Weekly Market Update, Aug. 31/18
Posted by Liv Real Estate on
Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New Listings: 506 (495, 566, 581)
# Sales: 279 (285, 264, 247)
Ratio: 55% (58%, 47%, 43%)
# Price Changes: 499 (528, 553, 485)
# Expired/Off Market Listings: 343 (262, 302, 307)
Net loss/gain in listings this week: -116 (-52, 0, 27)
Active single family home listings: 4678 (4720, 4741, 4729)
Active condo listings: 2868 (2905, 2930, 2934)
Homes 4-week running average: $426k ($429k, $429k, $422k)
Condos 4-week running average: $247k ($242k, $250k, $230k)
Have a great weekend!
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On Monday Edmonton city council unanimously voted to approve changes to zoning bylaws allowing suites in semi-detached, duplex and row housing. There is no longer a minimum lot size requirement for secondary suites, which opens up the opportunity to add suites on smaller lots. They also loosened restrictions on the size and location of secondary suites, relative to the primary dwelling.
All secondary suites must have one off-street parking space on the property unless the home is in an area with access to high-frequency transit, including 600m from LRT or transit centres, and 150m from transit avenues.
One of the benefits of these changes is that many suites that currently exist illegally in semi-detached homes around the city can be legalized. In…
On Monday, August 20, City Council will be voting on whether to approve changes to the Zoning Bylaw to make building secondary suites (basement suites) easier in Edmonton.
The proposed changes are extensive and would allow secondary suites to built:
CBC Edmonton published an interesting article yesterday talking about condos and apartments in Edmonton. The gist of the article is that ten or so years ago, many young people in the Edmonton area chose to purchase condos because there really weren't many great rental options in the city. Condos have been oversupplied in Edmonton for some time now, and many projects are turning into rental apartments instead of condos, which is leading to more choice and better options for renters, and further weakening demand for condos. Interesting.
The REALTORS® Association of Edmonton released their monthly report on the Greater Edmonton area real estate market today saying:
“The overall real estate market is softening as the summer selling season begins to slow,”…