Edmonton Real Estate Investors Association Message Board › Dec13, 2011 Edmonton Revenue Property Investors Assoc. minutes.
Sherwood Park, AB
Edmonton Revenue Property Investors Association December 13, 2011 minutes
First a correction of a typo in the November minutes. It should read “If you will be using a management company, they normally take 4% to collect the rents each month.”
Martine, the mortgage girl introduced Les, our president. All our new guests introduced themselves and various members presented their ”for sale“ properties. Les gave us the latest CMHC Rental market update.
Before you purchase any property it is important to do your research on the rental market in the area you are interested in. A great deal of information is available from the CMHC website. Overall vacancies are down 3.3% year over year and rents are up an average of $15.00 month. Vacancies in the north east are up and St. Albert vacancies are at .5%
Another feature on the CMHC web site is the affordability graph.
You can search CMHC on Google and sign up for a semi- annual spring and fall rental market update.
Martine gave us her views on interest rates. The next meeting will be on January 17, 2012 and she thinks interest rates may drop by .25% for both fixed and variable. Her reason is mainly because of the weak Euro. She recommends you go with the variable rate.
One Tip. - Lenders hate ”handy- man special” or ”fixer upper” in ads and can turn you down for a mortgage. Re condos and special assessments. Lots of people are requesting condo documents to make sure the money is available for future upkeep. The best rate is currently 3.29% fixed.
Christmas gifts were given out and book draws completed the evening.