Edmonton’s Macewan Area Real Estate Listings and Sales statistics from your Team Leading Edge Macewan specialist… Serge Bourgoin
To view and search all Edmonton and are MLS listed homes for sale visit us at www.EdmontonHomesForSale.biz
Any dark clouds that are currently hanging over Alberta will clear by 2014, paving the way for strong business and consumer activity, says a report by RBC Economics.
The bank’s latest Provincial Outlook, released Tuesday, said the province’s economy will continue its “impressive boom” through 2013, after leading the country’s economic growth in 2012, despite facing challenges.
RBC forecasts a provincial real GDP growth rate of three per cent due to strong crude oil production as well as high levels of capital investment, employment and population growth. This will be second in the country behind the 5.1 per cent growth expected in Newfoundland & Labrador.
RBC is predicting Alberta will lead the country in economic growth of 4.2 per cent in 2014.
In December, RBC forecast growth of 3.5 per cent this year for the province. The forecast for 2014 has remained the same.
“Even though the province recently announced a $2 billion budget deficit, Alberta is unquestionably in the midst of an impressive economic boom – particularly with capital investment fuelling manufacturing and wholesalers’ sales. Attractive employment opportunities are also bringing new migrants to the province, boosting population growth and in turn, consumer spending,” said Craig Wright, senior vice-president and chief economist at RBC. “As the economy continues to thrive across the majority of key industries, Alberta will remain at the top-end of Canada’s economic growth rankings this year.”
Economic growth in the province in 2011 was 5.1 per cent followed by 3.5 per cent last year.
Todd Hirsch, senior economist with ATB Financial, said Alberta’s economy is moderating somewhat.
“So I think we will see probably a slower year for growth than what we saw in 2011 or 2012,” said Hirsch. “A lot of that of course prompted by those softer energy prices and maybe a little bit of pullback by the provincial government. But I think we’re still going to see kind of a nice moderate healthy level of growth of around 2.5 to three per cent.
“Going forward beyond that it gets trickier and we don’t really do forecasts beyond 2013 but I would still see 2014 as a pretty good year … It’s not going to feel quite like the boom years of 2006, 2007 either. We’re just going to have nice healthy moderate growth.”
RBC said there are a few weak spots in Alberta’s economic outlook. Investment intentions in the oil and gas sector are essentially flat for 2013. RBC said Alberta’s energy developers’ plans are being weighed down by rapidly rising energy production in the U.S., pipeline bottlenecks and the ‘bitumen bubble’, all of which contributed to lower crude oil prices in Canada relative to global benchmarks late in 2012.
“Weaker than expected oil prices put a multibillion dollar hole in Alberta government’s revenues, and led to a 2013 provincial budget that detailed renewed public sector spending restraint,” said Wright. “Still, any pullback in capital spending will be short-lived as pipeline issues are addressed and crude oil price relationships normalize.”
RBC trimmed its real GDP growth forecast for Canada to 1.8 per cent through 2013, following softer-than-expected growth in 2012. For 2014, it is forecasting 2.9 per cent growth across the country. In December, it forecast growth of 2.4 per cent this year and 2.8 per cent in 2014.
“After boasting a relatively strong economic performance over the past several years, Canada’s economy hit a speed bump in late 2012,” said Wright. “That said, financial conditions continue to support growth. As confidence recovers, business spending should accelerate, albeit at a less rapid pace than we saw in the early days of expansion.”
Source: Calgary Herald
Edmonton’s Rutherford Area Real Estate Listings and Sales statistics from your Team Leading Edge Rutherford specialist… Serge Bourgoin
To view and search all Edmonton and are MLS listed homes for sale visit us at www.EdmontonHomesForSale.biz
Edmonton’s Magrath Heights Area Real Estate Listings and Sales statistics from your Team Leading Edge Magrath Heights specialist… Serge Bourgoin
To view and search all Edmonton and are MLS listed homes for sale visit us at www.EdmontonHomesForSale.biz
From your Team Leading Edge MacTaggart specialist… Serge Bourgoin
To view and search all Edmonton and are MLS listed homes for sale visit us at www.EdmontonHomesForSale.biz
From your Team Leading Edge Windermere specialist… Serge Bourgoin
To view and search all Edmonton and are MLS listed homes for sale visit us at www.EdmontonHomesForSale.biz
The market is really heating up in Edmonton. Tonight I wrote an offer above asking price on a property that only been on the market for 2 days and we were not the successful bidder. You need to act fast and possible significantly above asking price.
To view and search all Edmonton and are MLS listed homes for sale visit us at www.EdmontonHomesforsale.biz
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
| January 2013 | January | M/M % Change | Y/Y % Change |
| SFD2 average3 selling price – month | $399,832 | -1.93% | 7.68% |
| SFD median4 selling price – month | $376,600 | 2.16% | 6.38% |
| Condominium average selling price | $216,139 | -3.11% | 1.71% |
| Condominium median selling price | $208,000 | 0.00% | 1.96% |
| All-residential5 average selling price | $328,525 | -3.50% | 2.51% |
| All-residential median selling price | $315,000 | -1.56% | 1.61% |
| # residential listings this month | 1,812 | 121.79% | -11.09% |
| # residential sales this month | 853 | 36.04% | 3.02% |
| # residential inventory at month end | 3,743 | 7.16% | -12.24% |
| # Total6 MLS® System sales this month | 1,128 | 34.77% | -0.53% |
| $ Value Total residential sales this month | $325 million | 33.29% | 3.98% |
| $ Value of total MLS® System sales – month | $374 million | 29.01% | -0.96% |
| $ Value of total MLS® System sales – YTD | $374 million | 29.01% | -0.96% |
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
source: Realtors Association of Edmonton
The Edmonton Real Estate market continues to be robust. As
of this morning July 18, 2012 there were 3,076 single family dwellings listed
on MLS with the Realtor’s Association of Edmonton. This level of inventory is a
very healthy.
In the past 30 days there were 941 homes sold. For this time
of year this is a very healthy and strong number. This would give us a listing
to sales ration of 3.27:1 which is well below the 4:1 ratio needed for a
neutral or balanced market.
With a 3.27:1 listings to sales ratio I expect there to be
continued pressure for valuations to continue to rise. I think that in the next
30 days we will see how much of an impact the new mortgage rules that came into
effect July 09, 2012 will have on the real estate market in Edmonton.
If you are thinking of buying you will probably save
yourself thousands of dollars by buying now versus waiting a few months. Call
me today if you would like some help to find your next home. Serge @ 780-995-6520.
To view and search all MLS listed homes visit us at
www.edmontonhomesforsale.biz
Today (June 21, 2012), the federal government announced amendments to government-backed mortgage standards in Canada that will take effect on July 9, 2012. These changes will make it more difficult to qualify for a mortgage, and will reduce the mortgage amount that you will be able to get. Buy now before the changes come into affect.
Jim Flaherty, Minister of Finance, announced the following changes to the standards governing government-backed insured mortgages:
the maximum amortization period was reduced from 30 years to 25 years; the maximum amount Canadians can withdraw in refinancing their mortgages was lowered to 80 per cent from 85 per cent of the value of their homes; the maximum gross debt service ratio was fixed at 39 per cent and the maximum total debt service ratio at 44 per cent; and the availability of government-backed insured mortgages was limited to homes with a purchase price of less
than $1 million.
Better buy now before the mortgage rule changes making it more difficult to buy a home, and making it less affordable.
http://business.financialpost.com/2012/06/21/ottawa-tightens-mortgage-rules-what-the-analysts-say/
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