Many buyers and would-be-buyers have the same question when it comes to interest rates and their relation to housing prices. They often ask what will happen to housing prices if interest rates go back down. The short answer is that housing prices will rise along with buyer competition. Let’s go into why this will happen.

First, remember that the real estate market is all about balance. That balance is based on the economic principle of supply and demand. When supply is low and demand is high, prices will increase. When supply is high and demand is low, prices decrease.

Right now, we’re in a period of increased interest rates for mortgages and other loans as you have probably heard much about. During COVID and the following recession, interest rates were dropped to historic lows to stimulate the economy. Many people went out and bought houses to take advantage of these low rates, which created a white-hot housing market where demand was high above the available supply. As a result, housing prices skyrocketed.

In 2022, inflation became a problem and the Bank of Canada started to raise interest rates to curb the amount of money moving through the economy. Since then, interest rates have risen pretty steadily. As a result, the housing market cooled slightly.

Because interest rates are now higher, many potential buyers have started to put off buying. This has decreased demand for homes, and–you guessed it–has either made home prices plateau or decrease depending on the area’s market.

But when interest rates go back down, buyer demand will certainly increase. Following supply and demand, the increased demand will make home prices rise–along with the competition to snag one of those homes.

At the end of the day, the real estate market will always be in flux because of supply and demand and outside market forces. This shows that there will never be a “perfect” time to buy for everyone. Instead, the right time to buy depends on your specific financial situation and where you are in your life. If it makes sense for you to buy a home now, then go for it! You can always refinance to a lower interest rate down the road.

My advice will remain the same: buy a home when it’s the right time for you. If you need help to see if now is the right time for you to buy, reply to this email and let’s talk!

Harpreet Christie
RE/MAX of Lloydminster
780-205-7653

With the autumn season approaching, now is the perfect time to do a few projects around the house and get your space looking great before the rush of the holidays. One of the best ways to take a room from dinghy or dated to fresh and bright is through paint! 

When sellers ask how to boost their home’s value, painting is one of the first suggestions offered. That’s because the way a room looks and feels is entirely dependent on the colour of the walls and ceiling. Now that you know why painting is such a great fall home project, you’ll want these 8 painting tips to make the painting process as easy as possible. 

• Safeguard belongings: Take all of the easily moveable things out of the space with a focus on anything breakable or fabric. While no one wants an accident to happen, it’s better to be safe than sorry!

• Fill holes: Look over your walls and find any holes from hangings that need to be filled. For small holes, spackle or drywall compound will do the trick.  

• Repair cracks: Check out your walls and ceiling for any cracks and patch them up. If you find any large cracks, it’s a good idea to get an inspector to check them out.

• Add caulk: Next, take a look at anywhere caulk is applied (baseboards, windows, door frames) and caulk anywhere there’s a gap. 

• Clean and prime: Don’t skip this step! Cleaning and priming your walls will make the actual painting part go so much faster and you’ll use less of your paint–saving money in the long run. 

• Tape it all up: Once your walls are dry and ready to go, tape it up and drape tarps/drop cloths over any large pieces of furniture.

• Gather your supplies: You’re nearly ready to paint. Make sure to gather all your supplies into the room to make everything easily accessible. 

• Paint!

These tips will help you make your space look like it was painted by a professional without the expense. With just a gallon of paint or two and a little time, you can refresh your home and make it the space to be as the weather gets colder. 

Harpreet Christie
RE/MAX of Lloydminster
780-205-7653

Budgeting for a mortgage can be tricky, especially for first-time homebuyers. It can feel pretty abstract and complicated, but it’s so important to know how much mortgage you can afford before you start the home buying process. Luckily, it’s pretty easy to get a rough estimate of how large of a monthly mortgage payment you can afford. Just follow these 3 simple steps to find out your mortgage payment ceiling.

