“We continue to see stability in the all-residential average and median prices, and this stability has been primarily due to strong sales of single family homes, which are a staple of our marketplace,” explains James Mabey, Chair of the REALTORS® Association of Edmonton.Here is our snapshot on the market in October:
Preliminary Edmonton Report
Our preliminary report on the real estate market in Edmonton shows a moderate year over year increase in single-family home sales in October, which is a nice rebound after a lack-lustre September.
Condo sales meanwhile, dropped 7% from last year and well below what would be considered normal for this time of year. This is not good news for those trying to sell a condo as inventory is well above normal levels (possibly at a record high for this time of year but my records only go back to 2008) and that doesn't include all the new towers going up downtown.
The average price of single-family homes was down 1.7% to $441,733 from last October and the median price was down 0.7% to $385,000. The average price of condos sold in October was down 3% to $242,144 from last year and the median price was down 1.5% to $229,000.
The average price per square foot for single-family homes was up 2% to $280 and for condos was down 0.4% to $233.
Posted by Liv Real Estate
on
Single family home prices are lower than they were 10 years ago according to the graph.
Posted by GM on Wednesday, November 1st, 2017 at 9:40pmIt is gonna be mixed for the next few months as well due to the rate hold policy and stress testing starting in January! Until then the price will artificially go up in certain markets.
Posted by Wally on Thursday, November 2nd, 2017 at 4:26amI personally am in no rush to jump in and pay a higher price now knowing that I can get it lower next year.
Best time to buy is NOW!!
Posted by Mike on Thursday, November 2nd, 2017 at 5:46amNext year will be too many people looking for too few homes.
Inventory is at an all time high and average sale price is going lower. You and I have a very different definition of things heating up!
Posted by smitty on Thursday, November 2nd, 2017 at 6:29amI really feel the economy or rent market is stabilizing. Two of my two bedroom apartment on southside are able to receive $1250+ rent compare last year i rent them out for $1125. And last week i saw Broadwalk ended their promotion on a ridiculous price 2 bedroom $965 including every utility and internet and tv cable on the area. Now they are selling $1299 per month.
Posted by Hihi on Thursday, November 2nd, 2017 at 6:47amI believe if the rent continuously stay hold or stronger, more investor eventually to come back and push the pricing
Sales are up, and price per square foot is also up. Sounds like things are heating up!
Posted by Tom on Thursday, November 2nd, 2017 at 7:23amhttp://www.cbc.ca/news/canada/edmonton/reidbuilt-homes-bankruptcy-1.4385322
Posted by bubu on Friday, November 3rd, 2017 at 1:38amI see Alberta created 11,900 jobs last month (October's jobs report) both in the bank sector. “Bank”ruptcy lawyers and food”bank”s.
Posted by Tony on Friday, November 3rd, 2017 at 4:06amRents will finally stop falling after all the home builders have gone bankrupt. Who would build homes will no one to sell them to? I did see some homes sell in Northmont one of the cheaper areas compared to the other areas. People are trying to beat the new stress test but it shouldn't affect anyone in Edmonton as townhouses sell at one times yearly income.
Posted by Tony on Friday, November 3rd, 2017 at 7:23amI think NAFTA will be terminated and that will cause the cost of building materials to skyrocket and loonie to crash and an ensuing easing from BOC. Also since housing is unaffordable in Vancouver and Toronto many of the 320K immigrants will move/come to Alberta, I always have a fairly high accuracy in my predictions. Also since the oil is stabilizing and most banks are predicting Alberta will lead Canada in GDP growth, I think we are about to turn the corner.
Posted by Shawn on Tuesday, November 28th, 2017 at 11:25pmThe article about “single family home sales strong in October” of real estate is easily understandable. I am impressed with that article. These article express with single home sales in compared this year. Thank you for sharing this useful article.
Posted by nida on Thursday, November 30th, 2017 at 6:05amLeave A Comment