Selena November 2019 Newsletter
It is mid November already so that means next year (2020) is fast approaching. We trust you set some goals at the beginning of the year and now is a good time to see if you are on track to achieving them. If you have not accomplished all your 2019 goals then you still have a month to catch up! Perhaps it was the early snowfall here in Edmonton (see below) which makes us aware December is coming and hence the new year. And speaking of December, it is one of the most expensive months, so if you haven’t planned and budgeted correctly then you start the new year feeling broke and that is not good. Budgeting and goal setting are very similar. I learned to budget by age 8 as my beloved Dad deliberately never gave me enough money, and always asked me why you want to buy this. I used to hate these types of questions when I was young although I now use them with Fionna. Last week grocery shopping she was given a list and some cash and told if there is any money left, she can keep it. Her dad took her to the store, helped her buy all the items and she is very happy not just because she added to her piggy bank but because we entrusted her with this task and let her do it her way. Bottom line, it is never too early or too late to learn money management. It is a topic we cover in our INVEST EDMONTON meetings and “W.I.R.E.” (Women In Real Estate).
If you follow the news it seems our Real Estate market is up and down. These are normal seasonal up and downs but media like to dramatize it so more people will read the article. Our market is still very much in favour of buyers but it does help to compare month to month and year over year so you have a better idea of what is really going on.
Based on October numbers, the average price for homes this year was $354,000 which is down a touch from last year even though month to month the average price increased by 1/2 %. So what was going on to cause this October dip. Hmmmm….. well there was that election which caused lots of uncertainty all over Canada & Alberta in particular. Good news is, the election is behind us, interest rate still low, and our rental market has been improving. This is great news for buyers or investors looking to buy a new property as winter market you can always find real bargains.
One of my goals has been to start a Real Estate Educational group and indeed my dream has became reality. My partner Eva Neufeld (Licensed Mortgage Broker) and I have started “INVEST EDMONTON”. There are already 9 meetings set for 2020 which are FREE for the public. Our core sponsors includes Lawyer, Accountant, Property Manager, Realtor and Mortgage Broker. Each sponsor is experienced working with Real Estate investors and they understand what investors are looking for as it is not the same as an average home buyer. INVEST EDMONTON’s aim is to provide valuable information and support for Real Estate investors in making the right decision for their investment. So far it is the only Educational event in Edmonton which is NOT trying to sell deals to investors, or to have them sign up for expensive courses, so make sure to come by and check out our January meeting: Real Estate Planning on Jan 21st. RSVP here.
This is one question I get asked a lot! My answer most often is it’s better to OWN your own home. Do you know in Edmonton, over 50% of people are tenants? This is great news for investors; however, it is sad that most people do not plan their future. Do you know that by just paying the mortgage each month, within 25 years (or even sooner) you could own this home! Did you also know the monthly mortgage payment is less than paying rent. Once you own your own home, rent increases, landlord’s visit, being forced to move because the home is Sold are a thing of the past. The Government has introduced mortgage rules to slow down the Real Estate markets in Vancouver and Toronto but since that hurt more affordable markets like Edmonton, the government created some incentive programs to encourage first time home buyers, such as equity sharing (they will contribute up to 10% towards down payment), Using RRSP funds towards the downpayment, and much more. Because we get asked this question a lot, we developed this chart to help you decide for yourself if Renting Or Buying is better for you. Talk to us regarding these creative strategies and we can help you becoming proud new home owners sooner than you think.
Earlier this year, Coldwell Banker announced their new North Star Logo. Starting January 2020 we will be able to use it on our websites and other marketing materials. If any of you are artistic and handy with design we would love your input as to how to best incorporate the new logo into our current designs and branding. Please send an email as we would love to hear from you so let us know if you like it.
This article contains the opinions of Andrew Barrett and Selena Cheung. Licensed Realtors® with COLDWELL BANKER Venture Realty.
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Filed under: Blog by Selena Cheung
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