Edmonton Real Estate Investors Association Message Board › ERPIA January 8, 2013 Minutes
The meeting began at 7 pm at Rosie’s Restaurant. Jim Whitelaw, VP, opened the meeting with administrative housekeeping issues. Approximately 7 new members introduced themselves. 34 people attended overall.
Rick Goebel, was our first speaker. Rick is a real estate investor who has purchased 100 doors in residential, commercial, and multi-family units. Rick is Realtor and General Manager with RealtyiNet. Rick provided information on suited properties – the difference in legal, illegal, and non-conforming suites; pros and cons for suited properties; subsidies available to renovate to a suite; do’s and don’ts and considerations in developing a suited property. Rick offered many suggestions on lessening issues with tenants in suited properties and ideas for keeping tenants longer. Rick recommends that if you have a suite in the basement to get it registered as a legal suite. Revenue received in upstairs and downstairs can increase financing. Edmonton and St Albert areas are embracing secondary suites.
Jim Whitelaw provided a 5 minute economic update. No rate change at the Bank of Canada but possibly some change mid-year. Mortgage rates are stable at 2.84%; 2.6% for Variable rate. RBC & ING are offering rates of 3.99% for a 10 year term. Unemployment rate in Alberta is 4.2%. The national rate is 7.2%. Canadian jobs created in December were 40,000. Retail spending was $5.9B in September. 8.5% increase year to year in Alberta. Single Family homes average $391K up 7% y/y. Condo prices were down.
Brent Davies, Commercial Realtor, was the next speaker. Brent presented information on how to search for real estate properties. There are many avenues to find prospective home sale listings – Real Estate Weekly Publication, Edmonton Journal, Homes & Land Magazine, Edmonton Home & Condo Living Publication; online through various realty websites, or by working with your own real estate agent. Brent circulated a handout on Townhouse Assumptions – considerations, costs and special items to pay attention to if purchasing a townhouse. Brent went online to a website that realtors have access to. The website is a back door to a wealth of information on current listings that only real estate agents have access to. Information such as past sale purchase prices, history on listings, days on market, how many owners. When using a real estate agent – many agents now ask that you fill out a buyer pre-appointment questionnaire form.
4 Book draws were made and the meeting concluded.
Edited by Lona Chow on Jan 9, 2013 9:25 PM