The real estate market in Edmonton is a tale of two time frames; when we look at the stats year over year things look very good, but compared to just a few months ago, things have really slowed down. This, of course, is actually good news because overheated markets are not good in the long run. Interestingly, Calgary sales are down about 2% from last year, while my preliminary look at the market shows sales of single-family homes and condos are still up in Edmonton (13% and 18%, respectively). “As expected, higher interest rates are starting to have an impact on home sales. This is helping shift the market toward more balanced conditions and taking some of the pressure off prices,” said CREB® Chief Economist Ann-Marie Lurie. “While we are starting to see…

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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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A friend of mine recently moved to a Vancouver suburb and I was shocked to hear how much it really costs to buy a home there. I think everyone has an idea how expensive homes are in and around Vancouver and Toronto right now, but many people aren't aware of the additional closing costs buyers face across the country. With so many people working remotely, we're starting to see people moving based on housing affordability, so I wanted to share what it actually costs to buy a typical single-family home in major Canadian cities, including the extra expenses buyers pay at closing that are not included in their mortgage. Since averages and medians can be misleading, I'm going to base these calculations on the MLS® Home Price Index. The HPI basically…

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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: 437 (360, 101, 178) # Sales: 213 (161, 102, 204) Ratio: 49% (45%, 101%, 115%) # Price Changes: 170 (154, 95, 84) Expired/Off-Market Listings: 143 (530, 511, 189) Net loss/gain in listings this week: 81 (-331, -512, -225) Active single-family home listings: 2135 (2095, 2087, 2371) Active condo listings: 1838 (1784, 1730, 1950) Homes 4-week running average: $430k ($412k, $404k, $415k) Condos 4-week running average: $209 ($212k, $219k, $222k) In the past, I've mentioned that Alberta's net migration was negative in Q2 2020 for the first time since the 80's, and it looks like Q3 was still negative but started heading in the…

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The spring market clearly had a delayed peak due to COVID-19 this year. Our weekly stats have shown a downward trend for the past few weeks, so I expect that July was the peak of the real estate market in Edmonton this year. We have clients moving for all kinds of reasons at the moment, upsizing, downsizing, relocating, first time buyers, and everything in between; we're all spending a lot more time at home, and for some, our priorities and needs have shifted. I will update this post when the REALTORS@reg; Association of Edmonton releases its monthly report on the real estate market in Edmonton. "There have been improvements relative to the lowest sales levels caused by COVID-19, but it is too early to say things are shifting back to pre-pandemic…

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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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