For all of you that were looking for the statistics yesterday I apologize for being a day late.  I will continue to try and post them on monday morning.

As of today there were 2,529 residential listings in Edmonton proper. A number that seems to be holding fairly stable at the moment.  However the number of sales are on the rise.  In the past 30 days there were 778 single family homes sold in Edmonton proper.

That would give us a listings to sales ratio of 3.25:1.  That is the third straight week in a row that the ratio has been below that crucial 4:1 level.  This is an indicator that valuations are going to be rising.

So if you are thinking of buying do it now and potentially save yourself thousands of dollars.

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Existing MLS® home sales activity increased for the second month in a row in March 2009, according to statistics released by CREA. The number of new listings also continued trending lower in March, which firmed up the balance of supply to demand.

A seasonally adjusted total of 31,135 homes traded hands nationally via the MLS® in March 2009. This is an increase of 7% from the previous month, and builds on the 10.3% activity gain in February. The number of transactions in March 2009 stands 18% above levels reported in January 2009, when activity sank to the lowest level in a decade.

The monthly increase in activity was largest in BC (13.6%), and Ontario (10.5%). Sales were also up from February levels in Manitoba, Quebec, and Newfoundland & Labrador.

Actual (not seasonally adjusted) transactions numbered 35,225 units in March 2009. While this remains 13.7% below levels reported in March 2008, it is the smallest year-over-year decline in six months.

The national average price for home sales via the MLS® remains below levels reached one year earlier, but year-over-year declines are shrinking. The MLS® average residential price for homes sold in March 2009 was $288,641, down 7.7% from March 2008. This is the smallest year-over-year decline in six months.

The average price for homes sold via the MLS® set a new record in March 2009 in Manitoba, and remained above year-ago levels in Saskatchewan, Quebec, New Brunswick, Prince Edward Island, and Newfoundland & Labrador.

The national average price continues to be skewed downward by lower activity in some of Canada’s more expensive housing markets and by fewer transactions at the higher end of the price spectrum. British Columbia, Alberta and Ontario, where homes are more expensive, are significant contributors to the current downward trend in national average price. MLS® home sales activity in these provinces accounted for 69% of national activity in March 2008, compared to 67% in March 2009.

The price trend is less dramatic for the weighted national MLS® average price, which compensates for changes in provincial sales activity by taking into account provincial proportions of privately owned housing stock. The weighted national MLS® average sale price was down 4.7% year-over-year in March, compared to a 5.1% decline in February.

“Housing markets are starting to show signs of buyer interest because of lower prices and interest rates,” says Dale Ripplinger, President of CREA. “We expect April sales activity will feel some effects from the federal government incentives announced in the last budget, including the increase in the maximum withdrawal allowed under the Home Buyers’ Plan, and the First Time Buyer Tax Credit.”

More information on the national market can be found on www.crea.ca under Media Centre.

Local information including the latest press release and statistics can be found on www.ereb.com for the public or on the intranet for REALTORS®.

Weekly rate minder provided by:

Narish Maharaj

Dominion Lending Centres Optimum
(780) 238 – 7038
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According to a study done by IPSOs REID

Amid Barrage of Bad News,

Most (83%) Canadians Remain ‘Optimistic’ About Canada

Seven in Ten (69%) Think We’ll Come Out of the Recession

Stronger and Better than Before it Started

Toronto, ON – Amid a barrage of bad-news stories dealing with gloomy economic forecasts, deep deficits and job losses, even in this time of recession Canadians remain optimistic, according to a new Ipsos Reid poll conducted on behalf of Canwest News Service and Global National.

 In fact, eight in ten (83%) are ‘optimistic’ (36% very/47% somewhat) about ‘Canada as a nation’, and an equal proportion is ‘optimistic’ (26% very/57% somewhat) about their ‘standard of living compared to others’. It seems that even in tough times, most Canadians believe they’re relatively well-off.

 Further, eight in ten (84%) ‘agree’ (35% strongly/49% somewhat) that they are ‘always an optimist’ and that they ‘see the glass as half full’, an attitude that appears to be in stark contrast to the prevailing mood in the news media – one of impending doom and gloom.

 Focusing on the economy, seven in ten (69%) ‘agree’ (23% strongly/46% somewhat) that ‘we’ll come out of this economic recession stronger and better than before it started’. Just three in ten (30%) ‘disagree’ (8% strongly/22% somewhat). What is unclear is when that will be, as only 44% are ‘optimistic’ (11% very/34% somewhat) that it will be this year. The majority (55%) is ‘not optimistic’ (20% not at all/35% not very) that we’ll get out of recession this year.

 Still, nine in ten (87%) ‘agree’ (40% strongly/47% somewhat) that ‘despite everything that’s going on in the world, they’re still optimistic for a better tomorrow’. However, only a slim majority ‘agrees’ (15% strongly/37% somewhat) that ‘they’re confident that when they grow up, today’s children will be better off than their own generation is today’, while nearly one half (47%) ‘disagrees’ (15% strongly/32% somewhat) with this sentiment.

