- Is owning an investment property in Sherwood Park, Alberta profitable?
- If you're considering buying property, it's always wise to get a little knowledge first. We've put together some great tips and tricks for you to learn about investing in real estate.
We'll walk through everything you should be aware of before jumping into the housing market. From how long does it take to sell a house? And which areas will see a rise in value?
[IMAGE: Xando Logo ]
How Long Does It Take For A House To Sell?
When you buy a home, it takes longer than selling one. Why? Because when you buy a property, you are committing yourself financially and emotionally to it. If something happens to the building or neighbourhood, you could end up stuck paying rent to someone else indefinitely.
So what's the average amount of time it takes for houses in this city to sell? According to our research, houses usually stay listed for around 90 days after purchase. But if we consider properties sold via private treaty (which includes short sales), they tend to go on the market anywhere from 60 days to 180 days depending on location.  So, if you bought a $400K house, expect it to sit on the market for around 120 days.
What Areas Will Increase In Value the Most?
Now that we covered how long it takes houses to sell, let's talk about what area will increase most in value. Our research shows that homes in Westmount/Stampede are worth more today ($819 / Sq Ft).
But if you're thinking of moving, we'd recommend heading west towards Stoney Trail ($719 per sq ft) or east toward Brentwood ($699 per square foot). These communities offer a mix of single family dwellings, townhomes, condominiums and apartment buildings. They are close to amenities like shops, restaurants, schools and parks and offer good transit options.
[IMAGE: Real Estate Map Of Calgary] 
Which Type Should I Buy?
Before choosing whether to invest in condos or detached houses, there's another decision to consider -- what type of ownership structure would work best for you. Condos come in many forms including semi-, fully-furnished models and owner's suites. Detached homes have the advantage of offering space and privacy but may lack common spaces for entertaining guests.
[IMAGE: Xondo Property Types]
Where Can I Invest?
Investing outside your local community isn't unheard of, especially since you'll find plenty of opportunities across Canada. However, there are certain factors to keep in mind, including proximity to services, transportation hubs and school catchments.
For example, Edmontonians are often attracted to neighbourhoods near shopping centres, while residents living closer to hospitals like Foothills Hospital, Royal University Hospital and Rockyview General Hospital prefer the suburbs of Sherbrooke and Leduc County.
[IMAGE: Map Of Canadian Cities]
What Is My Budget Looking Like?
We understand the importance of finding the perfect fit for you. That's why Xondo offers multiple payment solutions that suit different budgets and needs.
From no upfront fees to monthly installments, we offer flexible financing for both residential and commercial buyers so you can pay for...
- New Home Sherwood Park Buying 101
- Before you purchase a property, be certain you understand the process. There’s nothing worse than getting into the middle of the transaction only to realize that something was missed or overlooked during the sale.
To ensure everything goes smoothly, take some time to familiarize yourself with each step involved in the transaction.
Here's a quick breakdown of how things work from preconstruction through the settlement period and beyond:
PreConstruction Phase: During this phase, you'll find out whether you're going through a traditional sales model or a non-traditional model like leasehold. If you go through a typical real estate agent/brokerage house sales model, expect to pay anywhere from 5%-7% commission on top of the listing price. A non-traditional broker will charge 1%.
Designing Your New Property
This includes choosing which type of design to use—modern contemporary, modern classic, mid century modern—and then making decisions about what finishes and amenities you'd like to include.
Your Builder & Construction Team
After deciding on an architectural style, you can begin working with architects who specialize in that style, or with an interior designer.
Depending on your situation and preferences, you may decide to finance 100%, 80%, 60%, 30% or 0% down. Financing options vary depending on lender policies and interest rates, but generally speaking, you should aim towards having 20–30% equity available to put toward renovations after your closing date.
Home Inspections & Appraisals
This is usually required when purchasing a newly constructed property, though some sellers opt to get them done anyway.
Closing Day / Settlement
At this stage, you'll finalize details such as signing paperwork, paying fees and receiving copies of any necessary documents. If you're financing via mortgage, your loan officer will provide information regarding how long your mortgage term lasts and the amount you need to qualify for. Once you've settled on your terms, you'll sign contracts for services including legal representation, title insurance and home warranty coverage—all of which you'll receive in advance. Finally, once your contract is completed, you'll settle. At this point, you'll hand over cashier's cheques or wire transfer funds and receive keys to your new place.
