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Interesting and not surprising to me as I hear it in my travels all the time that clients are excited to upgrade and renovate; fun!

 

Most in the country at nearly $23,000 average this year

CALGARY — Alberta homeowners plan to spend the most on their home renovations this year, according to a new poll released Monday by the CIBC.

The poll, conducted by Harris/Decima, said Albertans plan to spend on average $22,900, much more than the national average of $15,300.

The poll found that 39 per cent of Canadian homeowners say they plan to renovate their home in the next 12 months.

Regionally, Alberta residents are among the most likely (52 per cent) to say they plan to renovate their home in the next 12 months, while British Columbians are among the least likely with only 25 per cent of homeowners saying they plan to renovate.

The poll also found that Canadians aged 45-54 plan to spend among the most on their home renovations this year ($18,300 on average), nearly $3,000 more than the national average.

"Whether it's replacing an old roof or updating a kitchen, home renovations can help you get more out of your property, but you do need to consider how the costs will fit with your overall financial plan," said Colette Delaney, Executive Vice President of Mortgage, Lending, Insurance and Deposit Products, CIBC.

Scott McGillivray, host of HGTV's Income Property, said "kitchens and bathrooms are always value-adds, so if you're prioritizing your renovations and looking to make your dollars go further, plan on doing those rooms first."

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Edmonton, April 3, 2013: The REALTORS® Association of Edmonton reports that residential property prices in the Edmonton CMA1 were up again in March. The all-residential price (includes single family detached, condominiums, duplexes and row-houses) rose 3.5% in a month and single family detached prices were up 3.9%. Compared to March 2012, the all residential price was up 4.3% and the SFD price was up 7.0%.

 

“The average price increases are influenced by the prices paid on particular properties as well as the product mix in the period,” said President Darrell Cook. “Because of a shortage of lower priced homes, the average price is pushed up as buyers move up-market to find a home. The increase in average price may not increase the market value of a particular property.” The relative number of homes sold in the $450-650k price range increased from 12.2% to 14.5% year-over-year while homes under $300,000 dropped from 40.7% of the market to 38.2%.

 

The average price for a single family detached home was $416,739 in March, condos were priced at $246,574 (up 6.3% m/m), duplex and rowhouses at $316,110 (down 4.9% m/m) and the all-residential average price was $354,759. SFD prices peaked in May of 2007 at $424,400.

 

The demand for homes in the Edmonton area continues to be driven by net job creation and low unemployment, economic stability and low rental vacancy rates. Sales were brisk with the sales-to-listing ratio up at 57% for March which indicates that almost six of the ten homes listed during the month were sold. Days-on-market was down from 57 in February to 50 in March.

 

The number of homes available for sale in the MLS® System inventory was up from 4,183 to 4,741 in March. While this is an increase of 558 properties from last month, it is down 15.4% from the same time last year. The lower inventory is exerting upward pressure on prices but has a dampening effect on sales. “When first time buyers cannot find a house that meets their needs or are forced into a multiple offer situation, they often remain on the sidelines,” said Cook. “Low interest rates and rising rental rates create the interest and desire but lack of suitable properties means they are not able to make the transition to home ownership at this time.”

 

REALTORS® are facing some multiple offer situations on lower-priced property but overall, the market remains in balance with neither buyers nor sellers having an advantage in most neighbourhoods.

 

Residential sales in the Edmonton CMA were up 1.14% in March as compared to March 2012. There were 1,497 estimated sales (1,386 reported) on listings of 2,422 during the month. SFD sales were down 6.63% from last year but condo sales more than compensated at 8.84% y/y increase. Note that sales numbers are estimated to reflect late reported sales and make a more accurate comparison with prior month actual sales.

