Good news ahead on the Alberta Real Estate markets, according to RBC:


Check out page 2 for the Alberta news.... 


July residential unit sales seem to be holding up nicely as well; we've sold almost 1,000 units thus far whereas July 2010 had 1,294 unit sales total. We'll see where we end up!


A quick review of the first 14 days of sales for July 2011 in good old Edmonton yields some pleasant results. 387 single family homes at an average selling price of $389,514 is a solid start with the overall residential unit sales at 641. Extrapolating these figures ( never wise but used as a projection tool ) to the end of the month would yield total unit sales of 1419 which is down slightly from June 2011 unit sales of 1,768 but up over July 2010 total residential sales of 1,294.... a welcome development. Let's hope the good times continue to roll!


                                      $ of Solds   Sold Units   Avg Sold Price   New Listings   

Single Family(House)    50,754,802      127                399,644              419            

Single Family(Condo)    15,060,370       65                231,698              163            

Duplex/Rowhouse           3,366,718         11               306,065                25             

Residential(Other)              291,900          4                 72,975                 15              

TOTAL                          69,473,790      207                335,622              622            



Unit Sales look a bit sluggish to start the month off, but we'll see if the unit sales start to pick up on a daily basis as we move on after the Canada day long weekend. Nice to see the average single family home price at $399,644, significantly more than the year to date average sale price of $374,133 and the June 2011 average sales price of $379,409.... hopefully that keeps up!


Edmonton, July 5, 2011: Economic and other external indicators point to a strengthening of the local real estate market according to the REALTORS® Association of Edmonton.

  • Statistics Canada reported that Alberta boasted the highest spike in population in the first quarter with a 0.4% increase.
  • The Conference Board of Canada predicts that housing prices in Edmonton will increase from five to seven percent in the short term although local prices are currently down when compared to last year.
  • Although the Bank of Canada seems reluctant to raise interest rates because of the negative impact on exports, CMHC reports that Canadians are budgeting for an interest rate hike.
  • While housing prices nationally are up by 8.6% (May figures) Edmonton prices are tracking predictably in a stable market.
  • CIBC is of the opinion that Alberta home prices are over-valued by 17% yet RBC names Edmonton amongst the most affordable major metro markets in Canada.
  • A report by Peters and Co. forecast that $180 billion will be spent on new oilsands projects in the next decade with current oilsands operations and maintenance adding another $30 billion a year.

“The various reports and indicators can be confusing and contradictory,” said REALTORS® Association of Edmonton President Chris Mooney. “Alberta and Edmonton are often moving in a different direction than the rest of the country and a national statistic or trend may not apply here. REALTORS® are very optimistic about the current market and are prepared to help home buyers and sellers sort through the figures to determine the best housing strategy for each individual or family.”


In the first half of the year the average* price of a single family detached home has risen from $357,540 to $379,409 while the all-residential price has risen from $308,497 to $330,297. However compared to the same-month year-over-year, prices have risen consistently between the levels set in the past two years.


In the short term, when compared to the previous month, prices in June were generally stable. Single family homes were up 0.31% from $378,239 to $379,409. Condo prices dropped from $239,782 to $231,852 (down 3.3% after rising 3.1% in May). Duplex and row house prices climbed slightly from $295,334 to $296,689. The all-residential average price dipped 0.5% during the month of June.


There were 1,768 residential sales in June with 3,260 listings resulting in a sales-to-listing ratio of 54%. This is compared to 53% in May. There are currently 8,432 residential properties in the MLS® System inventory and days-on-market is slower at 53 days (up from 50 in May).


“We know that all real estate is local and homeowners and buyers should focus on local data and local expertise to guide their decisions,” said Mooney. “Is it a good time to buy a home in Edmonton? If your domestic needs have changed and you need to move, then seek professional advice and start the process.”


Highlights of MLS® System activity:


June 2011 activity                                                Record for the Month                         % Change from June 2010


Total MLS® System Sales This Month                                  2,011                                                9.40% 

Value of Total MLS® System Sales - Month             $668 Million                                                 7.10%

Value of Total MLS® System Sales - Year             $3.286 Billion                                               -5.20%

Residential¹ Sales this Month                                     $584 Million                                                7.60%

Residential Average Price                                                $330,297                                               -0.51%

SFD² Average Selling Price - Month                                $379,409                                               -2.86%

SFD Median³ Selling Price                                                $361,888                                                1.09%

Condo Average Selling Price                                            $231,852                                               -5.15%


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




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Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.