On the Pulse of the Edmonton Real Estate Market

ICONIC YEG

Welcome to the ICONIC YEG Real Estate Blog, where our mission is to demystify the Edmonton real estate market for buyers, sellers, and enthusiasts alike. We aim to provide a gateway to a wealth of insider knowledge, essential market trends, and unbeatable strategies tailored specifically for the Edmonton community.

We hope to not only to inform but also to empower you with the industry's best-kept secrets and proven tactics, helping you make informed decisions in this dynamic market. Whether you're eyeing your first home purchase, planning to sell a property, or simply staying on top of the latest real estate trends, ICONIC YEG is your ultimate guide to navigating Edmonton's real estate landscape.

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Open House. Open House on Saturday, October 29, 2022 1:00PM - 3:00PM

Please visit our Open House at 115 SUMMERFIELD PT in Sherwood Park. See details here

Open House on Saturday, October 29, 2022 1:00PM - 3:00PM

Welcome to this completely renovated Summerwood home that offers beautiful luxury finishes and high-end appliances throughout. From the moment you walk in, you will be able to see and feel the quality of this home. With over 2000 square feet of living space, including a finished basement, there is plenty of room for your family. This home also boasts a NEW high efficiency furnace, new hot water tank and new air conditioning, so you can keep your utility costs under control. All bathrooms, flooring, kitchen, mudroom and so much more have been renovated with care and attention to detail. The private backyard has been designed with paving stones, perfected gardens, and a gas fireplace for the cool nights at home. The double detached garage has its very own Central Vac System! This incredible home is located on a quiet street, walking distance from parks and amenities. With too many upgrades to mention, this home is one you do not want to miss!

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Explore East Junction: The Best Local Activities, Services and Shopping!

The East Junction and the surrounding area is a great place to visit if you're looking for some local flavor. With restaurants, bars and shops galore the area has something that will appeal in tones of every age group! A diverse mix makes this vibrant area worth exploring - from old school bowling lanes popular with hipsters or relaxing local cafes with sustainable options. There's always something new around each corner here.

Best Local Activities

Bonnie Doon Bowling Lanes

The perfect date starts with a night out at Bonnie Doon Bowling Lanes.  You'll have so much fun, you won't even remember what time it is! Not only does this place offer affordable entertainment for everyone who wants to come together as friends or lovers (or both!), but also delicious food and friendly staff that will make anybody feel welcome - all while having some great laughs along the way too boot!

The Muttart Conservatory

Only a few minutes away from the East Junction, The Muttart Conservatory is one of Canada’s largest indoor botanical collections. 

Current Exhibit - Fall Into Fashion

“Take your turn strolling down the catwalk in the Muttart Conservatory Feature Pyramid this fall. We are transforming the space into an elegant environment with floral fashion on display. The fall chrysanthemums will be out in full bloom mixed with zinnia, ornamental kale, and tall grasses. You’ll find mirrors, and planted shoes and purses galore!  Throughout the pyramid we will also feature some mannequins modeling garments made by students at MC college.” 

Best Local Shopping

Good Goods Co. 

A one-stop shop for all your sustainable, local needs. From craft beer to artisanal cocktails they have everything you need and more! They also offer an incredible amount of carefully curated "goods" from clothing lines designed by locals or handcrafted jewelry made locally - there's no better way to enjoy what our little city has going on than shopping with Good Goods.

Ottewell Community Artisan Farmers Market

Offering year round service, the Ottewell farmers market is open every Thursday from 4:00PM to 7:00PM at the Ottewell community league! Incredible local options, food trucks and regular events - check out their social page here to stay updated on the vendor lists. 

Best Local Restaurants

Juniper Cafe and Bistro

If you're looking for a local favorite that's not only delicious but also good for your community, then look no further than Juniper! With seasonal and homemade options - there really isn't anything they can't make into perfection. So head on down today because once people find out about how great this place is...well let's just say we'll be lucky if any seats are available at all!

Duggan's Boundary Irish Pub

The locals have been coming to this cozy pub for years. Once you walk through the door, it feels as though you’ve truly transported yourself from our modern world into Ireland itself! The warm woods and booths are reminiscent of home; while their outstanding food will make any Irish enthusiast drool with anticipation (no pun intended). Duggans also offers a NEW patio which might be one of the best we have ever seen in Central Edmonton - perfect for summer days!

Stay tuned for our next series of Explore East Junction: Guided Walking Tours coming next week!




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NEW LISTING: 115 SUMMERFIELD PT in Sherwood Park

I have listed a new property at 115 SUMMERFIELD PT in Sherwood Park. See details here

Welcome to this completely renovated Summerwood home that offers beautiful luxury finishes and high-end appliances throughout. From the moment you walk in, you will be able to see and feel the quality of this home. With over 2000 square feet of living space, including a finished basement, there is plenty of room for your family. This home also boasts a NEW high efficiency furnace, new hot water tank and new air conditioning, so you can keep your utility costs under control. All bathrooms, flooring, kitchen, mudroom and so much more have been renovated with care and attention to detail. The private backyard has been designed with paving stones, perfected gardens, and a gas fireplace for the cool nights at home. The double detached garage has its very own Central Vac System! This incredible home is located on a quiet street, walking distance from parks and amenities. With too many upgrades to mention, this home is one you do not want to miss!

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NEW LISTING: 11814 50 ST in Edmonton

I have listed a new property at 11814 50 ST in Edmonton. See details here

Perfect, cute, lovely home in the up and coming area of Newton! Solid house, freshly renovated on 433 square meters of land. Large WEST facing yard with newer oversize, double garage - this home has it all. In amazing condition, this house - as is, is MOVE IN READY! New windows, floors, paint, appliances, and updated bathroom. Furnace, electrical, shingles all updated in last 10 years. With two bedrooms, open concept living area, full bathroom, double car garage, and massive west facing fenced yard - this is not a property to be missed. Basement is perfect for additional storage and cozy living space, partially finished with flooring! PERFECT FOR FIRST TIME HOME BUYER AND INVESTORS! Zoned RF3

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Neighbourhood Spot Light: Holyrood

The History of Holyrood, Edmonton


History

Holyrood was originally called Mount Pleasant and East Edmonton Gardens in 1912. This area joined together with Strathcona County just one year after it happened during the 1912 amalgamation process where they became part of our city's newest district called 'Edmonton'.  After the amalgamation with Edmonton, this area became known as Balmoral due to its duplication with another subdivision name. In 1953 they were rebranded Holyrood after Edinburgh's famous abbey; likely named so because of how close it is located near many major landmarks like tourist attractions or government offices. At that time there were only about 1000 homes but by 1955 this number grew tremendously due to large numbers of people moving into new developments in the central region which made them famous for being highly energetic and a very young population.

 

The Two Mile Circle

 
In the early 1900's, the two mile circle was an area known for being connected by train, offering the inhabitants of the area - convenient access to services, amenities, and a means to cross over the newly constructed bridges, connecting Edmonton to Strathcona. The newly delivered rail service, The Edmonton Radial Railway, name stemmed from its radial, or "out-and-back", model; all streetcar lines terminated at Jasper Avenue and 101 Street, and radiated outward to various areas of the city. This municipal radial railway system was the first public transit system in the City and allowed for explosive housing growth within the Two Mile Circle.
 
 
The Two Mile Circle, now known as Central Edmonton still holds a special place in many people's hearts. While the original radial railway system has long been gone, the new LRT line that will open in 2023 is going to once again connect the city in ways not seen in years. 
 
 

The Housing Boom


The desire to be in the convenient “two mile circle” resulted in a housing boom in the Holyrood area between 1912 - 1955 at which time there were just over 1000 homes in the area.

However, between 1960 and the early 1980’s, housing starts stalled and the area became plagued by failing infrastructure and regular sewage back ups. With almost annual flooding between 1980 - 1983, the residents of Holyrood threatened to sue the city over failing infrastructure. Insurance companies stopped insuring the homes in the area - leading to a decline in desirability despite being so close to the downtown and strathcona cores.

