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 in February was $434,703 (up 3.2% from last year) and the median price was up 0.7% to $382,750. Average condo prices were up 3.2% to $238,418 and the median was down 1.2% to $214,500. The average price per square foot for single-family homes was up $16 to $288 - that is a big jump! I've included the average size chart below as well because it shows the average size of single-family homes was down on a month over month basis, while the price per square foot was up. To me, this suggests sales in the lower price ranges are still doing pretty well. So I took a look at single-family sales between $300,000 and $450,000 (what I'm referring to as affordable homes below) in January and February of this year. While there was nothing groundbreaking, a few things did stand out:
  • The average days on market dropped from 61 in January to 55 for affordable homes and from 68 to 58 for all homes. I don't like to use the average days on market because it's not a very accurate stat (homes that are re-listed start again from 0 days) but it can give some insight into what's going on.
  • The average list to sale price ratio increased for affordable homes from 97.3% in January to 97.6% in February while all single-family homes sold for 96.7% of list price in January and 97.3% in February. While these differences may seem small, the list to sale price ratio is almost always around 97-98% in Edmonton.
  • In January, affordable homes made up 50% of all single-family home sales, and in February they made up 56%.
So, go ahead and draw your own conclusions, but I'd say the more affordable homes saw more action in February than in January, and that had an impact on average prices, sizes and price/square foot for the overall market. The new mortgage rules have reduced the amount of money most people can qualify to borrow, and this is affecting the overall makeup of sales in Edmonton. Those looking at buying more expensive homes will likely have more room to negotiate than they had in the recent past. The average size of single-family homes reported sold in Edmonton was down 2.6% from last February and 3.5% from last month: Posted by Liv Real Estate on
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Resale townhouses dropped about ten percent in price in 2017 in Edmonton and about fifteen percent in Calgary.

Posted by Tony on Thursday, March 1st, 2018 at 5:58am

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