Darrell Cook

 You view a property on the market and you’re appalled by what you see.   The garage is packed to the roof with boxes, bikes and other items. The basement is dark and gloomy.  And if that isn’t enough to dissuade you from buying, the carpeting in the family room is old, stained and musty.  Not a pretty picture.  Yet, if you can look past all that, the property might just well be a diamond in the rough.  A garage can be cleaned out, carpets replaced. In fact, the home could well be just a few improvements away from being a gem.  So when shopping for a new home, give any bad first impressions you have a second chance. A property you may not have liked initially could end up being your dream home.

My niece Misty spotted a property many had passed by and turned it into an absolute gem worth far more than she paid for it.  Congratulations Misty & Craig!

When it comes to deciding which wood floor would suit your needs in the best way, consider the room’s use, what subfloor or existing floor that is there now, budget and your preferable design.

Solid hardwood floor. might outlast your house since it can go through several refinishing cycles. Installation needs underlayment, but it could be installed on existing subfloor. Hardwood provides an excellent design solution as it comes in many kinds of wood: oak, maple and ash.

Engineered floor. provides all the benefits of hardwood, it can be refinished as well but is easier to install and does not require underlayment subfloor and can be installed on any surface. Engineered hardwood flooring is made of wood, but it’s not solid. Instead it is a laminated product like plywood, with a thin but tough veneer of real wood on top laminated to three to five layers of less expensive wood (or fiberboard) and bonded under pressure with strong glues.

Laminate. is completely synthetic with a tough melamine wear coat over a paper or fiberboard core. The beauty of laminate flooring is that it can be made to look like any material; stone, ceramic tile, wood, and more – at a fraction of the cost of the real thing. The effect is achieved in the second layer, which contains a photographic representation of the real flooring material. It is easy to install and water resistant.

Bamboo plank floor. is an environmentally friendly material. Not only is bamboo a fast-growing and renewable crop, the companies that make bamboo flooring use binders with low emissions. Bamboo flooring is made by shredding stalks of the raw material, then pressing them together with a resin that holds the shreds in their finished shape.

The first inhabitants settled in the area that is now Edmonton around 3,000 BC and perhaps as early as 12,000 BC, when an ice-free corridor opened up as the last ice age ended and timber, water, and wildlife became available in the region.
In 1754, Anthony Henday, an explorer working for the Hudson’s Bay Company (HBC), may have been the first European to enter the Edmonton area.. His expeditions across the Canadian Prairies were mainly to seek contact with the aboriginal population for the purpose of establishing the fur trade, as competition was fierce between the Hudson’s Bay Company and the North West Company. By 1795, Fort Edmonton was established on the north bank of the river, as a major trading post for the Hudson’s Bay Company. The name of the new fort was suggested by John Peter Pruden after Edmonton, London, the home town of both the HBC deputy governor Sir James Winter Lake, and Pruden.
The coming of the Canadian Pacific Railway (CPR) to southern Alberta in 1885 helped the Edmonton economy, and the 1891 building of the Calgary and Edmonton Railway resulted in the emergence of a railway townsite (South Edmonton/Strathcona) on the south side of the river, across from Edmonton. The arrival of the CPR and the Calgary & Edmonton Railway facilitated the arrival of settlers and entrepreneurs from eastern Canada, Britain and continental Europe, U.S. and other parts of the world. The fertile soil and cheap land in the Edmonton area helped attract settlers, further establishing Edmonton as a major regional commercial and agricultural centre.  Some people participating in the Klondike Gold Rush passed through South Edmonton/Strathcona in 1897. Strathcona was the northernmost railway point in North America, but travel to the Klondike was still very difficult for the “Klondikers,” and a majority of them took a steamship north to the Yukon from Vancouver.
Incorporated as a town in 1892 with a population of 700 and then as a city in 1904 with a population of 8,350, Edmonton became the capital of Alberta when the province was formed a year later, on September 1, 1905.  In November 1905, the Canadian Northern Railway (CNR) arrived in Edmonton, accelerating growth.
During the early 1900s, Edmonton grew very rapidly, causing speculation in real estate. In 1912, Edmonton amalgamated with the City of Strathcona, south of the North Saskatchewan River; as a result, the city extended south of the North Saskatchewan River for the first time.
Just prior to World War I, the boom ended, and the city’s population declined sharply from more than 72,000 in 1914 to less than 54,000 only two years later. Many impoverished families moved to subsistence farms outside the city and others fled to greener pastures in other provinces. Recruitment to the Canadian army during the war also contributed to the drop in population.[24] Afterwards, the city slowly recovered in population and economy during the 1920s and 1930s and took off again during and after World War II.

