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September 28, 2011
Canadian home prices rise to new record
July data citing the Teranet-National Bank Composite House Price Index, which doesn't include Edmonton data but provides some interesting National figures:
OTTAWA — Resale home prices in Canada rose in July for the eighth consecutive month to a new record high, according to the Teranet-National Bank Composite House Price Index. To continue reading, click here...
September 27, 2011
Canadian housing market growing in face of economy jitters
We're # 2 wordwide. Nice! See article:
OTTAWA — Canada’s housing market “remains a notable out-performer” in comparison to other countries, where renewed doubts about the strength of the global economy are weakening an already fragile real-estate scene, says a report released Tuesday. Read more here...
September 19, 2011
Edmonton Housing Affordable When Compared to National Figures
The Canadian Real Estate Association released national housing figures today and show that Canadian home sales hold steady in August.
Compared to national housing prices released by CREA today, the Edmonton market is affordable. While the average price for a home nationally is $349,916, the local homebuyer will find an average priced home for just $324,217. Of course prices will vary from neighbourhood to neighbourhood. Nationally housing prices have jumped up 7.7% over a year ago, while locally prices have dipped about a third of a percent from August 2010.
According to the REALTORS® Association of Edmonton the local market is balanced with a sales-to-new listing ratio of 51%. Nationally the same ratio is 51.6%
Nationally, the number of months of inventory stood at 6.2 months at the end of August while locally there was just 5.5 months of available inventory. In the Edmonton area, residential sales in August dropped 3% from July figures as typical for this time of year. However, the sales numbers were higher than same month sales in 2010 both locally and nationally.
Consumers are reminded to keep their eye on local trends and to discuss their home buying and selling needs with a REALTOR® who can advise on strategies that reflect local market conditions. For more information on local housing figures released on September 2 by the REALTORS® Association of Edmonton, see the web site at ereb.com.
September 12, 2011
Alberta Economic Growth Among Canada’s Leaders - 3.7% hike forecast for this year
CALGARY — Alberta is positioned as one of Canada’s provincial leaders in growth, according to the latest RBC Economics Provincial Outlook report released Monday.
The provincial economy is set to grow at a rate of 3.7 per cent in 2011 and 3.9 per cent in 2012, said RBC. Both years Alberta will be second overall in the country behind nation-leading Saskatchewan’s growth rates of 4.3 per cent this year and 4.1 per cent next year.
Read more here...
September 12, 2011
August Figures Show That Local Real Estate Prices Remain Stable over the years
Edmonton, September 2, 2011: The average* price of a single family home has remained remarkably stable for the past four years according to figures released by the REALTORS® Association of Edmonton. The average selling price in August has varied from a high of $372,000 in 2008 to the low of $367,700 in 2009. Last month SFDs sold on average for $370,438. Prices have varied within a range of just over one percent.
“Consumers are wary in the face of uncertainty in the global economic markets and they receive constant reminders from federal officials about the dangers of carrying too much debt. Other real estate markets have seen recent boom and bust cycles that are not evident in our local market,” said REALTORS® Association of Edmonton President Chris Mooney. “Residential property is holding its value and the economic prospects for the Alberta and Edmonton markets show real growth potential in the next few years.”
Condo prices have slipped seven percent since 2008 because of an oversupply and lack of demand resulting from tighter mortgage qualification rules. In August 2008, the average price for a local condo was $248,000. This past August it was just $231,735. Overall, the all residential price has varied from $329,600 in 2008 to $324,217 this year (August figures).
In August 2011, there were 969 single family homes reported sold through the Multiple Listing Service® with 428 reported condo transactions with a total of 1,507 reported sales of all types of residential property. There were 1,564 total residential sales in July 2011 reflecting the typical pattern of slower sales as we head into fall.
“A stable market place and slightly lower prices combined with a slower sales cycle means that there are homes available in all price ranges,” said Mooney. “The residential median price ($315,000) remained almost the same as the previous month while the average prices dropped. This indicates that there is a softening of prices at the upper end of the market. Under these conditions, sellers with property priced below the average price for their property type and location will attract more attention and get a quicker sale.”
The sales to listing ratio notched up four percent to 51% as a result of steady listing activity and the typical sales cycle stretched to an average of 57 days-on-market indicating slower sales in August.
Highlights of MLS® System activity:
|Total MLS® System sales this month
|Value of total MLS® System sales - month
|Value of total MLS® System sales - year
|Residential¹ sales this month
|Residential average price
|SFD² average selling price - month
|SFD median³ selling price
|Condo average selling price
¹. Residential includes SFD, condos and duplex/row houses.
². Single Family Dwelling
³. The middle figure in a list of all sales prices
* Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area. Prior period figures have been adjusted to include late reported sales and cancellations and therefore reflect a more accurate view of the period than previously reported at month end.
September 1, 2011
Home Inspection Regulation Protects Alberta Homebuyers
Edmonton... The Alberta government will license and set standards for home inspectors under new rules to protect Albertans who rely on an inspection when buying a home.
“A home is the single largest investment most Albertans make. They deserve to have confidence that the person they hire to inspect a home is qualified to make a reliable assessment,” said Service Alberta Minister Heather Klimchuk, responsible for consumer protection. “Most home inspectors are professionals, but the financial consequences of a faulty or negligent inspection can be staggering for families.”
The Home Inspection Business Regulation, which comes into force on September 1, 2011, will require all home inspection businesses and individual inspectors be licensed by the provincial government. To qualify for a licence, inspectors must have successfully completed training from an educational institution approved by the provincial government and pass a test inspection, or hold a Certified Master Inspector or Registered Home Inspector designation. Home inspectors, organizations or industry associations will also have the ability to submit training programs or credentials for assessment by the government.
Alberta consumers, home inspectors and the real estate industry indicated widespread support for regulation during public consultation by the government.
“Many Albertans take the prudent step of getting an inspection when buying a home and they trust that advice when making their decision,” said Gael MacLeod, who chaired a committee advising the government on the regulation. “Alberta’s new rules will give homebuyers the assurance that the inspector is a qualified professional.”
The regulation also provides additional protection for homebuyers:
- requiring home inspection businesses carry errors and omission insurance in case an inspector makes a mistake or is negligent;
- requiring home inspection businesses post a security to cover consumer losses if the regulation is not followed;
- establishing what parts of a home and property must be included in a home inspection; and
- prohibiting contract clauses that limit the liability of the business and inspectors.
Service Alberta can investigate complaints that a home inspector has violated the regulation. Enforcement actions include suspension or cancellation of the licence, and prosecution under the Fair Trading Act, with a maximum fine of $100,000 and up to two years in jail.
The Alberta government is working to build a better Alberta by fostering economic growth, strengthening our health and education systems, investing in infrastructure, supporting safe and strong communities and ensuring a clean and healthy environment.