 

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MLS® System Activity (for all-residential sales in Edmonton CMA1)

 

1 Census Metropolitan Area (Edmonton and surrounding municipalities)
2 Single Family Dwelling
3 The total value of sales in a category divided by the number of properties sold
4 The middle figure in a list of all sales prices
5 Residential includes SFD, condos and duplex/row houses.
6 Includes residential, rural and commercial sales 

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Edmonton, March 8, 2013: Today, the REALTORS® Association of Edmonton Commercial Division released for the first time a semi-annual update on commercial real estate activity within the City of Edmonton. The report includes a synopsis of commercial and industrial activity over a five-year period and details of various sub-sectors as recorded in Land Titles records when the title to the property is transferred to the buyer.

 

The total number of sales of commercial and industrial land and buildings in Edmonton in 2012 was the highest in five years at 648 sales. The value of those sales, at $2.45 billion, was marginally lower than the five-year high point in 2011.

“Edmonton has recovered from the economic woes that depressed the 2009 market period,” said Mike Eurchuk, Chair of the Commercial Division. “There has been a sharp increase in land sales and the multi-family market is at a five year high.” The number of land transactions is up 33% from 2011 and the value of the land sale is up $139 million. There were 81 multi-family unit sales in 2012 valued at $227 million (up 6% from 2011).

 

The number of transactions and the total value was up in every sub-sector including multi-family, industrial and commercial buildings; industrial, commercial, urban development and multi-family land; and industrial/commercial condominiums.

 

“The fact that there is an increase in the sale of land indicates the optimism in this market,” said Eurchuk. “Business people are not just buying existing property for immediate use but are investing in land for future developments at both the commercial and industrial levels.”

 

Economic forecasts would indicate that the Edmonton area will continue to exhibit strength in 2013 with growth levels on par with 2012 being projected. Demand is expected to remain high in virtually all sectors of the market and particularly in investment type properties where there is considerable institutional money chasing few properties.

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Edmonton, March 4, 2013: The REALTORS® Association of Edmonton reports that the housing market in the Edmonton CMA1 remains active. Residential listing activity was up 10% as compared to January and sales increased by 18.2%. The all-residential price (includes single family detached, condominiums, duplexes and row-houses) rose 4.3% in a month.

 

While the average price for a single family detached home broke through a psychological barrier at $400,973 in February ($399,832 in January), it was up just 0.3%. Condo prices showed stronger gains, rising 7.3% from January to $231,866. Duplex and rowhouse prices were also up month-over-month at $332,285 on average. The all-residential average price was $342,735 (up 2.9% from February 2012).

 

“REALTORS® were busier last month than in January both listing and selling more homes,” said President Darrell Cook. “As usual, sales activity will continue to increase as we move into spring. The inventory of available homes has increased and we expect hesitant sellers to come onto the market in the face of continuing strong prices.”

 

The pattern of sales in various price ranges has changed this year. “Confidence in the strength of our local economy and a shortage of attractiveproperties at the lower end of the price range are both moving consumers to consider higher priced properties,” said Cook. Sales of properties priced $425,000 to $550,000 have increased 19% so far this year, whereas sales of properties in the $200,000 to $375,000 range are down 9.6% compared to the first two months of 2012.

As of February 28, 2013, there were 4,183 residential properties listed in the MLS® System which reflects a 4.14 month supply at current sales levels. The days-on-market was 57 as compared to 53 last year. With an estimated 1,089 (1,008 reported) homes sold and 1,995 homes listed in February, the sales-to-listing ratio was 55%, up 4% from a year ago. Total Board sales for February were $470,309,954.

 

The figures above represent the sales in the Edmonton CMA1 as defined by Statistics Canada and includes the City of Edmonton and all municipalities in the four surrounding counties of Parkland, Sturgeon, Leduc, and Strathcona. Sales figures for February 2013 have been adjusted to anticipate sales during the month which will be reported after the data cut-off so as to compare more accurately with prior period figures.

 

REALTORS® in the Edmonton CMA and surrounding areas (including St. Paul and Cold Lake) contribute actual negotiated list and sale prices on a daily basis and are the most reliable source of pricing data in each local area and the entire market.

