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The Edmonton economy is doing particularly well with higher employment, GDP growth, oil prices, and a strong net migration. This past months Realtors Association of Edmonton statistics are also signs of a stronger housing market with November 2023 sales 28.5% higher than November 2022; and overall inventory in the Greater Edmonton Areas showed a decrease of 12.9% from November of last year.
Pricing your home is always location and product specific. If you are thinking of making a move in the coming year and would like an accurate market evaluation of your property, please reach out to us. We would love to help.
Alison
Realtors Association of Edmonton, December 4, 2023: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for November 2023 came to 1,637, decreasing from October 2023 by 9.1%, but showing an increase of 28.5% over November 2022. New residential listings amounted to 2,126, which is 20.8% lower than October 2023, and 7.9% higher than November 2022. Overall inventory in the GEA showed decreases of 14.5% from November of last year and 12.9% from October 2023.
For November, detached unit sales totalled 932, a decrease of 11.7% from October 2023, but up 22.1% from the previous year. Semi-detached unit sales were down 15.2% month-over-month but showed an increase of 21.7% from November 2022. Row/Townhouse unit sales were down 10.1% from October 2023 and up 32.4% year-over-year. Apartment Condominium unit sales saw numbers increase 55% from last year and 1.7% since October 2023.
Total residential average prices came in at $380,827, a 0.4% decrease from November 2022, and a 3.9% decrease from October 2023. Detached homes averaged $478,874, amounting to a 2.4% year-over-year increase, but a 1.6% decrease from October 2023. Semi-detached sold for an average of $362,209, resulting in a 0.3% increase year-over-year, and a 6.1% decrease from the previous month. Row/townhouse prices were up 4.8% from October 2023 and increased 12.3% when compared to November 2022, selling at an average of $271,092. Apartment Condominium average prices hit $172,024 showing decreases of 15.5% from last month and 10.5% from last year.
The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $375,000, resulting in a decrease of 0.5% from October 2023, and a year-over-year increase of 1.5% from November 2022.
“In real estate, the rhythm of the market often shifts with the seasons. As we transition into the colder months, it’s not uncommon to witness a predictable decrease in available listings. Yet, what’s remarkable about Edmonton’s current housing landscape is the continual demand despite this seasonal ebb,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “Buyers continue their search for their dream home, eager to secure properties even amidst a tighter inventory.”
Detached homes averaged 46 days on the market, increasing three days from October 2023. Semi-detached homes averaged 39 days on the market, a decrease of eight days from the previous month, and row/townhouses showed no change, averaging 42 days on the market. Apartment condominiums averaged 54 days on the market, showing a seven-day decrease from October 2023. Overall, all residential listings averaged 46 days on the market, showing no change month-over-month and dropping by seven days in comparison to November 2022.
Edmonton Realtors are taking every precaution to minimize the risk of exposure as we continue to assist buyers and sellers. Here are some protocals and important information from Real Estate Council of Alberta (RECA) that we have passed on to our clients to .help reduce the spread of illness.
We have noticed a slowdown in the market over the past month and a half, but we are still working with buyers and getting offers. It is our priority to get your home sold and although volume is down, sales are still happening.
1. Sellers and buyers are requesting health and recent travel information from potential buyers and their professionals before any showing to give the seller an indication of any risk. Buyers and sellers are obligated to either be truthful or simply decline to answer. Seller that they have no duty to show the property if they are uncomfortable with any presented risk* (RECA).
2. If you have become ill or must self-quarantine please inform your agent as soon as possible. In this instance, the Realtors Association of Edmonton requires a temporary withdrawal of your listing from the MLS system. A typical withdrawal would last 10 days, but we are allowing a longer temporary period. During a temporary withdrawal, the total “Days On Market” does not increase. The number of “Days On Market” will begin again once the listing is active again on the market. If you require a temporary withdrawal, please let your agent know so they can put together the necessary documents. (RECA).
3. Set out obligations and procedures for viewings and home inspections in writing.
4. We create a marketing video showing a tour of the house to reduce the number of viewings.
5. We offering a virtual video tour so that you can consider only allowing viewings for serious buyers.
6. Making viewings conditional on buyer’s and their representatives wearing nitrile gloves, masks, or the use of anti-microbial, alcohol-based hand sterilizer, depending on the availability of these items. Remember the viewing terms may be subject to negotiation between the parties, and may be impacted by the availability of gloves, masks, etc.
7. Please leave all lights on, blinds and window coverings open, and interior doors left open before a showing.
8. Please do not be present for showings.
9. Remember to disinfect all door knobs, and switches after the showing.
10. If your home is being photographed for listing purposes, please note that photographers will not proceed if the home owner is present. They also will not switch on any lights, lamps or fireplaces, or pick up or move any miscellaneous items left out. Homes will be photographed as-is, so please take extra time to prepare. Our stagers can walk you through the items that need to be addressed.
11. Real estate professionals should not enter into new seller representation agreements that include hosting of open houses until the risk of COVID-19 spread is reduced and government lifts COVID-19 restrictions (virtual open houses are not impacted by this) (RECA).
12. We use electronic signatures for signing documents.
13. You can conduct financial transactions and real estate closings electronically.
14. If in person meetings are required, maintain a safe distance of at least six feet (two meters) at all times for viewings and inspections:
a. take steps to limit the surfaces people will need to touch
b. require all visitors to wear gloves and masks, if available.
