Real Estate Prices Reach New High in Greater Edmonton Area - UPDATED
Posted by Liv Real Estate on
The average price for residential real estate hit a new high in the Greater Edmonton Area (GEA) in May - $401,390, up 23% over the last year and the median price was up 8% to $375,000. Admittedly, averages can be very misleading, which is why the benchmark price is a much better indicator of what's going on in the market. The benchmark price for single-family homes was up 9.3% over last year in May, and the composite benchmark price was up 8.4%.
As I already mentioned in our weekly stats, I believe the market peaked early this year in terms of listings and sales as many buyers moved their purchases up to take advantage of historically low-interest rates. While things are slowing down a bit, we are coming off of all-time highs, so there is still a ton of…
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A friend of mine recently moved to a Vancouver suburb and I was shocked to hear how much it really costs to buy a home there. I think everyone has an idea how expensive homes are in and around Vancouver and Toronto right now, but many people aren't aware of the additional closing costs buyers face across the country. With so many people working remotely, we're starting to see people moving based on housing affordability, so I wanted to share what it actually costs to buy a typical single-family home in major Canadian cities, including the extra expenses buyers pay at closing that are not included in their mortgage.
Since averages and medians can be misleading, I'm going to base these calculations on the MLS® Home Price Index. The HPI basically…
Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New Listings: 698 (741, 773, 828)
# Sales: 459 (462, 478, 439)
Ratio: 66% (62%, 62%, 53%)
# Price Changes: 404 (458, 383, 416)
Expired/Off-Market Listings: 164 (179, 171, 288)
Net loss/gain in listings this week: 75 (100, 124, 101)
Active single-family home listings: 2923 (2897, 2844, 2758)
Active condo listings: 3013 (2942, 2905, 2834)
Homes 4-week running average: $454 ($457, $456, $459)
Condos 4-week running average: $233 ($232, $233, $233)
“The whole secret of a successful life is to find out what is one’s destiny to do, and then do it.”– Henry Ford
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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: 741 (773, 828, 785)
# Sales: 462 (478, 439, 484)
Ratio: 62% (62%, 53%, 62%)
# Price Changes: 458 (383, 416, 415)
Expired/Off-Market Listings: 179 (171, 288, 162)
Net loss/gain in listings this week: 100 (124, 101, 139)
Active single-family home listings: 2897 (2844, 2758, 2706)
Active condo listings: 2942 (2905, 2834, 2791)
Homes 4-week running average: $457 ($456, $459, $454)
Condos 4-week running average: $232 ($233, $233, $225)
I think it's safe to say that the market peaked a few weeks ago and has started to level out over the past two weeks.
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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: 773 (828, 785, 750)
# Sales: 478 (439, 484, 476)
Ratio: 62% (53%, 62%, 63%)
# Price Changes: 383 (416, 415, 368)
Expired/Off-Market Listings: 171 (288, 162, 167)
Net loss/gain in listings this week: 124 (101, 139, 107)
Active single-family home listings: 2844 (2758, 2706, 2608)
Active condo listings: 2905 (2834, 2791, 2731)
Homes 4-week running average: $456 ($459, $454, $458k)
Condos 4-week running average: $233 ($233, $225, $222k)
"Your time is limited, so don't waste it living someone else's life. Don't be trapped by dogma – which is living with the results of other people's thinking." -Steve Jobs
Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New Listings: 828 (785, 750, 751)
# Sales: 439 (484, 476, 468, 383)
Ratio: 53% (62%, 63%, 62%)
# Price Changes: 416 (415, 368, 341)
Expired/Off-Market Listings: 288 (162, 167, 161)
Net loss/gain in listings this week: 101 (139, 107, 122)
Active single-family home listings: 2758 (2706, 2608, 2517)
Active condo listings: 2834 (2791, 2731, 2660)
Homes 4-week running average: $459 ($454, $458k, $463k)
Condos 4-week running average: $233 ($225, $222k, $231k)
It's likely we've seen sales peak for this year, but I could be wrong. The number of people searching online for real estate related terms plateaued in late March and started to decline…
Welcome to the final segment of our 3-part spring cleaning series. So far we have covered decluttering and deep cleaning your home - linked if you missed them and want to check them out. In this post, we are going to cover everything you need to do to get the exterior of your home ready for Spring.
April saw the most sales in any month since at least 2008 (that's as far back as my spreadsheet goes). There were 2,868 residential sales in the Greater Edmonton Area in April, up 104% over the 5-year average (last April was an anomaly due to COVID so it's more reasonable to compare to the 5-year average). To put things in perspective, in June 2007 when the market was as hot as we'd ever seen, there were 2203 sales. Most affordable listings are pending within a day or two of hitting the market, often with a backup offer in place. The good news for buyers is that most are still able to get offers accepted with conditions whereas most homes sold without conditions back in '07.