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Edmonton New Home Builders - Trends and Market Updates 17 March 2024

Net Zero Homes and New Construction

Net Zero Homes

Net zero homes are energy efficient buildings designed to produce as much energy as they consume over the course of a year.

The Evolution of Residential Construction Towards Sustainability

The construction industry is undergoing a significant transformation, driven by a collective realization of the urgent need for sustainable and environmentally friendly practices. This evolution is not just a trend but a response to the growing concerns about climate change, energy consumption, and environmental degradation. The shift towards sustainability in residential construction is marked by the adoption of innovative technologies, materials, and methodologies that aim to minimize environmental impact while enhancing energy efficiency and inhabitant comfort.

A pivotal element in this shift is the emergence and adoption of net-zero and net-zero ready homes. Net-zero homes are designed and built to produce as much energy as they consume over the course of a year. This is achieved through a combination of energy-efficient construction practices and the use of renewable energy sources, typically solar panels. Net-zero ready homes are constructed to the same high standards of energy efficiency but do not have the renewable energy systems installed from the outset. However, they are “ready” for such systems to be added, making the transition to a net-zero energy status straightforward in the future.

This move towards net-zero and net-zero ready homes signifies a major step in the industry’s commitment to reducing carbon footprints and advancing towards a more sustainable future. These homes not only offer a way to combat climate change but also provide homeowners with lower energy bills, increased comfort, and a sense of contributing to a greater good. As the industry continues to innovate and push the boundaries of what is possible in sustainable construction, net-zero and net-zero ready homes stand at the forefront of this evolution, embodying the principles of sustainability and environmental stewardship.

 

The Benefits of Investing in a Net Zero Home

 

Investing in a Net Zero Home brings several significant benefits, emphasizing not just immediate advantages but also long-term impacts on both the homeowner and the environment.

           Reduced Energy Bills: Net Zero Homes are designed to be highly energy-efficient, utilizing renewable energy systems such as solar panels to produce as much energy as they consume. This drastically reduces, if not entirely eliminates, the energy bills that homeowners need to pay.

           Increased Comfort: Better insulation and air sealing are hallmarks of Net Zero Homes. These features help maintain a consistent indoor temperature, reducing the need for heating and cooling. This not only contributes to reduced energy consumption but also significantly increases the comfort level within the home.

           Enhanced Indoor Air Quality: The same measures that improve a home’s energy efficiency, such as tight air sealing, also help to improve indoor air quality. By reducing the amount of outside air that can infiltrate the home, these homes also reduce the ingress of pollutants, leading to a healthier living environment.

           Smaller Carbon Footprint: By relying on renewable energy sources and operating more efficiently, Net Zero Homes have a much smaller carbon footprint compared to traditional homes. This contributes to the global effort of reducing greenhouse gas emissions and combating climate change.

While the initial costs of constructing or retrofitting a home to meet Net Zero standards can be higher than those of a conventional home, these expenses are offset by the long-term savings on energy bills. Additionally, the environmental benefits of a reduced carbon footprint and the personal benefits of living in a healthier, more comfortable home contribute to the overall value of investing in a Net Zero Home. The upfront investment supports not just a more sustainable and energy-efficient lifestyle but also promises significant economic returns over the lifespan of the home.

 

The Market for Net Zero Homes

The market for Net Zero Homes is witnessing a significant upsurge, driven by a growing consumer demand for sustainable living options. This shift reflects a broader societal movement towards environmental consciousness and a desire to reduce personal carbon footprints. As awareness of climate change and its impacts grows, homebuyers are increasingly prioritizing energy efficiency and sustainability in their housing choices.

Current market trends indicate that Net Zero Homes are not just a niche segment but are becoming a mainstream preference. This is due in part to their ability to significantly reduce energy bills through efficient design and renewable energy sources, such as solar panels. Additionally, these homes offer improved indoor air quality and comfort, making them attractive to a wide range of buyers.

The influence of this demand is palpable in the real estate market, with a noticeable increase in the value and desirability of Net Zero Homes. Studies and market analyses suggest that homes with green certifications, which include Net Zero standards, command higher resale values compared to traditional homes. This premium reflects not only the reduced operational costs associated with these homes but also the growing consumer preference for sustainable living spaces.

Looking to the future, the trend towards Net Zero Homes is expected to continue, if not accelerate. This is supported by advancements in technology, making sustainable features more accessible and affordable, and by evolving consumer attitudes towards environmental stewardship. Furthermore, policy initiatives and incentives aimed at reducing carbon emissions in the residential sector are likely to further bolster the market for Net Zero Homes.

