Many lenders have already raised rates, however, I still have a couple lenders holding off. They too will increase them in the immediate future so get your pre-approval right away.

Edmonton, August 2, 2013: Sales of residential properties are up in double digit increments in all categories when compared to last year, according to the REALTORS® Association of Edmonton. Total residential sales in July were up 24.9% year-over-year with 1,875 sales (1,736 reported). Sales figures are adjusted to account for unreported transactions at month end. Prices were also up year-over-year in all categories.

The average price for a single family detached (SFD) property in the Edmonton Census Metropolitan Area (CMA) in July was $410,372, down 0.5% from June but up 3.4% from a year ago. Condominium average prices dropped 7.4% m/m but were up 2.6% y/y at $242,516. Duplex/row house prices were up 8.6% y/y (down 2.8% m/m) at $330,906. The all-residential average price in the Edmonton CMA in July was $350,726 (down 2.5% m/m, up 3.3% y/y).

“These are the highest figures for July that we have seen since 2009,” said President Darrell Cook. “Prices and sales have peaked for the year and the month-over-month numbers are lower than June but when compared to last year our market is very robust. Although listings are up over the same time last year, our inventory has slipped by almost 250 units. Going forward, some buyers may have to consider compromises to find their new home in this market.”

The sales-to-listing ratio of 68% was the result of 2,543 residential listings and 1,736 residential sales in July. The total value of real estate sales through the Edmonton Multiple Listing Service® System in July was $814 million; up 18% from July 2012.

Environics Analytics, a Toronto-based data analytics firm, reported last week that the average net worth of an Edmontonian was $433,970 in 2012, up 1.6% from 2011 as compared to the Canadian average net worth of $400,151.*

“Despite the rain and flooding in Alberta last month, the housing market has thrived,” said Cook. “Edmonton has jobs, housing options, and an economy that is attracting newcomers to the city and ensuring that current residents have an appealing lifestyle.”

The average days-on-market was down one from July 2012 at 49 days, which means that an average sale was completed in about a month and a half.

Source: Realtors Association of Edmonton

Edmonton, June 4, 2013: Housing sales activity in the Edmonton Census Metropolitan Area (CMA) slowed in May according to the REALTORS® Association of Edmonton. Housing sales dropped 10% when compared to May 2012. Sales of single family detached homes (SFD) were down 14.4% Y/Y and duplex/rowhouse sales were down 20.3%. In contrast, during the same period, condo sales were up 4.9% compared to May 2012.

“There is a lot of activity in the real estate market at this time of year but some buyers are having difficulty finding their perfect home,” said President Darrell Cook. “While inventory levels are rising they are still below traditional norms and there is a shortage of attractive SFD inventory available at the lower priced end of the market. That has held some buyers back. First time buyers may have had to buy in the condo market where they can still find a home in their price range.”

There were an estimated 1,169 SFD sales in May (based on 1,082 reported sales) through the MLS® System with 512 estimated sales of condos (474 reported) for total residential sales of 1,824 units (on reported sales of 1,689). Sales figures in the month are estimated to account for late reported sales and to ensure accurate comparison to prior period sales figures.

Listing activity picked up in May with 1,969 SFDs listed (up 1.3% Y/Y) and 963 condos (up 0.3% Y/Y) for an overall total of 3,188 residential properties coming into the MLS® System in May. At the end of May there were 6,028 residential properties available; up from 5,294 from last month. There were an additional 1,569 rural properties in the MLS® System inventory.

The demand for housing has buoyed up prices in the Edmonton area. The all-residential average price was up 2.4% from April and up 1.3% from a year ago at $356,807. The average price of SFDs was up 3.9% to $418,110 in May but condo prices dropped 2.4% from a month ago to $237,664. The condo average price is down 3.97% in May compared to last year.

“Increased activity at the higher end of the market drove up the average price of SFDs,” said Cook. “At the same time, the wide variety and number of options in the condominium sector continued to exert downward pressure on the average price of condominiums. There is housing available for everyone at every price point but buyers may have to adjust their expectations to be able to buy right now. Their REALTOR® can help them identify property that meets their needs.”

The average days-on-market for residential property was down to 45 days and the sales-to-listing ratio was 53% in May.

To View & Search All MLS Listed Houses for Sale Visit Us At:

www.EdmontonHomesforSale.biz

Source: Realtors Association of Edmonton

The average housing prices quoted by the Board are influenced by two factors. If the prices paid on particular properties are rising then it will push up the average price. But if the actual prices are constant, the average could still increase because of the product mix in the period.

Right now there is a shortage of attractive, lower priced homes in this market because the low interest rates and increased migration have created a demand for housing for entry level buyers. Existing home owners are also taking advantage of the lower interest rates and the equity gain since 2006 and are buying in more expensive neighbourhoods. With less homes sold at the low end, the average price is pushed up as current owners move up-market to find a home. The relative number of homes sold in the $450 – 650k price range increased from 12.2% to 14.5% year-over-year while the percentage of homes under $300,000 dropped from 40.7% of the market to 38.2%.

It is important that REALTORS® explain this phenomenon to their sellers so that they don’t have unrealistic pricing expectations. The increase in average price may not increase the market value of a particular property. Just because the market is rising, does not mean that buyers will pay more than the market price in a given neighbourhood for a home. The CMA will reveal if prices for comparable homes are rising with the market or are showing a more moderate rate of increase.

