In the world of property development and management, tenant trust and engagement play pivotal roles in maintaining a stable and profitable operation. When these two factors are low, the negative impact on turnover rates can be significant.

Trust: The Foundation of Tenant Retention

Trust is the cornerstone of any relationship, and the landlord-tenant relationship is no exception. When tenants feel that their landlords are honest, reliable, and responsive, they are more likely to stay in their homes for a longer period. Conversely, low tenant trust, resulting from poor communication, lack of transparency, or unmet promises, can drive tenants to search for housing options where they feel more valued and secure.

Engagement: An Essential Ingredient for Tenant Satisfaction

Beyond trust, engagement is another crucial factor for tenant retention. If tenants feel disconnected or neglected, they may become less invested in their homes, leading to higher turnover rates. Effective engagement involves regular communication about property updates, addressing tenant concerns promptly, and creating a sense of community among the residents.

High Turnover: The Consequence of Neglecting Trust and Engagement

High turnover rates, while seemingly just a fact of life in property management, can be a troubling sign of underlying issues—often traced back to low tenant trust and engagement. Turnover comes with substantial costs: lost rental income, increased marketing expenses, more time and resources spent on tenant screening and move-in/move-out processes. Moreover, high turnover can negatively impact a property's reputation, making it more challenging to attract and retain quality tenants.

In conclusion, fostering tenant trust and engagement is a strategic move for property managers aiming to minimize turnover. By focusing on these areas, not only can they enhance their tenants' living experience, but they can also strengthen their business's bottom line.

Have questions about strategies to improve Tenant Satisfaction?  Contact Iconic YEG Today.

As we approach the end of the year, I'd like to share some interesting statistics and insights that will help you navigate the Edmonton real estate market in 2024. According to the current data, over 35% of homes that came to the market in 2023 did not sell. Surprising, isn't it? But fear not, we have solutions! The Iconic Real Estate Team wants to ensure you're not among that statistic. The Edmonton real estate market forecast for 2024 is quite promising; however as a potential seller, it's crucial to understand how to avoid falling into the category of unsold homes.

Here at Iconic YEG, we have compiled important tips to help you navigate the 2024 Edmonton Real Estate market successfully.

Understanding the Importance of Timing

Did you know that May was the month with the most homes sold in 2023? This fact highlights the need for a strategic selling plan before the end of January. Most homeowners often wait until spring to consider selling, but in reality, plenty of buyers are out shopping during the colder months and there is less competition on the market.

GET A FREE HOME EVALUATION AND COMPLEMENTARY STRATEGIC PLAN NOW

Emphasizing Strategy

Edmonton, Alberta, is set to become a national destination for migration due to its strong economy. With an expected increase in housing demand, it's crucial to have a strategy to attract out-of-province buyers. Iconic YEG provides all our sellers with custom strategies relating to Buyer Demographics, Marketing Impact Initiatives, and more. What makes your home standout and how do you get that message to a high volume of buyers?  We have a plan for you, contact us to get started.

Preparation: The Key to Successful Selling

Proper preparation can significantly enhance your home's appeal. Iconic YEG guides you through each step of the preparation process, ensuring your home is primed for the market.  Click here for more tips on preparing your home for sale.

The Value of Marketing with the Right Realtor

At ICONIC YEG, we understand the importance of marketing your home effectively. We invest heavily in top Real Estate photographers, stagers, and more to ensure maximum traffic on your listing, both on the internet and local community fronts.

Understanding Pricing and Competition

Pricing your home correctly is often the make-or-break moment of the selling process. We use up-to-date data and in-depth knowledge of the Edmonton market to ensure your property is priced accurately. This way, you can confidently negotiate with buyers and get the price you deserve.

About ICONIC YEG

Iconic YEG isn't your average real estate team. We're a collective of professionals who share the same values and are driven by a common purpose - to enhance the expectations of the clients we serve. We're not salespeople; we're professionals who strive to learn more each day, so we can help our clients make informed and favorable real estate decisions.

