In Case You Didn’t Read Part 1…

Radon is a naturally occurring gas that’s invisible, odorless, and tasteless—but here’s the catch: it’s also the leading cause of lung cancer among non-smokers. It sneaks into homes through cracks in the foundation, and without testing, there's no way to know if it's there. This kills thousands of Canadians every year.

How Does This Affect Home Inspections?

As awareness about radon grows, buyers are starting to ask more questions, and radon testing is becoming a more common part of home inspections. In some areas in the US, it's even becoming a mandatory part of the process. This means that as realtors and inspectors, it's going to be increasingly important for us to be well-versed in this topic as more clients start to ask about it.

Key Points to Keep in Mind:

• Testing is simple: It’s a small addition to the inspection process and can be done using a short-term radon monitoring device. Usually, this is dropped off during the inspection and picked up with results 3 days later.

• Mitigation is straightforward: If elevated levels are found, there are effective solutions available, like installing a radon mitigation system, which is relatively affordable and not overly complicated.

• Cost: I don’t personally offer this yet but will likely add it as a service once the market is ready. You can anticipate an added cost of about $250.00 to the inspection price.

What Can We Do?

• Educate clients: Let them know about the potential for radon in homes, especially in areas where it’s more common. Most of Edmonton has high levels of radon, so most inspections will likely have testing done in the future.

• Be proactive: Consider recommending a radon test as part of the inspection process. It shows you’re on top of things and looking out for your client’s best interests.

• Stay informed: Keep an eye on local regulations. The landscape around radon testing is evolving, and it’s good to stay ahead of any changes that might affect the buying and selling process.

By getting comfortable with radon testing and being proactive, we can continue to provide the best service to our clients and keep the home buying process smooth and stress-free. If you have any questions or want more info, feel free to reach out!

Cheers,

Zach Pentyliuk
780-777-6204
zachpentyliuk@gmail.com

This is a guest post by our home inspector, Zach Pentyliuk at Technologic Inspections. 

Hey everyone! I wanted to drop you a quick note about something that might be lurking in your home, and no, it's not another pandemic hobby gone wrong or that plant you swore you'd water regularly (guilty as charged). It’s something sneakier, and unfortunately, less fun… radon.

So, what’s the deal with radon? Picture this: you’ve got a roommate that’s completely invisible, totally odorless, and pretty much a ghost. Except this ghost doesn’t just spook you on occasion—it gives you lung cancer.

What is Radon?

Radon is a naturally occurring gas that comes from the breakdown of uranium in the soils below our homes. It’s pretty common and found in most places in the world. The real problem is that it can sneak into homes and build up to dangerous levels, especially in places like basements or ground floors. Once in your home, it can get into your lungs and cause lung cancer.

Pffft, Radon Shmadon…

The statistics are somewhat staggering… Up to 14% of lung cancer cases in Canada are caused by Radon gas. That equates to over 4000 deaths per year. To me, that is a pretty scary number.

My neighbors and I have been passing around a radon monitor, and 4 out of 5 people have had dangerous levels of radon gas in their homes. This is something you should be taking seriously, especially if you have people that spend extended time in the basement of your home (i.e., sleeping). I recommend investing in a radon monitoring device to protect your family and friends.

There are tons of monitoring devices online. I used this one and thought it worked well: Radon Monitoring Device off Amazon.

You’ve tested your home, and levels are high. Should you just give up and die already?

The good news? If your radon levels are high, there are ways to fix it. Typical radon mitigation systems professionally installed range from about $3k to $10k depending on the size and shape of your home.

They work by installing a fan that sucks the air (and radon gas along with it) out from underneath your home and venting it to the exterior through a plastic pipe. These fans run for 24 hours a day and are very quiet.

Long story short.

This is only Part 1 for radon gas; my next email will go over how this is likely to affect the real estate industry in the near future.

Give it a thought, maybe even order a test kit or monitoring device, and see where you stand. Better to be safe than sorry, right?

Let me know if you want more info, or if you just want to swap radon horror stories. Always here for that, too!

