edmonton new home guide - jul 31, 2015

July 31 - Aug 28, 2015 Volume 27 Issue 08

Edmonton Edition

INSIDE THIS ISSUE

WHY EDMONTON ISA REAL WINNER

WHAT DOES THE INTERESTRATE CUT MEAN FOR YOU?

TIPS TO HELP YOU BUYYOUR FIRST HOME

The Family-fun-time Stage.If this is where youre at in life, the Servus Life Stage Mortgage

can give you a little extra money for a beach vacation, road trip

or anything else you need to make family time, quality time.

See how you can own a home in any stage of life. Visit servus.ca/mortgages.

Personal | Mortgages | Investments | Loans | Insurance | Business Feel good about your money.

PROFIT SHARE1% LIFE STAGE REBATEMORTGAGE RATE

Ad # P55129_Mortgage_A 03 Jun 2015 0928 100% APPROVED BYFILE NAME FLAT TRIM DA COLOURS BIG AD/CDP55129_Mortgage_A.indd 7.5 x 10.5 in tp C M Y KCLIENT BLEED AD PIC INFO

Servus 8 x 11 in cl vectorWRITER PROD

DOCKET LIVE PR FONTS

KSE COR P55129 6.75 x 9.75 in bs EffraDESCRIPTION VERSION PAGE SEPS RUN OUTPUT

2015 Mortgage Magazine Print 6 of 6 PROOFREAD CLIENT

PUB NOTES

New Home Guide Size A

DDB CANADA 1600 777 HORNBY STREET, VANCOUVER, BC, CANADA V6Z 2T3 T 604 687 7911 F 604 640 4344

Whether youre renting or buying,fi nding your next home has never been so easy.

startyour search here.

7 3

2

1

6

5

4

STYLE IS MORE THAN SKIN DEEP

DURABILITY DRIVES VALUE

SUSTAINABILITY MAKES SENSE

EFFICIENCY IS IMPERATIVE

PRECISION ISPARAMOUNTSTRENGTH MATTERS

HEALTHY HOMES HELP YOU

The expression of style through the most visible layer of a home is very important. Our in-house team of cutting edge professional Interior Designers ensure that every Landmark Home has sublime style. But, just like people, the most beautiful homes are gorgeous inside and out. We love putting the stylish finishing touches on our homes because they express the beauty of whats inside them: strength, efficiency, durability, health, precision and sustainability.

A home is your largest investment. You can live in a durable home for much longer with minimal maintenance costs, and enjoy a home that shows little wear and tear. Millimetre precision (from building with cutting edge technology without harsh outdoor weather or human error) as well as unmatched strength (through spray foam insulation and engineered lumber) is key to a durable home.

Sustainability means that all humans and natural systems can continue to have living conditions and enough resources to flourish forever. We build homes that last using building methods that are easy on the earth, like sourcing safe local materials that last, minimizing construction waste and demand for natural resources, and crafting homes with reduced energy demands or that produce their own energy using solar power!

Energy efficient homes use minimal energy to stay very comfortable. Triple pane low-e argon filled windows combined with spray foam insulation make a great building envelope. A Heat Recovery Ventilator (HRV) and Tankless Hot Water System are also key technologies. Energy efficient homes create a win-win-win: for the earth, your pocketbook, and your familys comfort.

The precision with which each part of your home fits together has a huge impact on how well it can function - from keeping the air healthy to minimizing energy requirements. A homes every piece and part needs millimetre precision. This requires talented people doing their best work with the help of leading edge technology like climate controlled building space, robotics with millimetre precision, mechanical muscle, and engineered lumber. People plus technology create a home of uncompromised quality.

The materials and process used to build a new home dramatically affect the strength of that home. Make sure your home starts with a strong foundation built to the unique needs of the lots soil. Then, be sure to use engineered lumber throughout the home, and add spray foam to the walls to strengthen them further.

Air pollution, radiation from technology, and toxins in our food and body products give our bodies enough work. Why not lighten your bodys load by having a home with a great building envelope that protects you from outdoor pollutants and allergens? Also make sure your homes building OSB is free of carcinogenic urea-formaldehyde, only use water based lacquer, and choose paints and grouts low in VOCs. Additionally, opt for spray foam insulation, as it mitigates mould growth.

LandmarkHomes.ca

A New Performance Benchmark for the Industry

KEY FACTORS FOR LEADING EDGE HOMES7

its whats inside

The Family-fun-time Stage.If this is where youre at in life, the Servus Life Stage Mortgage

can give you a little extra money for a beach vacation, road trip

or anything else you need to make family time, quality time.

See how you can own a home in any stage of life. Visit servus.ca/mortgages.

Personal | Mortgages | Investments | Loans | Insurance | Business Feel good about your money.

PROFIT SHARE1% LIFE STAGE REBATEMORTGAGE RATE

Ad # P55129_Mortgage_A 03 Jun 2015 0928 100% APPROVED BYFILE NAME FLAT TRIM DA COLOURS BIG AD/CDP55129_Mortgage_A.indd 7.5 x 10.5 in tp C M Y KCLIENT BLEED AD PIC INFO

Servus 8 x 11 in cl vectorWRITER PROD

DOCKET LIVE PR FONTS

KSE COR P55129 6.75 x 9.75 in bs EffraDESCRIPTION VERSION PAGE SEPS RUN OUTPUT

2015 Mortgage Magazine Print 6 of 6 PROOFREAD CLIENT

PUB NOTES

New Home Guide Size A

DDB CANADA 1600 777 HORNBY STREET, VANCOUVER, BC, CANADA V6Z 2T3 T 604 687 7911 F 604 640 4344

Whether youre renting or buying,fi nding your next home has never been so easy.

startyour search here.

7 3

2

1

6

5

4

STYLE IS MORE THAN SKIN DEEP

DURABILITY DRIVES VALUE

SUSTAINABILITY MAKES SENSE

EFFICIENCY IS IMPERATIVE

PRECISION ISPARAMOUNTSTRENGTH MATTERS

HEALTHY HOMES HELP YOU

The expression of style through the most visible layer of a home is very important. Our in-house team of cutting edge professional Interior Designers ensure that every Landmark Home has sublime style. But, just like people, the most beautiful homes are gorgeous inside and out. We love putting the stylish finishing touches on our homes because they express the beauty of whats inside them: strength, efficiency, durability, health, precision and sustainability.

A home is your largest investment. You can live in a durable home for much longer with minimal maintenance costs, and enjoy a home that shows little wear and tear. Millimetre precision (from building with cutting edge technology without harsh outdoor weather or human error) as well as unmatched strength (through spray foam insulation and engineered lumber) is key to a durable home.

Sustainability means that all humans and natural systems can continue to have living conditions and enough resources to flourish forever. We build homes that last using building methods that are easy on the earth, like sourcing safe local materials that last, minimizing construction waste and demand for natural resources, and crafting homes with reduced energy demands or that produce their own energy using solar power!

Energy efficient homes use minimal energy to stay very comfortable. Triple pane low-e argon filled windows combined with spray foam insulation make a great building envelope. A Heat Recovery Ventilator (HRV) and Tankless Hot Water System are also key technologies. Energy efficient homes create a win-win-win: for the earth, your pocketbook, and your familys comfort.

The precision with which each part of your home fits together has a huge impact on how well it can function - from keeping the air healthy to minimizing energy requirements. A homes every piece and part needs millimetre precision. This requires talented people doing their best work with the help of leading edge technology like climate controlled building space, robotics with millimetre precision, mechanical muscle, and engineered lumber. People plus technology create a home of uncompromised quality.

The materials and process used to build a new home dramatically affect the strength of that home. Make sure your home starts with a strong foundation built to the unique needs of the lots soil. Then, be sure to use engineered lumber throughout the home, and add spray foam to the walls to strengthen them further.

Air pollution, radiation from technology, and toxins in our food and body products give our bodies enough work. Why not lighten your bodys load by having a home with a great building envelope that protects you from outdoor pollutants and allergens? Also make sure your homes building OSB is free of carcinogenic urea-formaldehyde, only use water based lacquer, and choose paints and grouts low in VOCs. Additionally, opt for spray foam insulation, as it mitigates mould growth.

LandmarkHomes.ca

A New Performance Benchmark for the Industry

KEY FACTORS FOR LEADING EDGE HOMES7

its whats inside

5

With unexpected luxury features and life-enhancing layouts, every detail of

an Averton home is created with the highest regard for design integrity and

value. From townhomes to breathtaking custom estates ranging from the low

$300s to over $1 million, Averton Homes has a home designed for you.

Visit our website at averton.ca

14 Prescott Blvd.Spruce GroveLocated at the base of Grove Drive - accessible directly from Century Road via Hwy.16 or 16A.

AN

THO

NY

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ND

AY

HWY 16

EDMONTON

ST. ALBERTST. ALBERT

HW

Y 2

ANDERSON WAY

17

0 S

TRE

ET

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HWY 16

EDMONTON


HW

Y 2

ANTHONY HENDAY

2903 Anderson CourtAccessible off of Anthony Henday Drive and Terwilligar Drive.

1303 Graydon Hill WayAccessible off of Anthony Henday Drive and Ellerslie Road.

Walking distance to a new K-9 school and 60-acre Jubilee Park.

Best neighborhood in the Southwest, within walking distance to a new K-9 School.

New showhome now open: Prestigious location in a beautiful setting in the Heritage Valley.

heritage valley

Two storey plans from 1508 sq ft to 2864 sq ft.

Call 780.638.0175 [email protected]

Two storey plans from 1804 sq ft to 3630 sq ft.Call 780.638.0174 [email protected]

Two storey plans from 1974 sq ft to 3630 sq ft. Single Family Homes from the low 500s.Call 780.638.2462 [email protected]

HWY 16A

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LIMITED TIME OFFER$399,900 including lot and gst(few lots remaining)

DONT MISS OUTFinal Phase of Luxury Single Family Homes from the low 500s

3 CAR GARAGE MODELSLegal basement suite options

averton.ca







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HWY 16

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ANDERSON WAY

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ANTHONY HENDAY






heritage valley





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averton.ca

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HWY 16

EDMONTON


HW

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ANDERSON WAY

17

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ELLERSLIE ROAD

HWY 16

EDMONTON


HW

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ANTHONY HENDAY






heritage valley





HWY 16A

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averton.ca







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HW

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ANDERSON WAY

17

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ELLERSLIE ROAD

HWY 16

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HW

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ANTHONY HENDAY






heritage valley





HWY 16A

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averton.ca

7

features & editorials

IN EVERY ISSUE

10 Editors NoteCOLUMNISTS

16 CHBA - AlbertaEdmonton looks like a winnerby Jim Rivait

19 Mortgage AdviceWhat will Bank of Canadas interest rate cut mean for the economy, housing and you?by Alyssa Richard

24 Fundamentally SpeakingTips to help you buy your first homeby Wayne Karl

28 Homebuyers HelpXeriscaping, what is it?by Shanes Landscaping & Contracting Ltd.

60 Home Sweet HomeLow rates changing Canadians mortgage habitsby Lydia McNutt

70 Money MattersOwning vs rentingby Gail Vaz-Oxlade

74 Designer SecretsMaking your master bedroom your ownby Jane Lockhart

IN THE NEWS

18 Edmonton Housing MarketEdmonton housing market reaching a turning point?

22 Sabal HomesSabal Homes becomes Hopewell Residential

48 Troika DevelopmentDeveloper tries to give away free house at Stewart Greens

68 Cottage vs CityCanadians choose cottage over city getawayby Olivia Bowden

HOMEBUYERS HELP

36 New Homebuyers Resource SectionMortgage calculator and rate table

53 Community ProfileGranville exceptional home options in captivating surroundingsby Salina Yara Halabi

63 Showhome ReviewWide open spaces the Carleton Showhome by Morrison Homes

76 Web DirectoryEdmonton area builders, developers and communities

Community Profile

P. 53GRANVILLE Exceptional home options in captivating surroundings

contentsJULY 31 - AUG 28, 2015 | | VOLUME 27 ISSUE 08

district maps023 Southeast

026 Sherwood Park

027 Fort Sask

029 Northeast

038 St. Albert

039 Northwest

047 West

056 Stony Plain

057 Spruce Grove

059 Southwest

067 South

071 Leduc

073 Beaumont

62


Edmonton Edition

INSIDE THIS ISSUE




PRESIDENT, YELLOW PAGES NEXTHOME

Jacqueline HillEDITOR-IN-CHIEF / DIRECTOR OF CONTENT

Susan LeggeDIRECTOR OF SALES, NATIONAL Moe Lalani SENIOR SALES MANAGER, WESTERN CANADA

Edwin RizarriART DIRECTOR

Victoria Cigan EDITOR

Wayne Karl CONTRIBUTING EDITORS

Sara Duck (on leave) Elisa Krovblit Lydia McNutt SENIOR MEDIA CONSULTANTS

Jennifer Mizier 780.217.6778Nancy Chemait 780.619.3241

NATIONAL CIRCULATION MANAGER

John Jenkins PRODUCTION CO-ORDINATOR

Greg Van SluytmanGRAPHIC DESIGNERS

Viosa Barileva Miguel CeaMANAGER OF PRODUCTION

Bala Gnanapandithan

The Edmonton New Home Guide is a free publication with distribution every four weeks. Submit articles or advertising to PO Box 458. Station Main, Edmonton, Alberta T5J 2K1

COPYRIGHT 2015 All rights reserved by Yellow Pages Homes Limited, Toronto, Ontario, Canada. Reproduction in any form is prohibited. Contents of this publication are covered by Copyright and offenders will be prosecuted under the law. The views and data expressed by columnists do not necessarily represent those of the publication. Yellow Pages NextHome is a trademark of Yellow Pages Group Co. in Canada.TERMS Advertisers, Editorial content are not responsible for typographical errors, mistakes or misprints. All prices are correct as of press time and are subject to change without notice. E. & O. E.EDITORIAL Submissions from interested parties will be considered. Please submit to the editor at [email protected].

ON THE COVER

p. 14DREAM

Building better communities

63

ypnexthome.ca


IN EVERY ISSUE









IN THE NEWS





HOMEBUYERS HELP





Community Profile




IN EVERY ISSUE


16 CHBA - AlbertaEdmonton Looks Like a Winnerby Jim Rivait

24 Fundamentally SpeakingBuying your first homeby Wayne Karl


60 Xxxxxx XxxxxxXxxxxx xxxxxx xxxxxxby Lydia McNutt

70 Money MattersOwning vs Rentingby Gail Vaz-Oxlade

74 Xxxxxx XxxxxxXxxxxx xxxxxx xxxxxxby Jane Lockhart

IN THE NEWS


19 Mortgage AdviceBWhat will Bank of Canadas iterest rate cut mean for the economy, housing and you?by Alyssa Richard


48 Troika DevelopmentStewat Greens

68 Cottage vs CityCanadians choose cottage over city getaway

HOMEBUYERS HELP



63 Showhome ReviewWide open spaces - The Carleton Showhome by Morrison Homes


Community Profile



district maps023 Southeast

026 Sherwood Park

027 Fort Sask

029 Northeast

038 St. Albert

039 Northwest

047 West

056 Stony Plain

057 Spruce Grove

059 Southwest

067 South

071 Leduc

073 Beaumont

62


Edmonton Edition

INSIDE THIS ISSUE
















Bala Gnanapandithan



ON THE COVER

p. 14DREAM


63

ypnexthome.cadistrict maps023 Southeast

026 Sherwood Park

027 Fort Sask

029 Northeast

038 St. Albert

039 Northwest

047 West

056 Stony Plain

057 Spruce Grove

059 Southwest

067 South

071 Leduc

073 Beaumont













Bala Gnanapandithan



63

ypnexthome.cadistrict maps023 Southeast

026 Sherwood Park

027 Fort Sask

029 Northeast

038 St. Albert

039 Northwest

047 West

056 Stony Plain

057 Spruce Grove

059 Southwest

067 South

071 Leduc

073 Beaumont

62


Edmonton Edition

INSIDE THIS ISSUE
















Bala Gnanapandithan



ON THE COVER

p. 14DREAM


63

ypnexthome.ca


IN EVERY ISSUE









IN THE NEWS





HOMEBUYERS HELP





Community Profile




IN EVERY ISSUE


16 CHBA - AlbertaEdmonton Looks Like a Winnerby Jim Rivait

24 Fundamentally SpeakingBuying your first homeby Wayne Karl


60 Xxxxxx XxxxxxXxxxxx xxxxxx xxxxxxby Lydia McNutt

70 Money MattersOwning vs Rentingby Gail Vaz-Oxlade

74 Xxxxxx XxxxxxXxxxxx xxxxxx xxxxxxby Jane Lockhart

IN THE NEWS


19 Mortgage AdviceBWhat will Bank of Canadas iterest rate cut mean for the economy, housing and you?by Alyssa Richard


48 Troika DevelopmentStewat Greens

68 Cottage vs CityCanadians choose cottage over city getaway

HOMEBUYERS HELP



63 Showhome ReviewWide open spaces - The Carleton Showhome by Morrison Homes


Community Profile



FOR MORE INFORMATION ON COLONIALE ESTATES REGISTER AT MATTAMYHOMES.COM

SALES CENTRE HOURS: Monday to Thursday 2pm-8pm; Friday to Sunday and Holidays 12pm-5pmSHOWHOME ADDRESS: 274 Reichert Drive, Beaumont, AB, T4X 0B9

780-929-1111 [email protected]

FOLLOW US: EXCELLENCE in HOUSING

2015 Awards of

The Hickory Showhome In Coloniale Estates, Beaumont

ARCHITECTS CHOICE, DESIGNERS CHOICE

LIVE IN THE STYLE OF YOUR CHOOSINGSince all families are different in their own ways, shouldnt your home

reflect your particular needs, desires, and dreams? We think so. Which is

why Mattamy offers both Architects Choice and Designers Choice Options.

These let you personalize your home in the manner that suits you. Would

you rather have an extra bedroom than a den? Do you prefer to max out

closet space? Architects Choices gives you tried and tested options that are

expertly incorporated during your homes construction, and are always fully

warranted. As well, our Designers Choice Options provide the best value and

variety from designs to materials to colours when you choose to make

a Mattamy home your very own.

QUICK POSSESSION HOMES & PREMIUM LOTS NOW AVAILABLE

MATEDMONTON - MH - Coloniale Estates - New Home Guide Magazine Due: 23/07/2015

File Name: MATEDMONTON-MH_CE_NHG_Mag Publication: New Home Guide

Trim: 7.5 x 10.5 Safety/V.O.: .25 DPI: 300

Bleed: .25 Colours: CMYK Built: 16/07/2015 JND

MATEDMONTON-MH_CE_NHG_Mag.indd 1 2015-07-22 11:01 AM

10 NEW HOME GUIDE | JUL 31 - AUG 28, 2015

//EDITORS NOTE

SUSAN LEGGE EDITOR-IN-CHIEF Yellow Pages NextHome [email protected]

Follow me on Twitter at Twitter.com/SusanLegge

WAYNE KARL EDITOR Yellow Pages NextHome [email protected]

Follow me on Twitter at Twitter.com/WayneKarl

Once youve decided to buy a new home, the excitement begins to build immediately. Where to buy? What type of home? Is now the right time?

The answers to such questions will vary from person to person, depending on individual circumstances and needs. Choosing the type of home you can afford, and what finishes and design features you want, might be the easiest part of the process. A little more challenging, but nonetheless equally important, are matters such as finding a community in proximity to amenities such as shopping and schools, commuting times and transit options,

Finding the right home for you Knowing what to look for and where are crucial parts of your new home search

Get it in writing This term never more important than when buying a new home

and if your new home will still be suitable in three, five or 10 years.

As for the timing of your purchase, its natural to wonder whether now is the best time, given all the discussion about market conditions. But if your employment and finances are secure, youre best served looking at the long term say seven years. Where are new-home prices likely to be then? Higher or lower? And if you missed out on building equity by delaying your purchase, would you be better off?

In this issue of New Home Guide, like we do in every edition, we have a variety of content designed to help you determine your own answers to these questions.

Buying a brand-new home offers an opportunity to get what you really want. It can be a dream come true and an investment for the future, but dont forget, its also a legal transaction. The term get it in writing has never been more important, since it outlines everything your new home will have in it, on it and around it.

Otherwise known as the Agreement of Purchase and Sale, the contract spells out the terms between you and your builder. Without it, if there is a misunderstanding or disagreement, its impossible to prove what was originally promised.

Since buying a new home is much more complicated than a resale transaction, there is no set Agreement of

Purchase and Sale or standard contract. In some provinces, builders may have standard contracts prepared by the local home builders association or their new-home warranty program. Builders often prepare their own agreements, so these can vary from one company to another and from province to province.

Before you sign a contract, review it carefully with the builder representative, and ask questions to make sure you fully understand whats in it. Your next step is to then take it to a real estate lawyer and have it reviewed. Once it is signed, it becomes a legal document, so seeking the services of an experienced lawyer is an important step toward ensuring that your dream home becomes a reality.

FOR MORE INFORMATION ON COLONIALE ESTATES REGISTER AT MATTAMYHOMES.COM

SALES CENTRE HOURS: Monday to Thursday 2pm-8pm; Friday to Sunday and Holidays 12pm-5pmSHOWHOME ADDRESS: 274 Reichert Drive, Beaumont, AB, T4X 0B9

780-929-1111 [email protected]

FOLLOW US: EXCELLENCE in HOUSING

2015 Awards of

The Hickory Showhome In Coloniale Estates, Beaumont

ARCHITECTS CHOICE, DESIGNERS CHOICE

LIVE IN THE STYLE OF YOUR CHOOSINGSince all families are different in their own ways, shouldnt your home

reflect your particular needs, desires, and dreams? We think so. Which is

why Mattamy offers both Architects Choice and Designers Choice Options.

These let you personalize your home in the manner that suits you. Would

you rather have an extra bedroom than a den? Do you prefer to max out

closet space? Architects Choices gives you tried and tested options that are

expertly incorporated during your homes construction, and are always fully

warranted. As well, our Designers Choice Options provide the best value and

variety from designs to materials to colours when you choose to make

a Mattamy home your very own.

QUICK POSSESSION HOMES & PREMIUM LOTS NOW AVAILABLE

MATEDMONTON - MH - Coloniale Estates - New Home Guide Magazine Due: 23/07/2015

File Name: MATEDMONTON-MH_CE_NHG_Mag Publication: New Home Guide

Trim: 7.5 x 10.5 Safety/V.O.: .25 DPI: 300

Bleed: .25 Colours: CMYK Built: 16/07/2015 JND

MATEDMONTON-MH_CE_NHG_Mag.indd 1 2015-07-22 11:01 AM

11

//EDITORS NOTE

SUSAN LEGGE EDITOR-IN-CHIEF Yellow Pages NextHome [email protected]

Follow me on Twitter at Twitter.com/SusanLegge

WAYNE KARL EDITOR Yellow Pages NextHome [email protected]

Follow me on Twitter at Twitter.com/WayneKarl

Once youve decided to buy a new home, the excitement begins to build immediately. Where to buy? What type of home? Is now the right time?

The answers to such questions will vary from person to person, depending on individual circumstances and needs. Choosing the type of home you can afford, and what finishes and design features you want, might be the easiest part of the process. A little more challenging, but nonetheless equally important, are matters such as finding a community in proximity to amenities such as shopping and schools, commuting times and transit options,

Finding the right home for you Knowing what to look for and where are crucial parts of your new home search

Get it in writing This term never more important than when buying a new home

and if your new home will still be suitable in three, five or 10 years.

As for the timing of your purchase, its natural to wonder whether now is the best time, given all the discussion about market conditions. But if your employment and finances are secure, youre best served looking at the long term say seven years. Where are new-home prices likely to be then? Higher or lower? And if you missed out on building equity by delaying your purchase, would you be better off?

In this issue of New Home Guide, like we do in every edition, we have a variety of content designed to help you determine your own answers to these questions.

Buying a brand-new home offers an opportunity to get what you really want. It can be a dream come true and an investment for the future, but dont forget, its also a legal transaction. The term get it in writing has never been more important, since it outlines everything your new home will have in it, on it and around it.

Otherwise known as the Agreement of Purchase and Sale, the contract spells out the terms between you and your builder. Without it, if there is a misunderstanding or disagreement, its impossible to prove what was originally promised.

Since buying a new home is much more complicated than a resale transaction, there is no set Agreement of

Purchase and Sale or standard contract. In some provinces, builders may have standard contracts prepared by the local home builders association or their new-home warranty program. Builders often prepare their own agreements, so these can vary from one company to another and from province to province.

Before you sign a contract, review it carefully with the builder representative, and ask questions to make sure you fully understand whats in it. Your next step is to then take it to a real estate lawyer and have it reviewed. Once it is signed, it becomes a legal document, so seeking the services of an experienced lawyer is an important step toward ensuring that your dream home becomes a reality.

DOCKET # MORED-0029 | CLIENT Morrison Homes Edmonton | PUBLICATION Edmonton NHG | AD SIZE 7.5 x 10.5 | VERSION FINAL

THE HOMEBUYERS BEST FRIENDTM

Morrison Homes is by your side through the whole building process, offering attention, follow-through and choice. Add our unmatched record of customer satisfaction and over 50 years of

crafting quality homes in Alberta, and were just about the best friend a homebuyer could have.

Explore a gallery, floorplans, showhome maps and more at MorrisonHomes.ca

Youll love the Morrison building experience.

Everything you want from a builder; a great reputation. Honesty. Care. Oh, and a really great kitchen.

Mark McGhee 587.520.0932

Fromthe$350s*

Duplex Homes

5916 175th Avenue NWLucy Duggins 587.521.4033

Fromthe$450s*

Front Garage Homes

VISIT US IN McCONACHIE *Prices shown include home,

lot & GST, are subject to

availability, and may change

without notice.

12 NEW HOME GUIDE | JUN 5 - JUL 3, 2015

MARK MESSIER TRAIL

ST. ALBERT TRAIL

MER

IDIA

N S

TREE

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St.)

LessardRoad

CameronHeights

Drive

141

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170

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127

St.

137Ave.

Interchange

EDMONTON & REGIONCheck Each Area District Map

For More Information

*LEERQV

28A

&DOPDU

ERHBAMEMBER

We transform your ideas into a home designed to fit your familys needs and budget. Whether on your own lot, acreage, in-fill lot, or one of our available lots, expe-rience the difference a small volume builder can make in constructing your dream home!

Custom Home Building with exceptional quality and service since 1984.

Call (780) 484-8754 www.gannethomes.com


Coming soonOctober 2012Watch for it!On Stands Now!New 2015 AnnualOn Stands Now!

The stories behindEdmontons top builders, developers & new communities

DOCKET # MORED-0029 | CLIENT Morrison Homes Edmonton | PUBLICATION Edmonton NHG | AD SIZE 7.5 x 10.5 | VERSION FINAL

THE HOMEBUYERS BEST FRIENDTM

Morrison Homes is by your side through the whole building process, offering attention, follow-through and choice. Add our unmatched record of customer satisfaction and over 50 years of

crafting quality homes in Alberta, and were just about the best friend a homebuyer could have.

Explore a gallery, floorplans, showhome maps and more at MorrisonHomes.ca

Youll love the Morrison building experience.

Everything you want from a builder; a great reputation. Honesty. Care. Oh, and a really great kitchen.

Mark McGhee 587.520.0932

Fromthe$350s*

Duplex Homes

5916 175th Avenue NWLucy Duggins 587.521.4033

Fromthe$450s*

Front Garage Homes

VISIT US IN McCONACHIE *Prices shown include home,

lot & GST, are subject to

availability, and may change

without notice.

12 NEW HOME GUIDE | JUN 5 - JUL 3, 2015

MARK MESSIER TRAIL

ST. ALBERT TRAIL

MER

IDIA

N S

TREE

T (0

St.)

LessardRoad

CameronHeights

Drive

141

St.

170

St.

DR.

DR.

RAY

GIB

BON

DR.

Jam

esM

owat

t Tra

il

QE

II

127

St.

137Ave.

Interchange

EDMONTON & REGIONCheck Each Area District Map

For More Information

*LEERQV

28A

&DOPDU

ERHBAMEMBER

We transform your ideas into a home designed to fit your familys needs and budget. Whether on your own lot, acreage, in-fill lot, or one of our available lots, expe-rience the difference a small volume builder can make in constructing your dream home!

Custom Home Building with exceptional quality and service since 1984.

Call (780) 484-8754 www.gannethomes.com

13

Coming soonOctober 2012Watch for it!On Stands Now!New 2015 AnnualOn Stands Now!

The stories behindEdmontons top builders, developers & new communities


WHERE CUSTOMIZATIONIS A GOOD WORD

MONTORIOHOMES LTD.

montorio.ca

QUICK POSSESSION HOMES AVAILABLE. ACT NOW AND CUSTOMIZE

SOME OF YOUR INTERIOR FINISHES.ASK YOUR AREA SALES MANAGER FOR

DETAILS

Visit our website for a list of quick possession homes

TRUMPETER AT BIG LAKE 12908 - 207 Street | NW Edmonton 780.249.9110

HARVEST RIDGE 153 Harvest Ridge Drive | Spruce Grove 780.571.1881

HAWKS RIDGE 504 Merlin Landing | NW Edmonton 587.984.8339

WALKER SUMMIT DUPLEX 5268 & 5270-20 Avenue South | SE Edmonton 587.521.8890

WALKER SUMMIT 5439-20 Avenue South | SE Edmonton 587.521.8588

WOODHAVEN 5406 & 5408 Edworthy Way | SW Edmonton 587.991.8525

VISIT ONE OF OUR SHOW HOMES

74_Built Green(20/6)

With your support, the Stollery Childrens Hospital Foundation is able to provide life-saving equipment, research that paves the way for new treatments and cures, medical innovations and specialized training, so that every child has the chance to go home again.

DONATE TODAY. STOLLERYKIDS.CA

by JIM RIVAIT

//INDUSTRY UPDATES CHBA - ALBERTA

JIM RIVAIT Jim Rivait is Chief Executive Officer of

CHBA Alberta. Starting his career working in government, Jim spent the last decade working in the private sector

specializing in government relations, advocacy, strategic communications, policy development/analysis and association management.

Edmonton looks like A WINNEREdmonton and Calgary have always enjoyed a friendly rivalry. Right now, Edmontonians have lots to boast about.

We got lucky landing Connor McDavid in the NHL draft, new NDP Premier Rachel Notley is from the capital city, and our economy is experiencing a lot less turbulence than our neighbour to the south.

While all of Alberta is doing better than economists had expected after oil prices started falling a year ago, Edmonton has been a standout in the crowd.

The housing market is a great example. A recent report from Royal LePage showed house prices had climbed for both single family homes and condos over the last year. Bungalows rose 4.1 per cent and condos climbed 4.4 per cent in Edmonton during a period where Calgary prices edged down.

CHBA Alberta Economist Richard Goatcher tracks construction trends for our industry and his monthly reports show a sharp split between Albertas two biggest cities, with home starts falling off in Calgary but showing strength in Edmonton.

Edmonton builders poured foundations for more than 3,000 new single-family homes in the first half of this year. Thats up almost three per cent over last years strong results. Those homebuyers have recognized that the citys long-term prospects are bright and now is a great time to invest in the homes of their dreams.

Todays amazingly low interest rates will enable those buyers to pay down debt faster and build equity sooner. The Bank of Canadas decision to lower interest rates again means the window of opportunity to lock in a historically low rate will be open for at least a little bit longer.

Even more impressive is the explosion of activity in the multi-family market. That side of the industry is having a banner year with starts up almost 90 per cent to more than 6,000 units.

A big rush of investment in the rental market is one factor driving extraordinary activity levels. And that should send a signal to anyone who is considering buying a new home.