Our Services

Whether you're looking to buy or sell, need assistance with new developments or rental services, our team of experts is here to help. We ensure a personalized, dedicated service ensuring your real estate journey is successful

Let's Move Forward Together

If you are considering selling your home in 2024, your home selling journey starts here. Let's make it a successful one. Book a consultation with ICONIC YEG before the end of January and get started on your successful home selling journey.

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As we round out the year, real estate enthusiasts are keen to review the year that was and forecast what 2024 may bring for the Edmonton real estate market. From population increases to interest rate changes and property prices, let's delve into the details and explore the likely trends for the coming year.

Highlights of the 2023 Edmonton Real Estate Market

Despite the global uncertainties, Edmonton's real estate market experienced significant developments in 2023. Key highlights include a 3.5% increase in Edmonton’s population, with more than 45,000 people migrating to Alberta within a three-month period alone. The Bank of Canada interest rates rose 75 basis points in 2023 to 5.0%, impacting mortgage affordability.

In terms of property prices, the average selling price for a single-detached home was $479,000, for a semi-detached home $362,000, for a townhouse $271,000, and for a condo $172,000*. (*Average as of November 2023 for the Greater Edmonton Area.)

The market for single-family homes priced under $500,000 remained hot, and this trend is expected to continue into 2024 due to high demand and limited supply.

Edmonton Real Estate Forecast for 2024

As we look ahead, we foresee some key trends that will shape the Edmonton real estate market in 2024:

Interest Rate Cut Expected

Experts predict a slight cut in interest rates in 2024 by the Bank of Canada. However, the impact won’t be too dramatic even in Edmonton, which continues to be one of the most affordable markets in Canada.

Continued Migration to Alberta

The strong Alberta economy is expected to continue attracting newcomers, driving population increases, and hence housing demand, particularly in more affordable Edmonton compared to Calgary.

First-Time Buyers and Investors Still Driving Market

First-time buyers and investors are expected to continue to dominate the market, particularly for condos, semi-detached homes, and single-family homes in the under-$500,000 range. This could potentially shift the Edmonton market to a seller’s market during the peak sales months of 2024.

Residential Prices Expected to Increase

While the average Edmonton sale price decreased by 4.3% from 2022 to 2023, an increase of about 4% is predicted for 2024. Home sales transactions, on the other hand, are expected to decrease by about 5% in 2024.

2024 Outlook: A Favourable Forecast for Edmonton

The Edmonton real estate market forecast for 2024 is quite promising. A robust provincial economy, continued population growth, and a possible interest rate cut by the Bank of Canada will all contribute to a stable property market.

Edmonton’s affordable property market has attracted a wave of inter-provincial migration, with approximately 40,000 new residents in 2022 alone. This trend is expected to continue into 2024, bolstering demand, particularly for homes under $500,000.

However, affordability concerns due to high mortgage rates may continue to impact the market, particularly in the $600,000+ range, limiting the buying power of move-up buyers.

With all these factors at play, the next six to nine months may present a unique window of opportunity for potential buyers, particularly those from outside the province, to secure affordable properties in Edmonton. The city's affordability, in comparison to other major Canadian markets such as Toronto, makes it an attractive investment opportunity that may not last much longer.

As we look to 2024, we’re excited to see what the Edmonton real estate market will bring. Whether you're a first-time buyer, an investor, or a homeowner looking to sell, it's vital to stay informed about these market trends to make the best possible decisions. After all, as we always say, those who refuse to settle for the ordinary deserve the best.

Want to know more and discuss your 2024 strategies?  Contact us today

Are you considering selling your Edmonton home this winter? Many prospective sellers hesitate due to misconceptions about seasonal real estate trends. With the right preparation, understanding of market forces, and insight — even in colder months — homeowners can still achieve a successful sale! Read on to learn how you can enter the winter Edmonton real estate market with confidence and find success as a seller.

Debunking Winter Real Estate Myths

Myth #1: Nobody Buys During the Winter

Contrary to popular belief, plenty of buyers are out shopping during the colder months. In fact, Iconic YEG's busiest month for Edmonton real estate sales is February as there is little competition with other homes as most sellers decide to list in May causing a major influx in available homes and increasing sellers competition for a buyer. People who are looking for a home during the winter may be more motivated, ensuring that you have a strong pool of interested parties.