1. Step 1: Calculate your gross monthly income. Sum up all of your (and your partner’s, if applicable) monthly income before taxes. Think about your day job, side hustle, and investment income for this. Since this is what your mortgage calculation will be based off of, make sure that what you’re including in your monthly income is at least what you expect to earn in the next few years. For example, let’s say that your family brings home $8,000 per month before taxes. 
2. Step 2: Multiply your gross income by 0.36. Generally, lenders won’t give you a mortgage that is more than 36% of your gross income. By finding this number, you’ll get a feel for the ceiling of what your mortgage payment could be. From our example with an $8,000 monthly income, multiplying by 36% gets you $2,880. 
3. Step 3: Subtract your monthly debt. If you have any car payments, student loan payments, credit cards, or any other debt that you’re paying off, subtract it from the number you got in step 2. This will make sure that you’re not overextending yourself on debt payments and your mortgage payment. For example, let’s say that you have $1,200 of monthly debt. Subtracting that from $2,880 gives you $1,680. 

After you complete step 3, you have the final monthly mortgage payment that you can afford. Keep in mind that this number reflects the most you can afford for your mortgage, which should include the house payment, interest, taxes, HOA fees and anything else that will be wrapped into your payment. This estimate is handy to have to see how your budget stacks up against the homes that are available in your market so you can see if you need to adjust your budget or what you’re looking for in a home. 

If you’re ready to seriously dive into the real estate market and want more than a rough estimate of how much you can afford, you can talk with a lender about getting pre-approved to buy a home. Want to talk more about how you can buy a home in our market? Feel free to reach out to me anytime.

Harpreet Christie
RE/MAX of Lloydminster
780-205-7653

Welcome to our Real Estate Blog! Here you can find timely updates of my latest properties, open houses, just solds and much more.

Whether you are interested in buying or selling real estate, I am here to help guide you every step of the way.

If you have any questions about real estate from home evaluations to mortgages to searching for properties in your area, don't hesitate to contact me today!

I’ve gotten a few questions about why I love real estate, so I thought I would share a bit about why I got into real estate! Today, I’m taking you through everything I love about real estate and why I can’t imagine doing anything else! Want to see how I can put my love for real estate to work for you? Please send me a message, and let’s grab a coffee!

Lloydminster, AB/SK – Residents and visitors are invited to help shape one of the community’s oldest heritage sites as the City of Lloydminster launches its first phase of engagement for the Weaver Heritage Park Master Plan.

Currently, the park experiences barriers between amenities. The future site plan will connect these assets by integrating attractive yet functional connection areas, buffers and transition areas in addition to the rehabilitation of Lloydminster’s only fenced off-leash dog park. 

Developing an interpretive plan for the Weaver Heritage Park will give visitors a deeper understanding and appreciation of the region’s history, culture and natural features. The plan aims to engage visitors through multiple phases and activities to foster a sense of stewardship and responsibility for the park’s preservation and protection.

Starting August 2, citizens can visit YourVoiceLloyd.ca/WeaverPark to complete a survey and share their ideas on the approach to the potential development and operations over the next 10 years of Lloydminster’s premier heritage and cultural destination. Staff will also be at Heritage Day, presented by Cenovus Energy, on August 7 from 10 a.m. to 3 p.m. The engagement booth will be located near the farmers market.

Get Involved

The City of Lloydminster is committed to engaging with the community throughout the master plan process and encourages all residents to participate in the digital engagement campaign. The feedback and ideas collected during the campaign will be used to inform the final master plan, which will be presented to City Council for approval.

The first engagement campaign runs August 2-23, 2023, and includes a brief digital survey with an opportunity for respondents to provide comments or ask additional questions. The campaign also includes a virtual Question & Answer board, where residents can, publicly or privately, ask more about the master plan. 

