Edmonton Real Estate Blog

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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

Open Sunday Feb. 22, 2009 1-4pm

3627 – 30 St.

List Price: $359,900

Unbelievable executive bungalow that backs onto park and shows like a dream! This lovely home offers vaulted ceilings, gas fireplace with oak surround, upgraded oak trim throughout, large windows with mutton bars, 2+1 bedrooms, 2.5 baths, 2 dens, huge master ensuite with soaker tub, spacious oak kitchen with pantry and eating bar, built-in vac, front veranda and back deck, beautifully landscaped yard, and double attached garage! This home needs nothing done-just move in and enjoy

To view and search all Edmonton and area MLS listed homes visit me at http://www.findmyhouse.ca/

To enter a free draw for a $5,000 travel draw visit me at http://www.findmyhouse.ca/

Very nice 4 bedroom bi-level home with a fully finished basement, in-law suite, ceramic and hardwood floors, large pie shaped lot a must see RV parking. Asking $359,900

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

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

Could the tide be turning for real estate?

It’s probably premature to make that call, but you can’t ignore the encouraging signs – especially when they come in multiples.

First, we saw a surprising 6.5 percent jump in home sales for December. Now we’ve just gotten the latest Pending Home Sales Index, and it’s up 6.3 percent, thanks to double digit gains of 13 percent in the Midwest and the South.

The index is based on signed contracts for home sales that haven’t gone to closing, but that are scheduled to settle in the coming two or three months.

The National Association of Realtors collects the data from Multiple Listing Services around the country, and most economists accept the index as a reliable gauge of where we’re headed in housing activity.

Lawrence Yun, chief economist for the National Association of Realtors, attributed the upward movement to “buyers responding to lower home prices and interest rates” that have improved the affordability equation to its most favorable level in 39 years.

Sales in the coming months might also be powered by something no index can measure: Congress is likely to improve last year’s $7,500 home buyer tax credit by turning it into a non-repayable incentive for new sales this year – all as part of the stimulus package on Capitol Hill.
Though it’s impossible to predict how many more home sales a true credit might stimulate – one that doesn’t have to be paid back to the government like the 2008 version – industry estimates range anywhere from several hundred thousand upward, provided the expiration date runs through this coming December.

On other economic fronts last week, reports of tens of thousands of industry layoffs definitely won’t help housing, but new numbers on inventories of unsold homes just might be a plus. Total homes for sale on the market nationwide dropped nearly 18 percent last month to the lowest level since May of 2007.

Mortgage rates inched up slightly last week, according to the Mortgage Bankers Association, with thirty year fixed rate loans averaging 5.3 percent compared to 5.2 percent the week before. That’s up a notch, but it’s still close to 40-year historic lows.

As we’ve said before on this program: Keep your eyes open for the little statistical improvements in the market that often get ignored by the media: Once they start mounting up, month after month, you’ll know we’re in turnaround mode.

We’re not there yet, but we’re headed in a promising direction.
Source: Kenneth R. Harney, Realty Times

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

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

As of today Feb. 13, 2009 there are 2,514 single family homes listed in Edmonton proper. That is not much different than we have been for the last couple of months.

However what has changed is an increase in sales in the last 30 with 476 sales. That gives up a listing/sales ratio of 5.28:1 which is the lowest ratio since the market started it’s nose dive in valuations back in mid-2007.

And that is getting very close to the 4:1 that we require for the market to stabilize. Considering that last month we were at over 10:1 this is great news and could be indicating that we are close to the market hitting the bottom.

So if you have been thinking of waiting to buy that next home you might want to start looking now.

To view and search all Edmonton and area MLS listed homes for free visit us at: www.FindMyHouse.ca

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

The City of Edmonton has taken another big step towards making more affordable housing available by allowing more secondary suites in mature neighbourhoods.

“The City is taking action on this issue, giving more homeowners the option of building a suite in their basement or elsewhere on their property,” says Peter Ohm, Manager, Land Use Policy Planning Branch. “We are also protecting renters by ensuring secondary suites are up to proper building and fire codes.”

New suites will provide much-needed affordable rental housing and can help first time buyers or empty nesters pay their mortgages. Garden suites will also now be allowed at the discretion of the City’s development authority, but only in specific locations, and with conditions that ensure new rental units do not conflict with the integrity of neighbourhoods. The City also wants homeowners with illegal suites to upgrade their suites to meet building and fire codes now that zoning regulations allow substantially more secondary suites to exist legally.

Homeowners can get help building secondary suites through the Secondary Suites Grant Program. The program also provides funding to homeowners who have existing, illegal secondary suites to renovate the suites to meet fire and building codes, provided their properties are able to meet zoning regulations. In exchange for funding, homeowners agree to rent the suite to modest income tenants at 85% of the median market rent for five years.

