Home Buyers Spent Less in Edmonton in April - UPDATED
Posted by Liv Real Estate on
Most of the big banks in Canada raised mortgage rates over the past few days, delivering another hit to our slow real estate market. While the increase might cause a small short-term surge in activity, as buyers look to take advantage of any rate holds they may have, the overall effect will likely decrease demand even further in the months to come.
Our initial look at the real estate market in Edmonton showed lower than normal sales, and falling average prices. The REALTORS® Association of Edmonton has now released their monthly report on the Greater Edmonton area market showing an increase in year-over-year sales, which suggests there was an increase in sales in the areas around Edmonton (since my preliminary report only includes Edmonton…
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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: 644 (627, 672, 580)
# Sales: 278 (294, 248, 173)
Ratio: 43% (47%, 37%, 30%)
# Price Changes: 455 (349, 386, 333)
# Expired/Off Market Listings: 159 (195, 198, 318)
Net loss/gain in listings this week: 207 (138, 226, 89)
Active single family home listings: 3815 (3702, 3578, 3416)
Active condo listings: 2761 (2682, 2638, 2560)
Homes 4-week running average: $426k ($440k, $445k, $443k)
Condos 4-week running average: $242k ($231k, $235k, $232k)
With single-family inventory approaching record levels, it's not surprising to see so many price reductions and the average price on the decline.
Have a great weekend!
People looooovve making lists - best this, top that - and I've seen a lot of lists of the best places to live in Edmonton. Many are based on surveys, some are based on market stats, and some are just based on personal opinion. A number of these lists have been released in the past few weeks, so I thought it was good time to bring in a brokerage's perspective on things.
Everyone has different reasons for choosing a neighbourhood, whether it is proximity to something (work, school, amenities, relatives), affordability, property types... the list goes on. What I can say for certain is no neighbourhood will be on the top of everyone's list, or even half of everyone's list. Most people choose a fairly broad area when looking for a place to live and narrow it…
If you live in or are looking at a home for sale that was built before 1990, it might have asbestos in certain building materials like older tile and drywall compound. It was a widely used construction material because of its thermal resistance, strength and sound absorption. In those days, asbestos was commonly used in ceiling and floor tile, siding, insulation and in the compound used on seams between pieces of drywall. Older vermiculite attic insulation may also contain asbestos. Learn more about asbestos in the home.