Edmonton Realtor 2016  summary statistics


The Realtors Association of Edmonton released its 2017 housing forecast yesterday. Below is a summary of 2016 MLS statistics and a few forecasted trends for 2017:  See full report here. 


MLS® System Activity for December 2016

December 2016

 

M/M % Change

Y/Y % Change

SFD average selling price – month

$420,962

-4.43%

-0.86%

SFD median selling price – month

$392,250

-0.44%

1.88%

Condominium average selling price

$247,647

2.52%

-0.53%

Condominium median selling price

$228,000

6.05%

-5.00%

All-residential average selling price

$357,916

-4.09%

-2.27%

All-residential median selling price

$340,944

-1.82%

-1.18%

# residential listings this month

1,067

-41.53%

-16.51%

# residential sales this month 

716

-26.79%

0.42%

# residential inventory at month end

5,208

-19.80%

2.40%

# Total6 MLS® System sales this month

931

-26.64%

0.22%

 

Edmonton Realtors Association 2017 Forecast

Realtor’s Association of Edmonton Chair, James Mabey forecasts that sales of residential homes will remain stable in 2017.  Single family home unit sales and average prices only slightly dropped in 2016. Unit sales for single family homes are predicted to decline approximately 1.7% in 2017 and prices are also predicted to decline 2.2%.  Inventory for single family homes will stay higher than the last few years.

Condominium sales are only expected to drop by 3.8%, but unit sales are anticipated to grow by 0.2%. Inventory is expected to grow by 1.1%

If you have any other questions about specific product, or any other real estate questions, please feel free to email at Alison@InfoEdmonton.ca, or call me directly at 780-619-9812.


Alison

Post CommentComments: 0Read Full Story

 

On December 2, 2016, the Edmonton Real Estate Board published November's real estate statistics:

The average monthly selling price for single family homes increased by 3.95% and 6.39% for duplexes and rowhouses relative to October 2016. Condominiums experienced a minor decrease in price of 1.68% relative to October 2016. Prices for single family homes grew 1.76% relative to November 2015. November’s unit sales dropped 11.41% relative to the same period last year. 
The all-residential listings average selling price increased 2.52% to $373,174. Single family homes increased to $440,496 and duplex/rowhouses increased to $353,818. Condominium average prices decreased slightly to $241,569. This average selling price for single family homes in November is the second highest for 2016, behind only July.

“There is continued strength and price stability in Edmonton’s real estate market. Most average selling prices increased this month, partially due to the sales of several high-priced listings,” said Steve Sedgwick, Chair of the REALTORS® Association of Edmonton. “The all residential median selling price is down only 1% from last year, but the single family median selling price was down 2% and condominiums median selling price was down over 8%.”

Single family homes continued to sell well, with the average days on market for November staying unchanged from October at 52, which was three days fewer on the market compared to the same period in 2015. However, condominiums and duplexes/rowhouses were both affected by the seasonal market shift. Condominiums averaged 79 days on market, and duplexes/rowhouses averaged 74 days, which was an increase for both of 17 and 18 days, respectively, relative to the same period in 2015.

Residential inventory continued to increase in November to 6,493 listings, an increase of 7.45% compared to last year.

“November inventory decreased by 10% compared to October,” said Sedgwick. “We expect to see the normal seasonal decline during the slower winter months as we head into 2017.”

 

MLS® System Activity (for all-residential sales in Edmonton CMA1)

1 Census Metropolitan Area (Edmonton and surrounding municipalities)
2 Single Family Dwelling
3 The total value of sales in a category divided by the number of properties sold 
4 The middle figure in a list of all sales prices
5 Residential includes SFD, condos and duplex/row houses. 
6 Includes residential, rural and commercial sales

Post CommentComments: 0Read Full Story

The Edmonton Realtors Association of Edmonton has sent out a report stating marginal dips in the number of August sale signals a stable market. The following are keys points taken from the news release.

Key Inventory Points

1) Number of residential inventory at month end is 7,908

2) There are 7.4% more listings than end of August 2015

3) Days on market for Edmonton condos was 62 days

 Key Sold Points

1) Number of residentia sales this month 1,433 (-2.18 % Y/Y)

2) Edmonton condo average selling price $251,526 (-1.12 % Y/Y)

3) Single family home average selling price $$434,362 (-0.80% Y/Y)

Steve Sedgwich, Chair of Realtors Association summarizes the report nicely by stating "Alberta's economy has been under enourmouse pressure for same time, but prices and unit sales are down from last year, down less than 1% and 2%"

Please feel free to call if you need some help!

