January 2017

Found 3 blog entries for January 2017.

Taxes, a complicated evil that we all have to deal with...and with tax season upon us, there are new rules that you need to know about. The federal government recently introduced changes to the principal-residence tax rules that will affect all Canadian homeowners. Under the new rules, starting in 2016, you'll be required to report every principal (primary) residence sale on your tax return. Although the rules were mostly aimed at foreign investors and "flippers", all homeowners are being affected. There are some hefty penalties for those that do not report a sale. And if you don't report, you may not qualify for the principal- residence exemption (PRE). If you sold your home in 2016, talk to your tax professional to ensure that you comply with the new

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The REALTORS® Association of Edmonton released its annual housing forecast today at a seminar at the Northlands Expo Centre attended by 600 REALTORS® and business leaders. Chair James Mabey forecast that sales of residential homes in the Edmonton Census Metropolitan Area will continue to remain relatively stable in 2017.

Single family homes performed well in 2016, with a slight drop in unit sales and average prices. Unit sales are predicted to continue to decline until the middle of 2017, ending the year approximately 1.7% under 2016 numbers. Single family home prices are expected to decrease by 2.2%. Inventory is expected to remain higher than in previous years. Continued strength in the $350,000 to $450,000 single family home prices category is

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The Edmonton Census Metropolitan Area (CMA) real estate market marked a year of overall stability in 2016. Prices were also consistently stable with only modest decreases throughout 2016. Condominiums and single family home prices decreased, with condominiums declining 0.53% and single family homes declining only 0.86%, relative to 2015. Duplexes and rowhouses, which account for approximately 10% of all unit sales, experienced the most decline in prices, decreasing 5.22% compared to 2015.

In total, 16,170 residential unit were reported sold in 2016 as compared to 17,325 in 2015. Average days on market for 2016 for all sold units was 57, up 6 days from the average of 51 days on market in 2015. The reported all-year sales to listing ratio was 52%,

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