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Archive for August, 2011

Unique recreation property – Open house Sunday September 4

Wednesday, August 31st, 2011

Please join us from 12-4 pm on Sunday September 4, come and admire this ideal getaway from city stress. Ideal for the whole family and friends. Very unique, with 7 individual and private camp sites and a large open area with fire pit and large tent for shelter – dont miss this oportunity to view this one of a kind getaway.

 

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Asking Price: 129,700
Listing Date: 2011-06-01
Address: 68 Pine ST
City: Westlock
Province/Territory:  
Postal Code: T0G 0P0
Neighbourhood: Spruce Hill Estate
Type: Residential Detached Single Family
Style: Bungalow
Status: Active
Do you and your family enjoy the great out doors? Then this is the place for you. This private retreat from city life 15 minutes from Half moon lake is 2.03 acres with a fully furnished hand built cabin, and seven private camping sites for your family and friends, is accessible year round. A large open area in the center of the property provides an ideal spot for sitting around the campfire, with an open tent included to provide shelter during the short summer showers. An active off road community with trails and riding areas for quads and bikes in the summer and skidoos in the winter. While there are no services on site they are available at the property line. A more that adequate generator used to power all the amenities for the cabin is included in the sale. This is a playground that you and your family can enjoy for years to come. You can keep it as is or in time build on the care and love taken and make it anything you want, build a year round home or keep it as your family retreat.
Rooms
Total Bedrooms: 1 Full Bathroom: 0
Rooms Above: 3 Half Bathroom: 0
Bedrooms Above: 1 Total Rooms: 0
Property
Size: 503 sq. ft. Basement: None
Age: 7 years Basement Dev:  
Parking:   Roof: Asphalt Shingles
Fireplace:   Exterior: Vinyl
Flooring: Laminate Flooring    
Lot Size: 2.03 Lot Description:  
Frontage:   Depth:  
Zoning:   Location: Rural Westlock County
Financial & Possession
Tax: 593 (2011) Monthly Fee:  
Casth to Mrtg.:   Possession: 30 days,neg
Additional
Features:  
Includes: Oven-Microwave,See Remarks,Storage Shed,Stove-Gas
Site Influences: Flat Site,Level Land,Private Setting,See Remarks
Amenities:

 

Directions:

North on Hwy 2 to Hwy to hwy18

East on Hwy 18 to  Range road 240

South on Range road 240 to Poplar Ave

East on Poplar Ave to Pine street

South on Pine st – 8′ Re/Max balloon marks the spot.

Dave Dry
Realtor, Re/Max Real Estate
Office: (780) 457 3777
Cel: (780) 446 3727
Fax: (780) 478 7017

New U.S. property tax rules hit home

Wednesday, August 31st, 2011
By Paul Delean, Postmedia News August 30, 2011
 
 

MONTREAL – A strong loonie and depressed U.S. real-estate prices have led to a buying binge by Canadians south of the border. We’re now the largest non-American buyers of U.S. real estate. Many purchasers, however, only have a vague idea of what they’ve committed to from a tax and legal standpoint.

“There’s a presumption among people that the laws must be the same in the U. S. and Canada. A lot find out otherwise only after they buy,” said David Altro, a Montreal lawyer who also practises in the United States.

Altro, who specializes in cross-border tax, property and estate-planning issues, is the author of a 2009 guidebook titled Owning U.S. Property the Canadian Way.

An updated version of the book is on the way because of significant changes looming in U.S. estate tax, starting in 2013.

Altro said those changes will be “expensive and onerous” to many Canadians if they don’t do their homework and/or get advice.

Starting Jan. 1, 2013, the exemption level on estate tax for owners of U.S. property drops to $1 million in worldwide assets from $5 million, and the maximum tax rate on U.S. property rises to 55 per cent from 35 per cent.

Although the threshold may still seem high, Canadians must include in the calculation the value of their RRSPs and life insurance payable at death, which pushes a lot more people into the tax zone.

Estate tax isn’t the only significant difference between the two countries.

Florida counties have probate rules that could cause a lengthy delay and expensive disbursement to settle the estate of a Canadian who dies owning property there.