Alison Murray

780-619-9812

Edmonton Condo Realtor News

Post CommentComments: 0Read Full Story

We have had a lot of changes so for this year in Alberta... If you are interested in knowing how these changes are effecting Edmonton's real estate market, check out our latest August 2016 News Release with analysis and statistics from our Edmonton Real Estate Association...

 
1) Residential sales are down -16.39% since last year.  

 2)  Average condo price month-over-month dropped  partially attributed to the sale of

several luxury properties in June that bolstered the average price. 

 3) The average duplex/rowhouse sale price was down  2% year-over-year (y/y). 

4) The median sales price for all residential is up less than a percent from last year.

 5) We are continuing to see stable pricing throughout the Edmonton region despite slower sales.

 
Call me if I can be of any help!

 
Alison Murray

780-619-9812

 

Edmonton Realtors News Release

Post CommentComments: 0Read Full Story

Canada's real estate has posted year-over-year gains in average residential sale price, including Edmonton. Find out which regions are expected to see an increase next year in the 2016 RE/MAX Housing Market Outlook Report: http://rem.ax/1NbrACN

Post CommentComments: 0Read Full Story

Hard to believe that  the average waterfront property value at Sylvan Lake, AB, is $798,900..this is higher than Kimberly BC!  Sylvan lake does offer everything from fishing, hiking, restaurants and even scuba diving.  Don't be discouraged with the prices, Alberta has many other beautiful lakes for recreational properties for very affordable prices... See below for more information from Remax Recreational Properties Report:


 

Situated halfway between Calgary and Edmonton, Sylvan Lake is very popular for recreational property owners as well as tourists. Less than a two hour drive from Alberta’s two largest cities,city dwellers can escape to one of Canada’s top ten beaches and enjoy the northern lights. Sylvan Lake is the perfect location for those who are looking for a four season property near lots of amenities and activities. This luxury region offers fabulous restaurants, lake cruises, water activities, and golf as well as ice fishing and snowmobiling. Boating enthusiasts will enjoy the Sylvan Lake Sailing Club’s weekly races across the lake. As the region’s primary real estate drivers are families with children, economic factors suchas the price of oil as well as proposed changes to taxation are having a dampening effect on Sylvan Lake’s recreational property market. The most expensive property this year sold for $1.47 million for a fully developed four bedroom property on the water.


Information from 2015 Remax Recreational Properties Report 


Post CommentComments: 0Read Full Story
 Highlights of this year's report:
  • The majority of Canadians prefer long weekends at the cottage or cabin over big city getaways
  • The low Canadian Dollar and foreign buyers are creating demand in well-established Canadian recreational property markets
  • The recreational property market buying season has had a strong start and is expected to remain active throughout the summer as continued low interest rates and consumer demand fuel activity

 

According to the 2015 RE/MAX Recreational Property Report, almost 68 per cent of Canadians would rather spend a long weekend at the cottage or cabin over a big city getaway. The survey, conducted by Leger, found that Canadians, of all ages and from all regions, were enthusiastic about spending time at the cottage or cabin.
RE/MAX also examined what Canadians would consider sacrificing inorder to afford their dream cottage or cabin. Interestingly, giving up destination vacations is listed as number one on the list. Another notable finding was that 21 per cent of Canadians would downsize their main residence in order to purchase a cottage, cabin or ski
chalet demonstrating that Canadians are looking for alternative ways to finance their dream properties.
In a separate RE/MAX survey of brokers and agents, almost half of the regions are reporting an increase in buyers looking to rent out their recreational properties part- or full-time and this trend is most
common in Ontario and British Columbia. However, very few regions are listing investors as primary market drivers. Typically, recreational property buyers in Canada are families with children, and retirees.The low Canadian dollar is having a positive effect on local recreational property markets as Canadians are choosing to stay in Canada where their dollar will go further. Some are selling US properties that appreciated inrecent years to take advantage of the exchange rate. The low Canadian dollar is also attracting foreign buyers to well-established recreational property markets across the country including Whistler, Tofino, Muskoka, Shediac, and PEI. Regions reporting an impact from the low Canadian dollar but no increase in foreign buyers include Shuswap, Lake Winnipeg, Penticton, and Thunder Bay. In large markets where there are large enough sample sizes within housing types for year-over-year comparisons, all regions are witnessing year-over-year price appreciation and an increase in sales, with the exception of PEI’s coastal properties where prices remain flat but sales have increased. Markets with both increased year-over-year median prices and sales include Muskoka, Whistler, the Kawarthas, Haliburton, and Wasaga. Peterborough and the Kawarthas witnessed a 27.9 per cent increase in median price, attributed to a surge of sales in the upper-end of the market, as buyers from the GTA look to properties on Stony Lake and Clear Lake as alternatives to the more developed Muskoka lakes. The low price of oil has had an effect on recreational property markets in regions where buyers are typically employed by the oil industry in both Western Canada and Newfoundland. However, in Newfoundland, waterfront properties located within a two hour drive to St. John’s are seeing a respectable start to 2015 with relatively flat sales. The recreational property market buying season has had a strong start and is expected to remain active throughout the summer as continued low interest rates and consumer demand fuel activity.  Information from Remax Recreational Report.

