Sales activity on the Edmonton Multiple Listing Service® increased in April as compared to last month and April 2008. There were 3,019 residential properties listed in April with sales of 1,843 (up 33.6% from last month and 1.1% from April 2008).

The average* price of single family homes in the Edmonton area was up 1% from March but, at $353,386, was still 8.5% below the last April price of $386,033. Condo prices were up 2.4% from last month to $236,020 while duplex/rowhouse prices were up 5.2% at $291,068.

“Increased sales activity is evident in most real estate offices and some REALTORS® are reporting multiple offers on select properties,” said Charlie Ponde, president of the REALTORS® Association of Edmonton. “However, inventory is still relatively high and sellers should price their properties aggressively to attract offers.”  

The number of residential properties available through the MLS® System on April 30 was 7,539 – up 1% from last month but well below the glut in April last year when there were 10,606 properties available. The year-to-date sales-to-listing ratio is just 46% but the April S/L ratio of 61% is an indicator of increased activity. Average days-on-market in April was 51 – a number last seen in March 2008.

“REALTORS® are optimistic about the Edmonton market,” said Ponde. “In-migration figures are positive, retail sales in Alberta are still higher than the rest of the country and unemployment figures are lower than other parts of Canada. First-time buyers are entering the market because of historically low interest rates and renovation incentives are encouraging move-up buyers to consider relocation.”

Total sales through the MLS® System for the month were valued at $635 million with a year-to-date total of $1.75 billion. Total YTD sales value is down 23% from the same time last year but sales are off by just 16%

Source: Realtors Association of Edmonton

For all of you that were looking for the statistics yesterday I apologize for being a day late.  I will continue to try and post them on monday morning.

As of today there were 2,529 residential listings in Edmonton proper. A number that seems to be holding fairly stable at the moment.  However the number of sales are on the rise.  In the past 30 days there were 778 single family homes sold in Edmonton proper.

That would give us a listings to sales ratio of 3.25:1.  That is the third straight week in a row that the ratio has been below that crucial 4:1 level.  This is an indicator that valuations are going to be rising.

So if you are thinking of buying do it now and potentially save yourself thousands of dollars.

The market is changing fast… very similar to what we saw when the market had it’s down turn back in May 2007.

As of this morning there were 2,521 residential listings in Edmonton proper.  In the last 30 days there were 684 listins sold which again is an increase over last week.  That would give us a listing to sales ratio of 3.56:1.  Again that is a drop from last week.

For those of you who have been following this blog you will remember that historically in Edmonton we need a listings to sales ratio of 4:1 for a neutral or balanced market.  Now for 2 weeks in a row we have been below that market which supports my comments lasts week that we have probably seen the bottom of valuations.

I wouldn’t be surprised at all if we were to start seeing valuations start to rise again soon.  So if you were thinkg of buying then the sooner the better as they say.

According to a study done by IPSOs REID

Amid Barrage of Bad News,

Most (83%) Canadians Remain ‘Optimistic’ About Canada

Seven in Ten (69%) Think We’ll Come Out of the Recession

Stronger and Better than Before it Started

Toronto, ON – Amid a barrage of bad-news stories dealing with gloomy economic forecasts, deep deficits and job losses, even in this time of recession Canadians remain optimistic, according to a new Ipsos Reid poll conducted on behalf of Canwest News Service and Global National.

 In fact, eight in ten (83%) are ‘optimistic’ (36% very/47% somewhat) about ‘Canada as a nation’, and an equal proportion is ‘optimistic’ (26% very/57% somewhat) about their ‘standard of living compared to others’. It seems that even in tough times, most Canadians believe they’re relatively well-off.

 Further, eight in ten (84%) ‘agree’ (35% strongly/49% somewhat) that they are ‘always an optimist’ and that they ‘see the glass as half full’, an attitude that appears to be in stark contrast to the prevailing mood in the news media – one of impending doom and gloom.

 Focusing on the economy, seven in ten (69%) ‘agree’ (23% strongly/46% somewhat) that ‘we’ll come out of this economic recession stronger and better than before it started’. Just three in ten (30%) ‘disagree’ (8% strongly/22% somewhat). What is unclear is when that will be, as only 44% are ‘optimistic’ (11% very/34% somewhat) that it will be this year. The majority (55%) is ‘not optimistic’ (20% not at all/35% not very) that we’ll get out of recession this year.