If a property owner becomes mentally incapacitated, no transaction is possible until Florida’s guardianship requirements have been met. “A Quebec incapacity mandate often isn’t valid in Florida,” Altro noted.

Nor does Florida recognize handwritten holographic wills, as Quebec does.

Canadians who give U.S. property to relatives are liable for U.S. gift tax as well as Canadian capital-gains tax (determined using the fair market value). Adding your children to the title also could put you on the hook for a taxable gift, and leave the property vulnerable to seizure if the children have marital or financial problems.

Altro said one way for Canadians with significant property to minimize hassles, taxes and property transitions is to create a cross-border trust, with one or more people as trustees.

“The trust doesn’t die when the person does, so you can avoid estate tax,” he said.

Having a corporation own U.S. property isn’t usually a good idea, he said, since the U.S. capital-gains tax is higher for corporations; states such as Florida can tack on an additional levy of their own, and the Canada Revenue Agency may charge a “shareholder benefit tax” to those who make use of outside property owned by a corporation.

Altro says tax and estate planning is always best done beforehand to avoid complications and surprises. So before signing for that Florida condo, make sure you know where you stand.

Making your Real Estate needs my priority
 
Dave Dry
Realtor, Re/Max Real Estate
Office: (780) 457 3777
Cel: (780) 446 3727
Fax: (780) 478 7017

Open house in Ellerslie Saturday August 27 – 151 Edwards Drive

Thursday, August 25th, 2011

This is a well maintained one bedroom condo with all the amenities. Feeling bigger than its stated size. With all stainless steel appliances and raised eating bar in the kitchen, in suite laundry and storage, large master bedroom and living room this is ideal for the urban professional, or student. Relax away from the pressures of downtown while sipping a glass of wine, enjoy the view and evening sun from your balcony. Located just south ofthe the Henday, and close to Hwy 2 gives easy access to the airport, school or downtown in 15 minutes. The complex is well managed and offers an exercise room.

Property details

Please join us from 2-4 pm

Making your Real Estate needs my priority
 
Dave Dry
Realtor, Re/Max Real Estate
Office: (780) 457 3777
Cel: (780) 446 3727
Fax: (780) 478 7017

Open house in Newton on Sunday August 28 – 5316 118 Ave

Thursday, August 25th, 2011

Why are you paying rent when you can own your own home? This spotless unit is located in a concrete building, on the top floor. Both great qualities for quiet living. Heated underground parking ensures that you and your car stay warm and dry. Stainless steel fridge and stove are just over 2 years old (Jan 2009). Efficient use of space make this unit feel large and spacious. Laminate floors throughout lend an air of elegance. Sitting on your balcony on a summer evening you can see to the horizon. Included in the sale are a window air conditioner and portable washer and dryer, doing your laundry in your suite means not having to run out to check your laundry. Real value for money! You will not find a cleaner home.

Property information

Please join us from 2-4 pm

Making your Real Estate needs my priority
 
Dave Dry
Realtor, Re/Max Real Estate
Office: (780) 457 3777
Cel: (780) 446 3727
Fax: (780) 478 7017

Friday, August 19th, 2011

From Re/max of Western canada Aug 15 2011 

Kelowna, BC (August 15, 2011) Curious about the type of property you can purchase for $350,000 across Western Canada? RE/MAX of Western Canada pulled a few listings to see what kind of properties Western Canadians can obtain for $350,000 in selected markets. See the chart attached.

So how do you pay for it? According to business partner TD Canada Trust, at a purchase price of $350,000, a 5% minimum down payment of $17,500 is required. Then you will need to add Canadian Mortgage Housing Corporation (CMHC) insurance fees which would be approximately $10,000.  If you choose to add the CHMC fees into the mortgage price, the total mortgage is now approximately $333,500.  The only way to avoid CMHC fee is to put 20% down or more.
 
Don’t forget about closing costs! According to TD Canada Trust, buyers will also need to show the lender that they have the closing costs in your account. The majority of lenders usually like to see around 1% of the house price, so in this case you would need to show $3,500, in addition to your down payment. The actual cost for closing will depend on the lawyer that you select; however, the typical cost for this service is about $3,000.
 
