Upward Movement for April Real Estate Edmonton

by qdeanj 9. May 2019 14:35

May 2, 2019: When compared to March 2019, unit sales across most categories increased, with single family home unit sales increasing 43.68%, condo sales increasing 38.31% and duplex/rowhouse sales increasing 34.06%. Year over year sales are up in all major categories, with single family homes sales increasing 1.91%, condo sales increasing 2.77% and duplex/rowhouses sales increasing 3.93%. Year to date sales for all residential categories were down 8.44% compared to April 2018. Average unit prices rose from last month but are still down from April 2018. The average price of a single-family home was $427,657; an increase of 0.96% compared to March 2019 but down 0.82% compared to April 2018. The average price of a condo was $228,933, an increase of 7.05% from March 2019 but a decrease of 7.93% year over year. Prices for duplex/townhouses saw a decrease from March 2019, with the average price down 1.09% to $330,795, but a 1.87% increase relative to April 2018. “Spring tends to see more activity in the market with this year being no exception,” says REALTORS® Association of Edmonton Chair Michael Brodrick. Inventory rose 8.76% higher compared to March 2019 but was down 1.78% over April 2018. Listings were also up, climbing 11.14% month over month but down 1.92% year over year. Days on market decreased for most home types compared to March 2019. Single family homes spent an average 55 days on market, condos averaged 71 days, and duplex/rowhouses averaged 67 days. Overall, the average days on market for all residential properties was 60, which was six days shorter than March 2019 but three days longer over April 2018.

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Overall unit sales up relative to February 2019

by qdeanj 15. April 2019 12:41

 Edmonton, April 3, 2019: When compared to February 2019, unit sales across all categories increased, with single family home sales increasing 27.84%, condo sales increasing 8.86% and duplex/rowhouse sales increasing 21.05%. Year over year sales are down in all major categories, with single family homes sales decreasing 12.57%, condo sales decreasing 18.06% and duplex/rowhouses sales decreasing 3.50%. Year to date sales for all residential categories were down 13.19% compared to March 2018. Average unit prices rose last month, relative to February, but are down slightly from March 2018. The average price of a single-family home was $423,451, which was a decrease of 1.50% compared to February 2019 and down 5.02% compared to March 2018. The average price of a condo was $213,856, a decrease of 3.78% from February 2019 and a decrease of 10.42% over year. Duplex/rowhouses saw an increase from February 2019, with the average price rising 4.09% to $334,440, but still a 4.59% drop relative to March 2018. “Spring typically brings increased selling activity in the real estate industry. Overall residential sales were up by just over 20% from February 2019, but still down from March 2018,” says REALTORS® Association of Edmonton Chair Michael Brodrick. Inventory has risen 11.71% compared to February 2019 but slipped 0.68% from March 2018. Days on market decreased for two home types compared to February 2019. Single family homes spent an average 60 days on market, condos averaged 77 days, and duplex/rowhouses averaged 65 days. Overall, the average days on market for all residential properties was 66, which was seven days shorter than February 2019 but 10 days longer than March 2018.

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Unit sales and average prices up in February

by qdeanj 6. March 2019 13:03

 Edmonton, March 4, 2019: When compared to January 2019, unit sales across all categories increased, with single family home sales increasing 23.31%, condo sales increasing 26.05% and duplex/rowhouse sales increasing 17.53%. Year over year sales are down in all major categories, with single family homes sales decreasing 2.73%, condo sales decreasing 6.62% and duplex/rowhouses sales decreasing 9.60%. Year to date sales for all residential categories were down 11.01% compared to February 2018. Average unit prices rose from last month, but are down from February 2018. The average price of a single-family home was $430,000, which was an increase of 6.36 % compared to January 2019 but down 2.73% compared to February 2018. The average price of a condo was $222,267, an increase of 1.64% from January 2019 but a decrease of 6.62% year over year. Duplex/townhouses saw a small decrease from January 2019, with the average price falling 0.24% to $321,288, and a 9.60% drop relative to February 2018. “February tends to see the start of an increase in unit sales in the real estate market following the sluggish winter months, and this year is no different,” says REALTORS® Association of Edmonton Chair Michael Brodrick. “Inventory remains high and compared to last year the market is still lagging, but we are hopeful the traditional upward trend for spring holds true this year.” Inventory has risen 4.89% higher compared to January 2019 and 4.31% over February 2018. However, listings continue to decrease, slipping 5.64% month over month and 8.55% year over year. Days on market decreased for all home types compared to January 2019. Single family homes spent an average 70 days on market, condos averaged 76 days, and duplex/rowhouses averaged 80 days. Overall, the average days on market for all residential properties was 73, which was 11 days shorter than January 2019 and nine days longer over February 2018.

