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Edmonton Real Estate Investors Association Message Board › Edmoton Revenue Property Investors Assoc - March 2010 Minutes

Edmoton Revenue Property Investors Assoc - March 2010 Minutes

Kathy C.
KathyCallfas
Sherwood Park, AB
Post #: 12
Edmonton Revenue Property Investors Association –March 9, 2010

The March 9, 2010 meeting of the Edmonton Revenue Property Investors Association was held upstairs at Rosie’s south side bar at 7:00 p.m. New members introduced themselves.

Our first guest speaker was Graeme Parkes of Independent Property Appraisals.
There are three ways to do an appraisal.
1) Income approach.
2) Direct comparison
3) Cost approach – greenhouses would use the cost approach.


Banks need an appraisal to give a mortgage. Often the “highest and best use” could be for redevelopment, even for a new building, if a high rise could be built on the site.

Fort McMurray: - More projects are getting started now and rents are increasing again.
Graeme gave us a local market snapshot. A question and answer period completed his seminar.

Les also gave us the most recent stats. The average single family home now sells for $369.000. This is an increase of 1.4% from January 2010. Condo’s dropped 3.8% to $231,000 during the same period. Duplexes and row houses rose 3 plus percent.
Average days on market are 47 days.

Changes are coming to the mortgage rules. Martine Woodward of Argentum (The Mortgage Girl) also gave a presentation on the new rules to qualify for a mortgage. Peter followed with information on coming rates. He thinks rates could rise quickly during the summer. More information is available on the Argentum website and mortgagegirl.ca

The meeting ended at 9:50 p.m. after book draws.

Katherine Callfas

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