Demand for Real Estate Cools in February in Edmonton - UPDATED
Posted by Liv Real Estate on
Here is our snapshot of the Greater Edmonton Area real estate market based on the monthly report released by The REALTORS® Association of Edmonton (Edmonton only comments and charts follow):
Edmonton Stats
After a more active January, the real estate market cooled off a bit in Edmonton in February; single-family home sales were above average and condo sales were roughly average in January and sales in both categories (while up month over month) dropped to below average levels in February. 506 single family homes were reported sold in Edmonton in February, down 13% from last February. Condo sales were also down 13% from last February; 230 condos were reported sold in Edmonton. The average price of single-family homes sold in Edmonton…361 Views, 1 Comments
Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New Listings: 457 (452, 511, 461)
# Sales: 189 (206, 189, 177)
Ratio: 41% (46%, 37%, 38%)
# Price Changes: 206 (250, 197, 215)
# Expired/Off Market Listings: 178 (145, 155, 393)
Net loss/gain in listings this week: 90 (101, 167, -109)
Active single family home listings: 2778 (2743, 2688, 2571)
Active condo listings: 2222 (2145, 2089, 2003)
Homes 4-week running average: $444k ($442k, $456k, $443k)
Condos 4-week running average: $235k ($234k, $225k, $222k)
Looks like sales will be lower than last February when the monthly totals are calculated next week, perhaps single-family home prices have already peaked for this year? That would be…
Solar rebates have arrived! On June 21, 2017, the Government of Alberta officially opened the rebate program to homes and businesses in Alberta.
These charts really tell the story about what is happening with the Edmonton real estate market. Sales are up 14% over last year, while inventory is up 7% over last year to the highest level we've seen in January in 10 years. A lot of buyers seem to have moved their purchase forward due to rising mortgage rates.
The average price is up 0.64% over last year and the median price is down 2.9%:
Our preliminary stats on the Edmonton real estate market in January showed:
We missed the Edmonton forecast this year, so we came to Calgary to see what's expected to happen to the real estate market in Calgary at the #CREB2018 Economic and Housing Forecast. I'll be updating this post as information is shared.
The forecast was provided by CREB Economist: Ann-Marie Lurie, here is a summary of her remarks:
Calgary was on a path of recovery in 2017, which is expected to continue in 2018 (more of the same) with so new challenges. Alberta has the strongest growth in GDP in the country, but we're not back to where we once were. Energy prices are far better than what we've seen over the past couple of years, but challenges still exist. Modest gains are expected in the energy sector in Alberta.
"Housing market conditions are expected…
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