Canmore, a popular Alberta tourist destination, is facing a housing affordability crisis despite its scenic views and proximity to Calgary. To address this, the Town Council formed a Livability Task Force in 2023, focusing on three main goals: phasing out the Tourist Home Designation, exploring tax incentives for long-term occupancy, and promoting the development of purpose-built rental housing. These measures aim to improve both the livability and affordability of the area.
Canada’s real estate market is expected to rebound in 2025, with activity likely to pick up as early as March. Factors driving this recovery include stabilizing interest rates, the return of sidelined buyers, and a potential increase in property inventory. Professionals predict a more traditional spring surge in sales after a quiet 2024, where sales remained low despite more listings. Increased buyer interest is also expected to encourage more sellers to list their properties.
In recent years, there has been a significant shift towards sustainability in various aspects of our lives, and the real estate market is no exception. Eco-friendly homes are becoming increasingly popular among homeowners, buyers, and sellers who are conscious of their environmental impact. At ComFree, we are committed to showcasing properties with green features and promoting the importance of sustainable living. In this blog, we’ll explore what makes a home eco-friendly and why it’s a smart choice for both the planet and your wallet.
Eco-friendly homes are designed with sustainability in mind, focusing on reducing energy consumption, minimizing waste, and using environmentally friendly materials. These homes often feature energy-efficient appliances, solar panels, green roofs, and water-saving fixtures. By incorporating these green features, eco-friendly homes not only contribute to a healthier planet but also offer long-term savings on utility bills.
At ComFree, we understand the importance of sustainability in today’s real estate market. Our platform showcases properties with green features, making it easy for buyers to find homes that align with their eco-conscious values. By using our advanced search filters on ComFree.com, you can explore listings with specific green features, such as solar panels, energy-efficient appliances, and sustainable materials.
Embracing eco-friendly homes is a crucial step towards a more sustainable future. At ComFree, we are proud to support this shift by showcasing properties with green features and promoting environmentally friendly practices in the real estate market. Whether you’re looking to buy an eco-friendly home or make your current property more sustainable, ComFree is here to guide you on your journey towards a greener lifestyle.
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Spring breathes new life into the world around us, the Greater Edmonton Area (GEA) real estate market is also showing signs of vibrant activity and growth. Here at ComFree, we’re excited to give you a fresh spin on the March 2024 market figures, translating the data into actionable insights. Let’s unpack the latest stats and see what they mean for homeowners, buyers, and sellers alike.
As the real estate market in the Greater Edmonton Area continues to showcase impressive growth and vitality, the March 2024 market update underscores an emerging narrative – the diminished necessity of traditional commission-based real estate services. The latest market trends point towards a real estate experience that along with the use of ComFree’s services is not only efficient but also cost-effective. This market dynamism, coupled with ComFree’s innovative approach, demonstrates that savvy buyers and sellers can navigate the real estate waters successfully without the weight of hefty commissions, ensuring more value stays in your pocket. Look into the market specifics below that make this no-commission journey not just possible but preferable with ComFree’s assistance.
The Greater Edmonton Area witnessed a total of 2,467 residential unit sales, with a significant jump of 25.6% from February and a 35.7% increase from last March. This uptick indicates growing buyer confidence and a bustling market as we head into the warmer months.
New residential listings soared to 3,597, outpacing last month by 32.4% and the previous year by 8.9%. Despite this surge, overall inventory still trails last year’s figures by 15.4%. What does this mean for you? Sellers may benefit from the lower competition, while buyers enjoy a wider selection of homes.
Detached homes saw sales blossom to 1,462, marking robust growth. Semi-detached and townhouse units weren’t left behind, with impressive sales leaps of 34.9% and 29%, respectively. Apartment condos also shone with a 30.8% increase over last year. The variety in housing growth reflects a diverse buyer appeal – a positive sign for sellers with niche properties.
Average prices are also in the spring spirit, with an overall increase of 3.4% since February. Notably, semi-detached units have seen an 11.5% year-over-year price bloom. This could signal a prime opportunity for sellers contemplating listing their homes.
The REALTORS® Association of Edmonton notes, the balance of new listings with strong unit sales is a harmonious sign for all. This equilibrium supports fair pricing, healthy competition, and rational decision-making – ideal conditions for both buyers and sellers navigating the market.
Homes are spending less time on the market – detached homes at 40 days, semi-detached at 35, and townhouses at an impressive 34. Apartment condos are also seeing a quicker turnaround at 47 days. If you’re selling, you might enjoy a faster process; if you’re buying, be prepared to act promptly when you find the right home.
The MLS® Home Price Index (HPI) composite benchmark price, which underwent its annual review, landed at $392,600, marking a steady increase and offering a reliable gauge for property values in the area.
For those considering selling, the data points to a ripe market. For buyers, though choices are broadening, preparedness is key. And for all our clients, ComFree stands ready with market insights, advice, and comprehensive services to guide you on your real estate journey.
Visit ComFree.com for personalized support and expert guidance, and an easy, commission-free real estate process!
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At ComFree, your partners in real estate, we believe in empowering you with knowledge and information. Real Estate buyers and sellers both know the importance of insurance. Title insurance is no different.
Title insurance is a distinctive policy crafted to defend homeowners and lenders from potential loss or damage due to discrepancies in the property’s title. Unlike conventional insurance policies, title insurance prioritizes protecting stakeholders against incidents that transpired in the past, predominantly related to the property and its preceding proprietors.
In real estate lingo, a title symbolizes lawful proof of possession. Upon procuring a property, the title is relayed to you, authenticating your legal ownership. This is where title insurance can become pivotal, fortifying your proprietary rights against any disputes.
– Claims from others professing a stake in your property.
– Mistakes or oversights in deeds.
– Erroneous record examinations.
