Edmonton Mortgages: Is it a good time to shop for a mortgage?

Edmonton mortgages lenders are responding with more products than ever to meet the demand of the surge in the real estate market. There's never been a better time to invest in the Edmonton real estate market than now!

Edmonton Mortgages: A market primed for growth

For decades, Edmonton had some of the lowest home prices among major Canadian cities. That's changed drastically. According to the September 2006 CBC article "Home Sweet Fortune: The Astonishing Rise of Edmonton Real Estate", the average selling price of a home in Edmonton stands at $316,000. That's an eye-popping 38 percent increase since 2005.

The outcome: Mortgage lenders are scrambling to put together products for buyers to meet the demand in the burgeoning Edmonton mortgages market.

Things to keep in mind before you apply for Edmonton Mortgages

Edmonton Mortgages market budget advice: While the market may be hot now, remember, real estate is a long-term investment. Apply for Edmonton Mortgages that are within your budget. Don't get real estate 'fever' and get in over your head, counting on prices to continue to rise.

To really capitalize on the Edmonton Mortgages market, get pre-approved for a mortgage before you start to look at houses. With firm figures in the forefront of your mind, you shouldn't even be tempted to look out of your range.

Getting pre-approved via an Edmonton Mortgages mortgage broker has two distinct advantages:

1. Saves Time: With your pre-approval letter in hand, when you run across a great deal or a house that you just fall in love with, you can make an instant offer. The seller doesn't have to wait for you to be pre-approved.
   This gives you negotiating power - the second advantage!
2. Negotiating Power: If a seller doesn't have to wait for the Edmonton mortgages process to be completed, they are much more likely to be negotiable on the price. Why? Because they know that you can already afford their home. This means instant money in his or her pocket.

When sellers put their home on the market, it's a life-changing event. They don't do it to "test the market"; they do it because they have made definitive plans (e.g., the birth of a child, relocating for a job, downsizing because the children have left home, etc).

When you've completed the Edmonton mortgages pre-approval process and are able to move forward, sellers are much more open to negotiation.

Edmonton Mortgages market location advice: Real estate is all about location. You can fully protect your Edmonton Mortgages investment in two ways:

1. Purchase in established neighbourhoods: When you buy a house in an established neighborhood, you rarely have to worry about the property values declining.
2. Purchase in "up-and-coming" neighbourhoods: The second way to fully protect your Edmonton Mortgages investment is to buy in gentrified neighbourhoods (i.e. usually low-income and working-class communities where wealthier people are purchasing more and more properties). Homes in these locations have the potential to increase in value. They may take anywhere from 3 to 5 years or more to become "hot" locations.

PLEASE NOTE: Mortgage interest rates are subject to change without notice. We always attempt to maintain accuracy on our website, however, mortgage information on this site should be used only as a guideline. Please consult one of our mortgage professionals BEFORE taking any action.