 

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MLS® System Activity (for all-residential sales in Edmonton CMA1)

 

1 Census Metropolitan Area (Edmonton and surrounding municipalities)
2 Single Family Dwelling
3 The total value of sales in a category divided by the number of properties sold
4 The middle figure in a list of all sales prices
5 Residential includes SFD, condos and duplex/row houses.
6 Includes residential, rural and commercial sales 

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This is great news all around for us AB folk:

CALGARY — Small business confidence in Alberta remained strong in February as owners in the province had the most positive outlook in the country, according to the Canadian Federation of Independent Business.

 

In its latest Business Barometer survey, released Thursday, the CFIB said Alberta entrepreneurs are the most confident in Canada about the economy and their future success.

 

To continue reading, click here...

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I like the sounds of all this, especially given all the opportunities we have in and around the Downtown Core. The Civic Precinct Master Plan is on displayuntil March 1 at City Hall. See here...

 

Check out our City's Civic Precinct Master Plan, the Capital Boulevard Plan, Arena Plan, etc. here...

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Edmonton, February 4, 2013: Year-over-year average prices and sales were up for most types of residential property in the Edmonton Census Metropolitan Area (CMA) in January. Single Family Dwelling (SFD) average prices were down 1.93% from December but up 7.7% when compared to January 2012. Condominium prices were also down (-3.1%) month-over-month but up 1.7% year-over-year. The all-residential price was up year-over-year at $328,525 (up 2.5%). The average price for an SFD was $399,832. An average condo was priced at $216,139, while a duplex/row house was priced at $328,351 on average. The all-residential average price in the Edmonton CMA was $328,525 as compared to $320,482 in January 2012.

 

The 2013 year started off with a residential sales increase of 27 (25) units over the previous year. There were an estimated 921 (853 reported) residential sales in the Edmonton CMA and an estimated total of 1,084 (1,005 reported) sales of all types of property. SFD sales were down 1.4% from a year ago at 536 estimated (496 reported) sales. Condo and duplex/row house sales took up the slack with an estimated 286 (265 reported) condo sales (up 30.7%) and duplex/row house estimated sales of 64 (59 reported) units (up 24.9%).

 

“If there is an impending national housing crash, it is not evident in Edmonton,” said President Darrell Cook. “The number of price reductions is 4% lower than the same month last year.” The number of residential properties in the City of Edmonton that sold at or over list price rose from 9% in January 2012 to 12.6% this year. “This indicates that homes are appropriately priced for the market and that more home sellers are holding firm to their asking price,” said Cook.


The average days-on-market was 74 and the sales-to-listing ratio ended the month at 47%. There are currently 3,743 residential properties in inventory in the Edmonton CMA. This is lower than the five-year average for January (4,324) but still represents a 4.4 month supply at current sales levels.

 

REALTORS® changed their statistics reporting format this month. Sales and average price figures are given for the Edmonton CMA which includes the City of Edmonton and about 40 surrounding municipalities as defined by Statistics Canada. Then, because sales in the City of Edmonton account for about 75% of all sales, the figures are given for Edmonton only. Finally, communities and counties outside the CMA are not forgotten. The number of sales for each municipality along with average/median prices and total value of sales are provided in the Total Board section. All three reports are attached.

 

“All real estate is local,” said Cook. “It is important that we provide statistics that are relevant to each specific location. REALTORS® can provide their clients with more granularity or more specific details at the neighbourhood level.”

 

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Highlights of MLS® System activity

 

 

1 Census Metropolitan Area (Edmonton and surrounding municipalities)
2 Single Family Dwelling
3 The total value of sales in a category divided by the number of properties sold
4 The middle figure in a list of all sales prices
5 Residential includes SFD, condos and duplex/row houses.
6 Includes residential, rural and commercial sales 

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Edmonton, January 9, 2013: The REALTORS® Association of Edmonton released their annual housing forecast today at a seminar at the Northlands Expo Centre attended by 700 REALTORS® and business people. President Darrell Cook forecast that the value of MLS® sales in 2013 will increase by about 3% for the year after sales of $7 billion in 2012. This is based on a three percent increase in the number of homes sold and increased prices. Cook expects that single family homes, duplexes and rowhouses will increase on average by 2% while the average price for condos will increase by one percent next year.

