Edmonton Real Estate Blog

Edmonton, April 2, 2012: At the end of the first quarter, the REALTORS® Association of Edmonton reports that the average residential price in the Edmonton area is up 2.2% when compared to a year ago.
The all-residential average1 price, at $335,187 compared to $328,094 in March of last year. Single family detached (SFD) and condominium average prices were stable year-over-year with SFD prices up 0.2% and condos down 0.7%.

“Other markets, such as Toronto, are reporting feverish real estate activity involving multiple offers and unconditional offers but our market is calm, orderly and slowly evolving,” said REALTORS® Association of Edmonton President Doug Singleton. “Listing activity is up when compared to last year but sales
and inventory are down which could indicate that market activity will pick up markedly as the summer progresses.”

On the Multiple Listing Service® System, sales and listings by REALTORS® in March were up, with 3,271 residential listings (up 23.5% from February) and sales of 1,533 (up 24.5% from the previous month). As a result, the inventory of residential properties available for sale was up 14.6% at 6,851 properties. At the current sales level, there are four and half months of inventory available. In total, there are 10,640 properties of all types (commercial, rural and residential) on the Edmonton and Area Multiple Listing Service®.

Market stability is reflected in the sales-to-listing ratio which is unchanged from month-to-month. The average days-on-market dropped in March byone day from 54 to 53 and residential properties are selling at about the same pace as this time last year on a year-to-date basis (46%).

In March, the average price of a single family detached home was $380,083, up 1.3% from the previous month. The average price of a condominium in March was $231,629, down 1.4% from the February price (last month the price of condos advanced over 8% in a month). Duplex and rowhouse properties sold on average for $319,020; a 4.1% improvement from the previous month.

“April is the start of the real estate season when people who want to buy and sell real estate are most active,” said Singleton. “There is speculation that mortgage rates will start to rise which makes it more difficult for first time buyers. However, there is lots of choice in our market with new properties
coming available daily. Whatever your housing situation you can trust the advice of your local REALTOR® who is here when life happens.”

* 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.

It is amazing what can happen in just a few weeks. We have had a complete turnaround in the real estate market here in Edmonton. Just a few short weeks ago we were in a buyer’s market and now we are in a seller’s market.

As of today April 04^th there are 2,673 actives single family homes for sale in Edmonton proper. That is a healthy level but I expect it to rise as we get deeper into this spring marketplace.

In the last 30 days there has been 849 single family homes sold in Edmonton proper. This would give us a listing to sales ration of 3.14:1 much lower than the 4:1 that we need here in Edmonton for a balanced market.

With this low of a ratio I will be expecting home valuations to start rising. If you have been thinking about buying you should do it now before valuations and interest rates rise any further.

To get pre-approved for a mortgage visit www.edmontonmortgagesource.com

So, today is the official first day of Spring!!!! The real estate market is very brisk these days and prices are on the rise.

There is a great mortgage rates out there right now. 3 year and 4 year fixed promotion: 2.79% (3y) and 2.99% (4y) It’s an amazing rate, no restriction on amortization or prepayment privileges. It is a PROMOTION so will disappear at anytime.

For more information visit www.edmontonmortgagesource.com

Lenders and policy makers are currently in discussions to change the mortgage rules again!! They are currently debating reducing the maximum amortization period back down to 25 years. This will make mortgage payments higher and will reduce the overall amount of a mortgage you will be able to qualify for.

They are also having discussions about increasing the amount of down payment required to buy.

Both of these will have a huge impact on your ability to buy, and how much you will be paying monthly. If you are thinking of buying you should consider buying right now before these changes come into being.

Search all MLS listed homes on our website www.edmontonhomesforsale.biz or call me today 780-995-6520

This has been one of the most strangest years that I can remember since I started real estate back in 1985. I say strange because it was the busiest January and February that I can ever remember having but by looking at the sales statistics it would appear not everyone was having the same success.

As of today March 03, 2012 there are 2,318 single family homes listed in Edmonton proper on the Multiple Listing System.  That is a reasonable listing level.

In the previous 30 days there were 604 single family homes sold in Edmonton proper through the Multiple Listing System. That is a significant increase over last months sales level.

