And we were off to such a good start... alas, it was not to be. The question on my, and many people's minds, is what is COVID-19 going to do to the real estate market? Obviously, the short term impact can already be seen - when the spring market is normally heating up, two weeks of physical distancing sent sales to the lowest level we've seen in March in at least 10 years. My data set goes back to 2005 (not shown in the charts below) and the lowest number of single-family homes sales I have on record was 636 in March of 2009. At the time, we were recovering from the "Great Recession" and things picked up quite a bit later in the year. Often when an external force hits the real estate market, buyers will shift their purchase forward or back, but this is…

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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: 329 (460, 642, 635) # Sales: 188 (213, 199, 203) Ratio: 57% (46%, 31%, 32%) # Price Changes:  224 (229, 310, 266) Expired/Off-Market Listings: 161 (187, 175, 337) Net loss/gain in listings this week: -20 (60, 268, 95) Active single-family home listings: 3351 (3354, 3346, 3161) Active condo listings: 2096 (2103, 2061, 1977) Homes 4-week running average: $402k ($409k, $425k, $425k) Condos 4-week running average: $214k ($212k, $213k, $208k) Have a great weekend!

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April 29 updates in green. When I first wrote this article, we had been socially isolating for just over a week. No one knew what it was going to be like, or how long it would last. While we still don't know the answer to how long this will last, we have a pretty good sense of what it's like, and we've gotten pretty used to sanitizing, wearing masks and staying physically distant from each other. Agents have found creative ways to show homes online, and reduce the number of properties that are actually shown in person. No matter what's happening in the market, buying or selling a home is a personal decision, that only you can make.  We are here to help our clients in any way that we can, but we do want to let you know there is good reason to hold off…

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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: 460 (642, 635, 458) # Sales: 213 (199, 203, 216) Ratio: 46% (31%, 32%, 47%) # Price Changes:  229 (310, 266, 251) Expired/Off-Market Listings: 187 (175, 337, 156) Net loss/gain in listings this week: 60 (268, 95, 86) Active single-family home listings: 3354 (3346, 3161, 3117) Active condo listings: 2103 (2061, 1977, 1924) Homes 4-week running average: $409k ($425k, $425k, $429k) Condos 4-week running average: $212k ($213k, $208k, $206) 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: 642 (635, 458, 432) # Sales: 199 (203, 216, 197) Ratio: 31% (32%, 47%, 46%) # Price Changes:  310 (266, 251, 236) Expired/Off-Market Listings: 175 (337, 156, 145) Net loss/gain in listings this week: 268 (95, 86, 90, 139) Active single-family home listings: 3346 (3161, 3117, 3060) Active condo listings: 2061 (1977, 1924, 1880) Homes 4-week running average: $425k ($425k, $429k, $417k) Condos 4-week running average: $213k ($208k, $206, $202k) Everyone wants to know how COVID-19 is going to affect our real estate market and I can confidently say my crystal ball is completely broken. So far, it's business as usual, deals are…

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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: 635 (458, 432, 464) # Sales: 203 (216, 197, 190) Ratio: 32% (47%, 46%, 41%) # Price Changes:  266 (251, 236, 230) Expired/Off-Market Listings: 337 (156, 145, 135) Net loss/gain in listings this week: 95 (86, 90, 139, 13) Active single-family home listings: 3161 (3117, 3060, 3019) Active condo listings: 1977 (1924, 1880, 1837) Homes 4-week running average: $425k ($429k, $417k, $415k) Condos 4-week running average: $208k ($206, $202k, $201k) Have a great weekend!

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Once again demand for real estate is up and supply is down on a year over year basis in the greater Edmonton area. But, before we start to see home prices increase, we will need to see improvement on the employment side of things, according to Senior market analyst at CMHC Heather Bowyer: “Overall we’re seeing the Edmonton market operate below pre-recession levels,” she says. “Even looking on the labour side of the market — what really drives housing demand — we’re seeing lower employment, specifically full-time... If we see those fundamentals improve, then we can expect to see housing demand improve, but it will be a while still before we see conditions we saw during the boom periods in Edmonton.” With that said, the BoC cut rates this week, which…

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