Josh Cudmore from Initia Real Estate is our guest in this episode. He was in the new home warranty business for about ten years after which he started doing his own real estate deals, naturally leading him to become a real estate agent. Josh fills us in on what he’s currently seeing in the Edmonton market as an agent, including infill homes, skinny homes, and condos.
[1:31] What is new home warranty?
- In 2014, the Alberta government made a legislation where every builder is required to carry new home warranty coverage.
- There’s an obligation for the developer to look after their client for a period of time.
- A lot of issues I see are fit and finish. The building envelope comes up, too.
- There are limits with how extensive the coverage is, but obviously, there’s more since 2014.
[6:10] What are you seeing as a market trend in your last five or ten transactions?
- We’re still in a buyer’s market, but I’m starting to see some slight stabilization.
- If you’re selling, you need to price competitively.
- The mass appraisals give you an idea of what your property is worth, but to get a true value, it’s important to do a market analysis.
[8:21] Over the past few years, you’ve gotten involved in building infill homes. What neighbourhoods have you been targeting?
- We’ve been doing it in areas close to downtown because these neighbourhoods are very sought after.
- When looking for a property to convert to infill, the biggest factors are lot size and zoning.
[11:06] From my perspective, it appears that skinny homes are now the preferred structure of choice for builders. Why is that?
- It’s very location dependent.
- If a family is going to spend so much on a home, they want a single-family home.
[12:51] In my neighbourhood, there have been a number of skinny home infills built in the past couple of years that haven’t sold. Is that something you’ve seen in other neighbourhoods?
- I’ve seen it. It’s just the way the market has been.
- Infill in Edmonton only became popular over the last seven years. A lot more people began doing development in the city, causing an influx of inventory.
[15:43] There has been a few community associations that are reluctant to have infill and lot splitting. What’s your take on that?
- I see both sides of the argument.
- A think a potential solution would be imposing architectural guidelines for specific areas.
[17:03] What’s your take on the Blatchford development?
- There’s been some hiccups, but I think it’s great. I’m big on the downtown core growing, so I think it’s good for everybody.
[17:50] What are you seeing with the condo market?
- It’s a little bit saturated. We’re still seeing new towers being built, but some are rentals.
[18:36] What are buyers telling you is the most important factor for them?
- They have options right now and don’t feel pressured to make a decision.
- They’re looking for pretty much the perfect home.
[19:35] What’s been the most frustrating day you’ve had as a real estate agent?
- When I’ve had a listing that’s been difficult to sell, I finally get an offer, but then it falls apart in the final hours.
- I try to mitigate these situations by asking a few basic questions.
[21:29] When did you know that being involved in real estate was the right move for you?
- It didn’t take long. The first week I was licensed I did a deal. It’s something that I enjoy doing every day.
REALTOR®-Initia Real Estate
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