I have listed a new property at 1206 CY BECKER Road in Edmonton. See details here
Welcome to Cy Becker! This stunning 2,200+ sqft Coventry Homes build offers elegant quartz countertops, and luxury vinyl laminate flooring and upgrades throughout. Natural light fills the open-concept main floor, where a spacious island overlooks the dining and living areas. A walk-through pantry and main-floor office add convenience. Upstairs, you'll find three generous bedrooms, including a primary suite with a massive walk-in closet and a spa-like ensuite featuring double sinks, a stylish tub, and a separate shower. A laundry room, 4-pc bath, and Bonus second living room complete the upper level. The unfinished basement is ready for your personal touch. Enjoy a picturesque green space view and a prime location near top amenities, schools, and major roadways. Don't miss this exceptional home!
I have listed a new property at 9623 154 Street NW in Edmonton. See details here
Don’t miss this stunning home with premium upgrades throughout! Boasting over 1,700 sq ft of modern living, this gem features 5 spacious bedrooms, soaring 9’ ceilings, and luxurious fixtures. The dream kitchen impresses with sleek matte finishes, a large island, and quartz countertops—perfect for entertaining. Step outside to your private patio and enjoy the lifestyle you’ve been dreaming of. A legal basement suite with a separate side entrance adds tremendous value, a current rental income of $1,700/month can help pay your mortgage and get easier mortgage approval. Move-in ready with no hassle—grading, landscaping, fencing, and lawn work are already done. Plus, enjoy peace of mind with the builder’s warranty. Conveniently located near top-rated schools, Whitemud Drive, the hospital, downtown, and West Edmonton Mall, with the new LRT line just steps away. This property blends luxury, convenience, and investment potential into the perfect package. Why wait? Your dream home is ready now!
Please visit our Open House at 9623 154 Street NW in Edmonton. See details here
Open House on Sunday, January 5, 2025 2:00PM - 4:00PM
Stop by and see this beautiful property!
Don’t miss this stunning home with premium upgrades throughout! Boasting over 1,700 sq ft of modern living, this gem features 5 spacious bedrooms, soaring 9’ ceilings, and luxurious fixtures. The dream kitchen impresses with sleek matte finishes, a large island, and quartz countertops—perfect for entertaining. Step outside to your private patio and enjoy the lifestyle you’ve been dreaming of. A legal basement suite with a separate side entrance adds tremendous value, a current rental income of $1,700/month can help pay your mortgage and get easier mortgage approval. Move-in ready with no hassle—grading, landscaping, fencing, and lawn work are already done. Plus, enjoy peace of mind with the builder’s warranty. Conveniently located near top-rated schools, Whitemud Drive, the hospital, downtown, and West Edmonton Mall, with the new LRT line just steps away. This property blends luxury, convenience, and investment potential into the perfect package. Why wait? Your dream home is ready now!
I have listed a new property at 11733 97 ST in Edmonton. See details here
Step into a bright and welcoming living space, highlighted by stunning wrap-around windows that flood the front living room with natural light in the 2007 home. The main level offers 3 spacious bedrooms, including a jacuzzi ensuite, plus 2 more bathrooms. A side entrance leads to this lower space boasting 9' ceilings, which is not included in the 1500+ square feet, and adds 2 additional bedrooms, a full bathroom, and a rough-in for a kitchen—perfect for a separate living area. Enjoy the large back balcony, double garage, and extra parking. Located in a convenient and up-and-coming area close to NAIT, the hospital, and surrounded by revitalization projects, this home is a smart investment for the future. Please note that the photos have been AI-staged to illustrate the home's true potential—come see it for yourself!
Please visit our Open House at 11733 97 ST in Edmonton. See details here
Open House on Saturday, October 26, 2024 2:00PM - 4:00PM
Come by and take a look! Have a chat!