The increasing consumer demand for sustainable living options is thus shaping the real estate market, making Net Zero Homes a pivotal element in the evolution towards more sustainable and resilient communities.

 

The Role of Real Estate Agents in Promoting Net Zero Homes

 

The role of real estate agents is pivotal in promoting Net Zero Homes, as their expertise and guidance can significantly influence homebuyers’ decisions. By being knowledgeable about net-zero homes, agents can effectively communicate the myriad benefits these homes offer, thus fostering a market that values sustainability alongside comfort and design.

Educating clients on the benefits of net-zero homes is essential. Real estate agents must be able to articulate the long-term energy savings these homes provide, thanks to their energy-efficient construction and renewable energy sources. Furthermore, they should highlight the environmental benefits, such as reduced carbon emissions and a smaller ecological footprint, which resonate with eco-conscious buyers.

Marketing strategies for net-zero homes should leverage these unique selling points. Agents can use various channels, including social media, real estate listings, and open house events, to showcase the advanced features of net-zero homes. Emphasizing the potential for increased property value is also crucial; as demand for sustainable living options grows, net-zero homes are likely to appreciate faster than traditional homes. By positioning these homes as not only environmentally friendly but also as smart financial investments, real estate agents can appeal to a broad spectrum of buyers.

In summary, real estate agents play a crucial role in bridging the gap between homebuyers and net-zero homes, using their expertise to educate and persuade the market about the long-term benefits and value of sustainable living options.

 

The Future of Net Zero Homes in Real Estate

The future of net-zero homes in real estate looks exceptionally promising, driven by a combination of technological advancements and shifting consumer preferences towards sustainable living. As awareness about climate change and its impacts grows, so does the demand for homes that not only reduce energy costs but also minimize environmental footprints. Net-zero homes, which are designed to produce as much energy as they consume through renewable sources, stand at the forefront of this trend.

Advancements in technology, particularly in renewable energy sources like solar panels and wind turbines, along with improvements in insulation and building materials, are making net-zero homes increasingly attainable and affordable. These advancements are expected to lower the initial costs associated with building net-zero homes, thereby making them more accessible to a broader segment of the population.

Consumer demand for sustainable living options continues to rise, further propelling the net-zero home movement. As more people become aware of the benefits of net-zero homes—not just in terms of energy savings and environmental impact, but also regarding the enhanced comfort and air quality these homes offer—the demand is likely to grow even further.

Given these trends, there is a strong potential for net-zero homes to become the standard in new home construction. This shift will not only transform the real estate market but also significantly contribute to the global efforts in combating climate change by reducing the residential sector’s carbon footprint. As policies and regulations evolve to support sustainable construction practices, net-zero homes may well become the norm, rather than the exception, in the construction and real estate markets.

Considering buying a Net Zero Home? Click here to check out new construction net zero homes in Blatchford, Edmonton.

🌐 Sources

           CHBA – Net Zero Homes

      LinkedIn – Eco Impact of Net-Zero Homes

      Draw Designs – Why Net-Zero Energy Homes Are The Future: A Deep Dive

      Alair Homes Burnaby – Why Net-Zero Homes Are the Future of Real Estate

      True North Living – Net Zero Homes: Bridging the Gap Between Sustainability and Comfort

      Next Home – Edmonton leads the way in Alberta’s net zero homes revolution

      MDPI – Understanding the Barriers to Adopting Net Zero Energy

      Solar Homes Inc – Net Zero Benefits

      UCA Helps Alberta – Tips to Save Money on Utility Bills

      Energy Star – Why Seal and Insulate?

      Terra View – Hidden Benefits of Owning a Net Zero/Net Zero Ready Home

      Energy Rates Canada – How to Keep Your Alberta Energy Bills Under Control in 2024

      Energy.gov – Air Sealing Your Home

Edmonton New Home Builders - Trends and Market Updates 7 March 2024

Top Mistakes When Buying A New Construction Home

Top Mistakes When Buying A New Construction Home 

Buying a new construction home for the first time is an exciting journey that comes with its unique set of challenges. Here are the most common mistakes first-time homebuyers make when purchasing a new construction home, compiled from various expert sources, and tips on how to avoid them:

 

Not Getting Pre-Approved for a Mortgage

Mortgage pre-approval is an essential step where lenders evaluate your financial situation to determine how much they are willing to lend you. It is not a guarantee, but a statement of how much you’re eligible to borrow. Without pre-approval, you risk falling in love with homes out of your price range, and it could ultimately lead to disappointment if you’re unable to secure financing.

