2022 Edmonton Real Estate Market Forecast
Posted by Liv Real Estate on
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…
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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: 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)
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)
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To adequately prepare yourself for the project that lies ahead, consider the following common renovation problems and the best solutions to fix them.
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)
You know, some things just seem so simple… Take the following question, for example; Does GST apply to the sale of your home?
You’d assume the answer would be a simple and straightforward “No, there’s no GST on a resale home.”
LOL…Assumptions are dangerous. (I’m sure I’ve said this before.)
The actual answer is a much more complex “Maybe. Actually, generally no, but possibly.”
You must be thinking, “wait, what?”
The fact of the matter is the only one who can answer this is you or your accountant. It’s all based on how you’ve filed your taxes, so every case is different.
For example, if you own an acreage and run a business on it or lease a portion of to, let’s say, a cell tower or an oil well, you may have obligations to pay GST on the sale of your…
Interesting times in the Edmonton real estate market for sure... sales of all property types were well ahead of the past few years, and while single-family prices were up, condo prices are still lagging due to higher than normal supply. The biggest real estate related news this month comes from the Bank of Canada, which gave a surprise warning last week that rates are going to rise significantly next year. We often see an increase in demand before rate hikes, followed, of course, by lower demand. This could move the spring market earlier next year since the hikes will begin in April.
I will update this post when the REALTORS® Association of Edmonton releases their monthly report on the market later this week.