You will have to come and find out :)
Step into a bright and welcoming living space, highlighted by stunning wrap-around windows that flood the front living room with natural light in the 2007 home. The main level offers 3 spacious bedrooms, including a jacuzzi ensuite, plus 2 more bathrooms. A side entrance leads to this lower space boasting 9' ceilings, which is not included in the 1500+ square feet, and adds 2 additional bedrooms, a full bathroom, and a rough-in for a kitchen—perfect for a separate living area. Enjoy the large back balcony, double garage, and extra parking. Located in a convenient and up-and-coming area close to NAIT, the hospital, and surrounded by revitalization projects, this home is a smart investment for the future. Please note that the photos have been AI-staged to illustrate the home's true potential—come see it for yourself!
Mark Demong from 97th Street Law joins us again to go over types of lawyers and what is the difference between a real estate lawyer. Find the contact details of Mark here
To start, here are some names which generally all have to do with lawyers: Attorney, Barrister, Solicitor, Advocate, In-house Counsel, Legal Advisor, Litigator, Negotiator, Prosecutor
Attorney comes from the US system and what they commonly used for lawyers, and in Canada generally we use the British terms of Barrister and Solicitor. A Barrister is a lawyer that approaches that bar/bench in the court room and advocates on behalf of a client. Whereas a solicitor is a lawyer that does the paperwork and doesn’t go to court. Usually in Canada we don’t differentiate the two much and often you will hear the terms together as a Barrister and Solicitor.
Real Estate Lawyer
For real estate lawyers they are simply lawyers that deal with real estate transactions.
As where a divorce lawyer is simply a lawyer that deals with divorce issues and settlements.
The important difference is that when a lawyer labels themselves as a real estate lawyer, they should have the experience needed as it will be completely different than family law, litigation or law related to divorce situations.
You don’t want a divorce lawyer doing your real estate transactions, any more than you would want a real estate lawyer in the case you are getting a divorce.
You want a lawyer that will be able to do the paperwork correctly, interpret the contracts correctly, follow the needed processes and look for any potential issues. Having experience doing so is necessary.
Real Estate Paralegal
A paralegal, regardless of what area of law they are in, support the lawyer with writing up documents, filing, submitting, etc. They interpret things from the granule level, where the lawyer sees more of the bigger picture.
Real estate paralegals, like real estate lawyers have the experience and the repetition which helps them to specialize and be good at processing the needed documents.
Phil explains benefits of a HELOC, what it is, how the five main banks all have options for it and call them different things. Plus, how a Home Equity Line of Credit with your mortgage can have great advantages.
So, let's lay out those answers more:
What is a Home Equity Line of Credit:
If you are not aware of what a Line of Credit is, basically instead of a loan where you owe interest on the full amount, it is a credit that you pay interest on only the amount that you use. For example, if you take out a loan from the bank for $1000 then you start to pay interest on $1000 but if you have a $1000 Line of Credit, and from that you only use $10 then you only pay interest on $10.
Home Equity refers to the equity or capital you have inside your home. So a Home Equity Line of Credit is a line of credit that the bank offers when they use your house as collateral for the funds you borrow.
What does a HELOC have to do with a Mortgage?
Well basically there is a hybrid version where you have a built in Line of Credit when you get your mortgage. This means that as you pay off your mortgage the amount available to borrow from the built in Line of Credit grows and is available to be used when you want.
What are the benefits of having a HELOC connected to your Mortgage?
There are some people that can walk into a bank and get money whenever they want and they have stable income, a stable job and their situation doesn't change. I don't know too many people like that, but there are some. For those people maybe it is better not to utilize their credit and just go to the bank as they are used to.
For the rest of us, when we NEED money from the bank, it is frustrating to get (sometimes impossible) and when things are going well the bank usually offers more credit to us and we don't want it.
So this option allows for someone to get their growing Line of Credit when they are approved for a mortgage (or when they have equity/capital in their home) and when their credit and everything may be doing well for them. Then later, life happens or opportunities come up and then the money is available when it is needed. Before that time if you don't use it then you don't pay interest.
The other advantage is that since the bank uses your home as collateral for the Home Equity Line of Credit, the interest rate will be a lot lower then if you have a normal line of credit.
If you have any other questions feel free to reach out.
