Average residential prices post modest gain of 1% over August of last year

Edmonton, September 2, 2015:  The average residential price in August for the Edmonton Census Metropolitan Area (CMA) is up 1% year-over-year (YoY) and down slightly by 0.2% relative to last month. A single family home in the Edmonton Census Metropolitan Area (CMA) sold for an average of $439,829; up 0.7% from July and up 1.0% YoY. The average for all residential properties sat at $372,256; down 0.2% from July and up 1.0% over last August. 

“Edmonton continues to experience a relatively stable market with respect to year-over-year prices.  A slower pace of sales, combined with growing inventories, are creating favourable conditions for entering the Edmonton market,” explains Geneva Tetreault, Chair of the REALTORS® Association of Edmonton. “We have a great selection of inventory this year, a luxury we did not have last year. Sellers may have to wait a little longer to sell their...

(NC) When it comes to real estate, there is no shortage of terminology and plenty of room for confusion. Here is a list of a few common real estate terms you'll hear at least once during your home buying and selling process:  

• Fixed-rate Mortgage: The mortgage rate and payment you make each month will stay constant for the term of your mortgage.

• Variable-rate Mortgage: The mortgage rate set by your lender will change with the prime lending rate. These loans may be beneficial if there is a sudden fall in lending rates, but higher interest rates will mean larger monthly payments.

• Amortization: The number of years it takes to repay the entire amount of the mortgage.

• Title/Title Search: Title is the legal evidence of ownership in a property. A Title Search is a detailed examination of the ownership documents to ensure there are no liens or other encumbrances on the property, and no questions regarding the seller's...