Cheers,

Zach Pentyliuk
780-777-6204
zachpentyliuk@gmail.com

The city of St. Albert, Alberta, has taken significant steps toward truth and reconciliation, aligning its efforts with the broader national movement to address the legacy of residential schools and promote healing among Indigenous communities. St. Albert is historically significant in this context, as it was the site of two former residential schools, Youville and Poundmaker (Edmonton residential school), which profoundly impacted local Indigenous communities.

Current Initiatives and Recognition

St. Albert commemorates the National Day for Truth and Reconciliation annually on September 30, a day established by the Canadian government as a federal statutory holiday in response to the Truth and Reconciliation Commission’s Call to Action #80. This day honors the children who never returned home, the survivors of residential schools, and their families. The city encourages residents to wear orange to symbolize the stripping away of culture and freedom experienced by Indigenous children in these schools.

The city hosts events at Mission Park, including speakers, knowledge keepers, performances, local artisans, exhibits, and food vendors, culminating in an Honour Walk to Kâkesimokamik, The Healing Garden—a dedicated space for reflection and remembrance. The city's actions also include lowering flags at city facilities to half-mast to honor the memories of those affected.

Educational and Community Engagement

St. Albert has also focused on educational initiatives, offering residents opportunities to learn about the legacy of residential schools and the ongoing impacts on Indigenous communities. Resources such as the National Centre for Truth and Reconciliation provide access to interactive maps, event listings, and educational materials to deepen public understanding. Additionally, the city encourages participation in Orange Shirt Day, a grassroots movement founded by Phyllis Webstad to raise awareness of the intergenerational impacts of the residential school system.

Future Plans

Moving forward, St. Albert plans to continue its commitment to the Truth and Reconciliation Commission’s 94 Calls to Action by integrating Indigenous perspectives into public events and educational programming. The city aims to expand its community engagement efforts by promoting cultural understanding and supporting initiatives that elevate Indigenous voices within the community. This ongoing commitment reflects the city’s dedication to fostering a more inclusive and respectful relationship with its Indigenous residents.

St. Albert’s approach to truth and reconciliation underscores a broader commitment to addressing historical injustices and building a future based on mutual respect and understanding. As the city continues to evolve its strategies, the emphasis remains on education, community involvement, and honoring the experiences of Indigenous peoples in a meaningful and respectful manner. 

For more details on St. Albert’s reconciliation efforts, you can explore their official Truth and Reconciliation page  at https://stalbert.ca/supports/truth-reconciliation/ on the city's website.

In recent years, smart home technology has surged in popularity, with smart locks becoming one of the most sought-after devices for homeowners looking to enhance security and convenience. These modern locks offer a sleek alternative to traditional key-based entry systems, replacing physical keys with digital solutions such as smartphone apps, biometric scans, or voice commands. This blog post will explore the convenience and features of smart locks, the benefits they bring to homeowners, and the potential security risks that accompany their use.

Convenience and Features of Smart Locks

Smart locks offer a range of conveniences that make them an attractive option for residential use. Key among these is the ability to lock and unlock doors remotely, often via a smartphone app. This feature allows homeowners to grant access to visitors, delivery personnel, or service providers even when they are not at home, thereby eliminating the need for spare keys or hidden key solutions that can be risky.

Another significant advantage is the integration of smart locks with other smart home systems. Many smart locks can be synchronized with home automation platforms like Google Home, Amazon Alexa, or Apple HomeKit. This integration allows users to control locks through voice commands or automate locking and unlocking processes as part of broader home routines. For instance, a homeowner could set a routine that automatically locks the doors when they say “Goodnight” to a virtual assistant, ensuring peace of mind without the need for manual checks.

Common features of smart locks include:

• Keyless Entry: Smart locks typically offer multiple keyless entry options, such as PIN codes, fingerprint recognition, or Bluetooth-enabled devices.
• Access Control: Homeowners can easily manage who has access to their home by setting up individual user codes or virtual keys, which can be time-limited or revoked as needed.
• Activity Logs: Many smart locks provide activity logs that track when and by whom the door was accessed, enhancing security awareness for homeowners.
• Auto-Lock and Unlock: Some models feature automatic locking after a set period and can unlock automatically when a recognized device approaches the door, providing seamless entry.

