Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days: New Listings: 642 (635, 458, 432) # Sales: 199 (203, 216, 197) Ratio: 31% (32%, 47%, 46%) # Price Changes:  310 (266, 251, 236) Expired/Off-Market Listings: 175 (337, 156, 145) Net loss/gain in listings this week: 268 (95, 86, 90, 139) Active single-family home listings: 3346 (3161, 3117, 3060) Active condo listings: 2061 (1977, 1924, 1880) Homes 4-week running average: $425k ($425k, $429k, $417k) Condos 4-week running average: $213k ($208k, $206, $202k) Everyone wants to know how COVID-19 is going to affect our real estate market and I can confidently say my crystal ball is completely broken. So far, it's business as usual, deals are coming together, houses are coming on the market and showings are proceeding. I expect open houses will be cancelled (our brokerage policy is no open houses until further notice). We are taking precautions: our agents are carrying hand sanitizer, are not shaking hands with clients and are generally practicing "social distancing," we're advising sellers to wipe down door handles and other surfaces after showings and asking them to put hand sanitizer at the front entry, and we're asking clients to cancel if they're feeling unwell. Meanwhile, the BoC dropped the overnight rate to 0.75% and I expect mortgage rates will drop as well. We're in uncharted territory here, only time will tell. Have a great weekend! Posted by Liv Real Estate on
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Mortgage rates will do more than just fall. The Fed funds rate is slated to fall to zero this year and at least a half point cut in the Fed funds rate March 18th. The Bank of Canada will match these rate cuts. Everyone will go broke here and in America just like in Japan and Europe. Ben Bernanke's legacy.

Posted by Tony on Thursday, March 12th, 2020 at 10:10pm

Should read mar 13 not feb 13. Just FYI.
Should be interesting to see what happens.

Posted by Curtis on Friday, March 13th, 2020 at 3:18am

The Coronavirus story is destroying the economy. Healthcare becomes a worship, people are brain washed.

Posted by Sharon on Friday, March 13th, 2020 at 4:23am

The Fed funds rate is slated to fall to zero this year and at least a half point cut in the Fed funds rate March 18th. The Bank of Canada will cut the rate one half a point this Monday March 16th. Expect bidding wars to erupt in the GTA like you've never seen before.

Posted by Tony on Friday, March 13th, 2020 at 10:17pm

Yes, we have multiple offers for properties here in GTA, and the price is 100 to 150K over asking. However, do you think the bank will approve the mortgage?

No city is immune from this, I predict it will be just like 2017 ish, where people will just walk away. You have to remember, in GTA, the deposit is NOT automatically goes to seller in a default... It needs mutual release.

The wheel of fortune basically stop, if you have a job, you can barely afford the house, without it, good luck.

Posted by jason on Saturday, March 14th, 2020 at 1:24am

Jason, I agree, see how many business are still in good shape in Canada. Bombardier, SNC, Suncor, Blackberry. The fundamental is not promising. Banks are building up with bad loans.

Posted by Sharon on Saturday, March 14th, 2020 at 4:13am

So..... we looking at a L shaped recession? If so, what kind of deflation are we going to see in Real Estate? 50%? Japan had it bad in the 80's, so I imagine something similar may happen here.....

Posted by jared on Sunday, March 15th, 2020 at 1:18am

Debt in countries around the world is going to skyrocket.
Not sure if this will mean inflation or deflation. I guess if every country creates trillions of new dollars (or whatever currency they have) maybe it'll all be a wash.
Buy gold I guess.

Posted by GM on Sunday, March 15th, 2020 at 10:21pm

Some people say Canadian housing is becoming a Ponzi schema that creating no values to the economy, the money should go to business to create more GDP growth.

Posted by Sharon on Monday, March 16th, 2020 at 2:20am

Healthcare keeps brain wash people and expand. The day people wake up is close.

Posted by Sharon on Wednesday, March 18th, 2020 at 1:35am

Poloz is slated to kill the Canadian dollar and savers at 11:15 today. At least mortgage rates should fall for the ones who didn't pay cash and have a mortgage.

Posted by Tony on Wednesday, March 18th, 2020 at 3:32am

He didn't do it. Guess he's afraid to, since the Canadian dollar is already in freefall.

Posted by GM on Thursday, March 19th, 2020 at 7:33am

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