Please visit the following page to get Phil's details (Be sure to tell him that you found him through Derek's video) https://dkeet.ca/guest-speakers.html
If you are looking to buy a property in Edmonton, Sherwood Park, or need advice on the current market contact Derek!
Derek is licensed for residential, commercial, and rural real estate, plus has many years of personal and business experience to be able to understand your needs.
If you are interested in buying or investing in Edmonton or the surrounding areas, click here to set up your own detailed search: https://dkeet.ca/map-search.html
If you haven’t had a property inspection before you are likely wondering how it works. Of course, all property inspections will depend on who is doing the inspection. This write up is meant to give you a basic understanding.
Reason for having a Property Inspection
Most commonly, it is to understand an issues with the property, big and small, to avoid surprises in the future if you go ahead with a property purchase. In this case it is generally added as a condition when you put in an offer on a home, so that you can have the time right after the offer is accepted to have the property inspected before you finalize the purchase of the property.
Or, if you are the homeowner, which is less common, you might have a property inspection to make any of the needed fixes to your home either before you sell or just for general maintenance. For Seller’s I have never recommended that they spend the money for a property inspector before they sell as that money is generally not money they would be able to add to the sale price amount and buyers usually won’t look at a seller’s property report instead of having their own inspection.
Price of a Home Inspector
In Edmonton, Sherwood Park and surrounding areas, hiring a property inspector in Edmonton costs $475 to $575.
How to find a Home Inspector
If you would like to reach out to Josh, you can find his contact details here:
Or if you need a few options of recommended home inspectors in Edmonton and the surrounding areas, please feel free to reach out to me.
I am also connected to realtors and professionals across North America, so if you need support in other cities, I can also likely refer you for other cities as well.
Inspection Day
The property inspector shows up with ladders, humidity detectors, a drone (usually) and everything else they need to inspect.
They usually start from the exterior, logging everything they note on the property.
They look for everything big and small but remember that they cannot open any walls.
They will walk the buyer through the home to show them issues. Property inspectors in Alberta, and I assume other provinces, are not allowed to give quotes for fixing issues but they should be able to give an idea of what it takes to fix and issue and approximation of the cost.
At the end of the inspection the buyer should have a clear idea of what they are getting as their new home.
The property inspector works for the buyer and the report is confidential to the extent that the buyer doesn’t have any obligation to share it with anyone unless they want to. I am almost always there for the inspections.
Massive Reports and Buyers left not knowing how severe issues are
Get an idea of how severe things are. There are legal guidelines for property inspections which can get them in trouble for underplaying issues in the house. This can cause property inspectors to report the issues to the buyer without their opinions. Leaving buyers with just a huge list of big and small things for the buyer to figure out the meaning. I understand that reason why property inspectors may protect themselves, but the buyers should want to know clearly what it would cost for them to get issues fixed or even if the issue is one that most people would not fix.
I was looking through a property inspection report (not through an inspector that I recommended) and it was extremely thorough. Pages and pages of information including points that mentioned parts of the house that were great. The report was extremely thorough to the point that it was exhausting reading through this manual of a report. I am not a qualified home inspector, but I have more experience than most and found reports like this overwhelming.
You may want to review the list later and try to fix all the little things, so the details might be good to have. So long as the 100+ page report is verbally explained in a much shorter non-overwhelming way, you should be fine, but if you are feeling overwhelmed, clearly tell your property inspector to simplify and explain everything in a way that you are comfortable with.
Negotiations after an inspection, when the inspection is connected to a buyer condition on an Offer to Purchase
Some issues can be used as leverage. I have had buyers that assumed that every cent it would take to fix every issue would be coming off the purchase price. That is likely not going to happen unless it is truly a buyer’s market and the seller fears that you are their only chance at selling. In a balanced market if there are major repairs, like a new roof, furnace, or foundation issues, then lowering the price may be negotiated. If it is a strong seller’s market and there are buyers lined up behind you, you will likely need to either accept the issues or move on to a home that is in better condition.
Fixes found in a Property Inspection
Sometimes they can be small fixes that can be fixed with a screwdriver or a wrench or even possibly left alone.