 
No new developments or large projects were started until the 1990’s when the proposed Holyrood Townhouse Project was pitched in 1996. The Holyrood Townhouse project was brought forward by a developer, in their plans they wanted to demolish the 186 rental townhouses that existed and replace them with the 460 Unit townhouse project.  The local residents and community league opposed the number of units and suggested the developed scale their project back to 324 units.
 


Concerns won out and the majority of the redevelopment would officially be turfed at the time, with the exception of a 95 Unit Apartment building at 8543 95 Avenue. Between 1990s and 2020 nothing happened to this site and the townhouses that were to be demolished in the 1990s still stood when Regency Developments purchased the entire site in 2016 and set their own sites on redevelopment.  The first tower in development of the newly coined East Junction, will open in early 2023.
 
As of 2022, the community of Holyrood maintained approximately 1600 dwellings.  The East Junction will add an additional 1300, almost doubling the population in this beautiful community.  Connected to the core by the new LRT service, this is just the beginning of significant growth that mirrors the activity and excitement that the community has not seen since the early 1950's. 
 
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Quick Tips to Stage your Home for a Quick Sale

When selling your home, you want to make sure that it is appealing to potential buyers. This means taking some time to stage your home in a way that will make it look its best. Here are a few tips on how to stage your home for a quick sale:


1. declutter and depersonalize - Buyers want to be able to see themselves in your home, and that can be tough when your personal belongings are everywhere. So, take some time to declutter and depersonalize your space. This will make it much easier for buyers to imagine themselves living there.


2. neutralize - Another way to make your home more appealing to buyers is to neutralize the space. This means painting walls neutral colors and getting rid of any bold or bright décor. By keeping the space neutral, buyers will be able to visualize their own furniture and belongings in the home.


3. focus on curb appeal - First impressions matter, so you want to make sure that your home looks great from the street. This means mowing the lawn, trimming hedges, and maybe even planting some flowers. Anything you can do to make your home more inviting from the outside will help attract buyers.


By following these tips, you can stage your home in a way that will appeal to potential buyers and help you sell quickly.

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Open House. Open House on Saturday, October 15, 2022 1:00PM - 3:00PM

Please visit our Open House at 12330 75 ST in Edmonton. See details here

Open House on Saturday, October 15, 2022 1:00PM - 3:00PM

Unbeatable value and opportunity in Elmwood Park! This large bungalow is situated on one of the largest lots in the community! With almost 10,000 SQFT of land, this is a gardeners paradise, an investors best build site, or a buyers best long term value option for years to come. Priced well below assessed value, there is unlimited potential to create the home you have always desired. The SOUTH FACING, fully fenced yard offers a NEW oversized deck, massive urban garden, ample parking and single garage! This is truly an urban farm in the city! The large bungalow is ripe with design opportunity and the big ticket items are already done! Roof and furnace were done is 2009, the vinyl siding is impeccable, as well, most of the windows! Basement is roughed in for a kitchen - allowing a buyer flexibility to create a suite to suit their long term financial goals! Community has new sidewalks, lights, and close to DT YEG. This is the BEST option for the savvy buyers who know what they deserve.

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Open House. Open House on Sunday, October 9, 2022 1:00PM - 3:00PM

Please visit our Open House at 104 4610 50 AVE in Stony Plain. See details here

Open House on Sunday, October 9, 2022 1:00PM - 3:00PM

Stunning, opulent luxury living in Stony Plain's exclusive Heritage Court. This adult (35+) bungalow offers incredible upgrades including NEW vinyl plank flooring, new countertops, backsplash, hardware and lighting. With a brand new and luxurious primary ensuite - there is nothing left to be desired. Generous and open floor plan with 2+1 Bedrooms, 2.5 bathrooms and immense natural light pouring in through windows and skylight! South facing deck overlooking green space and a fully finished basement! Single attached garage and close to everything. What are you waiting for?

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The Best Edmonton Neighbourhoods for Young Professionals


Edmonton is becoming known for being a hub for many young professionals. With a massive migration of working youth packing their bags in Toronto or Vancouver and heading to good ol' Edmonton for the promise of high wages and a lower cost of living.

