Edmonton Market Update October 2018


 Dear Friends,

Fall is firmly planting itself around us with an abundance of bright colours and warm tastes of spices. Take a moment to soak in the lingering splashes of sunshine before the cooler weather settles in.

Housing, like the weather and other things that affect our daily lives is a constant conversation topic.

One issue in particular that’s coming up a lot lately is secondary suites, as municipal governments introduce legislation to encourage and facilitate the building of suites like basement units and laneway houses.

This means that now is the perfect time to look into a rental investment like this. We’ve laid out some of the reasons and guidelines about secondary suites, for your information.

On a more light-hearted note, if you are looking for something fun to do this month, we have put together a list of events happening around the city for your enjoyment. Also, check our photo gallery for mantle décor ideas this fall season.

As always, I enjoy providing you with both the information and the support you need to make the right decisions.

If you, your friends or family are looking to buy or sell real estate, I am delighted to help.
Platinum Team
Ph: (780) 271-8326
Email: Sales@PlatinumTeam.ca
Web: www.PlatinumTeam.ca
Dinosaurs Unearthed: Down to the Bone (Oct. 10 – Nov. 4)
The Telus World of Science has an exhibition about dinosaurs, spectacular prehistoric scenes, intriguing fossils, and more.
10 Year Anniversary of Women in Science, Engineering & Research (Oct. 11)
A University of Alberta event that celebrates women working in STEM.
LitFest (Oct. 11 – 21)
Canada's only nonfiction literary festival that focuses on topics from climate change to politics to social issues.
360° Night: Edmonton Short Film Festival (Oct. 12)
An evening of 360°-virtual reality film screenings, part of the Edmonton Short Film Festival.
New North Collective (Oct. 12)
A group of artists and spoken word performers from the Yukon and Northwest Territories that explores ideas from the north and shares them with the rest of the country.
St. Andrew's Quilt Sale (Oct. 13)
An annual event, running for the 15th year, selling one of the largest collections of quilts and other blankets in the city.
DARK (Oct. 18 – 27)
Get ready for an adrenaline kick and to be immersed in a state of terror at this haunting event at Fort Edmonton Park.
Creative solutions for accommodation are always popular — and who’s not on the lookout for a good property investment. One of the most attractive options right now are secondary suites because of the flexibility they present.

Secondary suites are self-contained units that are detached from the main residency — such as a backyard unit, a laneway house, a basement suite or an above-garage unit.

Secondary suites are gaining acceptance across the country and laws are slowly catching up to reflect this new reality.

In Edmonton, for example, there are about 3,500 registered secondary suites this year. The city is expecting 1,600 more in the coming years.

Now is an opportune moment to jump on the bandwagon of building rental suites.

Councils in cities across Canada from Calgary to Edmonton to Vancouver are paving the way to encourage landlords to pursue this option.

Back in August 20, 2018, the Edmonton approved the amendments of the zoning laws to expand secondary suite opportunities in semi-detached, duplex, and row type houses. The requirements on the minimum lot size and location on where you can build your secondary suite have been relaxed.

If this is a direction you decide to head in, keep in mind certain safety measures to protect life and property.

For example, the unit has to have an interconnected smoke alarm, adequate fire separation with proper ceiling height and window sizes, and at least one emergency exit that leads directly outside.

In order for a suite to be legal, there are several steps that must be taken. There is the application process, permits, construction and inspections, and the final building inspection. For more info, you can download the city’s secondary suite guide here.

All this means that NOW is the perfect moment to look into legalizing a secondary suite. It’s not a difficult or complicated process but there are several steps and the sooner you act, the sooner you can reap the benefits of a rental investment.

Acknowledgments

We want to send a special thank you to the following amazing clients for their recent referrals. Our business depends on it and it's very much appreciated.

Thank you,
Crystal and Kelly Stiles, Danielle Snider

Featured Business

Leo Orellana | TD Canada Trust
Manager, Mobile Mortgage Specialist
Phone: 780-218-1158
Leo.Orellana@td.com

 
 
 
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Copyright 2018 by the REALTORS® Association of Edmonton. All Rights Reserved.
Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.