Post Closing Period
During the post closing period, you'll continue to maintain insurance and maintain ownership of the residence until the seller completes the sale. Depending on local regulations, it could be anywhere from 3 months to 12+ months, though most homes close around 9–12 weeks.
If you're selling privately owned residential properties, expect to spend $3k-$10k on legal costs, plus another 2k–5k depending on the area and size of your home. For condos, expect an additional cost for strata charges and HST. On average, buyers should be able to save approximately 15–25% by opting for a private sale rather than a conventional MLS (Multiple Listings Service).
- When buying a new home in Alberta follow these steps
- In this edition, I will highlight several factors affecting the value and rental price trends for properties across Edmonton, including; rising population growth in surrounding neighbourhoods along with other recent changes in the local real estate market. We'll then dive deeper in each neighbourhood to pinpoint which homes are attracting buyers, and where potential problems could arise.
Of course, as always be prepared for fluctuations in interest rates and the Canadian dollar, but if you're ready to buy you'll definitely want to lock down today's lowest prices.
For example, the nearby community of Riverview was recently undergoing some significant renovations with a multi million project designed exclusively for affordable homeowners. As a result of these massive upgrades, these condos are selling fast. Not only did they receive a facelift, but they also received new appliances and flooring. These updates combined with more affordable living options in neighbouring communities should attract plenty of buyers.
To learn more about Riverview check out my complete video presentation below and keep reading for details on the top properties priced under $250K per month...
[IMAGE: River View Homes Under 250k Per Month - Video Presentation][VIDEO PLAYER DEMO]: https://www.youtube.com/watch?v=YQmhXdJgT0c&feature=youtu.be[/VIDEO PLAYER DEMO] [SCREENSHOT OF RIVERVIEW HOMES UNDER 250k PER MONTH]
Now, let me tell you a few things regarding each of those neighborhoods before moving forward. While you probably already have an idea of most of the areas listed above, I'm adding them all together to provide a bigger picture view. All this information is available online through publicly accessible websites like REBGV, realtor.ca, redfinrealestateinsights.ca, mlsinfo, and redbook.ca. So, without further ado, lets dig in!
Riverdale / Edmonton Capital Region
Here's everything you need to know about investing in Riverdale...
Area Information & Demographics:
Located just north of Downtown Edmonton, Riverdale represents a small part of Greater Edmonton. According to the 2016 Census, this area had a total population of 32,749, while the median family income was approximately $66,000. Of note, roughly 17% percent of residents speak English as a Second Language.
[TABLE: Population & Income Estimates For Riverdale Neighborhood]
Average Price: Based on average sales prices in December 2019, homes were sold for ~$320,000. Prices continue to rise quickly around Edmonton's southern communities due to strong demand and increasing supply.
Leverage Potential: For investors looking for large amounts of leverage this neighborhood offers incredible opportunities for capital gain. However, with property values still high, expect higher than usual risks associated with buying in Riverdale.
Risks: While many people love coming back home to the river valley every day, the proximity to downtown provides unique challenges related to traffic congestion, noise pollution, and crime concerns.
Neighborhood Highlights: There are currently five projects listed on REDFINDALLSITE.COM that meet the criteria defined earlier. Below is a brief description of these listings...
- How to find Your New Sherwood Park Home or Condo
- In February 2019, BC Housing reported home sales rose 7% to 2,085 units which was well above expectations of 1% growth but lower than January 2018 when they jumped 11% to 3,072 homes sold according to REBGV numbers.
Looking deeper we see why this real estate market boom continues after being flat since 2011, as demand exceeds supply across most housing markets including Edmonton, Calgary and Vancouver.
While price gains remain the main driver behind strong sales activity and continued affordability, we will continue gaining momentum until the local economy slows down and foreign buyers become less influential to purchase decisions. As this happens prices should cool slightly and could be impacted negatively by rising interest rates, however these factors won't stop the market booms.
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Blog Title: China Is Building A Giant Telescope And Its So Big You Can Almost Touch One Side Of It
Blog Description: A giant telescope is going up near Beijing. Here are pictures showing part of the massive structure.