This younger generation of white-collar professionals often has specific housing needs that differ slightly from those on either side of their age range. For example, while younger students are often looking for cheaper first-time housing or rentals, most young professionals have already finished their educations. They are more likely to seek independent housing space to call their own.

On the flip side, young professionals are often not quite ready to settle down with a family like the older generation before them. In fact, this generation of millennials are settling down later than any before them; as such, locating their homes in areas with the top elementary schools may not be among their priorities.

Though every person’s needs are different; in general, the best places to live in Edmonton for young professionals have a few common factors:

Close to their workplace

Easy access to public transit

Proximity to grocery stores

Lively area with many night-life options

Fortunately, Edmonton has many incredible neighbourhoods to choose from that are perfect for today’s young professionals. Here are just some of the many great areas in Edmonton for young working professionals:

The Brewery District

The communitues of Oliver, Westmount and Queen Mart Park make up this ICONIC area known as the Brewery District. This is a top location for oung professionals as there is incredible shopping, restaurants, amenities and outdoor activities.  With a unique blend of services, shops, and restaurants, The Edmonton Brewery District is perfectly conducive to hassle-free urban living. 

Find Homes and Condos for Sale in the Brewery District Here

Find the Perfect Rental Option in the Brewery District Here


The Ice District

Edmonton's Ice District is an Iconic area in the heart of downtown Edmonton.  A public plaza, sports, entertainment, a chic hotel, 5 star dining options, epic nightlife and access to state of the art shopping.  "It’s much more than a state-of-the-art arena. It’s a place to gather. A place to celebrate. A place where you – and our city – are always at your best!"

Find Homes and Condos for Sale in the Ice District Here

Find the Perfect Rental Option in the Ice District Here

Old Strathcona Area

Anchored by the funky, bohemian spirit of Whyte Avenue, historic buildings blend with youthful exuberance to make Old Strathcona one of Edmonton’s trendiest neighbourhoods. The city`s celebrated arts and cultural community makes its home here, as does a plethora of unique local boutiques, one-of-a-kind art galleries and music shops, and trendy restaurants and cafés.

Find Homes and Condos for Sale in Old Strathcona Area Here

Find the Perfect Rental Option in Old Strathcona Area Here

If you’re a young professional looking for your perfect neighbourhood, we can help make your dreams a reality. With a team of Real Estate Professionals who know this city and the secret gems better than most, we are here to help.

Learn More About Edmonton Neighborhoods Here

Learn More About the Best Edmonton Here

Learn More About Moving to Edmonton Here

Contact us and let us tour you around this incredible city!

 
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Top 10 Renovations to Immediately Increase the Value of your Home

If you are considering selling your home or want to ensure you are getting the highest rate of return on your renovations, we have outlined the best, most cost effective and rewarding renovations you can do to your home.

Best Renovations for Increasing the Value of Your Home 

If you plan to be in your home for the next five to ten years, the most rewarding upgrades you can do to your home would be to increase energy efficiency.  Not only will this protect your wallet in the long run, when you plan to sell your home in the future - these upgrades will last longer and hold their value better then the current trending wallpaper. The ways in which you increase or improve the energy efficiency of your home is:

Maintain or Replace your Furnace

New high-efficiency furnaces use the least amount of energy, but older models can also be made more efficient. Annual servicing by a professional is the first step. That will involve cleaning the parts you can’t see or reach and making sure it isn’t working harder than it has to. For your part, replacing filters every three months.

Replace Windows and Doors

Not only do new windows and doors work miricles for the curb appeal of your home, new windows have a high return rate when you eventually decide to sell. New windows will add big savings to you and your family in the monthly cost of utilities. Getting new ones in preparation for selling can not only add a another entry to the list of the home’s positive aspects, and they can bring in a roughly 73% ROI.

