Weekly Update, October 16/20
Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New Listings: 428 (565, 459, 515)
# Sales: 247 (279, 338, 309)
Ratio: 58% (49%, 74%, 60%)
# Price Changes: 314 (387, 400, 409)
Expired/Off-Market Listings: 206 (244, 510, 227)
Net loss/gain in listings this week: -25 (42, -389, -21)
Active single-family home listings: 3188 (3205, 3171, 3361)
Active condo listings: 2328 (2311, 2277, 2417)
Homes 4-week running average: $429k ($428k, $428k, $431k)
Condos 4-week running average: $217k ($217k, $225k, $230k)
Interesting information from CMHC this week – Edmonton had the highest percentage of mortgage deferrals for any major city in Canada (21%) and Alberta had the highest percentage of any province (19% which is more than double Ontario and Quebec). One mortgage broker said about half of his deferrals were clients deferred mortgages so they could save money or pay off other debts while the other half really needed the deferrals to avoid foreclosure. This supports our theory that there will be an increase in foreclosure listings in the new year.
Have a great weekend!
About Sara MacLennan
Sara MacLennan is the Director of Marketing at Liv Real Estate and a licensed Real Estate Associate. The bulk of Sara’s experience and wealth of expertise lies in on-line technology and marketing both for agents and consumers. Sara is the former National Director for Interactive Marketing for Coldwell Banker Canada where she was responsible for an extensive training program traveling to offices across the country training agents and brokers on marketing and technology. Find Sara on Twitter @edmontonblogger.