 

Not Anticipating Hidden Costs:

Beyond the mortgage, remember to account for taxes, insurance, maintenance, and other homeownership expenses. [2].

 

Many Edmonton builders will require you to put down a refundable landscaping deposit to complete your landscaping within 1 year of possession. The landscaping deposit varies by neighbourhood and typically between $1,000-$5,000. This deposit is refunded once you have completed the landscaping to neighbourhood requirements.

 

Be prepared for other additional costs such as blinds, security systems, fence, and decorating.

 

Failing to Prioritize:

Personalize your search to fit lifestyle and financial constraints [3]. Buying a new home you can over pay on soft upgrades such finishings, consider that you can’t make the space larger in the future. Sometimes there are options to widen the garage or add square footage, which might better accommodate your family’s growth. A light fixture can always be changed out in the future for minimal cost comparatively.

 

Ignoring Long-Term Needs:

Consider your future in the home, not just your immediate requirements. Think about family expansion, workspaces, and resale value [4].

 

Skipping the Home Inspection:

Always opt for a professional inspection to avoid unexpected repair costs down the line. [5].

 

Not Shopping Around for Mortgages:

Explore different lenders to find the best rates and terms that suit your financial situation [6]. Does a fixed rate mortgage make more sense than a variable? Do you work with a completion mortgage builder or a builder who does draw mortgages?

 

Overlooking the Importance of a Good Location

Overlooking the importance of a good location when buying real estate can be a significant oversight. Location dictates desirability and, therefore, the demand for the property, which directly influences its value [2]. A prime location can ensure consistent property value growth, making it a safer investment in the long run.

Access to amenities and transportation, proximity to schools, healthcare, shopping, and entertainment can dramatically impact your quality of life and the ease of renting or selling the property in the future. When buying a new construction home you need to factor in future potential. Economic development, community plans, and potential changes in infrastructure can significantly affect a property’s future value and livability.

 

Rushing the Buying Process

Rushing the buying process when purchasing a home can lead to several problems. It’s essential to take adequate time to research and understand the intricacies involved in buying a property to avoid future regrets [5]. You risk overlooking better financing options, which could save money in the long term [1]. Compromise on essential features or locations due to a lack of comparative market analysis of other new home builders [3]. Fail to negotiate the best deal, possibly due to a lack of awareness of market conditions or by not utilizing a REALTOR®[4]. Experience buyer’s remorse if the decision was made without due consideration of your long-term needs and financial stability [6].

 

Choosing the Right Real Estate Agent:

An experienced agent can make the new home buying process smoother. Ensure your agent has a solid track record and understands your needs [1].  New construction homes are built on different specifications, make sure you have a REALTOR® who is knowledgeable in construction and the building process.

 

Avoiding these mistakes can lead to a more informed decision-making process and a smoother transition into homeownership. Take your time, do your research, and don’t hesitate to seek help from your REALTOR®.

 

🌐 Sources

           linkedin.com – 10 Common Mistakes First-Time Home Buyers Make and…

           moneysense.ca – Top 10 mistakes first time home buyers make

           jasper.ai – Real Estate Copywriting: How to Sell More Properties With…

           homebuyer.com – The Big List Of First-Time Home Buyer Mistakes

           pine.ca – The 10 mistakes to avoid as a first-time homebuyer

           rocketmortgage.com – 15 First-Time Home Buyer Mistakes

Fort Saskatchewan Home Sales Statistics 5 March 2024

Fort Saskatchewan Real Estate Market Statistics- February 2024

Fort Saskatchewan Real Estate Market Statistics

Fort Saskatchewan Home Sale

  

Bar Graphs Below Are Interactive

Fort Saskatchewan MLS® Listings

There was a 23% increase in Fort Saskatchewan MLS® listings during February. 85 listings came on market, last February there was 69 new listings.

Fort Saskatchewan Average List Price

The average list price in Fort Saskatchewan was $492.4k up from $407.7k. This is an increase of 20.76%.

Fort Saskatchewan Home Sales

There was 61 homes were sold during the month. This is almost double to February 2023 where there was 35 homes sold.

Fort Saskatchewan Average Home Sale Price

The average sale price for a home in Fort Saskatchewan was $428.1k. This is a slight increase of 2.86% from last February.

Fort Saskatchewan Average Days on Market

Homes in Fort Saskatchewan were on market an average of 88 before sales.