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Section Title: The Great Observatory At Lijiang
On March 15th of this year, Chinese astronomers started erecting five huge movable steel scaffolds in order to erect the world’s largest single piece structure, the Three Metres Solar Tower. When completed, it will stand 498 metres tall and weigh 30 million pounds; it’s almost twice the height of the Eiffel tower and nearly half as heavy as the Burj Khalifa, the tallest skyscraper in Dubai — yet...
- Why is Alberta's Real Estate Market Booming?
- It was only five years ago that I wrote my first real estate investing book — “Buy Real Estate Without Money Down in 2019″ (https://www.amazon.ca/dp/B01NQX0R6I). Back then, most people would ask me if they could invest without paying cash upfront. They thought you had to put 20% down to get started because banks like to see some skin in the game. But today things changed: Banks no longer insist upon the old 20% rule, the mortgage stress test has been abolished and interest rates are near record lows. All this makes owning property easier than ever!
Today, many Canadians are finding ways to purchase a home without putting down the big bucks, including buying “rental homes” which allow you to invest while still enjoying the benefits of having a place to live. And, in a few cases it will be possible for you to buy a house without putting anything down — either through the government’s First Time Buyer program, or through Canada Mortgage and Housing Corporation’s Home Buying Assistance Program (HBAC), among other programs. These options make getting into the housing market significantly less painful than just 10 short years ago.
But wait! There’s another great way to own rental properties: private financing! As long as your debt levels remain below 80 percent of your income, you can use your personal assets to borrow against them instead of borrowing from a bank. Private lenders typically charge higher fees but they don’t place conditions on loan applications; unlike mortgages with strict criteria around credit history and incomes, borrowers usually qualify for 100 percent loans as long as they pass a thorough financial analysis. Plus, once the terms run out, the lender takes possession of the asset and assumes responsibility for making payments until you decide to sell again. If you’d rather avoid taking out a traditional mortgage, consider a private line of credit.
[IMAGE: Home Depot Store Location Nearby Sherwood Park, AB ]
This means anyone who wants to become a landlord should seriously take note of these changes. Here’s why: Today, we find ourselves in a unique situation with respect to the Canadian economy, and specifically the property industry: While prices continue to rise, demand remains relatively steady due to lacklustre wage growth and strong job gains across sectors. Add that to the fact that there aren’t going anywhere anytime soon, and you get a recipe for a healthy market. So as the price goes up, buyers won’t balk at paying more per square foot. But they will balk if the value of the property drops too far in a hurry.
So how does someone interested in becoming a landlord go forward knowing that the current state of affairs will ensure they keep seeing rising values for decades to come? By diversifying their portfolios to include residential properties along with stocks and bonds. In addition, those looking for a solid return should seek out investments with lower risk profiles, like REITs (real estate investment trusts).
In summary, it appears that in the coming decade, homeownership will continue to enjoy unprecedented popularity, but investors seeking high returns will need to take advantage of more stable markets. We believe...
- New Construction Investment Opportunities in Sherwood Park Alberta
What’s the hottest housing market these days? It’s none other than Toronto. Not only did this city top realtor.ca‘s annual Canadian Housing Report released back in September 2018 but, according to Canada Mortgage and Housing Corporation (CMHC), single family homes in Toronto saw some of its largest price growth of 2019. This was due mostly to demand rather than supply issues. However, this does not mean prices will keep rising; they must find equilibrium in order to become sustainable. And in order for them to be sustainable homeowners should prepare themselves financially while waiting patiently for better times ahead. Here are 4 things you can take advantage of this year to improve your financial situation – both short term and long term.
1. Find affordable financing options early
Whether you decide to buy or sell property later down the road, starting that search for mortgage lenders early is always advantageous. There are no shortage of loans available on the marketplace today which can help people save quite a bit of money by getting mortgages under 30% APR. Moreover, rates are still incredibly strong meaning you won’t have to pay interest charges for several years after applying or taking possession of the property you wish to purchase. If possible, try to get preapproved for an amount that suits your needs.
2. Buy in a well-established neighbourhood
Many millennials struggle because of rent costs, especially those who live in areas like downtown Vancouver and other hot spots around the world. So buying near established neighbourhoods where rents tend to remain lower would benefit many residents greatly.
