Edmonton Relocation REALTORS® : Archived blog posts for : April 2023

How Accurate is Your Property Assessment

Posted on April 23, 2023 by Edmonton Homes

Is your City of Edmonton Property Assessment Accuarate?

Property assesments in Edmonton are only a base point. Your home could be worth a lot less or a lot more. The city uses a computer system to generate an estimated guess of your homes value without physically seeing it. There are several reasons why your property assessment is not accuate.

Should I dispute my tax assesment?

Every year, edmontonians recieve thier city assesment and if you feel that assessed value is incorrect, you do have the option to dispute it. If you win, your property taxes will go down. However, if the city says your home is worth more, they will increase the amount of taxes you owe every year. Before disputing the value of your home, it is best to reach out to an experienced REALTOR® for a more accurate selling value.

Tax assessment vs selling house prices

What is the difference between a property assesment and your tax assesment?

A tax assesment is what the city of Edmonton says your home is worth. A property assesment is the current market value of what your property is actually worth in today's real estate market.

There are many factors which come into play when there is a discretion in the price of your homes value. Mainly because the city is only guessing whats going on in your neighborhood by looking at sales data. Below are reasons why the city of Edmonton assessment is different from the true value of your home?

What buyers think when they check out your tax assesment (And they do)

If your assesment is higher than your selling value, buyers may feel like they are being ripped off. If it is lower, they can feel like they are getting a great deal. An experienced REALTOR® will explain why there is a discression, however, if buyers are not educated, the sale of your home can go sideways.

Reasons not to rely on your City of Edmonton property assesment

They don't go into your home (unless you dispute it and invite them in)
Several foreclosures in your neighborhood (this will decrease your homes value)
Several permits taken out for renovations (this will increase your homes value)
A few nearby properties sold 1.5 to 2 years ago which were much higher or lower
The condition of your home is worse of better than most in the neighborhood
The square footage of your property
The size of land your property sits on

If you are considering selling your home, please contact me for a free no-obligation accurate market analysis of your home. Call my office at 780-910-5179

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Edmonton Real Estate: 2023 Spotlight on Luxury

Posted on April 2, 2023 by Edmonton Homes

Posted in Edmonton-house-prices

Edmonton Real Estate: 2023 Spotlight on Luxury

Notable luxury real estate trends taking place in Edmonton

Tight inventory levels continued to challenge luxury buyers in the Edmonton real estate market first three months of 2023, with high-end sales over $1 million hovering at 40, down significantly from year-ago levels during the same period. Despite pent-up demand and an ongoing influx of buyers from Ontario and British Columbia, listings available for sale have slowed to a trickle, especially at the coveted $1 million to $1.2-million price point. Buyers are squeezed between what they want and what is currently available, and they seldom match up. Close to 260 listings are currently available between $1 million and $14 million. Values, however, are holding up fairly well, with no big dip, given that the cost to build is so much higher.

Move-up buyers, usually in their late 30s to late 40s with teenage children, represent the lion’s share of high-end purchasers. Most are seeking large homes and substantial lot sizes in mature neighbourhoods, a trend that ticked up during the pandemic. Existing stock, including spec properties, is most sought-after, with fewer buyers choosing to build or buy newer homes from plans due to the uncertainty of spiralling construction costs. The strongest demand is found in west end neighbourhoods such as Crestwood and Laurier overlooking the river valley, while Windsor Park and Belgravia are popular destinations sough of the river by the University of Alberta. Upper-end buyers seeking larger lots typically look to Edmonton’s luxury communities such as Windemere with its estate properties on the ravine or in Summerside, where homes backing onto the lake are coveted. Downsizing and lateral moves are also occurring, albeit to a lesser extent, with homeowners in older, established neighbourhoods trading large, tired homes for smaller and newer infill properties within similar areas.

The foreign buyer ban has had an unintended consequence in the Edmonton area as corporate transfers and professional sports players get caught up in the net. With no exemptions in sight, many have chosen to rent. As the spring market takes shape, luxury REALTORS® are fielding more calls from both interested buyers and much-needed sellers but some sort of catalyst is necessary to really kick-start the housing market. A decline in interest rates would be the ideal impetus, providing a boost to consumer confidence and mindset. Until then, we expect activity to be somewhat tempered in the months ahead, with the luxury market kicking into high gear by the fall.

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