Please reach out if you’d like more information on how COVID-19 is affecting the Edmonton Real Estate Market. And please, stay strong and safe.
Alison Murray, B.Comm
Remax Real Estate
C. 780.619.9812
E. Alison@infoEdmonton.ca
The new season is bringing signs of life in the outdoors as well as in the Edmonton real estate market for Edmonton realtors. The Edmonton Real Estate Board released its quarterly report last week and things are looking promising.
“We generally see activity in the housing market start to increase at this time of year,” says James Mabey, REALTORS® Association of Edmonton Chair. “Buyers can look forward to more inventory to choose from and sellers can count on more buyers in the marketplace.”
“It is promising to see positive movement in the condo market. We have seen a large increase in both new and resale inventory, so it is good to see sales starting to follow suit,” says Mabey.
|
Avg. Selling Price |
March 2017 |
M/M % Change |
Y/Y% Change |
|
SFDs |
$439,139 |
3.04% |
0.49% |
|
Duplexes/rowhouses |
$348,806 |
0.41% |
3.20% |
|
Condo |
$242,632 |
3.86% |
-3.11% |
|
Days On Market |
March 2017 |
February 2017 |
March 2016 |
|
SFDs |
50 days |
58 days |
49 days |
|
Duplexes/rowhouses |
67 days |
80 days |
62 days |
|
Condo |
67 days |
74 days |
58 days |
|
Average |
57 days |
65 days |
53 days |
Be sure to contact an agent who knows your market so that you are priced right. Find someone who can help prepare your home for sale and who will professionally market your home until it is sold.
Call or email me if you need any help!
Alison Murray
780-619-9812
Alison@InfoEdmonton.ca
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
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
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.
Mary Poburan
Sr. Mortgage Consultant
INVIS
Alberta Real Estate Association has recieved more reports of a scam that is being perpetrated in Alberta that not ony takes advantages of consumer, but implicates our members without their knowledge.
How it works is a rental property is advertised on sites like Craigslist or Kijiji and the used to describe the property and the name of the listing Realtor apprears to have been scraped from Realtor.ca or elsewhere. The scammer impersonates the Realtor when responding to prospective renters.
Alberta Real Estate Association anticipates that, as markets heat up and rental property becomes more scarce, this type of scam may be seen more frequently. AREA is taking actions to protect both our members and the consumers they serve.
In addition to alerting the real estate boards and you, AREA has drafted a media release that, in partnership with local boards, will be forwarded to the media so that consumers can be warned about this type of scam. AREA will aslo communicate with Kijiji so that this scam can be added to the list of common scams on their site.
When the prospective renter posted an inquiry, here is the response they received:
Thanks for your interest in my Duplex. My name is (AREA: name of listing REALTOR® inserted here) I am a construction Engineer and I am the owner of the 3 bedroom Duplex . I have been transferred to one of our branches in West Africa and that is why I am putting up the Duplex for rent. The Duplex vital informative documents and the entrance keys to my Duplex is with us, we try to look for dependable agent to handle the rent but could not find one due to the limited time we had before leaving the country. Mostly we do not want our property to be given to any sort of person to avoid damages and troubles.The Duplex is available for rent and is available for long term and short term lease.
Duplex Address: XXXX XXX Ave Edmonton AB, Canada
This unit is available for immediate move in. Modern 3 beds and 3 Full Bath Basement:Full Suite the Duplex is strategically located in a very cool and lovely environment with five (5) appliances including dish washer with in-suite laundry and plenty of storage space and parking space . Professional and mature neighbors ensure peaceful living arrangements. Freshly painted and immaculately clean with private bathroom.
We are looking for a responsible person that can take very good care of it as we are not after the money for the rent but want the property to be kept clean all the time as it is our hard-earned property. If you are honestly interested and will absolutely maintain our property (Taking care of it like yours) as I hope I can put my trust and confidence in you presently, I earlier wanted to sell the Duplex but had a second thought to rather put it up for rent. The rent is ($900 )including utilities Damages Deposit Fee ($400) So I will like you to get back to me so that I can forward you the full interior pictures to you to have an idea how beautiful and spacious the inside looks and i will like you to fill out the rental application form below.......
Full Name :
Address :
Phone # :
Gender :
Work :
Are You Married:
Marital Status :
Do you Drink Alcohol :
Pets :
Do you smoke :
How Many People Will Be Living In The Duplex:
Your Move-in Date :
Your Move-Out Date :
Thanks for taking your time in writing me and hope to hear back from you.
Best Regards
(AREA: name of REALTOR®) And Family
What to Do?
If you come across an instance where you name is being used in this type of scam, after taking the appropriate steps, please email specifics to AREA (communications@areahub.ca) so that we can track the extent of this problem.
Alberta Real Estate Association
At Alison Murray & Associates we offer a high level of service and expertise.
We keep up to date with market insights, and we are well-versed in negotiating
complex residential real estate transactions and marketing to get the best results
for our clients.
Alison is an Edmonton Realtor who takes the time and focus to properly prepare your home before listing to ensure that it is positioned in the best possible light. With dynamic marketing plans, and a results driven mindset she will manage the sale of your property every step of the way.
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