Curtis Leibel 780-438-2500

When buying a new home, always be sure to calculate property taxes into  your monthly expenses.  Sometimes mortgage companies include this as part of the mortgage (they pay taxes on  your behalf) but be sure to clarify this before final signing your mortgage.

Quite often a MLS listing will state the tax amount of the previous year – however it is important to note that taxes usually increase every year with inflation, and at the end of May, all property owners are sent a statement saying what the taxes will be for the following year.  For the city purposes, the new property tax year ends June 30 (coincidentally the busiest day of the year for real estate transactions).

Property taxes in the city of Edmonton are composed of 3 parts:

Muncipal portion- based on the budget set each year by city council

Provincial Education portion- set by the Alberta government

Local improvement portion- this is often an assessment added on for improvements made in your specific area (ie. sidewalk replacement, light posts, etc..)  It can be added to a one year statement, or if the cost is more significant, it is often spread out over many years, as to not raise your taxes by more than a minimal amount.

Since the end of the property tax year is June 30, it is important to be aware of this when you are buying or selling a home.  Often the buyer or seller will need to reimbursed for paying taxes up until June.30.

Hi everyone,

I have a brand new listing in the quiet community of Spruce Avenue thats already garnering a lot of interest:  Details look like this:

Well maintained property on a great, quiet street. This 2+1 bedroom home has
been owner occupied by current owner for the past 27 years and has been well
looked after. This home features original hardwood floors, coved ceilings, huge
eat in kitchen with lots of natural light, capped windows, exterior roll
shutters, central air, central vac, alarm, weeping tile, upgraded insulation,
newer shingles and 125amp electrical service. The basement is equipped with a
second kitchen area, bathroom, and bedroom. The east facing yard is well
landscaped and offers a great garden area as well as apple and cherry trees and
grape vines.The garage is 20×28 and the property sits on a 50×150 foot lot. The
RF3 zoning makes it a great property for future development. The location is
great, close to downtown, NAIT, Royal Alex, Kingsway and future LRT.

Stay tuned for another new listing coming up in Strathcona next week!

I have recently just completed 3 new projects that have all gone on the market within the last 2 weeks.  Each one has something to offer to different types of buyers, so they will appeal to a wide spectrum of people:

1)  Completely renovated 2 bedroom townhome in Millwoods.  This one is perfect for first time homebuyers, as it comes in at a great price point of $195,000 and doesnt need any work.  Has a nice cozy easy to maintain front yard, all new bamboo hardwood flooring, new kitchen, new bath, and completely finished basement.  Move in ready!

2) Completely renovated 1 bedroom condo at 9730, 156st.  Investors delight – listed at $99,000 and everything has been upgraded, including all new kitchen, bath, floor, appliances and paint and floor.  It rents for $850 month.  With 25% down (so a 75,000 mortgage) costs are about $300 month mortgage, $220 month condo fees, and $80 month property taxes, you could be looking at about $250/month profit.  Thats a Debt Service Ratio of 1.4!!

3) Completely upgraded huge 1 + den condo in beautiful high rise downtown (almost 1200 sq feet!).  For the working professional, this is the ideal home.  Listed at $257,900 it will be tough to find another condo like this.  Beautiful sliding doors give the option for a second bathroom.  Everything has been updated and it shows great!

For more info on these properties, or any others you have in mind, do not hesitate to send me an email!