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Year over year residential unit sales and average prices decrease

by qdeanj 11. February 2019 18:13

 Edmonton, February 4, 2019: Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market decreased 15.00% relative to January 2018. Single family home sales decreased 14.34%, condominiums decreased 18.56% and duplex/rowhouse sales decreased 1.02%. When compared to the previous month, residential unit sales increased, as is typical for this time of year. Single family home sales increased 1.51%, condominiums sales increased 22.16% and duplex/rowhouse sales increased 32.88%. Overall, residential unit sales increased 9.75% compared to December 2018. Average prices declined in January. The average selling price of a single family home was $404,275, a decrease of 6.04% compared to January 2018 and a decrease of 5.52% compared to December 2018. Condominium average prices decreased 4.90% year over year and increased 6.18% month over month. Duplex/rowhouse average prices decreased 7.51% relative to January 2018 and decreased 6.85% relative to December 2018. “The real estate market is still experiencing the consequences of high inventory and slow sales,” says REALTORS® Association of Edmonton Chair Michael Brodrick. “Buyers are benefiting from more choice but may be struggling with the mortgage qualification rules, while sellers will need to continue to be patient and flexible in this market.” Listings for January were almost identical to January 2018, increasing by 0.08%. Inventory remained higher than average, with an increase of 6.10% relative to December 2018 and an increase of 9.31% compared to January 2018. Average days on market are reflective of a sluggish winter market, with the residential average increasing to 84, up from 72 days in December 2018. Single family homes sold on average in 79 days, an increase of 10 days from December 2018. Condominiums increased to 93 days on market and duplex/rowhouses increased to 90, both categories up from 78 average days on market in the previous month.

Single home buyers hesitant to purchase, despite strong financial means and low debt

by qdeanj 11. February 2019 17:51
Single Home Buyers Report image
  • Twenty-six per cent of single Canadians are considering purchasing a home on their own, with Atlantic Canada leading the pack at 34 per cent
  • Fifty-two per cent of single Canadians said economic uncertainty and expensive home prices are the biggest factors impacting their decision not to purchase a home on their own

As Canadians’ household debt ratio creeps higher across the country, single Canadians who are interested in buying a home on their own (26 per cent), seem to be on a different path. According to a recent RE/MAX survey conducted by Leger, almost half of respondents (43 per cent) have less than $5,000 in debt, casting doubt on claims that debt is impacting their decision to purchase a home.

For more than half of single Canadians, the decision not to purchase is driven by economic uncertainty and high home prices (52 per cent). Meanwhile, 81 per cent of singles who want to purchase a home say that they have the ability to do so and finance a property on their own. More than one-third (37 per cent) of single home buyers will use a loan or mortgage, and 35 per cent have the savings available to make the down payment.

“It’s concerning to see qualified buyers showing hesitancy toward home ownership. Price and economic factors aside, the additional unnecessary layers of government intervention have left many feeling pushed out of the market, or uncertain of it,” says Christopher Alexander, Executive Vice President, RE/MAX of Ontario-Atlantic Canada.

However, despite these factors, it’s important to remember that buying Canadian real estate is still one of the safest and most reliable financial investments one can make.

Single Canadians who want to buy a home are in agreement, with 38 per cent saying it is a good investment, which is especially the case for those living in urban areas (51 per cent). The second most-common reason for single Canadians wanting to purchase a home is to have more flexibility in their living space (27 per cent).

“Purchasing a property alone often reaps great long-term benefits from an investment perspective,” says Elton Ash, Executive Vice President, RE/MAX of Western Canada.

There is a great opportunity for asset growth, particularly as home prices continue to increase in cities like Toronto and Vancouver, pushing the average sales price up in all surrounding regions as well.

Key findings from the 2019 RE/MAX Single Home Buyers Omnibus Survey

  • Canadian single buyers are more interested in purchasing single-detached homes (12 per cent), than any other type of property.
  • Men are twice as likely as women to say that they are considering purchasing a home on their own (37 per cent versus 17 per cent).
  • Single Canadians living in urban areas are more hesitant than single Canadians living in suburban areas to invest due to high home costs (48 per cent versus 43 per cent).

