Sales in the Greater Edmonton area were up 46% over last January! We don't expect the pace of sales to stay ahead of previous years for much longer, we're still dealing with pent-up demand due to extremely low-interest rates and people wanting more space for working and learning from home. The Bank of Canada has committed to keeping rates low for 2021, but the Alberta economy is not expected to get back to pre-pandemic levels for a couple of years, and a weak labour market is expected until the end of next year. Some fundamental shifts are needed (employment, migration) before improvements in the market will be sustainable. I'll update this post with the Greater Edmonton Area stats after the REALTORS® Association of Edmonton releases their report later…

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Week 10 Update:

Welcome to the final week of our Luv Local Eats $10K Giveaway! We've given away $9,000 dollars in gift cards from 9 different local restaurants to 90 amazing people. We are so grateful for the positive response to this giveaway and for all of the nominations you have shared. For the 10th and final week of the Luv Local Eats Giveaway, we have 10, $100 Gift cards to Continental Treat Fine Bistro up for grabs. Continental Treat is a family affair, as three generations of the Borówka Family work together to bring their romantic turn of the century dining vision to life in the downtown / Whyte Avenue area. Please share this giveaway with your friends and family, tag your nominations and tell us and them why in the comments section and help…

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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: 450 (433, 437, 360) # Sales: 249 (188, 213, 161) Ratio: 55% (43%, 49%, 45%) # Price Changes: 175 (190, 170, 54) Expired/Off-Market Listings: 145 (176, 143, 530) Net loss/gain in listings this week: 56 (69, 81,-331) Active single-family home listings: 2148 (2125, 2135, 2095) Active condo listings: 1940 (1887, 1838, 1784) Homes 4-week running average: $422 ($432, $430k, $412k) Condos 4-week running average: $210 ($195, $209, $212k) This week, a new survey revealed what I think all of us already know: Albertans are less confident in the housing market and the economy than the rest of Canada. When it came to real estate, 45…

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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: 433 (437, 360, 101) # Sales: 188 (213, 161, 102) Ratio: 43% (49%, 45%, 101%) # Price Changes: 190 (170, 54, 95) Expired/Off-Market Listings: 176 (143, 530, 511) Net loss/gain in listings this week: 69 (81,-331, -512) Active single-family home listings: 2125 (2135, 2095, 2087) Active condo listings: 1887 (1838, 1784, 1730) Homes 4-week running average: $432 ($430k, $412k, $404k) Condos 4-week running average: $195 ($209, $212k, $219k) Looks like sales are starting the year off well ahead of last year, and the two years before that, and prices of single-family homes are following the 2018 trajectory. At the recent housing…

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Buyers almost always include a home inspection condition when they make an offer on a house. The purpose of a home inspection is for the buyer to have a clear picture of what they're buying, so they are aware of the home's condition and get a good idea of what expenses they will face for maintenance and repairs. Buyers shouldn't expect any property to be perfect, and they shouldn't look at the home inspection as a re-negotiation tool. Still, in some cases, they will ask for concessions from the seller based on the inspection report. According to this American study, 29% of sellers either make minor repairs or reduce the sale price to close the deal.

Home Inspection FAQs:

What is a home inspection? 

A home inspection is an opinion provided by a…

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A lot of people don’t know about the importance of Real Property Reports (RPRs) when buying or selling a home and often ask us about the benefits of having an RPR or Title Insurance. So let’s set the record straight right off the bat: An RPR with compliance is generally better than Title Insurance alone, but it’s not an ideal solution in every real estate transaction. What is an RPR? An RPR is basically a survey or a drawing of a property that shows the location of all of the improvements such as the house, garage, deck, fence, hot tub and so on. It also includes information about utility right-of-ways, easements and overhangs. What is an RPR with compliance? Most municipalities will issue a compliance stamp or certification when an RPR 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: 437 (360, 101, 178) # Sales: 213 (161, 102, 204) Ratio: 49% (45%, 101%, 115%) # Price Changes: 170 (154, 95, 84) Expired/Off-Market Listings: 143 (530, 511, 189) Net loss/gain in listings this week: 81 (-331, -512, -225) Active single-family home listings: 2135 (2095, 2087, 2371) Active condo listings: 1838 (1784, 1730, 1950) Homes 4-week running average: $430k ($412k, $404k, $415k) Condos 4-week running average: $209 ($212k, $219k, $222k) In the past, I've mentioned that Alberta's net migration was negative in Q2 2020 for the first time since the 80's, and it looks like Q3 was still negative but started heading in the…

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Good morning! The REALTORS® Forecast is back and I'm liveblogging the event. Things moved really quickly so I've edited the disaster I created during the event. The forecast takes place every year and features guest speakers who give forecasts on the local, national and global economy. There always seems to be a blizzard during the forecast, so luckily this year I got to attend from the comfort of home. I am thoroughly enjoying the snowstorm now taking place outside my windows.

Benjamin Tal, Deputy Chief Economist CIBC Capital Markets

The recession we're seeing as a result of COVID-19 is primarily a "service industry" recession, which suggests when the turnaround comes, it will come quickly, because the demand for services will be extremely high, and…

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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: 360 (101, 178, 220) # Sales: 161 (102, 204, 186) Ratio: 45% (101%, 115%, 85%) # Price Changes: 154 (95, 84, 135) Expired/Off-Market Listings: 530 (511, 189, 208) Net loss/gain in listings this week: -331 (-512, -225, -174) Active single-family home listings: 2095 (2087, 2371, 2476) Active condo listings: 1784 (1730, 1950, 2007) Homes 4-week running average: $412k ($404k, $415k, $421k) Condos 4-week running average: $212k ($219k, $222k, $223k) So far 2021 has been very busy for Edmonton real estate agents, traffic to our websites remains at all-time highs and agents are much busier than normal showing properties and…

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Consumer Choice Award results are in! Much like everything else, they looked a little bit different this year without the gala. While we missed celebrating with our team, we are honoured to receive the Consumer Choice Award for Real Estate Broker Residential in Edmonton and Northern Alberta Area for the 2nd year in a row. The Consumer Choice Award was established with the sole purpose of recognizing business excellence in small and medium businesses across Canada. Businesses that are chosen by you, the consumer, based on their merit and reputation within their communities through an in-depth and unbiased process. Receiving this award is a true honour; it affirms that we have achieved our goal of providing outstanding customer service and that we…

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