Benefits of Smart Locks for Homeowners

The primary benefit of smart locks is enhanced convenience. With traditional locks, losing a key can be a significant security risk and inconvenience, often requiring a lock change. Smart locks eliminate this issue by using digital credentials that can be easily updated or deleted. Additionally, the ability to grant temporary access to others without physical keys streamlines the process of managing home access for family members, guests, or service providers.

Security is another substantial benefit. Smart locks can often detect tampering and send alerts to the homeowner’s device, providing an immediate notification of potential security breaches. Furthermore, the detailed access logs available on many smart locks allow homeowners to monitor entry and exit activity closely, providing additional peace of mind.

Smart locks also contribute to the overall value of a home, making it more attractive to tech-savvy buyers looking for modern, integrated home solutions. As part of a broader smart home ecosystem, smart locks represent an investment in both convenience and security, aligning with the growing trend towards intelligent home automation.

Security Risks of Smart Locks

Despite the numerous advantages, smart locks are not without their risks. One of the primary concerns is the potential vulnerability to hacking. Since smart locks rely on digital systems, they are susceptible to cyberattacks that could compromise the security of the home. For instance, if a smart lock’s software is not regularly updated or if the device has weak security protocols, it could be exploited by hackers to gain unauthorized access to the home .

Another risk involves the reliance on wireless communication methods such as Bluetooth or Wi-Fi. These connections can be intercepted, particularly if not properly encrypted, allowing malicious actors to unlock the door remotely. Additionally, any integration with other smart home devices can create further vulnerabilities; if one device in the ecosystem is compromised, it could potentially provide a pathway to others, including smart locks .

Physical security is another consideration. Some smart locks are still vulnerable to traditional forms of attack, such as lock-picking or forced entry, particularly if the physical components of the lock are not robust. Homeowners should be careful to choose high-quality smart locks that meet rigorous security standards, both digital and physical.

Mitigating Security Risks

To mitigate these risks, homeowners should:

• Regularly Update Firmware: Keeping the smart lock’s firmware updated ensures that any discovered vulnerabilities are patched promptly.
• Use Strong Authentication Methods: Opt for locks that offer robust security features, such as two-factor authentication, and avoid easily guessable PIN codes.
• Secure Wi-Fi Networks: Ensure that the home’s Wi-Fi network is secure, with strong passwords and encryption, to prevent unauthorized access.
• Choose Reputable Brands: Invest in smart locks from reputable manufacturers known for their focus on security, as these brands are more likely to offer ongoing support and updates.

Conclusion

Smart locks represent a significant step forward in residential security and convenience. They offer an array of features that simplify access management and integrate seamlessly with broader smart home ecosystems. However, they also present new challenges, particularly in terms of cybersecurity. By understanding the potential risks and taking proactive steps to mitigate them, homeowners can enjoy the benefits of smart locks while maintaining the security of their homes.

As technology continues to advance, smart locks are likely to become even more secure and feature-rich, offering homeowners enhanced peace of mind alongside the convenience they already provide. For those willing to embrace this technology, smart locks can be a valuable addition to the modern, connected home.

Sources:

1. Lee, A. (2023). "The Hidden Vulnerabilities of Smart Locks." TechSecure Journal.
2. Brown, T. (2022). "Wireless Security Risks in Smart Home Devices." Cyber Safety Today.

As the vibrant hues of summer fade into the golden shades of fall, homeowners in Edmonton, Alberta, are greeted by a season of transition. This time of year serves as a crucial period for preparing your home for the harsh winter months ahead. Edmonton's climate, characterized by its cold winters and fluctuating fall temperatures, necessitates a proactive approach to home maintenance. By addressing key tasks in the fall, homeowners can safeguard their properties, enhance comfort, and avoid costly repairs down the line. Here’s a comprehensive guide to the essential fall house maintenance tasks every Edmonton homeowner should undertake.

1. Inspect and Clean the Gutters

One of the most critical tasks during fall is ensuring that your gutters are clear of debris. Leaves, twigs, and other materials can clog gutters, leading to water overflow and potential damage to your roof, siding, and foundation. In Edmonton, where fall precipitation and early snowfall are common, clogged gutters can result in ice dams, causing even more severe damage.