High inventory, stable prices for the 2018 real estate market

by qdeanj 10. January 2019 16:52

Edmonton, January 3, 2019: The Edmonton Census Metropolitan Area (CMA) real estate market marked a year of stable average and median prices, decreasing sales, and increasing inventory. New listings and active inventory are down compared to October 2018. Listings decreased 15.38% and inventory decreased 2.00% month over month. When compared to November 2017, both categories were up. New listings increased 9.97% and inventory increased 9.86% year over year. Year-to-date average prices remained relatively stable throughout 2018. The residential average sale price was $369,607, a decrease of 1.28% compared to 2017. In the specific categories, average single family home prices decreased 0.85% to $434,028, condominium average prices decreased 4.9% to $236,008 and duplex/rowhouse average prices decreased 1.75% to $342,150. Residential year-to-date unit sales were down 5.57%, to a total of 15,519 residential units sold, compared to 16,435 in 2017. Single family homes were down 4.36%, condominium unit sales were down 7.73% and duplex/rowhouse unit sales decreased 8.63%. Sales volume in 2018 was also down 6.78% to $5.73 billion compared to $6.15 billion in 2017. “The real estate market in 2018 experienced record-high inventory levels, rising interest rates and the effect of the mortgage stress test, resulting in lower sales all property categories,” says REALTORS® Association of Edmonton Chair Michael Brodrick. “It was a challenging market for both buyers and sellers and it appears 2019 will be similar.” Listings for December 2018 decreased 43.09% compared to November 2018, and decreased 3.85% compared to December 2017. End of month inventory decreased 9.69% month over month and increased 10.83% year over year. Year-to-date days on market for residential units was 62, up 3 days from the average of 59 days on market in 2017. Year-to-date listings were also up, increasing 3.53% over 2017. The reported annual sales to listing ratio was 47%, indicating a buyers’ market. In the month of December, sales decreased both month over month and year over year. In total, the average residential unit sales decreased 30.13% relative to November 2018, and decreased 19.65% compared to December 2017. Average prices were mostly stable, decreasing 0.02% to $360,450 month over month and increasing 1.03% year over year.

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Year over year residential unit sales and average prices decrease- October 2018

by qdeanj 14. November 2018 18:15

Edmonton, November 2, 2018: In the Edmonton Census Metropolitan Area (CMA), the all residential unit sales month over month decreased 5.71% and decreased 13.61% year over year. Single family home sales are down 9.71% compared to September 2018, and down 14.86% compared to October 2017. Duplex/rowhouses decreased 20.16% month over month and 30.77% year over year. Month over month unit sales of condominiums increased 8.80% and decreased 4.92% relative to October 2017. Average prices also declined in October. The all residential average price was $358,954, a month over month decrease of 4.01% and year over year decrease of 3.08%. The average price of a single family home was $425,864, a decrease of 1.36% compared to September 2018 and decrease of 1.30% compared to October 2017. Duplex/rowhouses decreased 3.45% month over month and 2.21% year over year, to an average price of $333,215. Condominiums also decreased to an average price of $221,293, down 8.16% compared to September 2018 and down 8.80% compared to October 2017. “Some of the market decreases are a result of slower sales coupled with higher inventory and listings, as well, it is also common for both prices and sales to begin to decrease at this time of year due to seasonal market fluctuations.”” says REALTORS® Association of Edmonton Chair Darcy Torhjelm. “As we move towards the end of the year, we will likely see average days on market grow with inventory remaining higher.” New listings and overall inventory are down compared to September 2018. Listings decreased 3.22% and inventory decreased 2.68% month over month. When compared to October 2017, both categories were up. New listings increased 4.05% and inventory increased 8.50% year over year. The average days on market for single family homes increased to 62 days, increasing by one day compared to September 2018 and seven days compared to October 2017. Average days on market for duplex/rowhouses was unchanged month over month, and five days longer year over year. Condominiums sold on average in 72 days, three days shorter compared to September 2018 and five days longer relative to October 2017.

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All residential average prices stable, unit sales decrease-September 2018

by qdeanj 17. October 2018 10:34

Edmonton, October 3, 2018: In the Edmonton Census Metropolitan Area (CMA), the all residential average prices increased 2.48% to $373,958 compared to August 2018 and increased 0.94% compared to September 2017. Single family home average prices increased 1.71% month over month and increased 0.25% year over year. Duplex/rowhouse average prices also increased in both categories, up 4.38% compared to August 2018 and up 0.68% compared to September 2017. Condominium average prices decreased 1.53% month over month and decreased 4.28% year over year. Unit sales are down across all categories. Single family home sales decreased 19.41% relative to August 2018 and 2.22% relative to September 2017. Condominium sales decreased 28.82% month over month and decreased 19.09% year over year. Duplex/rowhouse sales also declined, decreasing 21.02% compared to August 2018 and 21.52% compared to September 2017. Overall, all residential unit sales showed a decrease of 21.83% month over month and 8.53% decrease year over year. Average days on market increased for all categories. The average for single family homes increased to 61 days for September 2018, two days longer than August 2018 and eight days longer than September 2017. Condominiums average days on market increased to 75 in September 2018, two days longer than August 2018 and seven days longer compared to September 2017. For duplex/rowhouses, the average days on market was 66, increasing from 63 in August 2018 and 61 days in September 2017. “Stable prices coupled with decreasing sales and increasing days on market indicates sellers are most likely staying firm on their prices and choosing to wait longer to get the price they feel is best for their properties,” says REALTORS® Association of Edmonton Chair Darcy Torhjelm. “As we move further into our final quarter, we will likely continue to see sales decreasing as is typical for this time of year.” Both inventory and listings decreased in September, with inventory down 1.53% and listings down 17.41% compared to August 2018. Listings also decreased 8.53% compared to September 2017, while inventory increased year over year by 7.35%. In total, there were 1,225 MLS® System listed properties sold in September 2018, a decrease of 21.83% month over month and an decrease of 8.24% year over year.