Investors have looked at our citys economic fundamentals and decided this is growing market will provide long-term secure returns. That confidence promises to bring even more construction to Edmonton. A recent article by ATB Financial Chief Economist Todd Hirsch noted that building permits in Edmonton are still trending up.

Landlords with major holdings are also seeing opportunities in the current economy to buy up apartment blocks more cheaply now and lock in future returns. At least one is even hoping to take advantage of home buyer hesitation to retain tenants and keep money flowing in.

When the folks who collect your rent are seeing positive signs in the housing market not just in Edmonton but all across Alberta, maybe its time to check out what your monthly payments could buy in a new home.

Right now, Edmonton appears to be a little bit ahead of Calgary on the economic curve but the Stampede City will be running strong again before long. But we can all still look forward to razzing Flames fans about McDavid even when they two cities are back at even strength in the economic field.

The Canadian Home Builders Association Alberta represents more than 1,500 business members including new home builders, renovators, developers, trade and supply companies, and professional services.

JUL 31 - AUG 28, 2015 | NEW HOME GUIDE 17

WHERE CUSTOMIZATIONIS A GOOD WORD

MONTORIOHOMES LTD.

montorio.ca

QUICK POSSESSION HOMES AVAILABLE. ACT NOW AND CUSTOMIZE

SOME OF YOUR INTERIOR FINISHES.ASK YOUR AREA SALES MANAGER FOR

DETAILS

Visit our website for a list of quick possession homes

TRUMPETER AT BIG LAKE 12908 - 207 Street | NW Edmonton 780.249.9110

HARVEST RIDGE 153 Harvest Ridge Drive | Spruce Grove 780.571.1881

HAWKS RIDGE 504 Merlin Landing | NW Edmonton 587.984.8339

WALKER SUMMIT DUPLEX 5268 & 5270-20 Avenue South | SE Edmonton 587.521.8890

WALKER SUMMIT 5439-20 Avenue South | SE Edmonton 587.521.8588

WOODHAVEN 5406 & 5408 Edworthy Way | SW Edmonton 587.991.8525

VISIT ONE OF OUR SHOW HOMES

74_Built Green(20/6)

With your support, the Stollery Childrens Hospital Foundation is able to provide life-saving equipment, research that paves the way for new treatments and cures, medical innovations and specialized training, so that every child has the chance to go home again.

DONATE TODAY. STOLLERYKIDS.CA

by JIM RIVAIT

//INDUSTRY UPDATES CHBA - ALBERTA

JIM RIVAIT Jim Rivait is Chief Executive Officer of

CHBA Alberta. Starting his career working in government, Jim spent the last decade working in the private sector

specializing in government relations, advocacy, strategic communications, policy development/analysis and association management.

Edmonton looks like A WINNEREdmonton and Calgary have always enjoyed a friendly rivalry. Right now, Edmontonians have lots to boast about.

We got lucky landing Connor McDavid in the NHL draft, new NDP Premier Rachel Notley is from the capital city, and our economy is experiencing a lot less turbulence than our neighbour to the south.

While all of Alberta is doing better than economists had expected after oil prices started falling a year ago, Edmonton has been a standout in the crowd.

The housing market is a great example. A recent report from Royal LePage showed house prices had climbed for both single family homes and condos over the last year. Bungalows rose 4.1 per cent and condos climbed 4.4 per cent in Edmonton during a period where Calgary prices edged down.

CHBA Alberta Economist Richard Goatcher tracks construction trends for our industry and his monthly reports show a sharp split between Albertas two biggest cities, with home starts falling off in Calgary but showing strength in Edmonton.

Edmonton builders poured foundations for more than 3,000 new single-family homes in the first half of this year. Thats up almost three per cent over last years strong results. Those homebuyers have recognized that the citys long-term prospects are bright and now is a great time to invest in the homes of their dreams.

Todays amazingly low interest rates will enable those buyers to pay down debt faster and build equity sooner. The Bank of Canadas decision to lower interest rates again means the window of opportunity to lock in a historically low rate will be open for at least a little bit longer.

Even more impressive is the explosion of activity in the multi-family market. That side of the industry is having a banner year with starts up almost 90 per cent to more than 6,000 units.

A big rush of investment in the rental market is one factor driving extraordinary activity levels. And that should send a signal to anyone who is considering buying a new home.

Investors have looked at our citys economic fundamentals and decided this is growing market will provide long-term secure returns. That confidence promises to bring even more construction to Edmonton. A recent article by ATB Financial Chief Economist Todd Hirsch noted that building permits in Edmonton are still trending up.

Landlords with major holdings are also seeing opportunities in the current economy to buy up apartment blocks more cheaply now and lock in future returns. At least one is even hoping to take advantage of home buyer hesitation to retain tenants and keep money flowing in.

When the folks who collect your rent are seeing positive signs in the housing market not just in Edmonton but all across Alberta, maybe its time to check out what your monthly payments could buy in a new home.

Right now, Edmonton appears to be a little bit ahead of Calgary on the economic curve but the Stampede City will be running strong again before long. But we can all still look forward to razzing Flames fans about McDavid even when they two cities are back at even strength in the economic field.

The Canadian Home Builders Association Alberta represents more than 1,500 business members including new home builders, renovators, developers, trade and supply companies, and professional services.


For the rst time in 2015, the Realtors Association of Edmonton has recorded an increase in year-over-year reported sales for the month. Total sales in June 2015 reached 2,008, up 2.4 per cent over the 1,961 sales reported in June 2014. Of these, 1,243 were single-family sales (up 2.1 per cent over 2014), 572 were condo (up 1.6 per cent more from 2014) and 156 were duplex/rowhouses (11.4 per cent more than 2014). June sales were also up 13 per cent from gures reported in May.

We nally saw prices take the expected small dip month over month that we have been waiting to see due to lower sales and higher inventory. Prices still remain higher than the same time last year, and with sales ramping up again and inventory starting to settle, we likely wont see our prices drop much more than this, says Geneva Tetreault, president of the Realtors Association of Edmonton.

Single-family prices were up two per cent year-over-year at $444,862 for June 2015. Condo prices continue to remain static at $255,662. Duplex/rowhouse are still popular and have seen price growth of two per cent year over year. June prices have dropped slightly from May by 1.4 per cent for single-family, 0.1 per cent for condo and 0.8 per cent for all residential.

Edmontons housing inventory is at a healthy level, at 7,177 by the end of June 2015, down from 7,303 in May. All residential listings were up year-over-year by 7.7 per cent but down 3.6 per cent month-over-month. ere is currently just over three and half months supply of inventory, meaning it will take 3.5 months to sell the homes currently on the market.