Post CommentComments: 0Read Full Story

Happy 2015!

I would to thank all of my clients for a successful 2014...

Every home and condo that I listed in 2014 had sold, and therefore I had a 100% sales to listing ratio.  While the market was some what of a contibuting factor, I also have to give thanks to my clients for their cooperation and diligence when taking my advise on preparing their homes for sale.

It was a great 2014...looking forward to 2015.

Kind regards,

Alison Murray, Realtor
Remax Real Estate Central

Post CommentComments: 0Read Full Story

The Real Estate Council of Alberta (RECA) is arranging to implement a rule change that will make written service agreements mandatory between brokerages and clients.  What this means is that all Edmonton Realtors will have to enter into a written service agreement when working with buyers.   A mandatory service agreement is already required when selling Edmonton Real Estate.

When using a Realtor to help you with your biggest investment of a lifetime the key professional services that you receive are, the nuances of the process (specific to the market you are in) and advice on features and faults that you may miss.  I have worked within BUYER AGENCY SERVICE AGREEMENTS for over 9 years and have found that there are many benefits to having a service agreement that assure a professional service for buyers, sellers and Realtors: 

Improving Education & Professionalism:  A Realtor is a professional who is hired to help people with their largest financial investment and should carry out their business in a professional matter. By outlining exactly what each other’s roles are and responsibilities, a buyer will have a better understanding of the process and services involved.  This education creates a dialogue about how a Realtor would be getting paid which is also very important. 

This is all good news for buyers when purchasing real estate in Edmonton, and other Alberta cities.  Things have not changes with respect to the market norm - the seller still pays for the buyer’s real estate fees.  The buyer’s fees still normally come out of the transaction and are paid by the seller upon closing. In my opinion this just makes sense….. it is very diffucult for a buyer having to come up with cash for a down payment on a property, and to come up with cash for real estate services.  Since most buyers use a Realtor to help them with the buying process, as a seller, it would be in my best interest to market my home with a buyer’s agent fee to assure that I don’t illiminate this huge pool of qualified buyers.  Read more detail by visiting... Buying Edmonton Real Estate

Post CommentComments: 1Read Full Story

The Office of the Superintendent of Financial Institutions is currently reviewing how Mortgages are approved for Canadians. Over the last few months we have seen some changes to the way self-employed individuals are assessed as well as a change in how investor mortgages are considered. In the upcoming weeks the following issues are on the table for Edmonton real estate:

 

1)      Currently mortgages are simply renewed at maturity with most lenders. There is discussion of having Canadians requalify or at the very least, be assessed for risk at time of renewal. This could affect renewal rates and terms.

 

2)      The viability of future income is being considered as a factor in debt ratios. This could affect your older clients nearing retirement. Currently mortgage are approved based on current income. The consideration of future income is now on the table.

 

3)      A discussion of reducing LTV to 65% for non-conforming mortgages is in play. There is also a discussion for further increasing the rates for these types of clients. This will affect your self employed clients even further should this be implemented.

 

4)      Clients can currently take a cash back or borrow the down payment to purchase their home in limited circumstances. This may end quickly as a trade-off to retain the ability to have a 5% down payment. There is discussion to increasing this to 10%. This will significantly affect all first time buyers.

 

5)      Heloc’s (or lines of credit) are under review. The OSFI would like to see the maximum LTV reduced from 80% to 65%. In addition to this proposed change, the OSFI would like to see Helocs amortized like a mortgage which means the interest only payment option is now under scrutiny.

 

Our world is ever changing. Your clients need to be well informed and prepared for the future. Having a professional with a pulse on the industry is critical. These are not scare tactics but possible realities down the road. This is just a glimpse into 5 key areas but there are several more in the pipeline. Have your clients aware and please have them call or email me with any question. www.InfoEdmonton.ca
 
 

Mary Poburan

Sr. Mortgage Consultant

INVIS

Post CommentComments: 0Read Full Story

Contact

Cell: 780-619-9812
Toll Free: 1-866-482-4566
Email: Click Here
Alison Murray, Realtor®
RE/MAX Real Estate Central
10805 – 120 Street,
Edmonton, AB  T5H 3P9 CA

GoogleTM Map Search