 Still, nine in ten (87%) ‘agree’ (40% strongly/47% somewhat) that ‘despite everything that’s going on in the world, they’re still optimistic for a better tomorrow’. However, only a slim majority ‘agrees’ (15% strongly/37% somewhat) that ‘they’re confident that when they grow up, today’s children will be better off than their own generation is today’, while nearly one half (47%) ‘disagrees’ (15% strongly/32% somewhat) with this sentiment.

Health, Arts, Science and Technology…

Setting aside economic issues for now, Canadians appear to be optimistic about a wide variety of things ranging from their own health to advancements in science and technology.  More specifically, nine in ten (90%) are ‘optimistic’ (44% strongly/46% somewhat) about their ‘personal health’ situation, perhaps driven by the fact that eight in ten (83%) are ‘optimistic’ (32% very/50% somewhat) about ‘the advancements in science and healthcare to cure future ailments’.

 Moreover, eight in ten (80%) Canadians are ‘optimistic’ (29% very/50% somewhat) about ‘technological discoveries that will help make our lives better’.  One area where a majority (62%) is still ‘optimistic’ (18% very/44% somewhat), but not to the same degree as the areas above, relates to ‘the strength of arts and culture’ in their community. Fully one in three (34%) are ‘not optimistic’ (8% not at all/26% not very) about the strength of the arts in their community.

These are the findings of an Ipsos Reid survey conducted on behalf of Canwest News Service and Global National between March 24 and March 26, 2009. The poll was based on a randomly selected sample of 1,001 adult Canadians, who were interviewed by telephone. With a sample of this size, the results are considered accurate to within ±3.1 percentage points, 19 times out of 20, of what they would have been had the entire adult Canadian population been polled. The margin of error will be larger within regions and for other sub-groupings of the survey population. The data was statistically weighted to ensure the sample’s regional and age/sex composition reflects that of the actual Canadian population according to the census data.

For more information on this news release, please contact:

John Wright

Senior Vice President

Ipsos Reid

Public Affairs

(416) 324-2002

For full tabular results, please visit our website at www.ipsos.ca. News Releases are

available at: http://www.ipsos-na.com/news/

CAUTION!!

  Buyers should be really aware that the bottom of the real estate market in my opinion has hit, and I am expecting valuations to possibly start rising.  So if you have been sitting on the fence waiting for prices to drop lower, then jump off quickly and start looking.

As of this morning on the MLS system in Edmonton proper there were 2,497 single family dwellings for sale, a number that has been holding pretty stable.  However, the number of sales are on the rise.  In the last 30 days there were 630 single family dwellings sold.  That would give us a listing to sales ratio of 3.96:1, the lowest seen since early 2007.  It is also lower than the 4:1 we need for a balanced or neutral market, and an  improvement over last week.

 If this trend continues you can expect valuations to start rising.  If you have been thinking of  buying in the next year now is the time to act and save money.

Source of listing and sales data provided by the Realtors Assc. of Edmonton

Great news if you are going to be selling your home as it doesn’t look like values are going to be dropping much further if any at all.  Bad news if you have been thinking of buying but want to wait a little longer.

As of this morning there were 2,454 residential single family dwelling listings in Edmonton proper.  In the past 30 days we have had 593 single family dwellings sold.  An increase over the last time I checked it.  This brings the listings to sales ratio now down to 4.14:1.  This is also an improvement over last week.

If this ration drops under 4:1 then we can expect valuations to start rising.

So if you have been thinking about buying this year get on the band wagon now…

Don’t have your downpayment all saved up yet… don’t wait contact Dominion Lending Optimum at www.dlconline.ca  to contact them and ask about their 100% financing options.

Well the market continues to improve. 

Currently with the Realtors Association of Edmonton there are 10, 388 residential properties listed on MLS.  However there are 2,599 single family dwellings listed in Edmonton proper.  In the last 30 days there has been 600 single family homes sold. That is a slight improvement over last week.

That would give us a listing to sales ratio of 4.33:1, an improvement over last week which would indicate that we are reaching the bottom to valuations.  A ratio below 4:1 would indicate that valuations would start to rise again.

