Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days: New Listings: 542 (607, 692, 594) # Sales: 310 (311, 284, 270) Ratio: 57% (51%, 41%, 45%) # Price Changes: 582 (574, 566, 547) # Expired/Off Market Listings: 248 (279, 519, 519) Net loss/gain in listings this week: -16 (17, 322, -195) Active single family home listings: 4709 (4718, 4700, 4628) Active condo listings: 3080 (3070, 3049, 3029) Homes 4-week running average: $434k ($442k, $449k, $439k) Condos 4-week running average: $247k ($240k, $238k, $238) Single-family inventory dropped, every so slightly this week, have we hit the peak for inventory for the year? We shall see. Meanwhile, condo inventory continued to climb. I had a chat with Jason Hatton who is a mortgage broker with Verico iMortgage Solutions, he helps a lot of our clients find the best mortgage for them. Here are his thoughts on what's going on with mortgage rates:
"The Bank of Canada raised its key interest rate this month, indicating that the Prime Rate is now at 3.70%. Prime directly impacts student loans, personal and home lines of credits and variable mortgages. Indirectly, the fixed rates will follow the trend upwards and begin to increase. It is important for home buyers to lock in their pre-approval rate to protect themselves from short-term rate hikes. If your mortgage is coming up for renewal in the next 12 months, now is the timeto start looking at options. Give me a call today to book your personal mortgage review."
Have a great weekend! Posted by Liv Real Estate on
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The B20 OSFI rules drove condo prices to the moon in Vancouver and Toronto. The opposite happened in Edmonton. I guess people earn too much in Edmonton.

Posted by Tony on Thursday, July 26th, 2018 at 8:55pm

Come on Tony, you know condo prices will not stay that low 25 years from now equivalent to a 25 year amortization time. I bet you after the year 2045 condo prices here will be almost double those of today.

Posted by Wally on Friday, July 27th, 2018 at 8:50pm

Wally, you are correct... the only thing you missed is to mention the cost of ownership and lost of opportunity cost.... Can you estimate the condo fees ?

Posted by bubu on Friday, July 27th, 2018 at 9:56pm

Yes you're right bubu but you also missed the cost of interest on the mortgage and cost of internal repairs and property taxes and if you want to resell the cost of realtor's commission. In fact, it's a big liability.

Posted by Wally on Friday, July 27th, 2018 at 11:42pm

Chinese millionaires don't give a damn about the B20 OSFI rules. They buy with cash. 100%.

Posted by GM on Saturday, July 28th, 2018 at 7:29am

Most U.S. economists state the real estate market in America will bottom out between 2032 and 2034. That would probably mean Edmonton would fall for another 14 years on top of the last 11 years or 25 years in total.

Posted by Tony on Saturday, July 28th, 2018 at 11:18pm

I see a lot of denial in the market... people get advised to not sell but nobody tells people the interest rate will go up even more in the next year.... Why only 1/2 of the story?

Posted by bubu on Tuesday, July 31st, 2018 at 2:11am

Everyone knows interest rates are artificially being pushed upwards while the American and Canadian economies both worsen with time. Soon QE4 will come in when America can no longer keep their fake stock market afloat. As long as America doesn't bring in helicopter money interest rates will revert to zero or negative in both countries.

Posted by Tony on Wednesday, August 1st, 2018 at 12:07am

What? The U.S. economy is firing on all cylinders and Canada is doing pretty good.

Posted by arfmoocat on Thursday, August 2nd, 2018 at 2:59am

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