These changes come after extensive public consultation and will increase the number of homes where secondary suites would be allowed by an estimated 270%. The City has also recently allowed garage suites in more locations.

As part of the bylaw, City Council requested city administration provide a progress report on the program to be presented to council in early 2010.

REALTORS® support these changes as they provide a low cost and expedient method of providing affordable housing throughout the City.

To view and search all Edmonton and area MLS listed homes visit me at http://www.findmyhouse.ca/

Also visit http://www.findmyhouse.ca/ to enter the free draw for a $5,000 travel gift certficate.

Edmonton, February 3, 2009: Residential sales in January are always slow as buyers recover from their holiday excesses and stay bundled up from the cold. January sales were slow at the beginning of the month but picked up steam as the days grew longer. REALTORS® sold 730 residential properties in January compared to 608 in December (sales up 20%). Sales prices were also up in all categories as compared to the previous month.

“Nobody rings a bell when prices hit the bottom,” said Charlie Ponde, president of the REALTORS® Association of Edmonton. “The bottom is evident only after several months of rising prices. One month does not make a trend but the market is certainly welcoming to home buyers.” He pointed to the lowest interest rates in years, the large selection of homes available and recently announced economic stimulus packages as reasons for the increasing market activity. The amount of RRSP savings that can be applied to a first-time home purchase was increased from $20,000 to $25,000 and a tax rebate for home renovation expenses were announced in the recent federal budget. Both measures will encourage home buyers.

The average* price of a single family home in January was $352,689 – up a quarter of a percent as compared to December. Condo prices were up 1.8% to $238,535 and duplex/rowhouses sold on average for $299,222 (a 2.2% price increase). Total residential sales through the MLS® for the month were $231 million – down 43% from the previous January.

Listing activity also increased in January. There were 2,443 residential properties listed in January – an 85% increase over December listings. With 730 residential sales the sales-to-listing ratio was just 30%. At the end of January there were 6,573 properties available on the residential MLS®. At current sales rates this is a nine month supply. Time to sell was up from 65 days-on-market in December to 68 days in January.

“The housing market changes every day and consumers need to work with a REALTOR® who can advise on pricing, sales and negotiation strategies,” said Ponde. “REALTORS® are the only professionals with current sales prices (as compared to asking prices) and can do up-to-date comparisons for properties similar to the one you are attempting to buy or sell.”

Source: Realtors Association of Edmonton

To view and search all Edmonton and area MLS listed homes visit me at http://www.findmyhouse.ca/

Also visit http://www.findmyhouse.ca/ to enter the free draw for a $5,000 travel gift certficate.


Beautiful bi-level. Featuring spacious open floor plan with vaulted ceilings and large eating kitchen counter with eating bar, double patio door to large deck. Spacious 17.5′ x 14′ master bedroom with ensuite and walk in closet. Main floor also features hardwood floors and ceramic tiles. Newer paint through-out basement: features: lovely 2-bedroom in-law suite with large family room. Large back yard with fire-pit cemented pad. 2-car garage with side R.V. pad.

For more information call me today 780-995-6520 or view at http://www.findmyhouse.ca/

Serge Bourgoin
Re/Max Real Estate
780-488-4000

To view and search all Edmonton and area MLS listed homes visit me at http://www.findmyhouse.ca/

Also visit http://www.findmyhouse.ca/ to enter the free draw for a $5,000 travel gift certficate.

Weekly Rate Minder is provided by Dominion Lending Centres Optimum (780) 452-9101 or you can visit them at www.dlconline.com

This edition of Weekly Rate Minder has the latest, best rates for Canadian mortgages. At Dominion Lending Centres, we work on your behalf to find the mortgage that suits your needs. Best of all – our service is “free”.* It’s the selected lender that pays us and YOU get the best rate. *(O.A.C., E.&O.E.)
• Our Best Rates
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Terms / Posted Rates / Our Rates

1 YEAR / 5.00% / 3.50%
2 YEARS / 5.75% / 3.99%
3 YEARS / 5.75% / 3.75%
4 YEARS / 5.69% / 4.09%
5 YEARS / 5.79% / 4.34%
7 YEARS / 7.00% / 5.90%
10 YEARS / 7.35% / 6.05%
Rates are subject to change without notice. *OAC E&OE
Prime Rate is 3.00%.
Variable rate mortgages from as low as Prime + .80%

Rates are subject to change without notice. Fixed mortgage rates shown in table above and quoted variable mortgage rates are available nationally to qualified individuals. Some conditions may apply. Lower rates may be available in certain regions, or to those with higher credit scores or higher net worth – check with your Dominion Lending Centres Mortgage Expert for full details.

*O.A.C., E.& O.E.

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