SUMMARY:
Approximate mortgage amount: $333,500
Mortgage rate: 3.89% (this will depend on the lender, terms etc. that you choose) based on 5 year fixed rate, 30 year amortization.
 
Approximate monthly payment: $1,600
Note: This does not include property taxes. You can pay property taxes in a lump sum at the end of each year or have them added onto your monthly mortgage payment. With an estimation of $2,500 a year for taxes you are looking at a monthly payment of approximately $1,800.
 
 
 

Making your Real Estate needs my priority
 
Dave Dry
Realtor, Re/Max Real Estate
Office: (780) 457 3777
Cel: (780) 446 3727
Fax: (780) 478 7017

Open house in Klarvatten on Saturday August 20

Thursday, August 18th, 2011

Klarvartten, Edmonton  –  We invite everyone to visit our open house at 8736 170A ave on August 20 from 2:00 PM to 4:00 PM.

Property information

Making your Real Estate needs my priority
 
Dave Dry
Realtor, Re/Max Real Estate
Office: (780) 457 3777
Cel: (780) 446 3727
Fax: (780) 478 7017

1 bedroom condo for sale in Ellerslie

Tuesday, August 16th, 2011

• 692 sq. ft., 1 bath, 1 bdrm single story – MLS® $179,400

Ellerslie, Edmonton  –  This is a well maintained one bedroom condo with all the amenities. Feeling bigger than its stated size. With all stainless steel appliances and raised eating bar in the kitchen, in suite laundry and storage, large master bedroom and living room this is ideal for the urban professional, or student. Relax away from the pressures of downtown while sipping a glass of wine, enjoy the view and evening sun from your balcony. Located just south ofthe the Henday, and close to Hwy 2 gives easy access to the airport, school or downtown in 15 minutes. The complex is well managed and offers an exercise room.

Property information

 
Making your Real Estate needs my priority
 
Dave Dry
Realtor, Re/Max Real Estate
Office: (780) 457 3777
Cel: (780) 446 3727
Fax: (780) 478 7017

Stock markets down what does this mean?

Wednesday, August 10th, 2011

Since the beginning of the week we have seen stock markets falling, how will this affect the housing market in Edmonton?

Stock markets are the indicator of confidence in the economy. Investors have, in the last week sold in response primarily to the degrading of the US credit rating, this in turn was in response to a feeling that the US is not doing enough to control its spending.

 When investors sell off stock (at a lower price) of any given company the value of that company is devalued, this in turn lowers the personal wealth of those who have invested in these companies stock. Mutual funds and pension plans also have stock investments.

 What has happened in the last few days is that many stocks have been sold off out of the fear that these stocks will fall further, so the logic is sell off before they loose more value and investors loose more money. The snowball then starts and as more investors sell the prices are driven lower.

 This inevitably will have an effect on the housing market in Edmonton, but what effect? As personal wealth and confidence decline the Real Estate market could slow, another indicator is the increase in multi family starts, this indicates a demand for rental properties, taking potential buyers out of the market. Given lenders tightening up and changes in mortgage rules in the last few years has shrunken the pool of potential buyers. 

 Mortgage rates although influenced by the Bank of Canada rates, financial institutions set their mortgage rates based on the returns on the bond market. As investors look for a safe place to put their money. Canadian government bonds are seen as a safe place to invest, this drives prices up and returns down. Because Banks borrow government bonds to finance fixed rate mortgages there is a close relationship between the five year fixed rate mortgage and five year bond rate. As bond returns fall so do five year mortgage rates. Lenders however do not react to this immediately, they are cautious and wait to see if this trend is sustained.

 In order to protect a fragile economy there will be pressure on the bank of Canada to keep the overnight rates at the current low. As Europe and the US struggle with deficits and pressure increasing on the European union to step in again to stabilize those countries that are on the brink of default. A rate increase by the Bank of Canada combined with the fears of a second global recession may jeopardize our fragile growth.

 If we look back into history we see that in times of economic fragility, the safest place to invest is in tangible property whether that be precious metals or Real Estate.

