Edmonton Real Estate Blog - December, 2010

US Style Housing Meltdown Not Expected Here

Few scenarios keep home owners, or would-be home owners, anxiously awake at night more these days than the fear of a US-style housing meltdown making its way up here to Edmonton and the Great White North.

Indeed, we’ve all seen the pictures of American ghost towns full of foreclosed homes, and anguished home owners who are either barely staying above water, or who actually can’t afford to sell their homes – because they owe more than the home’s going market value.

However, as dismal and tragic as that situation is, last week real estate lawyer Mark Weisleder wrote an interesting article in the Toronto Star, which attempted to sooth jangled nerves and let Canadians know that they’re not headed for a US-style housing meltdown anytime soon.

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Edmonton and National Real Estate Market Returning to Normal

After a couple of years of unprecedented volatility, the housing market across Canada seems to be returning to normal.

That’s the good news reported by the CBC last Wednesday, which pointed to newly minted statistics released by the Canadian Real Estate Association. According to the numbers:

• In November, the national average price for a home in Canada was $344,268; an increase of 2% over the same period in 2009
• The seasonally-adjusted volume of home resales climbed 4.8% in October and November – the fourth consecutive monthly increase in a row.
• Seasonally adjusted sales in November climbed 19.5% over the year’s lowest point in July.
• November sales in 2010 are closing in on the average levels for the past 4 November’s (2006 – 2009) 
• …

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Edmonton Employment Set to Increase – How Will it Affect Home Buyers and Sellers?

Edmonton real estate buyers and sellers may think that the only factors affecting their home’s (or future home’s) value is the condition of the house, the neighbourhood, and even nearby amenities such as schools, recreational facilities, malls, and so on. And while these are certainly a part of the story, there’s another key consideration that both buyers and sellers should be aware of, and prepared for: increasing employment rates.

True, it may seem strange to think that the health of employment in Edmonton should matter to buyers and sellers –after all, we’re talking about selling a house, not hiring or firing an employee – but in the bigger picture, it makes sense. That’s because more employment typically means the following:

• More demand for…

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Edmonton Real Estate Marketing Heating Up

Though it may be freezing cold outside, the real estate market in Edmonton is heating up again!

As reported last Friday by the Edmonton Journal, Edmonton home buyers are enjoying a happy combination of: competitive home prices, healthy inventory, strong national sales growth, and historically low interest rates. All of that led to a boost in November MLS sales – the first such increase in five months. 

According to the Realtors Association of Edmonton: 

•  The average price of a single-detached home sold for $362,657 -- .5% lower than October 2010, and 2.5% lower than October 2009.

• Condo prices dipped to an average of $229,604 – a 2% dip from October 2009, and a 3% drop from November 2009.

• The average number of days a house remained…

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