Edmonton housing market reaching a turning point?

e 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 con dent that our market wont plummet. is renewed con dence coupled with low mortgage rates and a healthy selection means that people are realizing that this is still a good time to buy.

Tetreault continues, People move when their lifestyle warrants a change. is will always be true. ere are always buyers and sellers, no matter what the market looks like or what analysts predict.

e average number of days on market for all residential property types was up again in June, at 49. Single-family homes too 46 days to sell, up from 43 in May. Condominiums were averaging 52 days compared to 49 in May. Duplexes/rowhouses took an average of 50 days to sell.

Low mortgage rates and a healthy selection means that people are realizing

that this is still a good time to buy

//IN THE NEWS //MORTGAGE ADVICE

by ALYSSA RICHARD

ALYSSA RICHARD is the Founder and

CEO of RateHub.ca, a mortgage rate comparison site that aims to empower Canadians to make smart

financial decisions.

What will Bank of Canadas interest rate cut MEAN FOR THE ECONOMY, HOUSING AND YOU?

On Wednesday, July 15, the Bank of Canada (BoC) announced it would cut the target for the overnight lending rate by 0.25 per cent to 0.50 per cent. This was just the second such rate cut since 2010, with the BoC most recently cutting rates by a 0.25 per cent margin this January.

Januarys rate cut came as a surprise to many, but this most recent move had been anticipated in the weeks leading up to the announcement. Lower oil prices have led the Canadian economy into a slump, prompting debates over whether we are in a recession. That argument has mostly come down to the definition of the word a recession is technically defined as two consecutive quarters of negative GDP growth. The BoC was careful not to use the R word in its announcement, but acknowledged the economy is underperforming and an interest rate cut was necessary to help return the economy to full capacity and inflation sustainably to target.

The rate cut has mixed effects, however. Last month, BoC Governor Stephen Poloz compared Januarys rate cut to life-saving surgery, noting that the positive benefits outweighed any side effects such as increased levels of consumer debt. Since mortgage rates are closely tied to the BoCs overnight rate, the housing market will also be affected. In Toronto and Vancouver where prices have been skyrocketing, rate cuts are only making the situation worse, putting ownership further out of reach for first-time homebuyers.

Prior to the announcement, it was unclear whether a rate cut would, in fact,

be another cup of coffee for an already overstimulated housing market. But in the hours following the announcement, it became clear that homebuyers were eager to take advantage of lower mortgage rates. Traffic to ratehub.ca surged 300 per cent as Canadians searched for better mortgage deals in the hours following the announcement. Mortgage brokerage Butler Mortgage lowered its five-year variable mortgage rate by 0.10 per cent almost immediately, to 1.88 from 1.99 per cent. The drop translates to $1,320 savings in mortgage payments over a five-year term.

TD was the first of the major banks to lower their prime rate, cutting it by 0.10 per cent the day as the BoC announce-ment. Within a day, many banks had lowered their prime rate by 0.15 to 2.70 per cent.

Some remain unconvinced the cut will do enough for the average Canadian to save any money, or stimulate the economy. Others worry the impact on the Toronto and Vancouver housing markets would increase disparity between those hot markets and the rest of the country, where real estate has been relatively stable.

So what does BoCs latest announcement mean for you? If you have a variable rate mortgage, you can expect to save a few dollars a month when your interest rate drops. Interest rates on other variable rate loans (such as lines of credit) are also likely to drop, freeing up some cash. If youre shopping for a house, your overall affordability will likely increase due to lower mortgage rates, but you may find that higher house prices quickly negate any advantage you might have had.

Well have the summer to find out what effect the cut has on the housing market and the economy as a whole. The next rate announcement is Sept. 9.

Natural wonders are steps away Urban village park with community gardens,

tree-lined paths and storm pond Exclusive Residents Association with a spray

park, picnic area, outdoor rink and more! Nearby amentities and golf courses Close to major roadways New K-9 school coming in 2017

ChappelleGardens.com LiveBrookfield.com

23 AVE

215 ST

199 ST

170 ST

82 ST

142 ST

E

2

16

14

100WHITEMUD DR

WHITEMUD DR

ANTHONY HENDAY

EDGEMONT

PAISLEY

LAKE SUMMERSIDELS

O THE ORCHARDS

50 ST

50 ST

118 ST

170 ST

2

111 ST

RABBIT HILL RD

91 ST

216

CG

P

CHAPPELLE GARDENS

STONY PLAIN RD 102 AVE

WAYNE GRETZKY DR

ELLERSLIE RD

ANTHONY HENDAY

28 15

YELLOWHEAD TRAIL

THE TERRACESOLSTICE

66 ST

VICTORIA TRAIL 167 AVE

TS S

216

216

216

23 AVE

41 AVE

66 ST

66 ST

MANNING DR

FORT RD

LESSARD RD

TERWILLIGER DR

141 ST

Homes from the low $300s

NHCL-Chappelle-SingleAd+4pgFold-Final.indd 4-5 2015-07-16 11:15 AM

Townhomes Starting from the $200sBrookfield Residential Lake Summerside, The Orchards,

Paisley, Chappelle Gardens, Edgemont

Daytona Master Builder Edgemont

Jayman Modus Paisley

Look Homes - Edgemont

DuplexesStarting from the $300sBrookfield Residential Lake Summerside, The Orchards,

Paisley, Chappelle Gardens, Edgemont

City Homes - Solstice at McConachie, The Terrace

at Schonsee

Morrison Homes Solstice at McConachie

Sterling Homes The Terrace at Schonsee

Rear-Laned HomesStarting from the mid $300sBrookfield Residential - Lake Summerside,

Chappelle Gardens and Edgemont

Daytona Master Builder Lake Summerside,

The Orchards, Chappelle Gardens, Paisley

Homes by Avi Chappelle Gardens

Innovations by Jayman Lake Summerside,

The Orchards, Paisley,

Landmark Legacy The Orchards

Front-Garage HomesStarting from the $400sCoventry Homes The Terrace at Schonsee and Paisley

Daytona Master Builder Edgemont, Chappelle Gardens

Homes by Avi Lake Summerside, The Orchards,

Edgemont, Paisley

Jayman MasterBUILT The Orchards, The Terrace

at Schonsee

Landmark Homes Lake Summerside

Look Homes Edgemont, Chappelle Gardens

Morrison Homes Chappelle Gardens

Pacesetter Homes Lake Summerside

Sterling Homes The Orchards

Estate HomesStarting from the mid $500sAacropolis Homes Lake Summerside

Canyon Springs Lake Summerside

Infinity Master Builder Lake Summerside

At Brookfield Residential, were committed to developing communities today and in the future where people love to live, play and work. Its where youll want to belong.