Health, Arts, Science and Technology…

Setting aside economic issues for now, Canadians appear to be optimistic about a wide variety of things ranging from their own health to advancements in science and technology.  More specifically, nine in ten (90%) are ‘optimistic’ (44% strongly/46% somewhat) about their ‘personal health’ situation, perhaps driven by the fact that eight in ten (83%) are ‘optimistic’ (32% very/50% somewhat) about ‘the advancements in science and healthcare to cure future ailments’.

 Moreover, eight in ten (80%) Canadians are ‘optimistic’ (29% very/50% somewhat) about ‘technological discoveries that will help make our lives better’.  One area where a majority (62%) is still ‘optimistic’ (18% very/44% somewhat), but not to the same degree as the areas above, relates to ‘the strength of arts and culture’ in their community. Fully one in three (34%) are ‘not optimistic’ (8% not at all/26% not very) about the strength of the arts in their community.

These are the findings of an Ipsos Reid survey conducted on behalf of Canwest News Service and Global National between March 24 and March 26, 2009. The poll was based on a randomly selected sample of 1,001 adult Canadians, who were interviewed by telephone. With a sample of this size, the results are considered accurate to within ±3.1 percentage points, 19 times out of 20, of what they would have been had the entire adult Canadian population been polled. The margin of error will be larger within regions and for other sub-groupings of the survey population. The data was statistically weighted to ensure the sample’s regional and age/sex composition reflects that of the actual Canadian population according to the census data.

For more information on this news release, please contact:

John Wright

Senior Vice President

Ipsos Reid

Public Affairs

(416) 324-2002

For full tabular results, please visit our website at www.ipsos.ca. News Releases are

available at: http://www.ipsos-na.com/news/

Weekly rate minder provided by:

Narish Maharaj

Dominion Lending Centres Optimum
(780) 238 – 7038
Apply online :
www.dlconline.com

CAUTION!!

  Buyers should be really aware that the bottom of the real estate market in my opinion has hit, and I am expecting valuations to possibly start rising.  So if you have been sitting on the fence waiting for prices to drop lower, then jump off quickly and start looking.

As of this morning on the MLS system in Edmonton proper there were 2,497 single family dwellings for sale, a number that has been holding pretty stable.  However, the number of sales are on the rise.  In the last 30 days there were 630 single family dwellings sold.  That would give us a listing to sales ratio of 3.96:1, the lowest seen since early 2007.  It is also lower than the 4:1 we need for a balanced or neutral market, and an  improvement over last week.

 If this trend continues you can expect valuations to start rising.  If you have been thinking of  buying in the next year now is the time to act and save money.

Source of listing and sales data provided by the Realtors Assc. of Edmonton

Title Insurance will insure the title of Real Property from the time of purchase or refinance until the purchase/owner sells the property.  It does not transfer to a new owner.  This is the main difference between Title Insurance and a Real Property Report.

A Real Property Report is usually good for 20 years (depending on the Lender), and as long as there are no changes to the exterior of the property it is transferrable to the new owner.

 Most Lawyers acting on behalf of a buyer will insist on a Real Property Report with Municipal Compliance, as it is transferrable and immediately confirms the state of the Title.

 Title Insurance can be used when both parties to a contract (purchaser and seller) agree, or in a refinance situation where the individual refinances his/her home and cannot find the Real  Property Report or has made changes to the exterior of the property that are not reflected on the Real Property Report in  his/her possession.

 Title Insurance is not transferrable and most buyers’ lawyers will insist on the Real Property Report/Compliance, but Title Insurance does have some advantages.  Title Insurance protects against fraud, defects on Title, invalid title documents, and charges to a property arising after the purchase.  Title Insurance also allows you to close your transaction before registration at Land Titles (Gap Coverage).

 This is a common situation facing buyers and sellers that is important.  So please, ask questions regarding the difference between a Real Property Report and Title Insurance before you sign the Offer to Purchase.

Source: James Pittaway – Pittaway and Assc.          Phone: (780) 702-5056

Weekly rate minder provided by:

Narish Maharaj
Dominion Lending Centres Optimum
(780) 238 – 7038
Apply online : www.dlconline.com

Great news if you are going to be selling your home as it doesn’t look like values are going to be dropping much further if any at all.  Bad news if you have been thinking of buying but want to wait a little longer.

As of this morning there were 2,454 residential single family dwelling listings in Edmonton proper.  In the past 30 days we have had 593 single family dwellings sold.  An increase over the last time I checked it.  This brings the listings to sales ratio now down to 4.14:1.  This is also an improvement over last week.

If this ration drops under 4:1 then we can expect valuations to start rising.

So if you have been thinking about buying this year get on the band wagon now…

Don’t have your downpayment all saved up yet… don’t wait contact Dominion Lending Optimum at www.dlconline.ca  to contact them and ask about their 100% financing options.