Edmonton Real Estate Blog

To view and search all Edmonton and area MLS listings visit me at: www.FindMyHouse.ca

As of this morning we have 3,200 single family homes listed on MLS in Edmonton proper. In the last thirty days there has been 439 sales. That gives us a listing to sales ratio of 7.29:1 which is slightly better than what we had just a few days ago.

It is however a far cry from the ratio of 4:1 that we need for a balanced market, and I therefor expect continued downward pressure on valuation.

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

In line with the recent downward revisions of Canadian economic and job growth forecasts, CREA is updating its MLS® housing market forecast for the balance of 2008, and 2009. National home sales activity is now forecast to decrease by 12% to 461,200 units in 2008, and decrease by 3% in 2009. The number of new listings is forecast to decline further from the peak reached in the second quarter of 2008, with levels in 2009 on par with levels in 2007. Fewer new listings will stabilize the resale housing market in 2009. Average home prices will reach new heights in nearly all provinces in 2008, but declining activity in higher priced markets will hold the national average price stable this year compared to 2007. The national average price is forecast to ease by 2.1 per cent in 2009.

Canadian economic growth is forecast to start improving in the second half of 2009 before accelerating in 2010. Re-aligning housing market balance and improving home affordability will set the stage for an improving housing market in 2010.

“Canadians are definitely concerned by the economic news out of the US, and much of that news stems from distress in the US housing market. Canadians should realize that Canada’s economy and housing market are both in better shape. This means the downturn in Canadian consumer confidence will pass and when it does, housing demand will rebound, especially when they realize the window of opportunity to buy at reduced prices and at low interest rates will begin to narrow once economic growth shows signs of rebounding next year.”

A brief video broadcast about this housing market information featuring CREA President Calvin Lindberg and CREA Chief Economist Gregory Klump are available on www.crea.ca.

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

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
• Explore Mortgage Scenarios with Helpful Calculators on http://www.dominionlending.ca/

Terms /Posted Rates /Our Rates

1 YEAR /6.35%/ 4.35%
2 YEARS/ 6.70%/ 5.35%
3 YEARS /7.05%/ 5.24%
4 YEARS /7.04% /5.34%
5 YEARS /7.20% /5.40%
7 YEARS /7.65% /6.20%
10 YEARS /8.00% /6.40%
Rates are subject to change without notice. *OAC E&OE
Prime Rate is 4.00%.
Variable rate mortgages from as low as Prime + 1

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.

Source: Debbie Forbes – Dominion Lending Centres (780) 991-8787 or e-mail: debbief@dominionlending.ca

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

Currently there are 3180 single family homes for sale in Edmonton proper
In the last 30 days there were 422 single family sold in Edmonton proper
Listings to sales ratio 7.54:1

This ratio is increasing and based on that I expect continued downward pressure of valuations.

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

As of today in Edmonton proper there are 3,244 single family homes listed for sale. That is a number that has remained fairly stable for the last few weeks.

In the last 30 days there has been only 457 sales of single family homes. That is approximately a 10% drop in the number of sales since last month. Not totally unusual for this time a year when sales have a tendency of slowing down.

That does however give us a listings to sales ratio of 7.098:1, an increase since last month. The ratio that we need for a balanced or neutral market we need a listings to sales ratio of 4:1.

With this in mind I expect that there is going to be continued downward pressure on the valuations of homes.

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

Despite global economic unrest and uncertainty in other North American housing markets, Edmonton seems to be maintaining an even keel according to figures released by the REALTORS® Association of Edmonton. October residential resale figures were lower than last October but within the normal range for this time of year. Overall prices were down but single family residences gained slightly in price.

“Sales typically slow in the fourth quarter and this year is no exception,” said Marc Perras, president of the REALTORS® Association of Edmonton. “Stronger sales in the third quarter may have reduced demand in October but REALTORS® are still busy assisting buyers and sellers with their transactions.”

The average* price of a single family residence was up one third of a percent (0.33%) over September at $363,274. Condominium sales took the biggest single month drop this year resulting in condo prices down by 5.8% with an average price of $237,590 during October. Duplex and rowhouses sold on average for $307,178, which was down 2.7% from September. The average residential sales price (including all types of residential property) was $317,784; dragged down by the lower condo prices.

“Listings were still strong in October although the inventory of homes available on the MLS® continued to reduce toward the normal levels,” said Perras. There were 3,116 homes listed during the month with 1,251 sold for a sales-to-listing ratio of 40% (55% in September). At the end of the month there were 8,525 homes available – down from 8,808 last month. The average days on market also dropped from 61 to 58 days in October.

Total residential sales for the year are now $5.3 billion with total MLS® sales (including commercial and rural sales) over $6 billion. The business community remains confident in the Edmonton market as demonstrated by 150 industrial, commercial and investment sales and agribusiness sales during October.

View and Search all Edmonton MLS listings at:
www.Edmonton-Real-Estate.com

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