Edmonton Real Estate Statistics – February 15, 2010
Hello and happy Family Day. I hope that yesterday you also got to celebrate either Valentine’s Day or the Chinese New Year or both.
I was at the Western Canada Re/Max Conference last week. It was great as I met some very interesting people from all over western Canada. On individual was from Fort McMurray, and was told that things are starting to turn around in Fort McMurray, people are working again, and projects that were put on hold are starting up again.
This supports the other rumours that I have been hearing that the oil patch in general was picking for 2010. Now that is good news for Edmonton, as a large part of Edmonton’s population relies in one way or another from the Alberta oil and gas industry.
As of this morning there were 1,607 single family dwellings listed for sale in Edmonton proper. In the last 30 days there has also been 478 single family dwellings sold in Edmonton proper. This would give us a listing to sales ratio of 3.36:1, which is similar to what we had last week but below the 4:1 that is required for a neutral or balanced market.
With this kind of ratio I expect that there will be upward pressure on valuations. Also as the rumours keep increasing that we will see some kind of interest rate hike sometime this year we can expect some of the buyers sitting on the fence will start to come out and start buying again.