Buying a home is a milestone, whether it’s your first, third or fourth. In addition to the price of a home, there are some other costs you’ll incur. Some of these costs are one-time fixed payments, while others represent an ongoing monthly or yearly commitment. Not all costs apply to every sale or purchase. However, when you are aware of the following items you won’t be hit with any surprises on closing day.
Inspection fee
An inspection performed by a professional inspector is a sound investment. For $300 – $500, you’ll receive a written report on areas that are structurally sound and those where repairs are required.
Appraisal fee
When you apply for a mortgage, your lending institution will ask for an appraisal of the property. Budget approximately $300 -$ 500.
Survey fee
When you purchase a resale home, you are also required to have a Real Property Report which assesses any changes to the home and property. Normally the vendor is required to provide this in which case it costs you, as the buyer nothing, but can be added to your costs if the vendor negotiates it in the sale of his home Budget around $400 – $600.
Property insurance
Insurance on your home covers the replacement value (structure and contents). To protect their investment on their loan, financial institutions require this coverage. Allow for $500 – $1,000.
Service charges
There will be an installation fee for utility services, including telephone, water, electricity, gas and cable. Hook up fees range from $50.00 – $175.00 depending upon the service.
Legal fees
A lawyer should review every real estate transaction. Fees are determined by the complexity of the issues involved. Shop around and ask for an estimate prior to hiring any lawyer.
Mortgage loan insurance fee
Depending upon the down payment, some lending institutions require mortgage loan insurance. Budget between 0.5% – 3.5% of the total amount of the mortgage.
Mortgage application fee
Some financial institutions charge a mortgage application fee to process your application. If your request for a mortgage is turned down, most will return the application fee to you. Each time you renew a mortgage some institutions also charge a fee.
Moving costs
Costs for professional movers range from $65.00 – $100/hour for a van and two movers. Prices may be higher during peak moving times.
Local improvements
In some cases, the cost of local improvements made in your area (sewers, sidewalks, alleys) could be added to your tax bill.
Closing costs
With the purchase price of a resale home, the closing is always “subject to usual adjustments.” This means that any amount that the seller has already prepaid will be adjusted so that the home buyer pays the excess amount back to the seller, and vice versa. These adjustments can include: municipal property and school taxes, monthly condominium maintenance fees, first and last month’s rental for rental properties where renters may be in the home, and utilities such as hydro, water and fuel oil, including GST.
Interest adjustment costs
Most lenders expect the first mortgage payment one month after closing the purchase, however, if you close mid-month, some lenders expect the first payment at the beginning of the next month, two weeks before you would normally expect. Or they charge a pro-rated interest to make up the difference.

Edmonton, April 2, 2012: At the end of the first quarter, the REALTORS® Association of Edmonton reports that the average residential price in the Edmonton area is up 2.2% when compared to a year ago. The all-residential average1 price, at $335,187 compared to $328,094 in March of last year. Single family detached (SFD) and condominium average prices were stable year-over-year with SFD prices up 0.2% and condos down 0.7%.

“Other markets, such as Toronto, are reporting feverish real estate activity involving multiple offers and unconditional offers but our market is calm, orderly and slowly evolving,” said REALTORS® Association of Edmonton President Doug Singleton. “Listing activity is up when compared to last year but sales and inventory are down which could indicate that market activity will pick up markedly as the summer progresses.”

On the Multiple Listing Service® System, sales and listings by REALTORS® in March were up, with 3,271 residential listings (up 23.5% from February) and sales of 1,533 (up 24.5% from the previous month). As a result, the inventory of residential properties available for sale was up 14.6% at 6,851 properties. At the current sales level, there are four and half months of inventory available. In total, there are 10,640 properties of all types (commercial, rural and residential) on the Edmonton and Area Multiple Listing Service®.