• Action Step: Use a sturdy ladder to inspect your gutters. Remove all debris and consider installing gutter guards to prevent future blockages. Check for any signs of rust, damage, or loose fittings, and make necessary repairs.

2. Seal Gaps and Cracks

Cold drafts can significantly affect your home's heating efficiency, leading to higher energy bills during the winter months. Edmonton’s chilly winds can penetrate through even the smallest cracks around windows, doors, and the foundation.

• Action Step: Perform a thorough inspection of your home’s exterior and interior for any visible gaps or cracks. Use weatherstripping for doors and windows, and apply caulking to seal smaller cracks. For larger openings, such as those around pipes or vents, consider using expanding foam or other appropriate sealants.

3. Service Your Furnace

Edmonton’s winter temperatures often dip well below freezing, making a well-functioning furnace indispensable. Fall is the ideal time to have your furnace inspected and serviced to ensure it operates efficiently when the cold sets in.

• Action Step: Schedule a professional inspection and servicing of your furnace, including a filter change, checking the thermostat, and ensuring there are no leaks or obstructions in the vents. Regular maintenance not only improves energy efficiency but also extends the lifespan of your furnace.

4. Check the Roof and Attic

Snow accumulation and ice formation on roofs are common issues in Edmonton during the winter. To mitigate the risk of leaks or roof damage, a fall roof inspection is crucial.

• Action Step: Examine your roof for missing or damaged shingles, signs of wear, and areas where water could potentially pool. In the attic, check for signs of leaks, proper insulation, and adequate ventilation. Addressing these issues early can prevent heat loss and moisture problems in the colder months.

5. Drain and Winterize Outdoor Plumbing

Outdoor plumbing, including hoses, faucets, and irrigation systems, is vulnerable to freezing temperatures. Water left in these systems can freeze, expand, and cause pipes to burst, leading to costly repairs.

• Action Step: Disconnect and drain garden hoses, and shut off the water supply to outdoor faucets. Consider using insulated covers for exterior spigots. If you have an irrigation system, it’s advisable to have it professionally blown out to remove all water from the pipes.

6. Prepare Your Yard and Garden

Proper yard and garden maintenance in the fall can protect your landscaping from winter damage and make spring cleanup easier. Edmonton’s heavy snowfall can crush plants and damage trees, so taking steps to safeguard your garden is important.

• Action Step: Rake leaves, trim overgrown branches, and remove dead plants. Consider mulching around trees and shrubs to protect their roots from freezing temperatures. Store garden furniture and tools in a dry place to prevent rust and wear.

7. Inspect Smoke and Carbon Monoxide Detectors

As you prepare to use heating appliances more frequently, ensuring that your smoke and carbon monoxide detectors are functioning properly is essential for home safety.

• Action Step: Test each detector and replace batteries as needed. Check the expiration dates on your devices, as they typically need to be replaced every 7-10 years. Consider installing additional detectors if you have expanded or renovated your home recently.

8. Reverse Ceiling Fans

Ceiling fans can play a role in improving heating efficiency during the colder months. By reversing the direction of the fan blades, warm air is pushed down from the ceiling, helping to keep rooms warmer.

• Action Step: Adjust your ceiling fans to rotate clockwise at a low speed during fall and winter. This small adjustment can reduce heating costs by distributing heat more evenly throughout your home.

Conclusion

Fall maintenance is more than just a seasonal chore; it is an investment in the longevity, safety, and comfort of your home. By taking the time to address these essential tasks, Edmonton homeowners can enjoy peace of mind knowing their homes are well-prepared for whatever winter has in store. As the leaves fall and the days grow shorter, let your maintenance efforts set the stage for a warm and worry-free winter season.

A home inspection is an essential component of the home-buying process in Alberta, providing prospective homeowners with a detailed snapshot of the property's condition. However, it is important to understand that a home inspection is not a guarantee or warranty against future issues but a professional assessment aimed at identifying current problems and educating buyers about the ongoing maintenance of the home's mechanical systems.

What is a Home Inspection?