3. Reduce monthly payments through strategic downsizings
While selling a house isn’t always easy, sometimes sellers end up making good profits. Sometimes, too, buyers aren’t able to afford properties so they put their dreams aside until they figure something out. Don’t fall victim to this trap because it could cost you lots of money. While reducing monthly payments should happen gradually and deliberately, cutting expenses drastically is never recommended. A little savings each month makes a big difference towards reaching your goals. Think realistically in terms of reducing maintenance bills and utility costs since no matter how small the reduction is, it adds up quickly.
4. Sell Your Property Early and Use Proceeds For Retirement Planning
If you bought a home thinking that someday you’d use proceeds to retire (or even just invest), then congratulations! But unfortunately, if you haven’t properly planned how to manage your retirement funds, chances are you won’t see them come pouring in anytime soon. Don’t wait until the day arrives to do anything about it either. Make some changes so you’re prepared when that moment comes. Investing a portion of your capital gains tax cheques into high yielding stocks or bonds is another great idea. Or, consider investing part of your RRSP contribution into a non-registered account to avoid higher taxes or penalties later. Either way, the sooner you begin planning for the next phase of your life the easier it will be for you.
5. Reduce your debt load
This step sounds obvious, yet few do it effectively enough. First of all, make sure that the debts you owe are actually obligations you can easily...
- Examining Real Estate Market History in Alberta
- Getting Approved for Your New Home purchase in Sherwood Park
In order to complete a purchase of a new property, buyers must first get prequalification approval from lenders. Lenders are financial institutions which offer loans to borrowers who intend to buy homes. Prequalifying is required because many lending companies will only approve your loan after receiving proof that you can afford the monthly costs associated with owning/buying a house. If approved, the lender then determines the final amount of mortgage financing available to you. As part of this procedure, they may request documents such as tax returns, pay stubs, bank statements, property records, employment history, credit reports (if applicable), recent photos of yourself and your home, along with other personal information that helps them determine whether you qualify financially to own a property. Once the lender decides whether they believe you should be able to borrow the amount being offered, they will inform you accordingly via email, letter, phone call, text message, fax, snail mail, etc. They might ask for additional supporting documentation that proves the accuracy of some of these aspects, like income taxes and employment status; however, most commonly they just need confirmation that everything listed is accurate. Depending on your current situation, it could take anywhere from 30 minutes to 1 week until you receive the results back from your initial contact with a lender. Some banks and lenders will be willing to work directly with potential homeowners without ever needing to go through a realtor, while others won't accept applications themselves but rather prefer working with agents/brokers instead.
When you finally receive notification from the lender(s) informing you if you've qualified for a specific loan amount or not, it's critical that you follow up with your chosen agent promptly. Agents will help coordinate your next steps and manage the entire transaction process. Most often than not though, once you're prequalified for a home that you desire, your agent will submit all necessary paperwork to the title company/lender with instructions/requirements that are outlined in your contract. Once submitted, lenders typically begin scheduling inspections of properties that match yours and that meet certain criteria, usually including location, age, floorplan type, condition, lot size, features, amenities, and square footage. Once the inspection period ends, they'll schedule dates for closing. When those times arrive, lenders will perform thorough due diligence checks, verify financial stability, ensure all legal obligations are met, and generally confirm that you're ready to close. Afterward, you'll be issued either a commitment letter detailing the terms under which you will secure mortgage financing, or simply informed of the terms and conditions of the agreement. At this point, you'll officially become "under contract". From there, the lender will send you official copies of your signed contracts, along with a copy of their standard closing packet containing details regarding the title search, appraisal report, settlement statement, property disclosure statement, deed transfer forms, and various other relevant documents. When the final day arrives, your lender will arrange for inspections to be performed again and provide any updates to your original agreements. They'll also arrange for escrow services, which include setting aside funds from each payment made toward your total downpayment; recording any legal document changes; preparing insurance...
- Getting approved for your New Home Purchase in Sherwood Park, Alberta
- In order to qualify for a mortgage loan, real estate investors must prove they're financially stable through other sources. If you own rental properties or have side income streams, this may be enough to secure financing without having invested heavily in real estate already.
If you've already purchased investment homes, however, then you'll want to check local government tax information and ensure you're eligible to deduct losses against capital gains on subsequent sales.