Market stability is reflected in the sales-to-listing ratio which is unchanged from month-to-month. The average days-on-market dropped in March by one day from 54 to 53 and residential properties are selling at about the same pace as this time last year on a year-to-date basis (46%).

In March, the average price of a single family detached home was $380,083, up 1.3% from the previous month. The average price of a condominium in March was $231,629, down 1.4% from the February price (last month the price of condos advanced over 8% in a month). Duplex and rowhouse properties sold on average for $319,020; a 4.1% improvement from the previous month.

“April is the start of the real estate season when people who want to buy and sell real estate are most active,” said Singleton. “There is speculation that mortgage rates will start to rise which makes it more difficult for first time buyers. However, there is lots of choice in our market with new properties coming available daily. Whatever your housing situation you can trust the advice of your local REALTOR® who is here when life happens.”

Activity (for all residential sales on Edmonton MLS® System)

March 2012 M/M % change Y/Y % change
SFD2 average selling price – month $380,083 1.30% 0.20%
SFD median3 selling price $360,000 1.80% 1.40%
Condominium average selling price $231,629 -1.40% -0.70%
Condominium median selling price $220,000 -2.20% 0.00%
All-residential4 average selling price $335,187 1.60% 2.20%
All-residential median selling price $320,500 1.10% 3.10%
# residential listings this month 3,271 23.50% 12.70%
# residential sales this month 1,533 24.50% -4.70%
# residential inventory at month end 6,851 14.50% -0.50%
# Total5 MLS® System sales this month 1,717 23.70% 92.70%
$ Value residential sales this month $513 Million 26.50% -2.60%
$ Value of total MLS® System sales – month $592 Million 24.70% 0.20%
$ Value of total MLS® System sales – YTD $1.47 Billion 74.50% 15.10%

2 Residential includes SFD, condos and duplex/row houses
3 Single Family Dwelling
4 The middle figure in a list of all sales prices
5 Includes residential, rural and commercial sales

1 Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area. Prior period figures have been adjusted to include late reported sales and cancellations and therefore reflect a more accurate view of the period than previously reported at month end.

.How many times have you seen headlines shouting that the real-estate bubble is about to burst?

In fact, experts say it’s impossible to say for certain when, or if at all, a bubble is going to pop. However, they agree that there are clear warning signs when things in the market aren’t quite right.

Darrell Cook of Edmonton’s Realty Executives Progressive recalls the real-estate bubble in the Alberta capital in 2006 and ’07.

“Supply was very low, and the demand for housing and investment property was great,” Cook says. “Our market saw multiple offers on many properties with a great number of homes selling above list price for a sustained period of time. At one point, some property values were increasing by $25,000 to $50,000 per month or more.”

Low interest rates coupled with rapidly increasing prices can create a storm of panic-buying with investors hoping to cash in, he explains.

“Buying a second or third property can be a great opportunity, but it can also be risky business, especially in a rapidly escalating market,” Cook says. “As a result of the bubble bursting in 2007, today many properties are still valued lower than they were at the height of the market.”

With ever-rising energy costs, it makes sound economic sense to review the following points to determine where you can cut energy consumption for you home.

 Check for your home for air leaks. You may be able to save 10 percent or more on your energy bill by reducing the air leaks in your home. On a windy day, carefully run a lighter or smoke stick around windows and door joints, and at electrical outlets and light fixtures. If the flame or smoke is drawn toward or forced away from the object, you have found an air leak that may need caulking, sealing, or weather-stripping.
 Maintain your heating and cooling system. The energy used to heat or air condition a house can account for more than half of the average family’s energy bill. Make sure your heating and cooling systems receive professional maintenance each year. If it is time for a new system, consider that the savings benefit for installing a new higher efficiency system can often be recouped in several years. Installing a heat pump may trim the amount of electricity used for heating and cooling by 30 to 40 percent in some climates.
 Close fireplace dampers when not in use. A chimney is designed specifically for smoke to escape, so until you close it, warm air escapes, too – 24 hours a day!
 Use kitchen, bath, and other ventilating fans wisely. In just one hour, these fans can pull out a houseful of warmed air. Turn fans off as soon as they have done the job.
 Adjust drapes or blinds on your south facing windows during the day in the winter to allow sunlight in to help naturally heat your home, and close them at night to reduce the chill you may feel from cold windows. In the summer, use drapes or blinds to reduce solar heat gain during the day.
 Turn off energy users when not in use. Individually, a small household appliance does not use much energy; but add up all the devices in the typical modern home, you will see that getting all family members to develop the habit of regularly turning off unused devices can have a noticeable effect on energy costs.