 

“We are positioned in the best economy in Canada and perhaps the world,” said Cook. “It is hard to make a restrained forecast when we have job growth, in-migration, low vacancy rates and continuing low interest rates.”

 

His remarks echoed the predictions of five other speakers at the seminar including Premier Alison Redford who highlighted the value of the housing industry to the Alberta economy. Also presenting at the event were John Rose, Chief Economist for the City of Edmonton; Angus Watt from National Bank of Canada; Brad Ferguson, the President and CEO of Edmonton Economic Development Corporation; and David Lan, Senior Market Analyst from CMHC.

 

Cook forecast that the year-long average selling price for a single family home, sold through the Multiple Listing Service® in 2013 will increase from $382 thousand to $390 thousand. The average price for a condominium property will increase from $235,500 to $237,800. Although the inventory of available housing is low at this time of year, Cook suggested that increasing prices in the first six months will convince owners to begin listing their property and increased choice for buyers will result.

 

Cook suggested that, because of our solid economy, the strong interest in acreage properties will continue in 2013 and sales of recreational and vacant properties will also increase as the prices of properties in sun-belt destinations recover and local recreational properties become more comparable in price.

 

Commercial and industrial sales through the MLS® were up 25% in 2012 and REALTORS® expect the trend to continue next year with an increase in total value from $310 million to $320 million. There will be demand for small office/warehouse lease properties as our strong economy spawns new and expanding businesses.

 

The role of the REALTOR® has been much discussed in the past two years. Cook urged the members of the REALTORS® Association of Edmonton to focus on client service, education and satisfaction and to continue to demonstrate the value that the REALTOR® has brought to the community and the real estate transaction for the past 85 years.

 

View President Cook’s entire speech online.

 

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Forecast summary

 

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Edmonton, January 3, 2013: The local housing market in 2012 ended as it began, with robust sales, slowly increasing prices, stability and an optimistic swagger. The average all-residential price in December was $333,140, up 1.5% from the previous month. The price in December 2011 was $316,020. Sales during December were 31.0% down from November and 16.8% down from last December. Note: for comparison purposes current month sales figures have been adjusted to account for late reported sales and terminations; actual reported numbers as of month end are in square brackets.


The average price for a single family detached property on the Edmonton Multiple Listing Service® in December was $391,427, up 2.5% month/month and 6.8% year/year. Condominium prices were up marginally (0.02%) from last month and sold on average for $225,143 in December. Duplex/row houses were priced at $297,753 on average (down 4.3% m/m). REALTORS® listed 1,026 [950] residential properties in December and sold 789 [731] properties. This resulted in a sales-to-listing ratio of 77% as compared to 73% in November. At month-end there were 4,354 residential properties in the inventory which is down 18.6% from a year ago. Sales were slower in December with average days-on-market up two to 66 days.

 

“Although sales and listing activity were slower this December than in previous years, prices continued their slow steady rise,” said President Doug Singleton. “Total sales for the year were up. The Finance Minister toyed with the mortgage qualification rules at the beginning of the year but otherwise this market operated in a smooth and stable manner. REALTORS® and their clients could trade in real estate with confidence and certainty.”

 

The price of an average single family detached home rose 6.8% during 2012 and the all-residential average price rose 5.4%. Sales were also higher in 2012 than the year previous with 18,020 residential sales and 20,393 total MLS® sales. Except for 2009 these were the highest sales numbers in five years. Listing activity, however, was lower than the previous three years. This dropped the available inventory of homes available on the local MLS® System to just 4,354 properties on December 31; the lowest level the inventory has been at since December 2009.

 

The highest average price for a single family detached home in the Edmonton area in 2012 was in June at $393,471 with the lowest price point being January at $364,106. The all-residential average price followed a similar pattern with the highest average price in May at $348,196 and the lowest point in January at $318,906. Condo prices peaked in May at $248,846 after rising from the January low point at $216,622.