 With the secure Canadian banking system and stable Real Estate market many investors look to Real Estate in Canada to park their money. Looking at the  TSX composite index for the last week we see that it has posted a loss of 6.5% on a $200,000 investment this would be loss of $13,000. By contrast the Real Estate market in Edmonton, while growth is slow, posted a return of 1% over the last year and 23% over the last five years that is a 4.5% return per year. Better than other investments. Over the same time period (5 years to date) the tsx composite index posted a return of 1.4% and the DOW Jones posted a loss of 2.8%.

 In the passed we have seen increasing sales of multi million dollar homes, during times of stock market volatility, An indication of confidence in both Real Estate and the Canadian economy by the wealthy.

 When looked at in this perspective, the Edmonton Real Estate market is open to all possibilities. If investors and home owners take hold of the opportunities to redirect investment funds. Increasing the value of their current homes, selling their current home and purchasing a higher priced home or purchasing an additional property to hold ‘park’ money and realize moderate returns, in exchange for safety, then we are looking at a healthy market.

The market however could fall if in the light of the negative economic news if investors and homeowners don’t take advantage of this opportunities, sit on their money and don’t spend.

While it remains to be seen as to how this plays out, Real Estate has been a safe investment, looking at the current volatility, low returns on paper investments, low mortgage rates and slow but historically safe return. Upgrading, moving up or investing may be the best place to put your money.

Making your Real Estate needs my priority 
 
Dave Dry
Realtor, Re/Max Real Estate
Office: (780) 457 3777
Cel: (780) 446 3727
Fax: (780) 478 7017

Open House in Klarvartten on Sunday

Friday, August 5th, 2011

Klarvartten, Edmonton  –  We invite everyone to visit our open house at 8736 170A ave on August 7 from 2:00 PM to 4:00 PM.

Property information

Making your Real Estate needs my priority
 
Dave Dry
Realtor, Re/Max Real Estate
Office: (780) 457 3777
Cel: (780) 446 3727
Fax: (780) 478 7017

Aug newsletter and July stats

Wednesday, August 3rd, 2011
 

 June

Change from  to

 May 2011               June 2011

  July

Change from  to

June 2011                 July 2011

New Listings

3,260

-266

-7.5%

3,038

-222

-6.8%

Active listings

8,432

+252

+2.9%

8,421

-11

-0.1%

Sales

1,768

-89

-4.7%

1,441

-327

-18%

Average Sale price

*House and Condo sales

$305,631

-$5,181

-1.6%

$314,440

+8,809

+2.8%

House

$379,409

-$1,136

-0.3%

$384,656

+$5,247

+1.3%

Condo

$231,853

-$9,227

-3.8%

$244,225

+12,372

5.0%

 

 

 

 

 

 

 

 

What do these statistics tell us?

 

   Last month the market remained stable in spite of the growing U.S. debt crisis.

In July we saw a decline in the number of new listings as well as the number of sales, but we saw increases in sale price across the board.

 July is typically marks the peak sales price for the year, if recent yearly trends continue we can expect the sales prices, sales numbers and listings to decline to the end of the year and pick up again in February.

  Mark Carney and the bank of Canada are feeling pressure to start raising interest rates in order to keep inflation under control, but concern over personal debt levels, these increases are more than likely to be in the form of a number of smaller increases rather than one substantial hike, starting possibly as soon as September. Economists are predicting a 0.75% to 1.0% increase within the next year.

 How does this potentially affect the housing market in Edmonton? Well I have heard it referred to as the perfect storm. A low mortgage rate, a steady market, economic confidence and the threat of higher borrowing costs. Some are saying that this is the perfect scenario for a market rally, and we all remember too well the consequences of the last one. This is exactly the reason I don’t believe it will happen.

 My prediction for the run to the end of the year is of a typical tailing off of the market to 2012. However this does not mean this is not a good time to jump in; on the contrary the next few months may be the best time.

 

Making your Real Estate needs my priority

 
Dave Dry
Realtor, Re/Max Real Estate
Office: (780) 457 3777
Cel: (780) 446 3727
Fax: (780) 478 7017
The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the REALTORS® Association of Edmonton. Trademarks used under license from CREA.
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