– Deceptive or falsified property documents.
– Encumbrances on the property.
– Overlaps (for instance, a neighboring structure infiltrating your land).
– Rights of passage across your property.
Title insurance is crucial for both homebuyers and lenders and is generally available in two versions:
– Lender’s Policy: This is obligatory when obtaining a mortgage, protecting the lender’s stake in the property against any title discrepancies.
– Owner’s Policy: Procured at the property transaction closure, it shields the homeowner, remaining in effect as long as there’s an interest in the property by the owner or their heirs.
Title insurance premiums payment is contingent on local regulations and traditions.
Generally:
– Homebuyers manage the lender’s title insurance costs as they are securing the loan.
– Owner’s policy costs might vary, sometimes covered by the seller to expedite the sale process.
1. Executing a title search to probe the property’s lineage by a title agent or lawyer.
2. Releasing a Preliminary Report for client scrutiny and endorsement.
3. Following the acknowledgment of all closure documents and payment compliance, the official title insurance policy is formulated.
This is all handled by ComFree’s legal partner, Edmonton Law Office LLP.
– Extensive Protection:It provides broader protection, covering risks such as fraud, forgery, and encroachments.
– Mental Peace: It guarantees prompt resolution of any covered title defects, offering peace of mind.
– Single Payment Convenience:The premium is paid once at the closure, simplifying the financial aspect of transactions.
Real Property Reports (RPRs) are crafted by top-tier land surveyors. An RPR can be described as a visual blueprint of your property’s layout, structures, and buildings at a specific juncture. The Real Property Report delineates the geographic connection of your property with the Municipality’s property and surrounding properties. It paints a comprehensive picture of how your property integrates into the local vicinity, highlighting additions like sheds, decks, pools, and more.
Determining whether your property adheres to municipal bylaws is where an RPR becomes invaluable. An earlier version, crafted when you first purchased or built your home, might still be valid. However, if there have been substantial modifications to the property landscape, an updated RPR could be essential.
Addressing any discrepancies can be negotiated between the buyer and seller before the transaction concludes. For a deeper dive into this process, consider reaching out to a real estate attorney or exploring the option of purchasing title insurance.
Per the standard real estate contract in Alberta, a seller must furnish the buyer with a Real Property Report. This document should showcase all “current improvements.” If your RPR hasn’t changed since your initial purchase and no new structures have been added, this document remains valid for the sale of your home.
Considering an alternative to the traditional RPR? Title Insurance stands out as a viable option.
But here’s the silver lining – ComFree is your trusted ally in this journey, offering a suite of tools and unwavering support as you navigate the intricacies of buying or selling your home. Partnering with us is the expert team at Edmonton Law Office, who bring to the table their vast experience in RPRs, compliance, and title insurance, ensuring a seamless transaction process for all stakeholders.
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Did you know Alberta has now passed a law where many legal documents can now be signed virtually? At ComFree, not only do we take away the stress and hassle of dealing with a realtor through the transaction process, but if you choose, our legal partners can also assist you in closing your real state transaction virtually.
With all ComFree’s tools and support at your fingertips, we make real estate better. Sell Simple. Buy Better. In today’s rapidly evolving digital world, the COVID-19 pandemic has brought about significant changes in conducting legal business. Alberta’s Initial Response to the COVID-19 Pandemic, in May 2020, Alberta introduced temporary legislation allowing for some virtual signings.
On February 24, 2021, the Alberta Government extended the allowance for the use of video conferencing, providing a more permanent signing option that is particularly helpful for out-of-province buyers and sellers. The Law Society of
Alberta has established strict rules for remote signing, including client identification, verification, and oversight. Before initiating a Zoom meeting, your written consent will be obtained.
1. Lawyer Qualifications: Only active members of the Law Society of Alberta, who hold current valid insurance with the Alberta Lawyers Indemnity Association (ALIA), can witness, notarize, or commission documents. This ensures the qualifications and integrity of the legal professionals involved.
2. Document Verification: Both you and your lawyer must have the same document in front of you during the Zoom meeting. It is essential to cross-check and confirm that the document matches. Additionally, Land Titles require original “wet” signatures, meaning they will reject copies of signatures.
3. Precautions and Security: Lawyers must take precautions to prevent fraud, lack of capacity, duress, theft, or other risks. Specific notes or amended jurats regarding video conferencing are required in the documents to address the virtual signing process. The requirements for virtual execution remain unchanged since the temporary legislation. The involved parties must be connected through an electronic method of communication that enables real-time visual, auditory, and interactive capabilities. Additionally, legal advice from a lawyer is essential to ensure compliance with the rules governing estate planning documentation
While virtual real estate signings and electronic signatures offer convenience, it is crucial to exercise due diligence and seek expert advice. Engaging with knowledgeable lawyers ensures compliance with legal requirements and
proper execution of virtual transactions. Additionally, obtaining explicit or implicit consent from signing parties helps demonstrate their intentions and safeguards against potential fraud.
The COVID-19 pandemic has led to significant changes in the legal landscape, allowing for virtual signings, witnessing, and electronic signatures in Alberta. Zoom real estate signings offer a convenient and efficient alternative to traditional in-person transactions. With the approval of video conferencing by the Alberta Government and adherence to strict rules and procedures, you can complete your real estate closing remotely. By following the necessary preparations and complying with the requirements, you can ensure a smooth and secure Zoom signing experience.
Seeking guidance from lawyers and having agreements reviewed can help ensure fairness, validity, and legal binding of virtual transactions. As we navigate through these challenging times, virtual solutions continue to play a crucial role in conducting legal business while prioritizing safety and adhering to regulations.
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The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.
* Only when the buyer comes direct, otherwise the seller may choose to negotiate a commission with the buyer’s agent.