Over 50 million people in North America are estimated to have some sort of disability that could make it difficult for them to evacuate from their home or another building in the event of an emergency. While building codes have continuously improved over the years to include requirements that reduce damage and injury to people and property by mandating features such as fire-resistive construction materials and structural stability, equally important issues such as accessibility and egress provisions have only relatively recently gotten the attention needed.
In response to the increasing need to properly provide emergency evacuation procedures for the disability community, the National Fire Protection Association (NFPA) has developed an Emergency Evacuation Planning Guide for People with Disabilities. This Guide addresses the minimum information necessary to develop a comprehensive personal evacuation plan and is available in a free, downloadable format from the NFPA website at www.nfpa.org or http://www.nfpa.org/assets/files//PDF/Forms/EvacuationGuide.pdf    Accessibility considerations are equally important for individuals living in single family detached homes as well as townhouses, condominiums, and multiple-unit dwellings. Many newer buildings are constructed as “accessible” or “barrier free” to allow people with disabilities ready access. Visual as well as audible fire alarm system components, audible/directional-sounding alarm devices, areas of refuge, stair-descent devices, and other code-based technologies clearly move us in the right direction to address these issues. But regardless of the presence of these features everyone needs to be prepared to take appropriate action for themselves or other disabled individuals during an emergency.

The Guide is arranged by five general disability categories:
Mobility impairments
Visual impairments
Hearing impairments
Speech impairments
Cognitive impairments
The four key elements of an evacuation plan are highlighted for each disability category:

Notification of an emergency
Finding a way out
How to get out by self, by self with special devices; or with assistance
What kind of assistance might be needed

Housing markets in Edmonton and Alberta will show modest growth next year, forecasters with the Canada Mortgage Housing Corp. predicted on Thursday.

“We’re expecting to see improvements, but fairly moderate improvements,” said Richard Goatcher, a senior market analyst with the Crown corporation.

“We saw activity really start to slow down in ’08 and ’09, and then last year was a year of improvements. We expect those improvements to continue.”

Goatcher presented the CMHC forecast to a conference of real estate agents and civic employees at the Delta Edmonton South hotel.

CMHC predicts three-per-cent growth in resales, 11-per-cent growth in housing starts and 2.4-per-cent growth in average price for a house in Edmonton next year. However, CMHC anticipates listings of new houses to contract by 4.6 per cent over the same period.

The cautious optimism comes despite global economic uncertainty and a more modest overall out-look for Canada. Goatcher credits Alberta’s energy sector with powering the province’s economy and housing market.

“We’re in a good economic situation here in the capital region, despite the headlines around the world about financial problems,” he said. “That’s largely because of the investments in the energy sector that are helping to support growth across the region.”

Lai Sing Louie, a regional economist with CMHC, echoed Goatcher’s view. “Overall, the economy is expanding and we expect it to continue to expand next year,” he said. Louie predicted real GDP growth of 3.1 per cent in Alberta next year – a full percentage point above the CMHC’s forecast for all of Canada.

That growth, according to Louie, will draw more people to Alberta, boosting demand for housing. “Housing market conditions are improving,” he said. “We’re expecting to see more sales, more housing starts next year, and prices rising a little bit quicker.”

CMHC forecasts call for 15.3-per-cent annual growth in new housing starts for Alberta in 2012, and the average price of a resale to grow 2.3 per cent to $362,700.

The CMHC conference also featured a presentation on Edmonton’s Quarters redevelopment plan from Walter Trocenko, branch manager with the sustainable development department of the city. Trocenko said construction on the downtown revitalization project will begin in 2012, pending the approval of a $56-mil-lion borrowing bylaw by city council in December.

“This is very much about positioning a piece of work in the city that is developer-friendly and investment-friendly,” he said. “If we’re successful, industry will respond and we will have an amazing downtown east side that we can be proud of that is all of those things people talk about when they go to European cities and then some.” lkelly@edmontonjournal.com