Weekly Market Update, Sept. 21/18
Posted by Liv Real Estate on
Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New Listings: 523 (568, 547, 506)
# Sales: 260 (247, 219, 279)
Ratio: 50% (43%, 40%, 55%)
# Price Changes: 487 (523, 491, 499)
# Expired/Off Market Listings: 304 (325, 726, 343)
Net loss/gain in listings this week: -41 (-4, -398, -116)
Active single family home listings: 4540 (4534, 4519, 4678)
Active condo listings: 2666 (2696, 2705, 2868)
Homes 4-week running average: $429 ($434k, $430k, $426k)
Condos 4-week running average: $245 ($240k, $247k, $247k)
Have a great weekend! :)
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I normally update this post much more quickly, but I believe I found an error in the reported inventory and am waiting to hear back from our association about it. I've included what I can now and will update this again when I get an answer about the inventory.
Sales were up 1.8% from last August - 1567 listings were reported sold in the Greater Edmonton Area last month.
The average sale price was $423,878, down 3.4% from last August and the media price was $375,000, down 2% from last August.
New listings were up 3% from last August - 3,050 new listings were added last month.
On Monday Edmonton city council unanimously voted to approve changes to zoning bylaws allowing suites in semi-detached, duplex and row housing. There is no longer a minimum lot size requirement for secondary suites, which opens up the opportunity to add suites on smaller lots. They also loosened restrictions on the size and location of secondary suites, relative to the primary dwelling.
All secondary suites must have one off-street parking space on the property unless the home is in an area with access to high-frequency transit, including 600m from LRT or transit centres, and 150m from transit avenues.
One of the benefits of these changes is that many suites that currently exist illegally in semi-detached homes around the city can be legalized. In…
On Monday, August 20, City Council will be voting on whether to approve changes to the Zoning Bylaw to make building secondary suites (basement suites) easier in Edmonton.
The proposed changes are extensive and would allow secondary suites to built: