Job seekers at an employment office in September. The number of Canadians receiving EI benefits was up more than 7 per cent during the month. (Canadian Press)

EI recipients up 7.1% in September

The largest increases were in Ontario, Alberta and British Columbia, Statistics Canada said Tuesday.

The total number of beneficiaries reached 818,000, up 63.5 per cent from October 2008, when the agency says employment hit its peak.

The number of people receiving EI had increased sharply between October and June, before moving onto a downward trajectory.

Several cities recorded more than double the number of beneficiaries than a year ago, with the fastest year-over-year increases in Calgary and Edmonton.

Another week another dollar… Maybe.

As of this morning there were 1,781 single family homes listed for sales in Emdonton proper.  That is only a slight drop from last weeks number of 1,794,  So the listing inventory is remaining fairly stable.

In the last 30 days there were 545 single family homes sold in comparision to last weeks 546.  Again, a very stable number.  That ultimately give as a listing to sales ration of 3.27:1.

Stability is good and if the market can continue to hold its own for the next few weeks we shouldn’t see market values dropping over the winter months.

So if you have been waiting for prices to drop over the winter months before you buy you just might be out of luck and end up paying more because you waited.

**Reduced $20,000!** **Over $35,000 of recent renovations and upgrades!** Prestigious Whitemud Creek home that is steps away from the ravine.  This 2021 square foot home was built by Carriage Custom Home Builders and features an open floor plan and vaulted ceilings.  Enjoy your summers in the large terraced backyard with mature landscaping, trees, and interlocking stone patio, or relax inside with full air conditioning.  Let the stress of the day melt away in the large ensuite soaker tub.  This lovely home has imported cork, laminate, and hardwood flooring, and a fully finished basement that would be perfect for that big screen TV. 

For more information and interior pictures click on the following link: http://www.edmontonhomesforsale.biz/view_listing/Ogilvie_Ridge/mls/E3198563

Happy Thanksgiving Day!

I guess there is no rest for the wicked as I am off after this to show home on this wintery day, but that is not why you come here to visit me today.  So here is what is happening to our real estate market in Edmonton.

As of this morning there were 1,946 single family homes listed on the Multiple Listing Service in Edmonton proper.  That is a slight decrease of last week but to be expected as we are heading into the fall season.  In the last 30 days we have seen 675 sales of single family homes in Edmonton proper.  That gives us a listing to sales ratio of 2.88:1

This is very consistent to what we saw last week and I am expecting the market to remain fairly stable for the next few weeks.

Although sales were not at record levels in September, they compared favourably with sales levels last year and settled in for the third best September ever. Only sales in September 2006 of 1,844 residential units and last September (1,729) were better than the 1,704 sales pegged last month.

“We have experienced strong sales through the third quarter,” said Charlie Ponde, president of the REALTORS® Association of Edmonton. “At the end of the first quarter YTD sales were down over 21%, and after six months they were up almost 2%. The last three months have had strong buyer demand and year-to-date sales are up 5.3% over the same period last year.”

The strong sales also boosted prices of both single family and condominium properties. Prices dipped slightly in August after showing steady gains all year but bounced back to mid-summer levels in September. The average price of a single family dwelling was $371,947 and condos were priced on average at $245,546 (both up 1.4% over August prices). SFD prices are up over $20,000 from where they were on New Years Day.

Higher prices have not resulted in greater listing activity. 2,564 homes were listed in September resulting in a 66% sales-to-listing ratio as compared to September 2008 with over 3,100 listings and a 55% S/L ratio. The slower listing activity dropped inventory to 6,032 from 6,445 units last month but there is still almost four months of inventory at present sales volumes.

Duplex and row house properties sold on average for $299,964 and the combined Average Residential Price was $327,235 in September; up 2% from September 2008.

“Homes are selling slightly faster than last month and much faster than last year at this time,” said Ponde. “I expect that sales in this market will show continued strength through the fall and early winter.” The average days-on-market was 44 in September; down four days from August.

Highlights of MLS® System activity

¹. Residential includes SFD, condos and duplex/row houses.
². Single Family Dwelling
³. The middle figure in a list of all sales prices

* Average prices indicate market trends only. They do not reflect actual prices, which may vary

Source: Realtors Association of Edmonton

I have to let you all know how excited I am.  I just came back from a 3 day course in Calgary on real estate investing and I have to tell you even for an old dog like myself that has been in this industry since before computers I learned so much.  It is amazing what you didn’t know that you didn’t know!!

Let’s get back to what is happening in the Edmonton Real Estate Market.  As of this morning in Edmonton proper there were 1,936 active single family dwellings listed.  That is almost an 8% drop from last week.  In the last 30 days we have seen 674 single family homes sold in Edmonton proper, which is an increase of 2.4%

Well it doesn’t take a rocet scientist to know that if supply is going down and sales increasing that valuations are probably rising.  As a matter of fact the current listings to sales ratio is down to 2.87:1 in comparison to 3.21:1 last week.

As long as that ratio stays well below the 4:1 needed here in Edmonton for a neutral or balanced market valuations are going to continue to rise.  So if you are a first time buyer you cannot afford to wait till you have more downpayment you need to make the more now.  If you are thinking of buying a more expensive home from your current home again you cannot wait as your next home will go up more in value than your present home.  For those that are downsizing then maybe you want to wait as long as you can, because you will pur more money in your pocket.

Well that is it for me right now.  Keep checking here on the blog when I will be sharing some of what I learned in my course over the weekend, otherwise I hope that you have a terrific week and I will see you here next Monday with the statistics of the week.

To view the complete report with specifics on your region click on the following link: http://www.edmontonhomesforsale.biz/view_special_reports.php

With the worst of the recession over, residential real estate markets in major Canadian centres are poised for growth in the final quarter of 2009, according to a report released today by RE/MAX. 

The RE/MAX Bricks and Mortar Report found the bounce back that began in early Spring has made this recession one of the shortest on record.  Low interest rates, pent-up demand, and improved affordability levels have all played a role in the recovery now well-underway.  Percentage increases in unit sales from January to August 2009 were led by Vancouver, (up a substantial 14 per cent to 23,158), Victoria (up 7.4 per cent to 5,266), Edmonton (up 6.2 per cent to 13,691), Regina (up five per cent to 2,597), Ottawa (up 2.4 per cent to 10,830) and Toronto (up 1.8 per cent to 58,421).  Housing values are already ahead of record-breaking 2008 levels in seven of the 11 markets surveyed, including Newfoundland-Labrador (18.1 per cent year to $203,584), Regina (6.4 per cent to $244,088), Halifax-Dartmouth (3.5 per cent to $239,633), Winnipeg (3.5 per cent to $207,006), Ottawa (3.3 per cent to $301,684), and Toronto (up 0.3 per cent to $385,978).  Nationally, average price hovers at $312,585, up 0.5 per cent over one year ago.

 The strength of the residential housing sector cross-country has taken many economists and housing analysts by surprise once again.  In terms of its impact on the resale market, by historical standards, this recession was one of the mildest.  The resilience of bricks and mortar has been demonstrated time and again.  While there may still be some challenges down the road, the worst is definitely behind us in the housing industry.

 The recovery of Canada’s resale housing markets speaks to the tremendous value Canadians place on the importance of owning a home.  The number of Canadians overall who own a home has increased since 1981 from 62.1 per cent to 68.4 per cent, with some markets posting even higher homeownership rates — Calgary (74.1), St. John’s (71.5), and Regina (70.1).  Significant gains have also been made over the same period in markets such as Ottawa, where levels rose from 51.4 per cent to 66.7 per cent, and Toronto, where levels rose from 57.3 to 67.6 per cent.

 Public sentiment can perhaps best be illustrated by a recent Angus Reid Omnibus Survey* that asked the question “In which do you feel more comfortable investing your money?  The stock market or real estate.”  Out of 1,000 respondents from coast-to-coast, 77 per cent chose real estate. The results of the RE/MAX Bricks and Mortar Report are clearly representative of this national dynamic at work.

 Markets are heating up across the country as purchasers take advantage of affordable prices and rock bottom interest rates.  Those who missed the boat in years past have found that sitting on the sidelines can be a costly move.  Prices are on the upswing and inventory levels are tightening, so the push toward homeownership is expected to continue throughout the Fall and possibly into early 2010.

 Over the past thirty years, the Canadian residential real estate market has experienced three major downturns – 1981, 1989, and 2008.  While there have also been regional fluctuations throughout the years, return on investment over this period has been substantial, with Vancouver, Victoria, Toronto, Regina and Ottawa leading the country in terms of price appreciation.

The overall stability of real estate as an investment has also played a role. Markets like Halifax-Dartmouth, Regina, Ottawa, Winnipeg and London have provided steady returns (especially in recent years), with minimal fluctuation.

 * The Angus Reid Omnibus Survey was conducted on September 15, 2009 and yields a margin of error of +3.1 per cent, 19 times out of 20.

I guess we can be happy with the thought that the market seems to be stabilizing.  My concern is with the market stabilizing it will not take much for the market to go either way up or down depending on what might be in the news that week…

As of this morning there were 2,098 active single family homes on the market in Edmonton proper.  Again a relatively consistent number with what we have seen in the last few weeks.  The number that is somewhat worrisome is the number of sales.  In the last 30 days there were 658 single family homes sold.  That is a number that is has been declining of the last few weeks.

With the current listings and sales that give us a listings/sales ratio of 3.2:1.  That is a slight increase over last week.  So as this number continues to increase that would be an indicator that the market is softening.  

I am hoping that is just a seasonal softening of the market which normal.  On a brighter side of the homes that did sell the average days on market are 38.

This is also an indicator that if a property has been on the market longer than that it is properly over-priced.  Even in today’s market the very best deals are selling in the first 3 days of them hitting the market.

So in order to get the best deal if you are thinking about buying would be to contact Kate at 780-634-8151 so she can set up a search that will allow you to receive the homes that would match your criteria the moment they are listed and you can take advantage to view this deals before they are sold to another buyer.

Over $80,000 spent on upgrading and renovating this 3 bedroom bungalow with a one bedroom basement suite, and a double heated garage.  Newer oak kitchen, formal dining area, and brightly lit living room complete with fireplace.  3 Bedrooms up, and a 4pce bath.  Suite has full kitchen, large living room, 1 bedroom and 3 pce bath.  Heated and insulated double detached garage.  Low maintenaince backyard patio and shaded area, perfect for summer!  Listed for only $329,900 Call me today to view 780-995-6520 or view all pictures at www.findmyhouse.ca

New in Canada’s Economic Action Plan

Through Canada’s Economic Action Plan, the federal government will introduce a First-Time Home Buyers’ Tax Credit (HBTC) to help with the purchase of a first home. This measure is expected to cost $30 million in 2008-2009, $175 million in 2009-2010 and $180 million in 2010-2011. 

About the Initiative

The HBTC will assist first-time homebuyers with the costs associated with the purchase of a home, such as legal fees, disbursements and land transfer taxes, which are a particular burden for first-time homebuyers, who must also save for a down payment.

The $5,000 non-refundable HBTC amount will apply to qualifying homes acquired after January 27, 2009, and will provide up to $750 in federal tax relief.

A qualifying home is generally considered to be a housing unit located in Canada that the individual or individual’s spouse or common-law partner intends to occupy as the principal place of residence no later than one year after its acquisition.

Any unused portion of an individual’s HBTC may be claimed by the individual’s spouse or common-law partner. When two or more eligible individuals jointly purchase a home, the credit may be shared but the total credit amount claimed cannot exceed $5,000.

How It Works

First-time homebuyers purchasing a home will be able to claim the HBTC on their income tax returns, starting in 2009. Claimants should ensure that documentation supporting the purchase transaction is available if requested by the Canada Revenue Agency. Claimants are also responsible for making sure that all applicable eligibility conditions are met. 

Who Is Eligible

First-time homebuyers are eligible. An individual is considered a first-time homebuyer if neither the individual nor the individual’s spouse or common-law partner owned and lived in another home in the year of the home purchase or in any of the four preceding calendar years. Special rules apply for the purchase of homes that are more accessible or better suited to the personal needs and care of an individual who is eligible for the Disability Tax Credit. In these situations, the HBTC can be claimed, even if the first-time homebuyer requirement is not met. 

How to Find Out More

For more information, please visit the Department of Finance Canada website or the Canada Revenue Agency website.