn't that right by westmount, bugg? had some friends that lived (where i think that is) there...
Yep. I can see it out my back door.

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12-01-2009, 11:05 PM
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Originally Posted by Mr Bugg View Post
Yep. I can see it out my back door.
Weird...so can I.

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12-01-2009, 11:20 PM
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Originally Posted by Thrill22 View Post
not sure - think she closed 20-something this year - maybe just fluke? maybe lots of return business? - heh, maybe i should check with her before i post ... or else actually listen to her drone on about real estate... nah
This year started slow, but the last few months have actually been really good! And yes, return business is where it's at in this market thats for sure. Good for her!

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12-01-2009, 11:29 PM
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I can see it out my back door as well...

But that's because I put my computer monitor outside.

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Old
12-02-2009, 12:41 AM
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MerryJ99
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here is a site more related to Edmonton.... www.ereb.com it has all of the latest information on the Edmonton Market. Click on any of the links there. This is the latest on Market trends http://www.ereb.com/MarketActivity/L...tAnalysis.html It is the most statistically correct site IMHO.

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Old
12-02-2009, 01:21 AM
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I can see it out my back door as well...

But that's because I put my computer monitor outside.
i LOLed

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12-02-2009, 07:35 PM
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Spiff The Spaceman
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Originally Posted by mvprimate View Post
Hey everyone,

I just got the news that i am going to be moving back to Edmonton. I am hoping to buy my first house/condo. I was wondering if anyone can give me any insight on how the market is right now. Is it a good time to buy? Any advice on neighborhoods? I will be working on the northeast end of town but have always lived near the University so i could use some advice.

Thanks
Worst time to buy - prices are sky high overpriced and interest rates jumps are coming....


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12-02-2009, 07:45 PM
  #16
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Quote:
Originally Posted by mvprimate View Post
Hey everyone,

I just got the news that i am going to be moving back to Edmonton. I am hoping to buy my first house/condo. I was wondering if anyone can give me any insight on how the market is right now. Is it a good time to buy? Any advice on neighborhoods? I will be working on the northeast end of town but have always lived near the University so i could use some advice.

Thanks
If you plan on staying at your job in the NE I would not recommend living anywhere on the southside, which coincidentally is where all the good neighbourhoods are.

University area is very expensive. Check out Skyview in the NE. There are some other newer subdivisions in the north end that may work too. Stay away from Beverly and Claireview. Also, watch out for the north side boys, and no Im not joking.

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12-02-2009, 08:20 PM
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Depending on where in the northeast you'll be working, you could also consider Millwoods. From somewhere like Kiniski Gardens you could be on the Henday in 3 minutes and the Yellowhead in 10.

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12-02-2009, 08:37 PM
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Depending on where in the northeast you'll be working, you could also consider Millwoods. From somewhere like Kiniski Gardens you could be on the Henday in 3 minutes and the Yellowhead in 10.
If he is going to live in Millwoods, he may as well pick Clairview. Commuting from the south to the north isnt recommended.

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Old
12-02-2009, 08:58 PM
  #19
mvprimate
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Thanks for all the info. I think I will probably just rent for a while and get a feel for where i want to buy. I will try somewhere in the northeast but considering i like to go down whyte, river valley, etc I may have to just bite the bullet and handle the commute.

Plus, from living in south texas, seems like the bang for your buck is pretty low in edmonton. A house down here that sells for 100k is a 250k house in edmonton.

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12-02-2009, 09:00 PM
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Originally Posted by hockeyguy View Post
Worst time to buy - prices are sky high overpriced and interest rates jumps are coming....

Don't post when you are drunk.

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12-02-2009, 10:00 PM
  #21
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I think northeast Edmonton probably has the most upside of any part of the city. And surprisingly, it's quite close to the River Valley. Bannerman and Fraser are within easy walking distance.

People like to bust on the northeast end as being ghetto but that's not the case. I can remember a time not so long ago when the place to live was the west end and people turned their nose up at Blue Quill and Sweetgrass. There are some very nice, new neighbourhoods in the NE, particularly if you stay north of 137th ave.

As for the NW being dangerous, that's just talk. You can see for yourself with EPS's interactive crime map.
http://crimemapping.edmontonpolice.ca

If you check the stats for the last 60 days in Bannerman, you'll see 16 crimes were reported to the EPS. In Fraser, there were eight. In Miller there were six. Compare that with 54 in Strathcona (Whyte Ave and north), ten in Duggan, and 21 in the Hamptons and you discover that there are very few truly scary neighbourhoods in Edmonton.

Now's a good time to buy. Prices are relatively low and there are some great mortgage products available. A word of caution before you buy, though: the only way interest rates are going are up. Maybe not tomorrow, maybe not next month but they will go up in the next 18-24 months. Make sure you're able to afford whatever it is you buy if the rates go up to 8%. You can play with different amortizations and rates here -->
http://www.drcalculator.com/mortgage/ca/

I'd recommend you use a Realtor and a mortgage broker (I'm not either one of those things). The Realtor does the tedious, ugly work and just takes you around to look at property (the fun part!). Same for the mortgage broker. He/She does all the work and just finds you a great product at no charge to you.

If you buy a condo, take the condo documents to Revington (https://www.revington.net/view/7/). The website looks a little 1997 but they do great work and will explain to you if there's enough money in the reserve fund, if there's a lawsuit pending, etc.

Lastly, unless you're a contractor, get a property inspection. It's cheap peace of mind.

Good luck!

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Old
12-02-2009, 10:17 PM
  #22
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North Edmonton has a lot of nice neighborhoods to choose from. If you want to live in the NorthEast, Hollick Kenyon and Miller are excellent areas with nice condos and half-duplexes.

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12-03-2009, 08:05 AM
  #23
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Originally Posted by Daryn Duliba View Post
North Edmonton has a lot of nice neighborhoods to choose from. If you want to live in the NorthEast, Hollick Kenyon and Miller are excellent areas with nice condos and half-duplexes.
Isn't a half-duplex really just a "plex"... ?





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12-03-2009, 08:38 AM
  #24
Spiff The Spaceman
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Originally Posted by Reimer View Post
Don't post when you are drunk.
I am the most sober person here. You are probably comparing prices to 6, 12 or 24 months ago. With interest rates ready to raise, prices are ready to pop...


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Old
12-03-2009, 09:28 AM
  #25
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Quote:
Originally Posted by hockeyguy View Post
I am the most sober person here. You are probably comparing prices to 6, 12 or 24 months ago. With interest rates ready to raise, prices are ready to pop...

He's right. Edmonton housing is sitting on a deflating housing bubble, which was fueled by historically low interest rates.

If you're willing to buy into today's market, I wish you luck. You'll need it.

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