To give you an idea of some recent issues, on a property that I manage, one “major” issue was an electrical issue. The sump pump and the hot water heater were sharing the same outlet. Talking with an electrician, the breaker box was on the other side of the home, and it would mean opening walls (and then repairing, mudding, sanding, painting walls) plus running long lines of electrical. The decision was made to just leave it. Sometimes you can find issues that have been technically issues for 20+ years and have never been a problem. In the case of this shared outlet the danger is that there is a power overload and both the hot water heater, and the sump pump stop working is the breaker trips, but again this seems like something that hasn’t been an issue for probably 20+ years. Another “major” issue found was a capped off downspout. In the end this was also not something that the roofing company saw as a problem as they felt like just making sure your eavestroughs are clear is more important and would prevent it from being a problem.
Expectations for Property Inspections
Josh mentions that there is always some issue that can be found, even when homes are brand new, so it is best not to expect a perfect home.
Inspectors should be helpful and have your best interest, but also explain things clearly at your level of understanding.
Takeaways
Ask lots of questions, know exactly what an issue would take to fix/resolve it and how important or severe the issue is.
Remember to see the process as a learning experience. Property inspectors will usually be very happy to educate you on simple fixes, how systems work, and better ways to maintain your home. Learn and enjoy.
Mark Demong from 97th Street Law in Edmonton joins in the video adding his opinions with over 30 years’ experience practicing law in Alberta. Visit the following page if you want to find Mark’s details to connect more with him: https://dkeet.ca/guest-speakers.html
Estate planning is an inevitable part of life for people who own property, especially for when they are getting older. Eventually something is going to happen with the real estate you own.
First a will is important. Get one, if you don’t have one. While you are at it, plan and pay for your funeral and burial. You may have a very different opinion on how much you would spend on a casket, or tomb stone, or even for flowers. Instead of dropping the burden on someone else and having someone else spend your money on these expenses later make a plan well in advance.
Mark mentions that there is an opinion on lawyer expenses and how people feel that they paid too much for estate transfer paperwork that seemed quite simple. A way that someone can avoid needing to transfer their estate later is to add their child onto their land title in advance which some people could see as a simple way to avoid using a lawyer for the estate on their passing. In the case of joint ownership of a property, when someone passes away, there is a principle called survivorship, so that the person who passes away first can be removed from the title by providing the land title’s office with proof of death. Then, the survivors are the remaining owners of the property.
That sounds simple and, if the person (or people) that you eventually want to own your property are added, you can avoid legal expenses, but Mark warns people to think of the following scenarios as what sounds good today might not sound good in the coming years.
What if Junior was added to the property, but later the parents decide they want to downsize and move to a place with assisted living? By adding Junior’s name on the title, now they need Junior’s signature to make that sale go ahead. Now, what if Junior doesn’t sign?
Assuming Junior isn’t a resident of the home, Mom and Dad can sell the house with no tax consequences, but Junior on the other hand may need to pay the taxes on his share of the property. When he receives the gift of a 1/3 interest of the home, he receives a capital value. When Mom and Dad (he) sells that property, if the property value went up, he would need to pay taxes.
What if Junior is married and gets divorced. His ex-wife will likely want half of what Junior had in his parent’s house which she would legally be entitled to. She could likely file a certificate of pending litigation and he may not lose too much but would need to be paying his lawyer to sort that out.
Or what if Junior has trouble with his credit card. The credit card companies can register a judgement against his parent’s house.
These are example that might have a lower chance of happening but points you might want to consider.
In real estate, life changes are often the reason for sales. Whether it is someone moving to a new city, a growing family wanting a bigger house, downsizing, divorce, someone passing away.
Often people don’t think too far ahead when they buy a property and what could possibly change in the future.
Hopefully this video can make you consider some situations. I hope you can make careful decisions and to look at the angles when it comes to estate planning.
In the video Phil explains common mistakes people make with credit, how more credit is sometimes better, why a small limit is a bad thing, how to check your credit without it hurting your credit and what the banks expect for a credit score. Read below for the more detailed version.
Credit Score
The first thing banks or mortgage brokers will look at is your credit score.