Source: Realtors Association of Edmonton

We are heading into a strong spring market. In the last 30 days we have seen an increase in sales. In the last 30 days we have seen 801 single family homes sold in in Edmonton proper.

Currently in Edmonton proper we have 2,164 single family dwellings for sale. which is about average for this time of year.

This now gives us a listings to sales ratio of 2.7:1 which is far below the 4:1 that creates a balance market.

With a ratio that is considerable below the 4:1 need for a balanced market is a strong indicator that their is strong upward pressure on valuations. Expect the cost of homes to be going up.

If you are thinking of buying this year buy now and save yourself potentially thousands of dollars.

If you are ready to buy call us here at Team Leading Edge 780-634-8151 or visit us at www.EdmontonHomesForSale.biz

Source: Realtors Association of Edmonton

Edmonton is the second-best market in the country to invest in housing, says real estate analyst Don Campbell.
“Population growth is strong, job growth is strong and things are supporting this market quite nicely, said Campbell, founding partner of the Real Estate Investment Network, a business that provides resources and information on real estate to members.
“It doesn’t look like it’s going to be another ‘07 where it just got into pure frenzy, but I think you’ll see late this year and early 2014 — which is a year behind Calgary as always — that the market will really start to push up.”
Home-buying demand will start taking off late this year while prices will begin rising next spring, Campbell says.
He bases that prediction on a formula where demand and prices come about 18 months after increased rents, which in turn follow decreased vacancies, increased demand for rental housing and growing population. All of those are triggered by earlier economic and job growth.

“We’re going to see a lot of listings come on during this year as well,” Campbell said, noting a current undersupply of listings.
Investors who bought too many properties in 2007, 2008 and 2009 will see the increased buying demand as a chance to sell, he said.
“The market’s barely moved in Edmonton as far as value. It’s a good window of opportunity before it starts to heat up again to get into the market. From an investment point of view, your rents are going up.”
He said when suites go vacant, landlords will raise rents by $150 to $200 per month.
“That will make renters think twice about renting rather than buying and that will happen over the next 12 or 18 months.”
Edmonton is second only to Calgary as the best place to invest in Canada in residential real estate. Campbell rates Hamilton as third because of its diversifying economy and job growth. Campbell was in Edmonton to promote his latest book The Little Book of Real Estate Investing in Canada. Royalties from the book go to Habitat for Humanity.

By Bill Mah, Edmonton Journal
© Copyright The Edmonton Journal

CALGARY — Members of Generation Y strongly desire a house of their own but they’re pessimistic about their ability to do so, according to a new Royal LePage Real Estate survey released on Wednesday.

The survey, which was conducted by Leger Marketing, said 80.9 per cent of the Generation Y (born between 1980 and 1994) respondents said they have plans to move to another primary residence at some point in the future with 39 per cent stating a move is planned within the next two years.

However, the majority of the young generation feel pessimistic about their ability to own a home because of current house price affordability as 44.2 per cent ‘somewhat agree’ with this feeling and 28.3 per cent ‘strongly agree’.

“While Generation Y is more likely to rent their primary residence at this stage in their lives, they do not see this as desirable long-term solution,” said the real estate firm. “An overwhelming 85.7 per cent disagreed with the statement that ‘I do not desire to own a property in my lifetime as renting is preferable to me’.”

Of those who are planning a move, 55.1 per cent of Generation Y intend to purchase their next primary residence while 32.6 per cent plan to rent.

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Source: MARIO TONEGUZZI, CALGARY HERALD MARCH 20, 2013

The international luxury real estate market remains relatively immune to the economic and political trends that drive the general housing market and is off to strong start in 2013, according to a report from high-end real estate affiliate network Christie’s International Real Estate.

The report compared 10 top property markets around the world: London, New York, Hong Kong, Paris, San Francisco, France’s Cote d’Azur, Toronto, Dallas, Los Angeles, and Miami. The company, a subsidiary of Christie’s auction house, also rolled out a new index, the Christie’s International Real Estate Index, which ranks markets across metrics such as record sales price, prices per square foot, percentage of non-local and international purchasers, and the number of luxury listings relative to population.

The 10 markets were also chosen for the network’s strong market share locally. Christie’s International Real Estate has 125 affiliated brokerages in 41 countries.

London, which topped the index, achieved a record sales price of more than $121 million for a residential property in 2012, followed by an $88 million sale in New York. In all of the cities studied except Dallas and Toronto, the highest sales price for the year exceeded $35 million, the report said.

Economist Robert Shiller has predicted U.S. home prices will rise only one or two percent a year in inflation-adjusted terms for the next half decade due to “lingering uncertainties” in world economies, the report said. By contrast, a study by the The Boston Consulting Group expects global sales of personal luxury goods, such as fine art, to grow about 7 percent annually through 2014, assuming there are no new major economic crises, the report added.

“Except where there is government intervention luxury residential real estate values will likely follow luxury goods and not the general housing market, and are therefore poised to increase in many of the cities studied in 2013,”  the report said. “This is particularly true as (high-net-worth individuals) turn their luxury investments toward nonconsumables and experiential luxury products that have lasting value.”

Report: Wealthy continue to pay top dollar for trophy properties
BY INMAN NEWS, MONDAY, MARCH 11, 2013.

To view and search all Edmonton and area MLS listed Luxury and Executive homes visit us at: http://www.edmontonhomesforsale.biz/search/edmonton-luxury-homes

Search and view all Edmonton and area MLS listed homes for sale at www.EdmontonHomesForSale.biz