The REALTORS® Association of Edmonton released their monthly report on the Greater Edmonton Real Estate market this week:  “Inventory is still strong for buyers, and marginal adjustments in year-over-year prices indicate a stable market for sellers,” said James Mabey, REALTORS® Association of Edmonton Chair. “Sellers must remain patient but mindful of their positioning in the market with many options for buyers to consider, so consulting with their REALTOR® to remain competitive is essential,” says Mabey. Here's our snapshot on the market in July: Sales in the Greater Edmonton area were up 2.8% in July compared to last year - the first time sales have been up on a year over year basis in 4 months. The average price for residential sales in the…

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Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days: New Listings: 528 (570, 693, 646) # Sales: 309 (317, 322, 276) Ratio: 59% (56%, 46%, 43%) # Price Changes: 468 (424, 530, 470) # Expired/Off Market Listings: 227 (197, 233, 501) Net loss/gain in listings this week: -8 (56, 138, -131) Active single family home listings: 3702 (3664, 3627, 3517) Active condo listings: 3062 (3078, 3,045, 3,028) Homes 4-week running average: $443k ($443k, $445k, $457k) Condos 4-week running average: $270k ($267k, $270, $262k) There was some discussion on last week's post about the mortgage rules tightening, so I thought I'd put a link to an article that describes the proposed changes well. Basically,…

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Considered long overdue by many, there are changes proposed to the condominium property act in Alberta that may arrive sometime in the not too distant future. We first wrote about the proposed changes on this blog in June, 2011. The government is looking for changes and open houses have been scheduled in the coming months as follows:

  • July 25, 4 p.m. to 8 p.m. – Red Deer, Red Deer Museum and Art Gallery
  • July 26, 4 p.m. to 8 p.m – Calgary, Macdonald Hall, Heritage Hall Building, SAIT Main Campus
  • July 27, 4 p.m. to 8 p.m. – Edmonton, Lister Centre, University of Alberta
  • Aug. 1, 4:30 p.m. to 7:30 p.m. – Lethbridge, City Hall Foyer
  • Aug. 3, 4:30 p.m. to 7:30 p.m. – Fort McMurray, Clubhouse Atrium, Syncrude Athletic Park
There are more…

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Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days: New Listings: 570 (693, 646, 609) # Sales: 317 (322, 276, 335) Ratio: 56% (46%, 43%, 55%) # Price Changes: 424 (530, 470, 443) # Expired/Off Market Listings: 197 (233, 501, 186) Net loss/gain in listings this week: 56 (138, -131, 88) Active single family home listings: 3664 (3627, 3517, 3,586) Active condo listings: 3078 (3,045, 3,028, 3,093) Homes 4-week running average: $443k ($445k, $457k, $455k) Condos 4-week running average: $267k ($270, $262k, $257k) The inventory just keeps on climbing! Have a great weekend!

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Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days: New Listings: 693 (646, 609, 666) # Sales: 322 (276, 335, 323) Ratio: 46% (43%, 55%, 48%) # Price Changes: 530 (470, 443, 485) # Expired/Off Market Listings: 233 (501, 186, 240) Net loss/gain in listings this week: 138 (-131, 88, 103) Active single family home listings: 3627 (3517, 3,586, 3,532) Active condo listings: 3,045 (3,028, 3,093, 3055) Homes 4-week running average: $445k ($457k, $455k, $449k) Condos 4-week running average: $270 ($262k, $257k, $245k) So, mortgage rates went up, as expected. The major banks all followed suit, increased their posted rates by .25% this week. What does it mean for real estate in Edmonton? Probably…

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Building a detached garage has many benefits. Having a protected place to park your vehicles will reduce wear and tear and ensure your car will start during a cold Calgary winter! You can build a garage to use as a workshop and for additional storage. You can also build a secondary suite in a new garage and use it to earn rental income. Photo Credit: Knight Carpentry Inc. Whatever your reason for building a garage might be, you do have some options. You can choose to purchase a pre-fabricated garage package and build the garage yourself or you can hire garage builders in Calgary to do it for you.

DIY Garage Packages

Garage packages usually consist of pre-fabricated trusses, lumber for the walls, a garage door, man door, siding, shingles and…

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Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days: New Listings: 646 (609, 666, 659) # Sales: 276 (335, 323, 328) Ratio: 43% (55%, 48%, 50%) # Price Changes: 470 (443, 485, 489) # Expired/Off Market Listings: 501 (186, 240, 229) Net loss/gain in listings this week: -131 (88, 103, 102) Active single family home listings: 3517 (3,586, 3,532, 3,455) Active condo listings: 3,028 (3,093, 3055, 3,017) Homes 4-week running average: $457k ($455k, $449k, $450k) Condos 4-week running average: $262k ($257k, $245k, $253k) As I mentioned yesterday, mortgage rates are expected in increase next week, and at least one bank has already raised their rates. Rising rates do tend to stimulate sales in the…

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Whether you’re planning on selling your home now or in the future, investing in home renovations will add value to your property. Kitchen renovations are one of the most popular renovations and when compared to other remodelling jobs, can give a high return on investment. Photo Credit: Bond Contracting and Construction Inc. Kitchens are considered the heart of the home. It is where you cook, dine, entertain and spend time as a family. It is no wonder that kitchens are important to homeowners and just as important to home buyers. Any experienced real estate agent will tell you that the state of the kitchen can make or break a first impression from potential buyers. It’s the first room they’ll want to see pictures of in an online listing and the first…

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Updated -  the REALTORS® Association of Edmonton has released their monthly stats on the Greater Edmonton Real Estate Market, and the average residential sale price has reached the highest level we've seen in at least 9 years. Meanwhile, demand is normal, and supply is exceptionally high. So here's the deal... inventory is a leading indicator of prices. Earlier this year we had slightly lower inventory and slightly higher demand; prices typically rise for the first part of the year and conditions early in the year seem to have brought higher average prices than I was expecting. The opposite is now occurring, so prices could start to drop on a year over year basis, except for one foreseeable outcome; mortgage rates. Word on the street is that the Bank of…

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