Myth #2: Houses Don't Show Well in Winter

Winter may not be the most picturesque season, but some homes shine even more in the winter months. With the right staging, lighting, and a cozy atmosphere, potential buyers can easily envision themselves living in your warm, inviting home. The key is to make sure your property is well-maintained, cleaned, and bright to attract potential buyers.

The Benefits of Selling in Winter

• Less Competition: With fewer homes on the market, buyers may be more likely to consider your property. This competition can potentially result in a quicker sale or even multiple offers.

• Serious Buyers: Winter homebuyers tend to be more serious about making a purchase, as they're likely facing some sort of deadline (e.g., job relocation, family growth, etc.).

• More Real Estate Attention: Your Realtor may have more time to dedicate to your sale, as the market typically slows down during the winter months.

Tips for Selling Your Home During Winter

1. Maintain Curb Appeal: Keep walkways and driveways clear of snow and ice. Ensure your home is well-lit, both inside and out, to impress potential buyers. Remember, first impressions count!

2. Stage for Winter: Create a cozy atmosphere with warm, inviting decor. Use soft lighting, blankets, and candles to showcase your home's comfort during winter.

3. Ensure Home Performance: Before listing your home, make sure that it is energy-efficient and performs well during the winter months. This will be highly appealing to potential buyers who want to keep heating costs down.

4. Highlight Winter Features: If your home has features that are especially appealing during the winter, such as a fireplace or hot tub, make sure they are clean and well-maintained to show buyers.

5. Work with an Experienced Realtor: Choose ICONIC YEG who has experience in the winter Edmonton market to provide valuable guidance and insight on making the most of a winter home sale.

Don't let the winter months dissuade you from selling your Edmonton home. By debunking common myths, understanding the benefits, and implementing the right strategies, homeowners can successfully navigate the winter real estate market. So, bundle up, and get ready to make that sale!

The Resilience of Edmonton's Rental Market in 2023

Despite the global economic turbulence caused by the pandemic, Edmonton's rental market has shown remarkable resilience. The city's vacancy rate for purpose-built rental apartments dropped significantly from 7.3% in October 2021 to just 4.3% in October 2023. This shift reflects a tangible growth in rental demand, outpacing increases in supply, spurred by improved labour market conditions and record net international and interprovincial migration.

Edmonton's rental universe is expanding at a pace higher than any previous decade, offering investors in the real estate sector a wealth of opportunities. This growth, coupled with modest increases in same-sample apartment rents in 2023, has placed upward pressure on rent levels.

Alberta's Economic Rebound and its Impact on Edmonton's Rental Market

A strong post-pandemic recovery and high commodity prices have driven a sharp economic rebound in Alberta, benefiting the Edmonton Census Metropolitan Area (CMA). As of October 2022, total employment in the Edmonton CMA improved by 3% compared to the previous year, and full-time employment was up by 4%, both surpassing pre-pandemic levels.

This broader labour market improvement was accompanied by gains in employment among key cohorts driving rental demand, particularly among people aged 15 to 24. Additionally, the job vacancy rate in the Edmonton CMA increased to 4.6% as of the second quarter of 2022, a rate unseen since early 2015.

In-Migration Boosts Rental Demand

Rental demand was bolstered by provincial in-migration, with a record high recorded in the second quarter of 2022. Approximately half of international migrants in the second quarter were non-permanent residents, indicating a potential rise in student rental demand.

Net interprovincial migration into Alberta also returned to peak levels unseen since 2012/13. Together, these migration trends contributed significantly to the strong growth in rental demand, leading to a decline in the vacancy rate.

Changing Market Conditions and Rental Trends

Despite significant new additions to supply, vacancy rates across all apartment types declined, reflecting the robust rental demand. The tightening rental market was also marked by a 1.5% increase in same-sample apartment rents from the previous year.

Landlords have been using incentives such as free rent periods, reduced pricing for cable and Internet services, and move-in bonuses to attract potential tenants. However, the use of such incentives has become less prevalent as market conditions stabilize.

