Bryan Mundo's Home Trends

Bryan's Monthly E-Newsletter

BRYAN MUNDO REALTOR ® 780.909.3547 • bryan@bryanmundo.com www.BryanMundo.com

BRYAN MUNDO

More often than not, the rooms in our home have multiple functions. For instance, a home office can double as a guest bedroom or even playroom during non-work hours or a master bedroom can moonlight as a hobby room and home gym during the day. A key component to making rooms work for multiple purposes is having functional and convertible furniture. We're probably all familiar with Murphy Beds and chairs or sofas that extend into beds, but many furniture manufacturers are creating more innovative products. For instance, coffee tables that store pieces within to transform it into a small table with chairs or desk for work or studying, desks that fold into themselves and end up taking up the space of a dresser or even wall shelves that fold down into small tables are just a few of the new innovative products hitting the market. As we spend more time in our homes and think of new ways to utilize our spaces, convertible furniture is going to become more prominent and necessary so take a look at what's available on the market the next time you're looking to update a room in your home. CONVERTIBLE FURNITURE

780.909.3547 • bryan@bryanmundo.com

BRYAN MUNDO

CALL BEFORE YOU DIG

Below every home, apartment building or commercial space is a network of underground utilities that make everything above ground run smoothly. Before you proceed to disturb the ground in or around your home, you need to contact your local utility authority to locate any underground wires you need to be aware of. The names of the companies vary across Canada, but if you do an internet search of “call before you dig” and your province, you will find the hotline or website you need. The service should be free and take a few days to be completed, but that timeframe will obviously vary based on the number of requests submitted. Some projects you need to call before you dig include: installing posts for fences, building desks, patios, etc., planting

The underground lines will be marked with a variety of coloured flags or spray paint to show where it is and is not safe to dig. The colours represent the following: • White – proposed excavation • Pink – temporary survey markings • Red – electrical, lighting cables • Yellow – gas, oil, steam • Orange – telephone, cable, TB, signals, alarms • Blue – potable water • Green – sanitary and storm severs, culverts • Purple – reclaimed water, irrigation, slurry lines

a tree or digging a garden or even installing playground equipment.

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BRYAN MUNDO

BASIC FLOOD FIXES One of the downsides of spring is the possibility of having water leak into your basement, main floor, shed, garage, outbuildings, etc. If you happen to find water where it doesn’t belong this spring here's what you need to do. 1. Turn off the power (or call an electrician if it's unsafe to do so yourself.) You don't want the water to get into an electrical outlet or into an appliance that is plugged in. 2. Remove the water. Use buckets, towels, mops, a shop vacuum, etc. to remove as much of the standing water as possible. If there is less than two feet of standing water, you may be able to clean it up yourself, but it is recommended that you contact a professional to remove the water if there's more than two feet of water. 3. Remove as much from the floor as possible. All the water-logged furniture, boxes, toys, carpets, flooring, etc. should be removed to be dried (if possible). This will prevent mildew from forming. 4. Dry the flooded area with industrial fans and dehumidifiers. Again, this will prevent mildew and mould from growing which can lead to health issues. You may also want to contact your insurance company to see if any damaged items can be replaced or even the cost of the clean up covered. Once the area is dry, you can fix whatever caused the water to flood in the first place so you don't have to go through the process again the following spring.

780.909.3547 • bryan@bryanmundo.com

BRYAN MUNDO

THE BANK OF MOM AND DAD With house prices and interest rates as high as they are across the country, many home buyers are looking to their family (parents, aunts, grandparents, siblings, etc.) for help in obtaining a downpayment for a home. This gift is not a loan and will often be accompanied with an agreement stating the money is in fact a gift and is not expected to be repaid. The money (typically being about a 20% downpayment) goes toward the purchase of the home and helps many younger home buyers get into the market. Parents (or gift givers) can use borrowed funds as the gift - such as a line of credit - but it's not common practice. Furthermore, there shouldn't be any tax ramifications for either the lending party or the receiving party, but one should check with a tax professional prior to arranging such a gift just to confirm. There are a few rules around the funds regarding how long they need to be in the buyer's bank prior to closing and whether or not they are subject to Canada's anti-money laundering laws, but your real estate agent, mortgage broker and lending bank should be aware of those rules and help you navigate them.

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Housing Market Heating Up for an Early Spring BRYAN MUNDO

AVG. SALE PRICE Detached $508,411

AVG. SALE PRICE Apt. Condo $181,347

ACTIVE LISTINGS 4,805

DAYS ON MARKET 50

Edmonton, March 2, 2024: There were a total of 1,966 residential unit sales in the Greater Edmonton Area (GEA) real estate market for February 2024. New residential listings amounted to 2,762, a number 27.7% higher than in January 2024. Total residential average prices came in at $407,458, a 2.3% increase from January 2024, and a 10.4% increase from February 2023. Detached homes averaged $508,411, increasing 5.2% from January 2024 and up from the previous year by 10.7%. Semi-detached units sold for an average of $385,163, a 7.7% increase year-over-year, and a 1.8% increase from the previous month. Row/townhouse prices were up 2.4% from January 2024 and 9.7% when compared to February 2023, selling at an average of $275,735. Apartment Condominium average prices hit $181,347, decreasing 5.7% over last month and coming in 3.2% lower than the previous year. “It’s expected that the spring market will be busy this year, but when you see detached single family homes are already selling 60.5% more units than last year, it makes you sit up and take notice,”says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles.“If the month-to month change in sales continues at this pace, then it will be a hot market indeed.” Overall, all residential listings averaged 50 days on the market. Source: REALTORS® Association of Edmonton | Market values stated are of the average of Edmonton and surrounding region. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

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