If you are trying to time the market… start looking now.

To view and search all Edmonton and area MLS listed homes visit www.FindMyHouse.ca

Also visit www.FindMyHouse.ca for your chance to enter for a free $5,000 travel certificate.

Housing starts in Edmonton took a huge drop in February, reflecting a trend across the country, Canada Mortgage and Housing Corp. reported Monday.

In February, there were 213 housing starts in the metropolitan Edmonton area, compared to 692 in the same month in 2008. This represents a drop of 69 per cent.

The drop in multi-family units was even more pronounced. Only 64 were started last month, compared to 449 in February 2008, representing a change of 86 per cent.

“There is still a fairly large number of units under construction in multi-family, in some respects that supply is going to remain quite adequate, going forward,” said Richard Goatcher, a senior market analyst for CMHC in Edmonton.

The decline is the same in nearly every city across the province, Goatcher said.
“Looking at our numbers and comparing them with Calgary, we’re pretty much having a similar year in terms of new housing for the year-to-date,” Goatcher said.

“You know our numbers are are down by two-thirds. Calgary, they’re down by about 72 per cent.”

Grande Prairie was the only Alberta city that bucked the trend. Forty-eight single and multi-family homes were started in February, compared to 31 in February 2008.

Source: Canada Mortgage and Housing Corp.

To view and search all Edmonton and area MLS listed homes visit me at www.FindMyHouse.ca

Also for a chance to enter a free draw for a $5,000 travel certificate visit me at www.FindMyHouse.ca

The January 27th federal budget was chock full of goodies for homeowners and first-time homebuyers. Below are some highlights from the budget that you may find useful.

Home Renovation CreditIf you’ve been thinking about doing some home renovations, a 15% Home Renovation Tax Credit (HRTC) of up to $1,350 on eligible home renovation expenses undertaken before February 1, 2010 that was proposed in the new budget may help in your decision to invest in improvements to your home.

The credit will apply to expenditures in excess of $1,000, but not more than $10,000, for the 2009 taxation year. Expenditures for work performed, or goods acquired, after January 27, 2009 and before February 1, 2010, will be eligible for the credit. The credit will, however, not be available in respect of expenditures for work performed or goods acquired in that period if the expenditure is made pursuant to an agreement entered into before January 28, 2009. Individuals may claim this credit (including expenditures made in January 2010) in their 2009 income tax returns.

Eligibility for the HRTC will be family-based. For this purpose, a family will generally be considered to consist of an individual, and where applicable, the individual’s spouse or common-law partner, and their children who were under the age of 18 throughout 2009.
Two or more families that share ownership of an eligible dwelling will each be eligible for their own credit. Each family’s credit will be determined by their respective eligible expenditures in excess of $1,000, but not more than $10,000.

Individuals will be able to claim the HRTC on eligible expenditures made in respect of dwellings that are eligible at any time after January 27, 2009 and before February 1, 2010 to be their principal residence or that of one or more of their other family members under the existing tax law.

In general, a housing unit is considered to be eligible to be an individual’s principal residence where it is owned by the individual and ordinarily inhabited by the individual, the individual’s spouse or common-law partner or their children.
In the case of condominiums and co-operative housing corporations, the credit will be available for eligible expenditures incurred to renovate the unit that is eligible to be the individual’s principal residence as well as the individual’s share of the cost of eligible expenditures incurred in respect of common areas.

Individuals who earn business or rental income from part of their principal residence will be allowed to claim the credit for the full amount of expenditures made in respect of the personal-use areas of the residence. For expenditures made in respect of common areas or that benefit the housing unit as a whole (such as re-shingling a roof), the administrative practices ordinarily followed by the Canada Revenue Agency (CRA) to determine how business or rental income and expenditures are allocated between personal use and income-earning use will apply in establishing the amount qualifying for the credit.

Expenditures will qualify for the HRTC if they are incurred in relation to a renovation or alteration of an eligible dwelling (including land that forms part of the eligible dwelling) provided that the renovation or alteration is of an enduring nature and is integral to the eligible dwelling. Such expenditures would include the cost of labour and professional services, building materials, fixtures, equipment rentals and permits.

