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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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…

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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…

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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)          

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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: 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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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…

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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: 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)        

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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: 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)  

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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…

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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.    

City of Edmonton…

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