City of Fort Saskatchewan Website

St. Albert Real Estate Market Stats 5 March 2024

St. Albert Home Sales Statistics February 2024

St. Albert Real Estate Statistics

Bar Graphs Below Are Interactive

St. Albert New Listing Count

147 homes were added to MLS® in St. Albert during February 2024. LAst February only 118 homes came to market. 

St. Albert Average List Price

The average list price of St. Albert homes is up 23.7% from last year. The average home price was $583.4k versus $471.7k last February.

St. Albert Home Sales

89 homes sold in February, this is an increase of 41% over same time last year.

St. Albert Average Cost of Home

The average price of a home in St. Albert this month was $525.6k, an increase of 26.4% over the $416k average price last February.

St. Albert Days on MLS®

St. ALbert homes were on maket an average of 82 days before selling.

St. Albert Website

Parkland County Real Estate Market Statistics 5 March 2024

Rural Parkland County Acreage Sales Statistics February 2024

Rural Parkland County Acreage Sales

Below Graphs Are Interactive

Parkland County Acreage Listings

73 acreage listing came on to MLS® for Parkland County during February. Similar to last year Februarys 71 listings.

 Parkland County Acreage Average List Price

The average list price of Parkland County acreages was $722.4k in February. This is a 9.3% increase over February 2023 listing price of $661.1k.

Parkland County Acreage Sales

36 Parkland County acreages sold in February. Last February saw 28 acreages sell.

Parkland County Acreage Average Sale Price

$583.3k was the average sales price for acreages in Parkland County.  This is an $80k difference from last February when the average sales price was $503.5k.

Parkland County Acreage Days on Market

Parkland County acreages were on MLS® an average of  178 days before selling.

Parkland County Website

5 March 2024

Edmonton Home Sale Trends February 2024

Edmonton Real Estate Market Statistics

   

Below Graphs Are Interactive.

Edmonton New MLS® Listings

2.05k new listings came on to MLS® for the City of Edmonton. This is up 6.34% to last February when 1.9k new listings came onto MLS®.

City of Edmonton Average List Price

The average list price in Edmonton Was $455.5k for the month of February. This is a 7% increase from $425.2k last year. 

Edmonton Homes Sales

Sales were up 54% in the month of February, an increase of 464 homes sold from February 2023.

Edmonton Average Home Sale Price

The average sales price in Edmonton was $381.7K in the month of February. This is up 10.2% from $346.3k same time last year.

Edmonton Average Days on Market

Homes in Edmonton were on MLS® an average of 79 days until selling.

 

City of Edmonton Website

Spruce Grove Real Estate Statistics 5 March 2024

Spruce Grove Home Sale Trends February 2024

Spruce Grove Real Estate Market

   

The below graphs are interactive

Spruce Grove Listing Count

A total of 130 new listings came onto MLS® in February. That’s an increase of 16% from last February’s 112 houses.

Average Listing Price of a Home in Spruce Grove

Spruce Groves average list price was up 1.48% to $421.8k. Last February saw an average list price of $415.6k.

Homes Sales in Spruce Grove

90 homes sold in Spruce Grove during the month. This is up from last years sales of 59 homes,

Average Home Sale Price Spruce Grove

The avearge home sale price for Spruce Grove was $380.4k. This is down 5% from last February where the average home sale price was 401.2k.

Spruce Grove Average Days on MLS®

Homes in Spruce Grove were on market for an average of 68 days before sale.

City of Spruce Grove Website

Stony Plain 5 March 2024

Stony Plain Real Estate Market Statistics- February 2024

Stony Plain Real Estate Market Statistics

  

Below Graphs Are Interactive

Stony Plain MLS® Listings 

44 new listings came on MLS® during the month of February in Stony Plain. This is a decrease of 10%, as last February there was 49 new listings.

Stony Plain Average List Price

The average list price of homes in Stony Plain was up just .6% to $394k.

Stony Plain Home Sales

33 homes sold in Stony Plain during the month of February, similar to last year 34 sales.

Stony Plain Average Home Sale Price

The average price of homes sold in February was $345.7k, that’s up 20.3% from last years $287.3k.

Stony Plain Average Days on MLS®

Homes in Stony Plain were listed on MLS® an average of 79 days before sale.

Town of Stony Plain Website

Strathcona County Real Estate Market Statistics 5 March 2024

Rural Strathcona County Real Estate Acreage Sales Statistics – February 2024

Rural Strathcona Country Acreage Sales Statistics February 2024

   

Bar graphs below are interactive

Strathcona County Acreage Listings

The was 40 new acreage listing added to MLS® in February. This was an increase of 8% over last February when 37 acreages came on.