A home inspection in Alberta typically involves a comprehensive examination of the property's structural components, including the foundation, roof, electrical systems, plumbing, HVAC systems, and other visible elements. A licensed home inspector conducts this evaluation to identify defects or areas of concern that could affect the property's safety, functionality, or value.

In Alberta, home inspectors are regulated under the Fair Trading Act and must adhere to stringent standards set by Service Alberta, ensuring they possess the necessary qualifications and carry mandatory liability insurance. These regulations provide buyers with a level of assurance regarding the competency and reliability of the inspection.

Limitations of a Home Inspection

While a home inspection is invaluable, it is important to recognize its limitations. Inspectors are constrained by what they can observe visually without causing damage to the property. They do not have X-ray vision and cannot see behind walls, under floors, or into closed systems. Therefore, certain issues, such as hidden mold, pest infestations, or latent structural defects, may go undetected if they are not visible or accessible at the time of the inspection.

Moreover, a home inspection is not exhaustive; it is a snapshot in time that reflects the condition of the home on the day of the inspection. For example, an HVAC system may function correctly during the inspection but could potentially fail shortly after due to age or wear. Thus, while an inspection can identify potential red flags, it should not be misconstrued as a guarantee or warranty against future defects.

Not a Warranty, But a Guide

It is crucial for buyers to understand that a home inspection report is not a warranty on the home. Instead, it serves as an informative guide to the property’s current condition. The insights gained from the inspection can empower buyers to negotiate repairs, adjust the purchase price, or, in some cases, reconsider the purchase altogether. However, it should not be perceived as a safety net that absolves all future risks associated with homeownership.

More Than Just Finding Problems

While uncovering potential issues is a primary objective, the true value of a home inspection extends beyond identifying defects. A well-conducted inspection also serves as an educational tool, helping buyers understand the intricacies of their new home. This includes a thorough overview of the mechanical systems, such as heating, ventilation, air conditioning, electrical, and plumbing, as well as maintenance tips to ensure their longevity and efficiency.

For example, an inspector may provide insights into the expected lifespan of a roof, the necessary upkeep of a furnace, or how to identify early warning signs of plumbing leaks. This knowledge equips homeowners with the foresight needed to plan for future repairs and maintenance, ultimately preserving the home’s value and ensuring a safe living environment.

The Unique Aspects of Inspections in Alberta

Alberta’s diverse climate, with its cold winters and occasional extreme weather, imposes additional considerations during a home inspection. Inspectors in Alberta are particularly attentive to elements like insulation, roofing conditions, and heating systems, which are critical in a region where temperatures can plummet dramatically. Understanding these nuances helps buyers not only recognize current problems but also appreciate the specific maintenance needs that come with owning a property in Alberta.

Furthermore, Alberta's burgeoning energy sector means that some homes may come equipped with unique features such as solar panels, heat pumps, or geothermal heating systems. An experienced home inspector can provide valuable insights into these systems, advising on their maintenance and efficiency.

Conclusion

A home inspection is an indispensable step in the home-buying journey in Alberta. It provides a crucial evaluation of a property’s condition, offering buyers the information they need to make confident, informed decisions. However, it's essential to approach a home inspection with the right expectations: it is neither a warranty nor a guarantee against future issues but rather an educational guide that highlights the current state of the home and its systems.

By understanding the limitations and strengths of a home inspection, buyers can better appreciate its role in the buying process. Not only does it reveal potential pitfalls, but it also arms homeowners with the knowledge required to maintain their investment effectively. In the end, a thorough home inspection is not just about safeguarding a purchase—it's about empowering homeowners to navigate the responsibilities of homeownership with greater confidence and foresight.

Navigating the world of real estate transactions can be complex, especially when it comes to understanding who pays the realtor fees. In the USA there was a landmark civil suit from which massive rule changes have come, and it's caused a lot of confusion with regards to fees around the world.

In the Edmonton real estate market, this question is particularly relevant for both buyers and sellers. Let’s break down the details.

Understanding Realtor Fees: Realtor fees, or commissions, are payments made for the services of a real estate agent. In Edmonton, these fees are typically a percentage of the sale price of the home.

