Weekly Update, Jan. 8/21
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 writing offers. What is the outlook for 2021? The REALTORS Association of Edmonton annual forecast seminar is on January 13 and I’ll be live-blogging the event on our blog. I also found an interesting article summarizing the national forecast from a variety of sources – check it out – even though sales were up considerably in nearly every Canadian market, most forecasters expect price growth to slow over the next year, but some expect declines of anywhere between 3% and 10%. We’ll see what the local forecast is on Wednesday.
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.
Comments 8
Tom
Looks like a strong market in Edmonton! Prices are up, as are sales. I think as we recover from Covid, we’ll see some strong price jumps later this year, and 2022 as interest rates will stay low.
Tony
The Chinese are gobbling up everything that’s being built. Everything sells out the first day the sales office opens for any new project. This will drive Canadian home prices skyward in 2021. My guess is prices Canada wide will rise 15 percent in 2021.
Sara MacLennan
They were buying up a lot in Toronto and Vancouver, I’m not sure if that is still going on there or not, but we have not seen that trend in Edmonton.
GM
The NDP are currently ahead in the polls in Alberta. Doesn’t bode well for our future.
A commong guy
Edmonton prices are cheap compared to many other markets in Canada and it’s a buyers market right now. The interest rates are at an all time low (you can get 5-year fixed at 1.49%). The only negative point is the economic outlook isn’t good (jobs!!). Once that turns around (and I suspect it will start happening in about 2-3 years) prices will be going up. Companies are considering investment in Hydrogen and with the price of carbon tax (federal) increasing multiple fold it only makes it more viable. Alberta has among the cheapest sources of hydrogen!
Tony
They have to destroy the U.S. dollar to save the U.S. banks, save the real estate market and to bankrupt all the retirees due to shortfalls in the social security system. This will keep pushing up the price of lumber and home prices in America.
Tony
Re: They were buying up a lot in Toronto and Vancouver, I’m not sure if that is still going on there or not.
Everything sells out the first day the sales office opens for new projects. This is what will drive prices skyward in 2021 in Canada. The entire golden horseshoe follows whatever Richmond Hill, Markham, Unionville and Stouffville does.
GM
Bring on inflation!