Rural Strathcona County Acreage List Price

The avearge listing price for acreages was $948k up 3.57% from $915.4k in Februrary of 2023. 

Rural Strathcona Country Acreage Sales

20 acreages sold in Februrary of this year, which is 2 times the number sold in 2023.

Rural Strathcona County Acreage Average Sale Price

The average sales price of Strathcona County acreages in Februray was $732.3k up from $701k in Februray 2023.

Rural Strathcona County Average Days on Market

Acreages in Strathcona County were on market an average of 62 days before sale.

Edmonton Guidelines & Programs 4 March 2024

Edmonton Rental Scams!

The Edmonton Police Service has highlighted a troubling rise in Edmonton home rental scams, emphasizing the growing importance of rental awareness. Scammers have become increasingly sophisticated, targeting both unsuspecting tenants and landlords.

There are primarily two types of rental scams to be aware of:

Fraudulent listings for properties that are either non-existent, already rented, or significantly misrepresented, and scams targeting property owners by posing as potential tenants to defraud them.

 

Stay Informed:

To combat these scams, it’s crucial for both renters and landlords to stay informed about the common tactics used by fraudsters. This includes requests for money before viewing the property, listings with significantly lower than average rental prices, and high-pressure tactics urging immediate decisions. The Edmonton Police Service offers advice on recognizing and avoiding these scams, such as verifying property ownership, never sending money before a contract is signed, and conducting in-person property viewings whenever possible.

 

Trust Your Gut:

If possible, engage with previous tenants of the landlord or company to gather insights. Perform online research on the property to check for its current occupants or duplicate rental advertisements. Visiting the property personally before any financial transactions is highly recommended to ensure its authenticity. Be cautious, as scammers often exploit individuals urgently seeking housing, using emotional vulnerability to their advantage. Unusually low rental prices in major cities like Edmonton are typically bait used by fraudsters. Compare the property with nearby listings to assess standard rental rates in the area. Avoid sharing your social security number merely for application purposes. Engage with landlords who are overseas only after confirming their identity and property ownership. Prioritize local, face-to-face transactions. Exercise caution if a landlord prefers email communication exclusively, is abroad, or refuses phone conversations. Before opening email attachments from landlords, use anti-virus software to check for malware, which may redirect you to fraudulent websites. Remain vigilant, trust your instincts, and if a listing or process appears too good to be true, it’s prudent to steer clear.

 

Protect your finances:

Scammers typically request upfront payments, such as security deposits or rent in advance. If you’re uncertain about the payment’s legitimacy, refrain from sending it. Avoid wire transfers or e-transfers, as these funds can be irretrievably lost. Opt for credit card payments, when possible, for additional security. Be especially cautious with requests to wire funds via Western Union or MoneyGram for international transactions, as these are favored by scammers for their immediacy and anonymity. If the landlord evades your queries or pressures, you into making a hasty payment decision, it’s advisable to walk away. An excessively high security deposit or upfront fee may indicate a scam.

Awareness and education are key defenses against rental scams. By staying informed and cautious, renters and landlords can protect themselves from falling victim to these fraudulent schemes. As rental scams continue to evolve, the community’s collective vigilance and preparedness will be vital in safeguarding the integrity of the rental market in Edmonton and beyond.

WHAT TO DO IF YOU’VE BECOME A VICTIM IN A RENTAL SCAM

If you did send money or share financial information, report it to the financial institution used.

Gather all information pertaining to the situation, including the scammer’s profile name, how you made contact, social media screenshots, emails, etc. and contact your local police. Call the Edmonton City Police Service at 780-423-4567 or #377.

You can also file a report with the Canadian Anti-Fraud Centre -1-888-495-8501.

Use a REALTOR®:

If you come across an ad that feels off, contact your REALTOR® to check active listings. A REALTOR® is a licensed real estate professional who can safely rent or advertise your rental. 

If you have concerns about a rental or are considering renting out your property, let’s talk.

Chris Reid Edmonton REALTOR

 

🌐 Sources

·      cantiro.ca – Increase your Rental Awareness

·      edmontonpolice.ca – Rental Scams

·      edmontonpolice.ca – Online Scams

·      reddit.com/r/Edmonton – PSA about a rental scam in Edmonton

·      globalnews.ca – Scam cheats Edmonton renters for 4 years: ‘I just don’t …

·      liv.rent – The 4 most common rental scams to avoid & the latest …