Escape Close to Home

Discover the Hidden Gem of the NortheastStep into an established community

in northeast Edmonton that captures

the everyday comforts of home and

creates the perfect place for your

family to live, play and grow. The

Terrace at Schonsee backs onto

the Schonsee wetlands, a beautiful

backdrop featuring walking paths,

recreation space and perfect for those

family picnics, cycling, early morning

runs or evening strolls.

Northeast Edmonton has a new

exciting community, rich in value

and established amenities nearby,

welcome to Solstice at McConachie.

Its a friendly place where you get

to know your neighbours, kids

make friends at the playground and

families spend evenings together

along one of the nearby nature trails.

Your family belongs here.

Edmontons only lakeside community

located in south Edmonton and

the 2015 Excellence in Housings

Community of the Year winners for two-

years in a row. Lakeside living on your

doorstep, great shopping and amenities

just around the corner. New K-9 school

coming September 2016.

Handcrafted Design to Inspire Your LifeIn The Orchards, the true beauty

is in the details weve perfected to

make this southeast community

truly feel like home. Community

members enjoy parks, fragrant

trees, walking paths and a private

Residents Association featuring a

new playground, tobogganing hill

and outdoor hockey rink. New K-9

school coming September 2017.

Surround Yourself with Nature Located just minutes from west

Edmontons finest shopping, recreation

centres, schools, golf courses and

everyday services via Anthony Henday

and Whitemud Drive, this community

in the rolling wooded terrain of

Wedgewood Creek Ravine makes life

as convenient as it is comfortable.

The Perfect BlendArtistic style and creativity come to

life in the southwest community of

Paisley, where no street looks the

same with a mix of traditional and

modern architecture. Residents

enjoy innovative art, natural areas,

playground and endless amenities.

NHCL-Chappelle-SingleAd+4pgFold-Final.indd 2-3 2015-07-16 11:15 AM

JUL 31 - AUG 28, 2015 | NEW HOME GUIDE 19

For the rst time in 2015, the Realtors Association of Edmonton has recorded an increase in year-over-year reported sales for the month. Total sales in June 2015 reached 2,008, up 2.4 per cent over the 1,961 sales reported in June 2014. Of these, 1,243 were single-family sales (up 2.1 per cent over 2014), 572 were condo (up 1.6 per cent more from 2014) and 156 were duplex/rowhouses (11.4 per cent more than 2014). June sales were also up 13 per cent from gures reported in May.

We nally saw prices take the expected small dip month over month that we have been waiting to see due to lower sales and higher inventory. Prices still remain higher than the same time last year, and with sales ramping up again and inventory starting to settle, we likely wont see our prices drop much more than this, says Geneva Tetreault, president of the Realtors Association of Edmonton.

Single-family prices were up two per cent year-over-year at $444,862 for June 2015. Condo prices continue to remain static at $255,662. Duplex/rowhouse are still popular and have seen price growth of two per cent year over year. June prices have dropped slightly from May by 1.4 per cent for single-family, 0.1 per cent for condo and 0.8 per cent for all residential.

Edmontons housing inventory is at a healthy level, at 7,177 by the end of June 2015, down from 7,303 in May. All residential listings were up year-over-year by 7.7 per cent but down 3.6 per cent month-over-month. ere is currently just over three and half months supply of inventory, meaning it will take 3.5 months to sell the homes currently on the market.

Edmonton housing market reaching a turning point?

e 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 con dent that our market wont plummet. is renewed con dence coupled with low mortgage rates and a healthy selection means that people are realizing that this is still a good time to buy.

Tetreault continues, People move when their lifestyle warrants a change. is will always be true. ere are always buyers and sellers, no matter what the market looks like or what analysts predict.

e average number of days on market for all residential property types was up again in June, at 49. Single-family homes too 46 days to sell, up from 43 in May. Condominiums were averaging 52 days compared to 49 in May. Duplexes/rowhouses took an average of 50 days to sell.

Low mortgage rates and a healthy selection means that people are realizing

that this is still a good time to buy

//IN THE NEWS //MORTGAGE ADVICE

by ALYSSA RICHARD

ALYSSA RICHARD is the Founder and

CEO of RateHub.ca, a mortgage rate comparison site that aims to empower Canadians to make smart

financial decisions.

What will Bank of Canadas interest rate cut MEAN FOR THE ECONOMY, HOUSING AND YOU?

On Wednesday, July 15, the Bank of Canada (BoC) announced it would cut the target for the overnight lending rate by 0.25 per cent to 0.50 per cent. This was just the second such rate cut since 2010, with the BoC most recently cutting rates by a 0.25 per cent margin this January.

Januarys rate cut came as a surprise to many, but this most recent move had been anticipated in the weeks leading up to the announcement. Lower oil prices have led the Canadian economy into a slump, prompting debates over whether we are in a recession. That argument has mostly come down to the definition of the word a recession is technically defined as two consecutive quarters of negative GDP growth. The BoC was careful not to use the R word in its announcement, but acknowledged the economy is underperforming and an interest rate cut was necessary to help return the economy to full capacity and inflation sustainably to target.

The rate cut has mixed effects, however. Last month, BoC Governor Stephen Poloz compared Januarys rate cut to life-saving surgery, noting that the positive benefits outweighed any side effects such as increased levels of consumer debt. Since mortgage rates are closely tied to the BoCs overnight rate, the housing market will also be affected. In Toronto and Vancouver where prices have been skyrocketing, rate cuts are only making the situation worse, putting ownership further out of reach for first-time homebuyers.

Prior to the announcement, it was unclear whether a rate cut would, in fact,

be another cup of coffee for an already overstimulated housing market. But in the hours following the announcement, it became clear that homebuyers were eager to take advantage of lower mortgage rates. Traffic to ratehub.ca surged 300 per cent as Canadians searched for better mortgage deals in the hours following the announcement. Mortgage brokerage Butler Mortgage lowered its five-year variable mortgage rate by 0.10 per cent almost immediately, to 1.88 from 1.99 per cent. The drop translates to $1,320 savings in mortgage payments over a five-year term.

TD was the first of the major banks to lower their prime rate, cutting it by 0.10 per cent the day as the BoC announce-ment. Within a day, many banks had lowered their prime rate by 0.15 to 2.70 per cent.

Some remain unconvinced the cut will do enough for the average Canadian to s

edmonton new home guide - jul 31, 2015

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