Expenditures will not be eligible if the related goods or services are provided by a person not dealing at arm’s length with the individual, unless that person is registered for Goods and Services Tax/Harmonized Sales Tax purposes under the Excise Tax Act. Any eligible expenditure claimed for the HRTC must be supported by receipts.
ecoENERGY Retrofit – Homes GrantsThe new budget also proposes an expanded ecoENERGY Retrofit – Homes program, and Natural Resources Canada is currently working to finalize the details.

The new expanded program includes a $300 million increase over two years for support to property owners looking to make their homes more energy efficient. It is estimated that additional funds will extend the reach of the current program to an additional 200,000 homeowners.

Under the current program, ecoENERGY Retrofit – Homes provides home and property owners with grants of up to $5,000 to offset the cost of making energy-efficient improvements. ecoENERGY Retrofit grants apply to a host of measures that reduce energy consumption and provide for a cleaner environment, from increasing insulation to upgrading a furnace.
Only homes that have undergone a residential energy efficiency assessment by an energy advisor certified by Natural Resources Canada will be eligible for grants.

Detached homes, row housing, duplexes, triplexes and mobile homes on permanent foundations and some small apartment buildings of three storeys or less may qualify for ecoENERGY Retrofit – Homes grants.

The ecoENERGY Retrofit grant is based on the type and number of energy improvements that have been made and how much the efficiency of the home has been improved. The grant is based on how effective that upgrade is in saving energy, not on the cost of the upgrade.
The maximum grant one can receive per home or multi-unit residential building is $5,000; whereas the total grant amount available to one individual or entity for eligible properties over the life of the program is $500,000. The average grant is expected to be more than $1,000 and will yield an average 25% reduction in energy use and costs.

RRSP Home Buyers’ Plan IncreaseThe budget proposes a $5,000 increase to the RRSP Home Buyers’ Plan, meaning first-time homebuyers can now withdraw up to $25,000 from their RRSPs for a down payment – tax- and interest-free.
Tax Credit for First-Time HomebuyersAlso proposed in the new budget is a $750 tax credit for first-time homebuyers to help with closing costs, such as legal fees, disbursements and land transfer taxes.

The tax credit is based on an amount of $5,000 for first-time homebuyers who acquire a qualifying home after January 27, 2009 (ie, the closing is after that date). The credit for a taxation year will be calculated by reference to the lowest personal income tax rate for the year and is claimable for the taxation year in which the home is acquired.

An individual will be considered a first-time homebuyer if neither the individual nor the individual’s spouse or common-law partner owned and lived in another home in the calendar year of the home purchase or in any of the four preceding calendar years.

A qualifying home is one that is currently eligible for the Home Buyers’ Plan that the individual or individual’s spouse or common-law partner intends to occupy as the principal place of residence no later than one year after its acquisition.

Source:

Dominion Lending Centres Optimum
Great Advice, Best Rates and Quick Approvals
Call: 780-452-9101

To view and search all Edmonton and area MLS listed homes visit me at www.FindMyHouse.ca

Also for your chance to enter a free draw for a $5,000 travel certificate visit www.FindMyHouse.ca

National housing starts reached 211,056 units in 2008, a decrease from 228,343 in 2007, according to CMHC’s first quarter Housing Market Outlook, Canada Edition report. Starts are expected to be about 160,250 for 2009 and about 163,350 for 2010. “The new home market is moderating due to a number of key factors,” said Bob Dugan, Chief Economist for CMHC. “The economic downturn will result in a decrease in demand for home ownership leading to a decline in housing starts and existing home sales in 2009. Housing market activity will begin to strengthen as the Canadian economy rebounds in 2010 and the level of housing starts over the forecast period will be more in line with demographic fundamentals.”

Existing home sales, as measured by the MLS®, are expected to decline 14.6% during 2009 to 370,500 units. In 2010 the level of MLS® sales is expected to increase by 9.3% to 405,000 units. The average MLS® price is also expected to decrease over the course of 2009. Average prices nationally are forecast to be $287,900 for 2009, a decline of 5.2%, while 2010 will see little change from 2009 average prices.

As Canada’s national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable, and affordable homes — homes that will continue to create vibrant and healthy communities and cities across the country.

Source: Realtors Assc. of Edmonton