Who Pays the Realtor Fees in Edmonton Real Estate Transactions?

1. Seller's Responsibility:

   • In most Edmonton real estate transactions, the seller pays the realtor fees. This is part of the agreement when they list their property with a real estate agent.
   • The fee covers various services, including listing the property, marketing, open houses, negotiation, and closing the deal.

2. Buyer's Perspective:

   • Generally, buyers in the Edmonton real estate market do not pay realtor fees directly. The buyer’s agent’s commission is usually covered by the seller’s payment to their own agent, who then shares it with the buyer’s agent.
   • However, there might be exceptions depending on the agreement the buyer has with their realtor.

How Does This Impact Your Real Estate Journey in Edmonton?

1. Sellers:

   • Understanding that you'll be responsible for realtor fees is crucial in budgeting for your home sale in Edmonton.
   • It's important to factor these costs into your asking price and financial planning.

2. Buyers:

   • While typically not responsible for direct payment of realtor fees, Edmonton buyers should be aware of how these costs might be indirectly included in the home’s sale price.
   • It’s wise to consult with your realtor about any potential fees or costs associated with your purchase.

Selecting a skilled realtor can make a significant difference in your Edmonton real estate experience. Look for professionals with a strong understanding of the local market, transparent about fees and services.

In the Edmonton real estate market, understanding who pays the realtor fees is crucial for a smooth transaction. While sellers typically cover these costs, buyers should remain informed about how this affects their home buying process. With the right realtor by your side, navigating these fees can be a straightforward aspect of your real estate journey in Edmonton.

Are you ready to dive into the Edmonton real estate market? Contact a local realtor today for expert guidance, whether you’re buying or selling.

The Morinville real estate market continues to show strength and resilience as we progress through 2024. In August, the market remained steady with 27 properties sold, mirroring the figures from the same month last year. Year-to-date (YTD), there have been 197 sold properties, marking a robust 14.53% increase from 2023. This consistent sales activity reflects a solid demand in the Morinville real estate market.

New Listings and Market Trends

The market has also seen a healthy influx of new listings, with 30 homes added in August, representing a 7.14% increase compared to the previous year. YTD new listings stand at 247, up 5.56% from 2023. This steady stream of inventory suggests that homeowners are feeling confident about listing their properties, likely influenced by the rising average sale prices and quicker turnover times.

Rising Prices and Shorter Days on Market

One of the standout statistics in the Morinville real estate market this August is the significant rise in the average sale price, which reached $372,000—a notable 26.47% increase from August 2023. The average asking price also saw a substantial rise to $395,000, up 26.16% from last year, reflecting an upward trend in home values. YTD, the average sale price is up 10.34%, sitting at $369,000 compared to $335,000 in 2023.

Homes are selling faster as well, with the average days on market dropping dramatically by 56.04% to just 40 days in August. This improvement suggests that buyers are acting quickly in the competitive Morinville market, driving down the time properties spend on the market.

Strong Ask to Sell Ratios

Another positive indicator is the increase in the average ask to sell ratio, which now stands at 0.993. This 2.58% rise from last year shows that sellers are achieving near their asking prices, which is another sign of a strong and balanced market.

Overall, the Morinville real estate market is thriving with increased sales, rising prices, and quicker transactions. Whether you're looking to buy or sell, the current market dynamics present a favorable environment for all parties involved. For more insights and personalized advice, feel free to reach out to John Carle at Homes & Gardens Real Estate for expert guidance in navigating this active market.

For more updates and detailed insights into the Morinville real estate market, stay tuned to our regular market reports.

As of August 2024, the Edmonton real estate market continues to show strong growth, reflecting a dynamic and competitive environment for buyers and sellers alike. Here's a comprehensive overview of the latest trends and statistics that define Edmonton's housing landscape.

Market Performance at a Glance

1. Sold Properties: Edmonton experienced a significant increase in property sales, with 1.83K sold properties in August 2024, marking a 12.06% rise compared to August 2023. Year-to-date (YTD), the total number of sold properties stands at 14.6K, reflecting an impressive 29.75% growth from the previous year.