 

The growth of the Edmonton market is also reflected in the increased number of higher priced properties sold. There were 403 residential properties sold for over $700,000 in 2012, including 89 priced at one million or more. In 2008, just 1.63% of homes were in the $700,000 or above category. Last year 2.23% of the sold properties were at that level. The most expensive property sold in 2012 was valued at $2.72 million. Six owners in total picked up properties located in Crestwood, Magrath Heights, Windsor Park, Hodgson, Twin Brooks and Westridge each valued at $2 million or more.

 

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Activity (for all residential sales on Edmonton MLS® System)

 

 

1 The total value of sales in a category divided by the number of properties sold
2 Single Family Dwelling
3 The middle figure in a list of all sales prices
4 Residential includes SFD, condos and duplex/row houses.
5 Includes residential, rural and commercial sales

1 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. The RAE trading area includes communities beyond the CMA (Census Metropolitan Area) and therefore average and median prices may include sold properties outside the CMA.

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Edmonton, December 4, 2012: A significant lift in single-family detached prices from $372,061 in October to $382,923 in November drove up the all-residential average price from $324,924 to $331,198 (up 3.32% Y/Y). Condominium prices, which surged upwards in October, dropped back to the September level for an average of $230,493. This is about 1% higher than a year ago. Duplex and rowhouse prices were $312,041 on average (up 3.2% y/y).


The median price for single-family detached homes was $363,000 in November, the highest it has been since August. When the median price is lower than the average price, it indicates that there were more lower-priced homes sold. Even a few higher-priced homes drive the average price up. There were 51 sales reported for properties priced over $600,000 in November: the same number as reported in October. A year ago there were just 43 homes sold over $600,000.


REALTORS® listed 1,610 residential properties in November and sold 1,063 properties. This resulted in a sales-to-listing ratio of 66% as compared to 61.7% in October. At month end there were 5,681 residential properties in the inventory, which is down 8% from a year ago. Sales were slower in November with average days-on-market up three to 64 days.


“The slow steady escalation in housing prices reflects the confidence that home buyers have in the local economy,” said Singleton. “People are moving up but also relocating to take advantage of job opportunities. As a result the housing market is stable and balanced.”


On November 1 the REALTORS® Association of Edmonton added real estate sales activity from Northeast Alberta to the local Multiple Listing Service®. However, for comparative reasons the additional property sales in Bonnyville, Elk Point, St. Paul and Cold Lake have not been added to the sales reported by the Association in the Greater Edmonton area. The reporting format for the local housing statistics is being redesigned and sales in NE Alberta will be reported in January.


“We are pleased to welcome the 70 REALTORS® from Northeast Alberta to our membership,” said REALTORS® Association of Edmonton President Doug Singleton. “The members and their clients are now part of a larger association and will benefit from increased services and a wider choice of MLS® listings. Unfortunately the integration of the additional listings and sales has to be delayed for a month while the new reporting format is finalized.”
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REALTOR® News Release - Page 2
Review these statistics and more at www.ereb.com.

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Not too surprising news, from what I understand in conversations with my Calgary-based colleagues..

 

Calgary top real estate investment market in Canada, Edmonton ranked second

Edmonton ranked second

CALGARY — Calgary has been ranked as the top real estate investment market in the country followed by Edmonton by the Real Estate Investment Network Ltd.

 

In its Top Alberta Investment Towns report, REIN said that Alberta’s economy has come out on top after a few years of economic turbulence. To read more, click here...

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I'm on board!!

 

Staples: Old Neighbourhoods Must Loosen up to Attract New Families

Allowing front driveways part of urban renewal mix, builders argue

Edmonton’s old neighbourhoods need young families to keep their schools full of children and to create ready customers who spend at local businesses. But land prices are far cheaper on the outskirts. Young families can get more house for their dollar as a result, so the lure of the suburbs will pull new homebuyers in that direction.