Best Small and Affordable Renovations for Increasing the Value of Your Home

Are you looking to sell soon? Now?  With more homes sitting longer on the market and selling for lower values, the best way to prepare for sale is to appeal to the highest volume of buyers.  Also, you need to stand out over the competiton.  We have outlined the best, and most cost efffective renovations you can make to improve the value, time, and return when you look to sell you home:

Upgrade Lighting

Tastes change quickly, and what was the latest in lighting design five years ago could now look horribly dated. Replacing fixtures modernizes a space for very little money. In rooms like the dining and living room, where a chandelier or pendant light can be quite prominent, consider how a different light fixture could improve the space. Check out the latest lighting trends of 2022 here

Fresh Paint

A fresh coat of paint instantly updates and transforms the entire interior of your home, and when you consider that the average price tag of a gallon of one-coat coverage paint is around $38, that’s about the biggest bang for your buck you can get. Check out the latest paint color trends of 2022 here

Hardware

Just like lighting, hardware styles change quickly.  Give your kitchen and bathrooms a cost effective face lift by painting the cabinets and adding some new and trendy hardware! These simple upgrades require only patience and a screwdriver to accomplish, but the results will be well worth the effort. In fact, you may even find that the hardest part is the shopping, since there are just so many choices out there to put your own stylish stamp on your home. Check out the latest trends in hardware here

Switch Plates and Covers

In most homes, the switch plates and outlet covers are a standard bit of cheap, white plastic. They don't look bad, but they're certainly nothing special. Try paintable covers to match your walls, or go for a natural wood look instead. You can also choose decorative bronze, nickel or brass plates for a luxe look, though you may want to add black switches for a better blend if you choose a dark finish. 

Never forget general house maintenance and how important it is when selling your home

Buyers pay attention to how well a homeowner cares for their property; poor home maintenance can keep buyers from ever committing to a sale, as it may send a message that the home was not well cared for. On the exterior of your property, clean gutters, trimmed lawns, and smart landscaping ups curb appeal and welcomes buyers. For interior maintenance, it is suggested to regularly inspect air filters, floors, walls, and the fireplace to eliminate buildup and replace any home system that isn't working properly.

Making the best home improvements before selling can increase buyer interest and ultimately secure sales. Generally, focus on cheap cosmetic changes that enhance curb appeal and update rooms that attract the most buyers. Keep aesthetics conservative as to not isolate buyers through bold choices. Also, avoid unnecessary structural repairs and any major renovations that would engulf a budget.

Have questions about what you should do to prepare for sale?  Get a free market evaluation by Iconic YEG and we can consult and advise what upgrades or renovations might be worth doing before selling.  

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Q3 Edmonton Real Estate Market Update

Edmonton Real Estate Market Report: Quarter Three, 2022


2022 has been a wild ride with extreme changes, not unlike the weather in Edmonton.  Unprecedented amount of factors including the pandemic, rising interest rates, gas prices, inflation, and the war in Ukraine all contributed to an everchanging and quick adjustments in the Real Estate market.

The first quarter offered sellers an incredible opportunity as interest rates remained low, buyers were highly active, and inventory was sparse.  With lineups out front doors, multiple offers, and quick sales - buyers were at an incredible disadvantage and some were left with nothing to buy. While sellers who acted fast and listed their homes early in the year, enjoyed the quick sales and opportunity to move.

The second quarter of the year brought many more sellers to the market as they were catching wind of how much and how fast properties were trading for at the start of the year and buyers began to get a reprive from the agressive market; however homes in the SW of Edmonton continued to prevail as the hottest and most in demand homes.

This past quarter has been much slower than the previous two, ending with lots of available inventory that does not quite match the current needs of buyers.  A shocking 70% of all Single Family Homes that sold during Q3 in Edmonton were under $500,000; while currently only 60% of available invertory is priced at that level.

Fewer homes sold in Q3 of 2022 than they did in Q3 of 2021:

What is more interesting, is the value of the homes that sold in Q3 of 2022.  Over 70% of all Single Family homes sold, in Edmonton, were under $500,000:

The current available inventory of homes for sale in Edmonton does not match the previous wants of buyers, with a higher level of inventory in the luxury market then is actually selling.

