The real estate market is on fire in Edmonton, with record sales and prices. While we saw record sales in the Edmonton area last year, we were nowhere near as hot as other markets in Canada, and we may be playing a bit of "catch up" now with sales up 85% over last February. In Calgary and Edmonton, there is less than a month's supply of single-family homes on the market. While some of the demand is due to interest rate increases (the Bank of Canada increased its policy rate by 25 basis points this morning with more increases expected this year) there are a number of other trends we are seeing that are affecting our real estate market.

Lower New Listings

Last year, listings took off in March to well above normal levels, which would typically be a…

2510 Views, 4 Comments

Read Full Post

A record number of single-family homes were reported sold in January in Edmonton. 713 sales were reported, up 33% from last January and 10% from the previous record in 2007. Based on our weekly reports, I was expecting sales to be up compared to last year, but I wasn't expecting an increase of over 30%. Condo sales were up to the highest level seen since 2008; 267 condos were reported sold in Edmonton in January, up 45% from last year! If you missed it, be sure to check out our 2022 forecast to learn what is driving demand in Edmonton.

In the Greater Edmonton area,New listings and inventory were both down 10%, and sales were up 14%, leaving the absorption rate at 3.5 months which is significantly lower than we've seen in January for the past five…

1781 Views, 4 Comments

Read Full Post

Well, it's that time of year when I get to try and predict what's going to happen with the real estate market and check back on last year's prediction. I attended the REALTORS® Association of Edmonton annual forecast last week and the Calgary Real Estate Board (CREB®) forecast earlier today, and I have some interesting insights to share with you. But first, let's have a look at my prediction from last year:


"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…

3983 Views, 1 Comments

Read Full Post

It was a busy December for real estate agents in Edmonton with more sales than we normally see during the holiday season. Higher than normal luxury sales brought the average price of single-family homes up, while the average price per square foot declined. Unlike many other markets in Canada, new listings also increased (although not as much as sales) so the upward pressure on prices was not as great in the Edmonton area as it was in Calgary and other markets.  I will post a market forecast after the REALTORS Association of Edmonton Housing Forecast on January 19, it will be interesting to hear what the experts have to say about the economy and housing market. I will update this post with the Greater Edmonton Area stats when the REALTORS® Association of…

1933 Views, 0 Comments

Read Full Post

Warnings of impending interest rate hikes have motivated home shoppers across Canada to move ahead with purchases during what is typically the slowest time of the year for real estate sales. Although new listings were up 15% from last year, they did not keep up with demand creating an unexpectedly hot market in Edmonton in November. The absorption rate has fallen to 3.18 months of supply. At this time of year, we would often tell clients to hold off listing their property until the new year, because demand is typically quite low going into the holiday season. It will be interesting to see if more holiday shoppers put "new home" on their lists this year, or if this surge in demand will cool off until the New Year.


Here is our monthly update on the…

1557 Views, 0 Comments

Read Full Post

Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days: New Listings: 332 (399, 469, 464) # Sales: 318 (325, 304, 298) Ratio: 96% (81%, 65%, 64%) # Price Changes: 225 (275, 357, 363) Expired/Off-Market Listings: 195 (240, 263, 528) Net loss/gain in listings this week: -181 (-166, -98, -362) Active single-family home listings: 2626 (2745, 2814, 2861) Active condo listings: 2355 (2385, 2427, 2463) Homes 4-week running average: $447 ($450, $447, $439) Condos 4-week running average: $215 ($217, $220, $223)          

980 Views, 9 Comments

Read Full Post

Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days: New Listings: 399 (469, 464, 429) # Sales: 325 (304, 298, 327) Ratio: 81% (65%, 64%, 76%) # Price Changes: 275 (357, 363, 399) Expired/Off-Market Listings: 240 (263, 528, 216) Net loss/gain in listings this week: -166 (-98, -362, -114) Active single-family home listings: 2745 (2814, 2861, 3043) Active condo listings: 2385 (2427, 2463, 2607) Homes 4-week running average: $450 ($447, $439, $449) Condos 4-week running average: $217 ($220, $223, $220)    

823 Views, 4 Comments

Read Full Post

Whether you’re remodelling to enhance your family’s treasured home for your own enjoyment or to increase resale value, it is bound to be a vast undertaking. To adequately prepare yourself for the project that lies ahead, consider the following common renovation problems and the best solutions to fix them.

Being Caught Off-Guard by Hidden Issues

Sometimes, once the renovation project is underway, problems surface that require further attention, time and money. Be aware of the following issues that could pose extra work during your remodel process:
  • Carpentry – When a floorboard is removed, other surprises often lurk, such as rotten framing or unleveled areas.
  • Glazing on windows is often thin in older homes and can break easily.
  • Asbestos…

1710 Views, 0 Comments

Read Full Post

Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days: New Listings: 469 (464, 429, 447) # Sales: 304 (298, 327, 345) Ratio: 65% (64%, 76%, 77%) # Price Changes: 357 (363, 399, 427) Expired/Off-Market Listings: 263 (528, 216, 237) Net loss/gain in listings this week: -98 (-362, -114, -135) Active single-family home listings: 2814 (2861, 3043, 3089) Active condo listings: 2427 (2463, 2607, 2625) Homes 4-week running average: $447 ($439, $449, $452) Condos 4-week running average: $220 ($223, $220, $225)        

848 Views, 6 Comments

Read Full Post

Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days: New Listings: 464 (429, 447, 491) # Sales: 298 (327, 345, 291) Ratio: 64% (76%, 77%, 59%) # Price Changes: 363 (399, 427, 341) Expired/Off-Market Listings: 528 (216, 237, 197) Net loss/gain in listings this week: -362 (-114, -135, 3) Active single-family home listings: 2861 (3043, 3089, 3139) Active condo listings: 2463 (2607, 2625, 2672) Homes 4-week running average: $439 ($449, $452, $457) Condos 4-week running average: $223 ($220, $225, $221)  

738 Views, 14 Comments

Read Full Post