 

What’s needed is affordable new, single-family homes in the inner city, and that’s why homebuilders such as Paul Schaefer, 35, of Urbanhaus and Tegan Martin-Drysdale, 33, of Redbrick, are pushing for more changes to Edmonton’s revamped zoning bylaw, which is going before council in January. To read more, click here...

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This sounds interesting and quite nice... all with a cost though -- of course -- but it would nicely accentuate our downtown, that's for sure.

 

EDMONTON - Large swaths of Churchill Square will be filled with trees and city centre festivals will shift onto 99th Street, if city planners have their way.

 

There would be a park north of City Hall, where the post office parking lot is now. The avenue between City Hall and Churchill Square would also be torn up, and the Three Bananas Cafe would be bordered with a strip of green tree canopy to the north and west. A green connection would continue south down 99th Street to the river valley. To read more, click here...

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Well this is very interesting and, from what I glean from local AB data, actually not all that surprising. Check out RAE's October numbers as well as any Commercial / Industrial recent reports. Contact me directly if you'd like any other insights into this report. Otherwise, read on:

 

CALGARY — Calgary and Edmonton have displaced Toronto and Vancouver as the top-ranked cities for real estate, according to the Emerging Trends in Real Estate 2013 report released Tuesday.

 

The report, by PwC and the Urban Land Institute, said the Canadian real estate market is expected to remain steady with “modestly good” investment and development prospects across most property sectors for 2013, reflecting expectations of solid supply and demand. To read more, click here...

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Edmonton, November 2, 2012: Even with ghosts, ghouls, and goblins running through the streets, homeowners could find refuge in the local housing market. The REALTORS® Association of Edmonton reports that housing prices in October were up compared to a year ago and are the highest in October in the past five years. The all residential average price for the Edmonton Multiple Listing Service® was up 0.6% at $324,924 when compared to October 2011. The average price of a single family detached home was $372,061 up 2.1% over a year ago. Condos were priced on average at $234,177 which was an uptick of 1.8% from a month ago and up 5.4% from last October. Duplex/row house prices were down 1.1% Y/Y at $305,777.

 

“Homesellers are pleased that their property may be worth more than it has been in the past five years but homebuyers can plan their financing in an environment of small, steady price increases,” said REALTORS® Association of Edmonton President Doug Singleton. “The housing market is be-deviled in other centres but here in Edmonton both buyers and sellers find it heavenly. The pace of sales is steady, prices increase year-over-year, there is sufficient inventory and average days-on-market is reasonable.”

 

REALTORS® listed an average of 72 homes each day in October and sold an average of 44 per day. There were a total of 2,228 residential listings in October, with sales of 1,375 properties. As a result of lower listings and larger sales volumes, the month end residential inventory was down (-7.9%) from last month with 6,406 properties available. Days-on-market was an average of 61 and the sales to listing ratio was 62%. There was $447 million worth of residential property, $53 million of rural and $23 million of commercial property sold through the Edmonton MLS® in October.

 

“Life happens to us all,” said Singleton. “Unless you are an investor, the best time to buy or sell your home is when your lifestyle changes. No matter what your personal circumstances, your REALTOR® is here when life happens.”

 

Activity (for all residential sales on Edmonton MLS® System)


1 The total value of sales in a category divided by the number of properties sold
2 Single Family Dwelling
3 The middle figure in a list of all sales prices
4 Residential includes SFD, condos and duplex/row houses.
5 Includes residential, rural and commercial sales

1 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. The RAE trading area includes communities beyond the CMA (Census Metropolitan Area) and therefore average and median prices may include sold properties outside the CMA.

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The good news keeps coming as another positive announcement comes on the same day as the good October Edmonton Real Estate Stats; we're number 2 in Canada for the lowest unemployment rate, nice!
 

Edmonton’s low unemployment rate second only to Regina’s

EDMONTON - The city’s unemployment rate remained the second lowest in the country in October, according to Statistics Canada.


Unemployment in the Edmonton census metropolitan area (CMA) dipped 0.2 percentage points from the previous month to 4.3 per cent, the federal agency said. It’s the second month in a row that Edmonton has posted the nation’s second-lowest jobless rate among CMAs. Only Regina, at 3.9 per cent, was lower in October.

 

To continue reading, click here...

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This is an update as to yesterday's posting on subdividing 50' lots and the impact it would have on our mature neighbourhoods. It's a topic for discussion, that is to be sure.

 

 

 

EDMONTON ( AB ) - Most of us support the concept of densification. We like its goal of bringing more people into aging, hollowed-out older neighbourhoods. We’re just not so keen if an apartment or a duplex is going to be built next door to our own house.

 

The moment that “densification” means our neighbour is allowed to put a big addition on the front of his house, or tear down the house, subdivide the land into two smaller lots and build two tall, slender homes, we might even start getting overwhelmed by anxiety and upset. To read more, click here...

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Anyone who knows me knows I love my City of Edmonton mature neighbourhoods; they're beautiful!

This is an interesting development and City Council discused this further yesterday although I still haven't determined what -- if anything -- was decided or, more likely, delayed.

 

Edmonton ( AB ): Edmonton may allow owners of larger yards in older neighbourhoods to subdivide their properties into smaller lots in an effort to provide more infill housing. To read and listen more, click here..

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Interesting -- and not all that surprising news -- re: interest rates and their current state of affairs.

 

The Bank of Canada announced on October 23rd, 2012 it is keeping kept its key policy rate at 1 per cent, where it has been held steady for two years. This marks the longest period since the 1950s that rates have been left unchanged. Read more here...

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Edmonton, October 2, 2012: The REALTORS® Association of Edmonton reports that residential listings and sales have trended lower in the third quarter after an active start to the year. In September, there were 1,269 residential sales in the greater Edmonton market as compared to 1,442 in September 2011. Despite the recent cooling trend, residential sales year-to-date are still up 7.2% as compared to last year at this time. There have been 14,565 residential sales to the end of the third quarter as compared to just 13,729 last year.

 

“There were changes to the mortgage qualification rules in March,” said REALTORS® Association of Edmonton President Doug Singleton. “We did not see an effect on the local market at that time but it seems to have had a cooling effect in the past quarter.”

 

The average1 price for a single family dwelling (SFD) has remained higher than last year for each of the past nine months. In September, the SFD average price of $376,678 was up just 0.23% from the previous year and is up 2.78% from the January 1 price. The all-residential average price is down 2.6% from last year at $323,369. This is the first month this year that the all-res price has dipped below the 2011 figure for the same month.

 

Condominium and duplex/rowhouse prices are more volatile and vary widely from month to month. In September average condo prices were down 3.1% ($229,246) while duplex/townhouse prices on average were up 2.75% ($307,739). Still, after nine months both current prices are up from the January 1, 2012 prices for the category.

Total MLS® System listings this year are up 104 units as compared to last year at 33,295 properties but Total MLS® System year-to-date sales are 16,487 units as compared to 15,378 at the end of the third quarter in 2011.

 

There are 6,956 residential properties in the inventory compared to the 8,062 last year at this time. Rural and commercial property sales are both up marginally compared to last year although listings have dropped. The residential sales-to-listing ratio was down from 56.7% to 52.3% and residential days-on-market was up to 59 in September from 54 in August.

 

“Sales always fall month-to-month at the end of the year; that’s just normal market fluctuation,” said Singleton. “But overall, the market has been stable with little market advantage for either buyers or sellers. Edmonton is still one of the best places in North America to own property and I urge consumers to talk to their local REALTOR® when they are in a position to buy or sell property.”

 

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Activity (for all residential sales on Edmonton MLS® System)


1 The total value of sales in a category divided by the number of properties sold
2 Single Family Dwelling
3 The middle figure in a list of all sales prices
4 Residential includes SFD, condos and duplex/row houses.
5 Includes residential, rural and commercial sales

1 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. The RAE trading area includes communities beyond the CMA (Census Metropolitan Area) and therefore average and median prices may include sold properties outside the CMA.

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Copyright 2020 by the REALTORS® Association of Edmonton. All Rights Reserved.
Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.