For more information on the Weaver Heritage Park Master Plan and to participate in the digital engagement campaign, visit YourVoiceLloyd.ca/WeaverPark. Those without access to a computer can obtain a paper copy of the survey at the Lloydminster Museum + Archives (4207 44 Street), City Hall (4420 50 Avenue) or contact the City of Lloydminster at 780-875-6184, Ext. 2322. Paper copies are due by August 23 at 11:59 p.m.

Quotes

“Weaver Heritage Park holds a great representation of our region’s history and shared goals for a thriving, equitable and eco-friendly future. It’s crucial we approach the planning process with a thorough and inclusive engagement strategy. I encourage our community to contribute their unique perspectives as we work together to create a blueprint for Weaver Heritage Park’s growth and development over the next decade.”

Mayor Gerald Aalbers

“Weaver Heritage Park is a vital part of our community, and we’re committed to ensuring that it continues to be a place where residents and visitors of all ages can come together, learn about our region’s history and enjoy nature all while participating in a wide range of activities. By engaging visitors in various stages and events, we aim to instill a sense of ownership and responsibility to maintain this treasured space for future generations. We firmly believe that this plan will significantly enhance the visitor experience and promote an even stronger connection to the park.”

Joel Turcotte, Director, Recreation and Culture Services

Quick Facts

• In 1946, the site, currently known as Weaver Heritage Park, was purchased by the Weaver Family as a homestead. The site was largely used by the family until 1960 when portions of the property were donated to the City of Lloydminster.
• In 1965, the Barr Colony Museum was established.
• Construction of a 20,000 sq. ft. museum was completed in 1989.
• The campground was developed in the 1990s/2000s.
• Lloydminster’s only off-leash dog park was created in 2016.
• The museum closed in 2020 and reopened at its temporary location in November 2021 as the Lloydminster Museum + Archives.

Background

The consultant contract for the Weaver Heritage Park Master Plan was awarded to George Harris Collaborative Inc. for $174,688.00, excluding GST, in May 2023. The request for proposal was open from April 3-28, 2023. Twenty-two bids were received. For current City of Lloydminster bids and tenders opportunities, visit Lloydminster.ca/bids.

One of the most important things you can do as a buyer is to ask questions about a property you’re considering buying. You want to get all the information you need about the house before making your final decision. Since it can be hard to know exactly what to ask the sellers, I’m sharing a handy list of 9 questions you need to ask about every home you put an offer in on. 

1. How old is the roof? Generally, the roof should be replaced every 20-30 years. If the roof is older, you might be able to get a concession from the seller to help pay for the replacement. 
2. How old are the appliances? The same thing goes here. If the appliances are older, you might be able to negotiate with the seller to get them replaced. 
3. What comes in the sale? Sometimes sellers want to leave everything behind. Other items, they’ll take the appliances, the blinds, and even the curtains. Know what’s included in the sale before you get the keys to a home without any curtains. 
4. How much do the utilities usually cost? Utility costs vary greatly between homes especially depending on how they’re heated and cooled. It’s a good idea to know what the sellers typically spend during different times of the year. 
5. Is the house/property susceptible to natural disasters? If the home is in a flood plain or a rock slide area, it could impact your homeowner’s insurance premium and raise your mortgage payment. 
6. What’s the sellers ideal closing date? Sometimes people move for work or for family, or a multitude of reasons. But with each move the sellers will have an ideal closing timeline or date. What is it, and does it fit your timeline as well?
7. What are the property taxes? Property taxes can make a big impact on your monthly mortgage payment, so get an idea for how much they’ll run. 
8. Is there room to grow in the home? Life changes, so it’s good to know if you can add on or build out on the property. 
9. Have any major repairs been done? If there’s been a huge pumping or electrical redo, it’s important to know about it before you buy so you can keep an eye on it. 

Asking these questions will help you head off any unpleasant surprises–like super expensive utilities or missing appliances–before you sign the closing docs.

Want more information on what you need to know before you make an offer on a home? Feel free to reach out to me anytime.

Harpreet Christie
RE/MAX of Lloydminster
780-205-7653