Edmonton’s housing market is incredibly competitive right now, and it’s both exciting and frustrating for buyers and sellers. I’d like to share some critical insights to help you navigate the market, especially if you’re a buyer.

Edmonton’s Current Market

Edmonton’s housing market is hot – if you’re a seller, it’s a great time to list your property. However, if you’re a buyer, you’re likely facing multiple offer situations that can be very frustrating. Many of my clients have repeatedly made offers on homes only to be outbid by competing offers, often with higher prices or fewer conditions.

Financing Conditions

When making an offer on a home, it’s essential to include conditions or subjects because they protect you as a buyer. The most common conditions are subject to financing and subject to inspection.

Including a subject to financing clause in your offer is crucial unless you have the full purchase price of the home available in your bank account. It’s not just you who needs to be approved for the mortgage; the property itself must also be appraised at the purchase value. Without this clause, you risk overpaying for a property if the appraised value comes in lower than your purchase price.

Inspection Conditions

Even brand new houses can have issues, and the older the property, the more likely it is to have significant problems. A professional inspection can uncover these issues, ensuring everything is up to code and identifying potential repair costs. This knowledge can help you decide if the property is right for you.

About Jason Scott, Edmonton Mortgage Broker

Looking for a personalized mortgage solution? As an Edmonton Mortgage Associate, I’ll be your trusted partner who will help you get the right mortgage for your family home or Investment property. I’m Jason Scott, and I’ll be your Mortgage Broker in Edmonton.