Impact of Inflation and Housing Affordability

Higher inflation over the past year has impacted household budgets, leading to increased competition for affordable units. If vacancy rates decline further, affordable housing could become a significant concern, particularly for those in the lowest income quintile.

Condominium Rental Apartments and the Cost of Ownership

While the vacancy rate for condominium rental apartments remained statistically unchanged in 2022, the average rent for a condominium apartment was $1,272, representing an average premium of $78 relative to the purpose-built rental market.

The gap between the cost of ownership and renting has grown due to rising mortgage rates. Consequently, existing tenants may choose to remain in their rental units longer before moving to home ownership, adding to rental demand.

Alberta: A Feast for Yield-Hungry Residential Rental Investors

With rising demand, relatively low per-door prices, and no rent controls, Alberta is shaping up to be Canada's top market for residential rental investors. Edmonton, in particular, is emerging as an attractive investment hub for landlords and investors.

Edmonton: A City of Opportunity in the Long Run

Edmonton's rental market potential is being recognized by investors and immigrants alike. The city's high in-migration rates are expected to continue to drive housing prices upward. Notably, older apartment buildings in Edmonton are trading at around $120,000 to $150,000 per door, making the city more opportunistic in the long run.

As of October 2023, the average rent for a 4-bedroom apartment in Edmonton is $2,000, marking a 3% increase compared to the previous year. Further, landlords who rent their units furnished can expect to benefit more, particularly for short-term rentals.

Conclusion

Edmonton's robust rental market and Alberta's economic rebound create a compelling case for investment in the province's real estate sector. As Edmonton continues to attract a steady stream of migrants and investors, the city's rental market is poised for further growth, signaling exciting times ahead for Alberta's real estate sector.

Are you intrigued by the allure of a historical home, craving the sense of character that new builds simply can't replicate? Are you on the hunt for an infill property that allows you the creative liberty to make a space truly your own? Or perhaps you're an opportunistic handyman, always on the lookout for a new project to sink your tools into. If any of these sound like you, then we've got a property that you're going to love.

Introducing an Iconic Historical Home in Edmonton

Nestled in Edmonton's bustling core, this iconic historical home is a gem just waiting to be polished. 11324 92 Street is perfect for anyone who appreciates the charm of historic architecture, but still wants the convenience of city living. With RF3 zoning, this property offers the unique opportunity for any savvy buyer or investor.

Location, Location, Location

The property's location is nothing short of prime. Just a few blocks away are the Commonwealth Stadium and the Joe Clarke Athletic Grounds, offering plenty of opportunities to catch a game, or simply enjoy the outdoors. For fitness enthusiasts, the Commonwealth Community Recreation Center is close at hand, complete with a pool, gym, and basketball court.

If you're a commuter, you'll appreciate the proximity to the Stadium LRT Station, making your morning commute a breeze. Being close to downtown also ensures easy access to major transportation routes, making this property a convenient hub no matter where you're headed.

Character and Convenience

This home boasts three bedrooms and two baths, offering plenty of space for families, couples, or roommates. For those in need of a little extra space.

Despite its historic charm, the property doesn't skimp on modern necessities. With a newer mechanical system, 100 Amp Service, NEW roof and updated furnace you can rest assured that the home is up-to-date.

Outdoor Features

For those who value outdoor space, this property doesn't disappoint. A private fenced yard offers an ideal space for children to play, pets to roam, or simply to enjoy a quiet cup of coffee in the morning. The property also features a newer oversized double detached garage, perfect for storing vehicles, tools, or even setting up a workshop.

Unleash Your Inner Handyman

While this property is a fantastic opportunity for those who enjoy DIY projects. With a bit of TLC, you can restore this historic home to its former glory while adding your own personal touch. Whether you're a seasoned renovator or a handyman-in-the-making, this home offers the perfect project to immerse yourself in.

A Historic Home Awaits

This iconic historical home in the heart of Edmonton could be the perfect property for you. With its unbeatable location, unique features, and potential for personalization, it's an opportunity not to be missed. Whether you're looking to invest, find a family home, or embark on a new project, this property offers something for everyone. Unleash your creativity and make this historic home your own.

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