Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days: New Listings: 437 (415, 447, 421) # Sales: 183 (192, 195, 194) Ratio: 42% (46%, 44%, 46%) # Price Changes: 424 (436, 431, 375) # Expired/Off Market Listings: 668 (262, 328, 280) Net loss/gain in listings this week: -414 (-39, -76, -53) Active single family home listings: 4007 (4227, 4241, 4257) Active condo listings: 2285 (2458, 2463, 2482) Homes 4-week running average: $432k ($427k, $430k, $426k) Condos 4-week running average: $219k ($223k, $230k, $235k) If you read my monthly report, you already know demand is low and supply is high. The Calgary market is seeing even lower demand, and I appreciated these comments from Corinne Lyall, a well respected and very experienced broker with Royal LePage Benchmark in response to the market stats:
"You need to do a really good job of understanding what have been the most recent sales, where should I be pricing my home relative to the last sales that have occurred and where is the market going in my area," she said. "If you are pricing your home simply because you need a certain amount out of your house, that's not going to help you."
Her comments are true in any market, but when things are slower, sellers have a much smaller margin of error when it comes to pricing their properties; if you're not priced competitively today, your chances of selling are extremely low. Have a great weekend!   Posted by Liv Real Estate on
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The exact same apartments and townhouses sold for double what they sell for today way back in the spring of 2007, 11 and a half years ago. The CRA tries to hide prices from the public but the people in Edmonton would be dumbfounded if they saw what these townhouses and apartments sold for way back in 2007. It still costs twice as much to rent than to own a resale apartment or resale townhouse. Unlike Vancouver and Toronto the B20 OSFI rules pushed none of the scarce demand to the lower priced part of the housing market.

Posted by Tony on Sunday, November 4th, 2018 at 9:32pm

This is very interesting; I figured for sure that it would be SFH that would see price declines and the condo market would be resilient (more specifically, I thought SFH 3rd and 2nd quartile prices would go down, and the people priced out of SFH 1st quartile would prop up the condos), but instead it's the opposite.

For people who might know, are new condos also hurting, or has the descent just wrecked the condo resale market?

Posted by Anonymous on Monday, November 5th, 2018 at 6:27am

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