[IMAGE: Image of Delta Property Sales Tax Rate 2018]
When considering investing in property, always consult a professional like a financial planner who's experienced in working with people buying commercial properties and residential rentals. An advisor will help determine whether buying a specific location makes sense given market prices and rents. They can also advise how much risk you should take on when making investments.
Investors often assume that property purchases automatically lead them to wealth; but as anyone who owns real estate knows, these costs of ownership mean you have less available money every month to spend elsewhere, regardless of how well things go initially.
So while it may seem tempting, don't buy just yet—first, learn a few lessons first. Here are six tips that could save you thousands during the next 10 years...
1. Learn From Your Mistakes
No matter which type of real estate deal you get involved in, mistakes along the way aren't uncommon. Some people find themselves stuck paying down debts to finance deals instead of putting it towards savings, losing interest rate discounts because they financed high amounts, and forgetting about repairs until it becomes more costly than their original purchase cost. Make a habit of regularly evaluating each project you embark upon by asking yourself "Is this worth going forward?"
2. Don't Overinvest At First
"Overpaying" early on can leave you scrambling to recoup some of those lost funds once you realize your initial estimates weren't realistic. Even an average 5% per week return after a couple years of renting yields $10,000 annually! But you won't see this sort of profit for long unless you put in effort upfront. Be wary of quick wins—if something seems too good to be true, chances are it probably isn’t!
3. Think Ahead When Negotiating Prices
Many buyers feel pressured into signing papers immediately after viewing potential locations rather than thinking ahead to when they'd actually move to live somewhere. For example, many sellers would prefer to wait until springtime to sell a house after wintering in another location in hopes of attracting higher offers. Similarly, buyers tend to rush towards negotiating contracts without taking the time to consider factors like moving expenses to decide if living in a certain community makes sense for them. While most people realize the importance of saving money at least a little bit for relocation, it helps to remember that a great place to visit is still only half a city away! Take your time to carefully evaluate places you're interested in before committing to anything big. A great starting point is checking out Zolo.ca to figure out monthly rent rates across Canada.
4. Consider Financing Options Carefully
Buying a single family residence outright can be incredibly expensive depending on where you live. There are plenty of options to borrow funds for these types of assets such as mortgages and land leases...
- What makes Xondo Alberta's Most Convenient New Condo/Home Buying Platform?
- In February 2020, I took my first steps inside Canada’s newest planned community – the City Creek area in downtown Salt Lake city, Utah. One thing I noticed was how convenient everything seemed. I could walk to almost every place I wanted, without having to worry about traffic jams or parking issues. There are many things people like myself wish they had known when making this move 2 years ago but luckily Xondo helped me get prepared ahead of moving day. Here are some things most Canadians will find interesting when considering whether to invest in real estate in Canada;
Canadians living abroad often face difficulties selling properties once they return to live in Canada. Many potential buyers simply won't consider investing in buying property due to lack in knowledge surrounding Canadian Real Estate Laws. When deciding on selling overseas homes, buyers must be aware of specific legislation which differs greatly depending on location. Our team at Xondo helps clients every step of the way through understanding local rules and regulations while protecting themselves against any legal risks involved in owning foreign properties.
Even though the U.S. dollar has appreciated considerably since 2003, housing costs still remain higher than anywhere else in North America outside of Quebec. Despite this fact, Canadians who decide to sell their houses in other countries should remember that the cost basis is generally lower. As a result, sellers sometimes receive less compensation when selling through third party agents compared to direct sales via traditional methods. A seller can increase his profits and avoid these fees when he sells directly online. While direct sales give us much flexibility and independence, being able to save hundreds of dollars per sale gives us an incentive to stick with the old school approach.
It really is easier to purchase a house in another country because of the language barrier. Even though English is widely spoken in both countries, knowing a few phrases in each culture gives you a better footing when speaking with contractors. For instance, contractors frequently use slang terms like “Yessir" instead of "Yes". However, that slight difference can add up and end up costing thousands of dollars over time. We provide extensive support during negotiations including preconstruction surveys and post completion inspections. These services are available in both languages and help ensure homeowners feel comfortable when discussing improvements with their builders, inspectors and lawyers. Furthermore, our website offers comprehensive tools for every stage of the property search/buy cycle. They include: house hunting, comparative market analysis, mortgage calculators, home valuation reports and neighborhood guides.
