Edmonton Real Estate Blog - trends

Edmonton Real Estate Update: January 2016

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If you have plans to buy a home this year, I've got good news for you.

Whether you're a first time buyer or you're looking to upgrade into a larger home, the latest report from the Realtors Association of Edmonton has said that we are in a buyer's market. Overall sales have decreased by 9% when compared to 2014, but that has not affected the pricing of homes in the area. Contrary to what is to be expected, homes prices have actually increased year over year to about 1.9% overall from 2014. The economic decline has impacted the market, but it seems like Edmonton hasn't been hurt by these changes.

But the big news for buyers is the fact that there's a 66% increase in inventory in the market. With more…

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The Oil Industry and Edmonton's Real Estate Market: What You Need to Know

For those of you who haven't been paying attention to Alberta's economy, the oil industry is currently facing a decline. Oil has always been a major factor in Edmonton's economy and coupled with the winter season, the common assumption is that real estate in Edmonton is in a dire situation. Although many of us know someone who is feeling the changes within the market, I want to assure you that Edmonton's real estate activity is going strong despite the fluctuations. 

According to a November 2015 report from the Realtors Association of Edmonton, overall real estate is only down by 3% from last November. Thanks to the amazing weather and the amount of properties that were available, Edmonton buyers' efforts counteracted the expected downturn that…

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Edmonton Housing Prices up in First Quarter of 2012

According to the latest market report from REALTORS® Association of Edmonton, the average selling price of a home in Edmonton climbed 2.2% to $335,187 in the first three months of this year, compared to $328,094 during the first three months of 2011.

“Other markets, such as Toronto, are reporting feverish real estate activity involving multiple offers and unconditional offers but our market is calm, orderly and slowly evolving,” commented Doug Singleton, President of the REALTORS® Association of Edmonton. “Listing activity is up when compared to last year but sales and inventory are down which could indicate that market activity will pick up markedly as the summer progresses.”

Other Edmonton housing statistics for March were:

• A 23.5% surge in…

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February Housing Marketing Statistics for Edmonton

As reported by the REALTORS® Association of Edmonton, Edmonton housing prices in February rose somewhat significantly in February compared to the previous month, and even higher when compared to the same period last year. Specifically, February sales rose 3.7% vs. January and 5.7% vs. February/11, with the all-residential average at a rather lofty $329,911.

 “Average prices in February were higher than the year-long average price for last year,” commented Doug Singleton, president of the REALTORS® Association of Edmonton. “Buyers seem to have confidence and REALTOR® offices are reporting solid traffic. This is lifting prices up and they are already higher than at the same time in the past two years.”

Other key statistics from February also point to…

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Edmonton Real Estate Market Update for June

As reported by the Edmonton Journal, last month Edmonton home sales jumped a healthy 7.6% compared to a year ago, according to the Realtors Association of Edmonton. In total, the June housing market saw 54% of listed homes sell for a total of $584 million (1,768 sales; 3,260 listings).

A couple of key factors behind this boost in sales are, of course, the hot Alberta economy and those good ol’ historically low interest rates – which make home ownership a reality for many people, especially first time home owners and former renters. 

However, another factor that is boosting home sales appears to be a slight dip in average selling prices, which further makes ownership affordable and attractive. The average price for a single family home fell 2.86% in…

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First Time Home Buyers Driving Real Estate Market: Report

According to a recent Re/Max report, first time home buyers across the country are driving the real estate market forward.

There are a few factors behind this trend. The first is the prospect that higher mortgage rates are just around the corner. In fact, most of the major banks have already hiked their standard five-year, fixed rates.

The second is the Government’s new mortgage rules, which reduce the maximum amortization period for government-insured mortgages from 35 years to 30 years. What’s very interesting here is that instead of preventing first time home owners from taking the plunge into the housing market, the new rules are simply compelling many people to change their expectations. They’re willing to bend a bit when it comes to location,…

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REALTORS Association of Edmonton President Predicts Market Stability in 2011

At the beginning of a new year, it’s always fun to play “what might happen in the 12 months ahead?” and then see, in time, if you were right.

But there are instances where correctly guessing trends is more than fun – it’s fantastic – and incorrectly guessing them is…well, not fantastic. In fact, it can be really lousy.

One such instance is trying to get a handle on the Edmonton real estate market. Frankly, when it comes to either buying or selling, you really don’t want to be on the wrong side of any trend – because it can cost you tens of thousands of dollars, not to mention add all kinds of stress to your life.

Fortunately, there are experts who have the knowledge, credentials and experience to help Edmonton home buyers and sellers prepare for…

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Edmonton Housing Marketing Dips in December

I’ve written a few times about Edmonton (and Alberta’s) growing housing market, so this latest news may seem as a shock – but really, it’s nothing to worry about and, on the contrary, quite predictable.

So what’s this latest news? Well, it’s the one that points out that in December, Edmonton’s housing market dipped in a couple of ways. First, average home prices fell to $308,496, or about $10,000 vs. November. Second, the total number of homes sold also fell from 1,120 in November to 784.

Now, at first glance this news may seem shocking and scary. But when you recall that we’re talking December in Edmonton here, you can see that the dip is normal for this time of year. Not only were many folks preoccupied with holiday tasks, but there were fewer…

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Alberta Economy Looking Up!

While the nationwide economic picture still looks pretty grim, Alberta’s economy experienced relatively strong growth of about 4% in 2010, and is expected to enjoy modest growth through 2011, according to Troy Media.

Recovering crude oil prices seem to be driving most of this growth, which would be even higher were it not for sluggish natural gas prices. Still, in the shadow of the Great Recession and the biggest economic freefall since the 1920s, 4% growth – heck, 1% growth – is a good news story; especially when we note that other parts of the country are still struggling mightily to right their local and regional economic ship.

How the “Modestly Growing” Alberta Economy Impacts Home Buyers and Sellers

As I’ve blogged about a few times – and…

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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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