If you are a seller in this market, there are a few tips to stay competitive to get your house sold before winter takes hold:

For Sellers:

  • PRICE: Currently, buyers tend to be pickier about the price they’re willing to pay due to rising interest rates and a lower affordability threshhold. Really hone in on the listing price you’re comfortable with — if you want to sell quickly, consider listing it on the lower side.
  • CURB APPEAL: Never underestimate the power of a well-manicured lawn and pretty flower boxes to grab the attention of potential buyers. Make sure the front of your house is looking its best — you never get a second chance to make a first impression. Buyers often drive around their preferred neighbourhoods window shopping, so give them show-stopping curb appeal they can’t ignore.
  • KNOW YOUR WEAKNESSES: While hiring a house inspector is usually done by buyers making an offer, get ahead of the game and hire one as a seller. Having that report available for potential purchasers takes one task off their plate and that might swing the scales.
  • SHOW THE BEST: Nothing puts off potential buyers like a home they can’t even see thanks to stacks of papers, overflowing cupboards and messy countertops. Go through each room and pack up 50 per cent of the “stuff” — then store, donate or trash it. When people walk into their potential dream home, they want to see large, airy rooms not shelves packed with personal knickknacks.
  • APPEAL TO THE MASSES: Millennials make up the largest cohort of buyers in Canada right now so consider adding features that appeal to this generation. Consider upgrading lighting, hardware or even appliances - $2000 upfront could mean the difference of a sale.
  • STAND OUT:  it’s all about making your property stand out in a sea of comparable properties. Offering something more creative than just your regular financial incentives, such as prepaying taxes or a year’s worth of landscaping services or paying homeowners’ association dues are just two examples of outside-the-box incentives.

 

If you are a buyer in this market - you may be able to secure that high value home at a much lower price; however read below for tips on maximizing the value in this current market:

For Buyers:

  1. Get Pre-Approved: There is nothing more defeating then looking at a home you come to learn, you can not afford.  It also gives you the opportunity to shop around for the best deal and the best interest rates. 
  2. Work with an Agent: Even before you start looking, even before you attend an open house.  A professional can and will give you more options and ensure you stay on the competitive track when negotiating for your dream home.
  3. Have a Buget and a Plan:  Of course, you won’t be able to afford everything on your wish list. So, make two lists: everything you want in a home and everything you can’t live without.   
  4. Do Not Get Dstracted by the Pretty Things.  Houses are an investment, they cost money.  Shocker right?  When you have the pick of available homes you should put higher value in the mechanical and structural integrity of the home.  Roof! Furnace! Windows! Plumbing! Electrical! Foundation!  These are the BIG TICKET items that should be the highest priority - not the wallpaper in the bathroom.
  5. Consider Future Revenue: With so much uncertainty about the economic future, you might want to consider purchasing a home that could or does have a secondary suite (ie. basement suite).  While you never have to rent it, having the option in the future could offset some expences if jobs, economy, or life took an unexpected turn.
  6. Location is Everything.  A home can be renovated, the location cant.
  7. Put Together an ICONIC Home Buying Dream Team: including an experienced  real estate agent, professional home inspector and mortgage lender; if you’re buying investment property, add a tax expert and a real estate attorney. All of these professionals should willingly and kindly share their knowledge and expertise. If not, find someone else.

Everyone needs a plan, and we can help.

 If you are a buyer or a seller looking to make a move in Edmonton - contact us for more information on how to be the most competitive and ensure you are getting the highest level of value.


 
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New property listed in Zone 13, Edmonton

I have listed a new property at 9906 87 ST in Edmonton. See details here

ALMOST HALF AN ACRE IN CENTRAL YEG! Welcome to your very own secret garden, an iconic cottage located in the heart of Edmonton along the North Saskatchewan River. Totally unique, there is no other property quite like it. Minutes to downtown, this is one of the largest residential developments sites available in Central YEG. More than 60 feet wide and 260 feet deep, this site is perfect for subdivision, redevelopment, or building your dream home. Enjoy a private and cottage feel within the urban core as the existing home is ideal for living while you make your plans. Tons of curb appeal & charm, the home features hardwood floors, and an open-concept living area. Cove ceilings, stainless steel appliances, white cabinetry & island give the home a cozy and bright feeling. 2 Bedrooms and 1.5 Baths and featuring a large deck with covered trellis, garden area, and an oversize double garage. Live, plan and build. This is THE ONE.

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