We offer 24 hour service 7 days a week and offer same day delivery in Toronto.
In order to protect ourselves against fraud and identity theft, we only accept payments made by certified cheques or bank transfers. After completing an evaluation form, your information is safely stored in secure servers located around the world. All transactions run securely through PCI DSS compliance level 3 (DSI), ensuring payment security and confidentiality. Lastly, we promise prompt response times regardless of volume. [EXCERPT: Xono Guarantee]
- How Xondo makes Home Buying & New Construction Investing in Sherwood Park Easy?
- We live close to work. So why buy somewhere else than near us? There's no reason to pay rent just because you're living far away. And while buying a house is expensive, you only really pay once—it makes sense then to pay less each month for something you own outright.
So instead of paying thousands of dollars a year for housing costs, you'll be spending hundreds a month. Even better, you get a place to call "home." But first things first: finding a dream property to call yours shouldn't take months or years. If you've scoured the Internet trying to find properties but still haven't found anything yet, we've got some options ready for you. From Sherwood Park real estate listings to homes nearby, we can help you pick one that fits your needs perfectly. We offer a range of services like online viewing appointments, virtual tours, prequalifications, and negotiation support that will help you narrow down your search quickly.
And since we're helping people move across Canada every day, we understand local market conditions well and make sure you get a fair deal on all aspects of your purchase—including closing costs. We also keep everything updated and transparent with our clients, making them feel comfortable and confident knowing they're getting the best possible price and terms. When you're ready, simply contact us to learn more and book your appointment today.
- How To Make Money On a New Home or Condo Purchases in Sherwood Park, Alberta
- In general, Canada is still a great country for real estate investments, but it really depends on which part of this vast country you live in.
To be honest, most areas across the whole country have similar conditions as far as the weather goes, and they all basically offer good quality homes/properties that sell fast and without issues. But some places have better than average deals while others still have bad ones.
This article will focus on specific parts of the province that I believe represent the best deal currently available today, whether you're interested in buying or selling. There's no doubt these markets will continue having a strong demand in coming years because people who already own properties love them, which makes it easier for sellers, buyers, and investors alike to find something desirable. If anything, expect property prices to go higher as long as interest rates remain high in the U.S. And in case of emergencies, just wait until things get worse in other regions like Vancouver; after that happens, you'll probably see price drops everywhere else.
One example would be my hometown of Calgary, located 100km North East of Edmonton. As many locals know, this area offers incredible value for the price paid for housing thanks to the oil industry boom during the 1980s and 1990s which created lots of jobs locally. During those times, a 1 bedroom house was going for $100k-$150K CAD then and today, the same place could cost anywhere between $300k-$500k CAD! Another interesting point is that this city had the highest growth rate among Canadian cities for almost 40 years, which has led the unemployment rate to drop significantly since 2008 and is now below 4%. So yeah, that explains why everyone wants to buy here lol... But seriously though, even though real estate values haven't dropped yet in Calgary, most owners won't take less cash than they did 10+ years ago because they feel safe. Therefore, the only way to actually benefit from lower market prices is to invest sooner rather than later. The earlier you enter the game, the bigger return you can potentially earn. A few examples worth mentioning include preconstruction condos which tend to increase rapidly once they hit presale status due to being sold first thing when they come online, while single family residences usually follow 2 weeks behind with a slight delay for larger houses. Also, the time period following sale completion tends to slow down drastically, although the speed is definitely different depending on location. For instance, a home in Toronto (the largest financial centre in North America), sells faster than another home somewhere further south that isn't known internationally like Halifax, Nova Scotia & Saint John, New Brunswick. Bottom line: it pays to be patient, to keep hunting, and to stay active.
Now let's move onto another town where we will provide valuable information on the real estate scene, specifically related to Sherwood Park. [IMAGES REPEAT HERE] Located near the border of Saskatchewan along Highway #16, Sherwood Park boasts beautiful views of the Rocky Mountains and plenty of affordable living options closeby. Just north of Sherwood Park lies Fort Chipewyan, an Indigenous community whose main source of revenue historically came from trapping fur animals (including moose!). This region became popularized through...