2. Average Sale Price: The average sale price in August 2024 was $403K, a 6.33% increase from August 2023. The YTD average sale price is slightly higher at $405K, representing a 7.22% year-over-year increase. These figures indicate robust demand and a competitive market where buyers are willing to pay more than in previous years.

3. Average Asking Price: The average asking price for properties in Edmonton has also risen. As of August 2024, it is recorded at $463K, showing a 6.59% increase from the previous year. This rise in asking prices suggests that sellers are optimistic about the market's potential, aligning with the observed increase in final sale prices.

4. New Listings: The number of new listings reached 2.64K in August 2024, a 7.02% increase from August 2023. This growth is consistent YTD, with 20.7K new listings in 2024, up 6.82% from the same period in 2023. The influx of new listings provides buyers with more options, although the competition remains high due to the strong market demand.

5. Days on Market: A notable improvement in the market is seen in the reduction of the average number of days properties remain on the market before being sold. In August 2024, the average was 46 days, down by 32.35% from the previous year. This quicker turnaround time suggests that homes are selling faster, further highlighting the market's vigor.

6. Average Ask to Sell Ratio: The ratio of the asking price to the final sale price has improved slightly, standing at 0.986 in August 2024, a 1.45% increase from the previous year. This trend points to buyers getting closer to their asking prices, reflecting the strong bargaining position of sellers in the current market climate.

Conclusion

The Edmonton real estate market in August 2024 presents a picture of growth and resilience. With rising sales, increasing prices, and a shorter time to sell, the market favors sellers while offering buyers a diverse range of options. As the market continues to evolve, staying informed about these trends will be crucial for anyone looking to navigate Edmonton's dynamic real estate landscape effectively.

For more detailed information, real estate insights, or personalized advice, reach out to our local experts who can provide guidance tailored to your specific needs in Edmonton's thriving market.

The real estate market in St. Albert continues to display robust activity, reflecting a dynamic shift in both property sales and pricing trends. According to the latest market report from August 2024, provided by the REALTORS® Association of Edmonton, St. Albert's real estate scene has experienced significant growth in sold properties and average sale prices compared to the previous year.

Significant Growth in Sold Properties

In August 2024, St. Albert witnessed a notable increase in the number of sold properties, reaching 170 units. This marks a substantial 66.67% rise compared to August 2023. Year-to-date (YTD), 1,110 properties have been sold, representing a 27% increase from the 874 properties sold during the same period in 2023. This surge indicates strong buyer demand in the market, despite some fluctuations in new listings.

Rising Average Sale Prices

The average sale price for homes in St. Albert also saw an upward trend. For August 2024, the average sale price was recorded at $482,000, reflecting a 4.78% increase from August 2023. Year-to-date, the average sale price stands at $498,000, which is a 7.67% rise compared to the previous year. Additionally, the average asking price has grown to $536,000, an increase of 6.52% from the prior year, suggesting that sellers are setting higher expectations in this competitive market.

New Listings and Market Dynamics

Despite the increase in sales and prices, new listings in St. Albert have seen a slight decrease. In August 2024, there were 156 new listings, a decline of 13.33% compared to the same month last year. Year-to-date, new listings have grown marginally by 3.27%, indicating that while new inventory is entering the market, it may not be keeping pace with the demand surge.

Moreover, the average number of days on the market until a property is sold has reduced significantly, standing at 41 days—a 21.15% decrease from August 2023. This indicates that properties are moving faster, contributing to the competitive nature of the market.

Market Efficiency and Seller Advantage

One of the key indicators of market efficiency, the average ask-to-sell ratio, has improved to 0.998 in 2024, up by 1.87% from the previous year. This ratio suggests that most properties are selling very close to their asking prices, highlighting a favorable environment for sellers.

Conclusion

Overall, the St. Albert real estate market is currently characterized by increased sales, rising prices, and a faster pace of transactions, making it a vibrant and competitive landscape. As we move forward, potential buyers and investors should stay informed of these trends, which could impact purchasing decisions and market strategies. Whether you're looking to buy, sell, or invest, staying abreast of the latest market dynamics in St. Albert will be crucial to navigating this thriving real estate environment.