This would give us a listings to sales ratio of 3.84:1 which is below the 4:1 we need in Edmonton for a neutral or balance market. This tells me that we are starting to see some increased pressure for valuations to start to rise.

If you are a buyer you better buy now before prices go up and interest rates go up. Call me today to help you find your dream home now. Serge 780 – 995 – 6520

Whether you are thinking about buying or selling it always pays to have the best working for you.

Just got exciting news. I ranked #4 for office production in the month of January. Thinking of buying or selling a home in Edmonton call me today to ensure you get representation from a professional. Call me today 780-995-6520

I would first like to wish everyone a Happy and Prosperous
New Year! As it can be expected the market of the last 30 days has been slow
because of Christmas and New Years take our focus from real estate and towards
the holiday festivities.

Currently there are 1,790 single family dwellings listed on
the market in Edmonton proper. That lower inventory level that we have seen in
the last few months as people let their listings expire and come off the market
for the holiday season.

In the past 30 days there were 367 single family dwellings
sold. This reflects the season slow down that we would expect.

This gives us a listings to sales ration of 4.87:1 which
normally would indicate that there would be downward pressure on valuation.
However the seasonal slowdown is giving us a ratio that might not really be
indicative of the real market situation. I think that over the next 2 – 4 weeks
we will see this ratio change significantly as the buyers come back to the
market. I also expect that when they do we will probably see increasing
pressure for valuations to rise.

According RBC Economic Report thing look bright for Alberta for the next couple of years.

Here is an a portion of that report as it pertains to Alberta.

On a fast track

Amid the heightenedeconomic uncertainty spreading globally in the past severalmonths, Alberta’s
steady progress toward full recovery from the recession is refreshing. Overcoming obstacles of its own—chief among them the wildfires that caused significant economic disruptions in May—the provincial economy is now displaying the stuff that made it a growth powerhouse a little more than half a decade ago. Impressed by the performance to date, we upgraded our call for Alberta’s real GDP growth
to 4.0% this year, which is a pace that we believe will be largelysustained in both 2012 and 2013, at 3.9% and 3.8%, respectively. Were it not for the even stronger performance by Saskatchewan, Alberta would recapture the crown of Canada’s fastest growing provincial economy.

Job market booming

With the oil industry buzzing like it was in 2006 and serving as a catalyst for activity in other sectors, Alberta’s job market is booming. In the first 11 monthsof this year, there have been 98,000 net new jobs created in the province, representing the best tally since 2006. The gain could well cross the 100,000 mark when all is said and done in 2011, which would set a new record for Alberta. What is most
impressive about this supercharged job market is that gains are broadly based across industries. The energy sector is directly responsible for only a small portion of these gains. Small to moderate advances are being registered in the vast majority of industries. Moreover, the boom entirely emanates from the private sector, which is the source of an astounding 116,000 new jobs this year. Such strength easily made up for declines in the public sector and among the self-employed.

Albertaconsumers spending big

With job prospects improving so quickly and confidence rebuilding, Alberta consumers have been big spenders in 2011. Retail sales in the province have increased at one of the faster rate in the country, with big ticket items such as motor vehiclesenjoying further resurgence from their recessionary lows. We expect that favourable labour market conditions—we project employment to rise by a nation-leading
3.1% next year—will continue to support such positive consumer spending trend in 2012.

Non-conventional crude production setting new records

Generally, the outlook for the Alberta economy remains very bright (notwithstanding the higher risks that face virtually all global economies). Oil production in the province has now fully recovered from the disruptions caused by the wildfires in May and is now on a record pace. We expect that, with more oilsands capacity continuing to be added, non-conventional crude output will set new highs in the
period ahead. Pipeline capacity issues—the topic of much debate in the United States in the past several months that ultimately resulted in delaying the approval decision on the Keystone XL project—might create some transportation bottlenecks to U.S. refineries by 2013, which could restraingrowth in the
province’s exports that year.

Alberta’s oilsands: a boon for years to come

Meanwhile, work on several oilsands megaprojects is proceeding and will continue to generate tremendous economic activity in the province. There is an inventory of $120 billion worth of oilsands projects at various stages of development currently; and given the strong commitment by all stakeholders to build this resource, it will be a boon to Alberta’s economy for years to come.

Source: RBC Economic Report, Dec. 2011