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All residential unit sales increase 1.89% year over year- AUGUST 2018

by qdeanj 10. September 2018 10:37
Edmonton, September 5, 2018: In the Edmonton Census Metropolitan Area (CMA), all residential average unit sales decreased 2.25% compared to July 2018 and increased 1.89% compared to August 2017. Single family home sales increased both 1.44% month over month and 6.15% year over year. Condominium sales decreased 6.34% relative to July 2018 and increased 0.5% relative to August 2017. Duplex/rowhouses decreased 10.29% month over month and decreased 14.67% year over year. The average all residential selling price decreased 1.38% to $364,925 compared to July 2018 and decreased 2.30% compared to August 2017. Single family home average prices decreased 2.83% to $424,471 month over month and decreased 3.23% year over year. Condominium average prices decreased 0.57% compared to July 2018 and decreased 0.12% compared to August 2017. Duplex/rowhouse average prices decreased 3.38% month over month and decreased 6.90% year over year. “Both sales and listings typically decrease during August, as many buyers and sellers shift their focus on preparing for the new school year,” says REALTORS® Association of Edmonton Chair Darcy Torhjelm. “As we move into the fall, buyers still have a lot of inventory to look at in all categories of residential properties. For sellers, they may have to be more patient and flexible when selling their properties, but they should still be able to get a good price for their house in the end.” Listings decreased 4.51% compared to July 2018 and increased 1.63% compared to August 2017. Inventory also decreased month over month, down 2.62% and increased 7.73% year over year. In total, there were 1,567 MLS® System listed properties sold in August 2018, a decrease of 2.25% month over month and an increase of 1.89% year over year. Average days on market increased for most categories, indicating it continues to be a buyers’ market for the Edmonton CMA. The average for single family homes increased to 59 days for August 2018, seven days longer than July 2018 and eight days longer than August 2017. Condominiums average days on market increased to 73 in August 2018, seven days longer than July 2018 and five days longer compared to August 2017. For duplex/rowhouses, the average days on market was 63, increasing from 61 in July 2018 and one day shorter relative to August 2017.

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All residential average unit prices decrease, unit sales increase month over month

by qdeanj 3. August 2018 11:56
Edmonton, August 2, 2018: In the Edmonton Census Metropolitan Area (CMA), the average all residential selling price decreased 2.07% to $370,046 compared to June 2018 and decreased 3.63% compared to July 2017. Single family home average prices decreased 1.44% to $436,825 month over month and decreased 2.25% year over year. Duplex/rowhouse average prices decreased 0.71% month over month and decreased 0.48% year over year. Condominium average prices increased 3.35% compared to June 2018 and decreased 6.22% compared to July 2017. Compared to June 2018, single family home sales decreased 9.01% and compared to July 2017, decreased 3.29%. Duplex/rowhouses increased 4.17% compared to June 2017 and decreased 3.31% relative to July 2017. Condominium sales increased 2.65% month over month and 3.40% year over year. “The overall real estate market is softening as the summer selling season begins to slow,” says REALTORS® Association of Edmonton Chair Darcy Torhjelm. “Average prices are decreasing and that may continue in the rest of the year due to the high inventory levels. It is important for sellers to be prepared to negotiate more and expect to be a bit more flexible with their property prices.” Inventory increased slightly in July, up 0.52% compared to July 2018 and up 12.62% compared to June 2017. New listings decreased 13.02% month over month and increased 4.04% year over year. In total, there were 1,603 MLS® System listed properties sold in July 2018, a decrease of 4.47% month over month and a decrease of 0.99% year over year. Average days on market increased for most categories, indicating more of a buyers’ market for the Edmonton CMA. The average for single family homes increased to 52 days for July 2018, two days longer than June 2018 and four days longer than July 2017. For duplex/rowhouses, the average days on market was 61, increasing from 57 in June 2018 and 55 in July 2017. Condominiums required one less day in July 2018, decreasing to 66 days on market from 67 in June 2018 and 60 days in July 2017.

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