Slow Spring Market in Edmonton - UPDATED
Posted by Liv Real Estate on
The REALTORS® Association of Edmonton released their report on the Greater Edmonton Area real estate market for March this week saying:
“We generally see housing market activity increase at this time of year,” says Darcy Torhjelm, REALTORS® Association of Edmonton Chair. “Despite the year over year decreases, the market is still growing relative to February 2018 in preparation for the spring buying season. Market growth should continue in the coming months.”
One part of the market has certainly gained activity, and that's listings. New listings were up 12% over last year and end of month inventory was up 17% over last year, while sales were down 12%. Last year at this time we were at a 48% listing to sales ratio with 4.6 months of inventory, this year…515 Views, 0 Comments
Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New Listings: 594 (606, 587, 557)
# Sales: 239 (230, 210, 260)
Ratio: 40% (38%, 36%, 47%)
# Price Changes: 342 (306, 339, 285)
# Expired/Off Market Listings: 141 (171, 173, 172)
Net loss/gain in listings this week: 214 (205, 204, 125)
Active single family home listings: 3341 (3242, 3097, 2949)
Active condo listings: 2554 (2444, 2346, 2269)
Homes 4-week running average: $438k ($431k, $425k, $429k)
Condos 4-week running average: $233k ($235k, $238k, $239k)
Looks like luxury sales are picking up - there were 13 sales over $1million in the past 30 days, including 3 over $2million. Monthly stats coming on Sunday so I'll leave it at…
A recent B.C. Supreme Court case favoured the buyer, who backed out a deal to purchase a mansion in Vancouver. She claimed she was misled by the seller and their agent when she asked why the seller was moving. Their answer was that the seller's daughter was switching schools. What they neglected to include in their answer, was the fact that she was forced to switch schools because of bad press surrounding the murder of her father, which took place on the property. Her father was allegedly a leader of the notorious "Big Circle Boys," a gang with roots in China.
The buyer heard rumours about the murder after she removed conditions (back in 2009), and a simple Google search revealed the gruesome details.
This story comes as welcome news to thousands of…
Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New Listings: 606 (587, 557, 665)
# Sales: 230 (210, 260, 238)
Ratio: 38% (36%, 47%, 36%)
# Price Changes: 306 (339, 285, 281)
# Expired/Off Market Listings: 171 (173, 172, 364)
Net loss/gain in listings this week: 205 (204, 125, 63)
Active single family home listings: 3242 (3097, 2949, 2860)
Active condo listings: 2444 (2346, 2269, 2207)
Homes 4-week running average: $431k ($425k, $429k, $438k)
Condos 4-week running average: $235k ($238k, $239k, $237k)
Have a great weekend!
Higher mortgage rates don't just impact people in the market, for the first time in quite awhile, homeowners that need to renew their mortgages are looking at significantly higher rates than what they've been paying for the past five years.
According to this Globe and Mail article, those who bought a house 5 years ago and chose the most popular 5-year mortgage will see their rates increase from their current rate of approximately 2.44%-2.74% to the new rate around 3.19-3.59%.
I asked Gord McCallum, the founder and CEO of First Foundation, an Edmonton Mortgage Broker for his thoughts:
"One of the challenges facing existing homeowners may be obtaining the best financing at renewal. As a result of the new mortgage stress test, (which requires borrowers…
Have you noticed a drop in your home’s water pressure? While running multiple plumbing fixtures at the same time could cause you to lose some water pressure, a consistent and constant weakening of pressure could mean there is something wrong with your plumbing. Here are some common causes for low water pressure: