Weekly Market Update, Aug. 31/18

Hi Sara - thank you for these weekly reports. Just one thing. I see the number of listing graph comparing multiple year is misssing.

Foreclosures are starting to build in the condo market.

Tony, do you have any sources regarding the foreclosure data?

That's interesting Tony, but not surprising. What is your source? The same must be true for SFH as well?

Well so much for a recovery now that Trans Mountain Pipeline is in limbo. I would imagine house prices remain flat at best for sometime. Condo market....never been a fan of that market (just a glorified apartment with maintenance fees) plus it's rare that they are owner occupied to begin with.
Buying a home was once a great thing to do. Now I can't even think of wanting to own one with all the bills, taxes, upkeep and mortgage payments.
Only good thing about all this is my rent won't be going up anytime soon as there are so many empty units on the market.
Well let's hope by 2025 things turn around.

You're welcome!
I don't always include the inventory chart... tomorrow is the first of the month so I'll have a more in-depth monthly report then.

It is Sept now. Too many open houses. This scares the hell out of me since it is a sign of price drop. Is the pipeline the source?

The source is my memory, I remember every listing on mls for Edmonton so when I read another "as is where is" I add one to the running count.

You have no clue Tony. I just bought a "as is where is" property and like many others I have seen gone are NOT foreclosure. These are mostly old/tear down that are sold as lot value and are snatched by builders.

Condo construction slowing in Edmonton.
It's about time, as the market is flooded and prices are in the dumps.
https://atb.com/learn/economics/the-owl/Pages/condo-construction-a-tale-of-two-cities.aspx

Construction of TMX will start again within 6 months... the feds won't allow it to fail, it's too politically hot.
Trump needs a NAFTA win too. I wager we'll see that come to a close in the next month.
The economy has some steam...

Greg, I hope you are right. I am planning to buy a condominium, but not sure if I should do it in the Fall. The market indicators point to lower prices. But, how for how long? Any suggestion?