Having no credit can negatively affect you. Meaning that if you only have one form of credit (or zero) then it wont look good to the bank. Phil recommends having at least two. This can be a car loan, student loan, credit card, line of credit or anything that will come up when you do a search.
Search your credit! Phil mentions Equifax. I have not tried Equifax, but in the past, I tried one that said 'Free Credit Check' but they forced me to input my credit card. I didn't think much of it until I noticed a monthly fee of around $20. Unfortunately, it took me many months before I noticed and the best they would do was delete the account. So, if any similar site asks for your credit card information to get your free report, don't do it.
I have used Borrowell for free for some time now and I have never paid for it. I am sure there are others that can also work, but this one has been perfect for my family.
I did notice that they offer me $5 if I introduce a friend. This site is free for you, but if you want to buy me a coffee, please use the following link and they will send me a $5 gift card (last time I got an ecard for Starbucks)
Phil also mentions that banks now offer something similar inside their apps/sites. if you prefer you could also see if your bank offers soft checks that would not effect your score by checking.
What is a Good Credit Rate?
So you checked your credit history and score, now what does it mean?
The minimum a bank looks at for a mortgage is a credit score of 600.
A lot of lenders want to see you above 700.
If you are around 600 you are considered a little higher risk so the banks will want to see more savings or a higher income.
Payment History / Credit History
Banks do look at payment history. Make sure you are making your payments ontime. Many services offer automatic payments and bank accounts offer scheduled payments. Use these or pay bills as soon as you get them if paying on time is an issue for you.
Why is a Small Limit a Bad thing?
This is a common misunderstanding that I used to have. I thought that the less credit you had the better, but that is not how the algorithm works. 33% of your score is based on utilization. This means that if you have a credit card for $1000 and you owe $900 on it, your credit score will go down as you have used 90% of your credit. On the other hand if you had a credit card for $9000 and you owed $900 on it you are only using 10%.
Using your credit and creating a good history is ideal, but anything over 50% usage looks bad. Below 30% is best. So, having a higher limit will help you.
In my case I had all my credit cards paid off and only had money on my line of credit owing. This was not a huge line of credit, so I was using probably 80% of it and contacted the bank to try to raise the amount and they also explained that if you are using a high percentage of it and not able to pay it off, they do not want to offer you more. When it comes to the algorithm it doesn't look at all credit you have an average it out, so try not to use over 30% of any of your limits.
Continue to Save!
We joked about getting a Sugar Mama (or Sugar Daddy), but a lot can be said about reducing your expenses or, if you can, increasing your income.
Personally, I would ask yourself how you will feel about your expense a couple years from now? If it will create awesome memories you probably wont regret spending money it, but can you cut out some of the THINGS? Or even better spend less on bad food or things that are bad for you?
If you have any other questions feel free to reach out.
Please visit the following page to get Phil's details (Be sure to tell him that you found him through Derek's video) https://dkeet.ca/guest-speakers.html
If you are looking to buy a property in Edmonton, Sherwood Park, or need advice on the current market contact Derek!
Derek is licensed for residential, commercial, and rural real estate, plus has many years of personal and business experience to be able to understand your needs.
If you are interested in buying or investing in Edmonton or the surrounding areas, click here to set up your own detailed search: https://dkeet.ca/map-search.html
Property inspections warning signs! Worst things to find in an inspection.
Basically, we are addressing the question of what is a bad inspection? When should you run away? When might it be a chance to get a better deal due to small things that can easily be fixed?
To start, when the property inspector shows up to a property and the first thing they see is a sagging roof, or the grade of the landscaping around the house in a bowl shape it is clear that there are going to be moisture/water issues and possibly foundation issues.
Roof and Foundation (The big issues)
Roof and foundation issues are a definite concern. Downspouts are there to move the water away from the building and the grade of the area around the home is designed to shed and move the water also away from the house so that over time the foundation is not damaged by water. A sagging roof can point to moisture issues to the structure or the attic.
If you are interested in hiring Josh Born, Please visit the following page to get Josh's details (Be sure to tell him that you found him through Derek's video) https://dkeet.ca/guest-speakers.html
Josh is from Canadian Residential Inspection services here in Edmonton.
Lack of Insulation (relatively small issue to fix)
A little off the topic but lack of insulation can be clear when most roofs have snow on them but the snow on the roof of the property is all melted.
Also, where the roof meets the soffit, if there is a lot of ice there, that is called ice damming and that definitely means that there is a lack of insulation at the wall and ceiling connection. Warm air is getting up there in both cases and melting the snow which can wreck your shingles and in the case of the ice damming that can also wreck your gutters.
There are other YouTube videos that can go over adding insulation to your attic. I have done it before on my own home. We bought packs of Pink Panther insulation and rented a machine with a long hose on. Basically, one person wears the proper facemask and goes up in the attic holding the long hose while the other person stays outside, turns on the machine and puts the bails of insulation into the machine and it goes through the hose and is sprayed inside the attic. The cost was minimal, and it definitely wasn't rocket science.
Foundation Damage vs Foundation Crack vs Foundation Slanting
Water is the enemy of buildings, and it will find a way if there is a crack and generally will get worse over time.
There are different variations of foundation cracks. Small vertical cracks you are going to find in many older homes and isn't a huge scare, but if you have a large lateral crack or the foundation has a knee joint (looks like a knee or angle on it), that needs to be repaired and is a big deal.
If the foundation is on a slant or bowed, it isn't holding up the house properly and can be a major issue to fix.
Although there are some kits that can seal off vertical cracks and may work for around $250, it is recommended to hire a company as they also offer guarantees and will make sure it is done properly. Using tools that go into crack to insert the epoxy and fill the whole crack. Also making sure the timing is correct as it should not be done when there is already water or moisture in there, or if the temperature is too cold.
Cost for fixing minor to medium cracks
It depends on the size and the location, but roughly $500 to $700 if you are doing the digging and hard labour.
Or $2000 to $3000 if you are hiring a company.
Or depending on the situation using an epoxy product for $200+ (which may be used without digging as it will go through the full crack if used properly) or digging down on the outside and using a tar product to block from the outside.
Stopping the water from getting too close to the home
The other point is making sure the water is not getting close. As mentioned your downspouts and eavestroughs are designed to move water away from the home along with the landscaping and grading. Making sure your gutters are clear also prevents damage and allows for the water to flow in the way they are designed.
Renovations
Another point to note is that if you are planning on finishing or renovating the basement make sure the points mentioned are looked at. The last thing you want is to finish your renovation and find out that water is getting under the floor or behind the walls.
Remember that the major issue for most homes is water related.
Derek has a long history of owning and renovating, buying and selling and managing his own properties as well as helping his clients.
If you looking to buy or sell reach out to Derek @ 587-598-3248
You have surely heard about a bank pre-approval. Or if you haven't you most likely will if you are buying a home.
Whether it is in Edmonton or anywhere else in Canada, you will find many people will expect that you have one.
In the above video Derek goes over his opinion of bank pre-approvals, the pros and cons and if it is really mandatory to have a pre-approval before you can buy a property? Put an offer in on a property? Or simply needed just to work with a real estate agent?
Given Derek's history with vendor-take-back mortgages and private mortgages, part of him feels that real estate is about pushing the limits and finding a way to make financing happen. In the past when he was asked if he was pre-approved, it was insulting. Partly because of the way it was asked to him and the other part because of frustration from working with banks.
For seasoned buyers finding a way to make financing work may be a normal way of life and business (even then, KNOWING your finances is important).
Whether you need to be pre-approved or not, really comes down to how well you know your finances. Real estate agents should let buyers know why a pre-approval is in the buyer's best interest. I have heard of many real estate agents that wont work with a buyer unless they get pre-approved, and with tougher bank regulations this will likely grow.
For first time home buyers, I have this picture of a couple about to be married, excited to buy a home, finally finding the ideal home and not being able to get financing, having their dreams crushed.
If you are interested in buying or investing in Edmonton or the surrounding areas, click here to set up your own detailed search: https://dkeet.ca/map-search.html
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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.
