Weekly Market Update, Oct. 27/17

Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days: New Listings: 418 (442, 399, 536) # Sales: 250 (254, 241, 246) Ratio: 60% (57%, 60%, 46%) # Price Changes: 381 (429, 382, 469) # Expired/Off Market Listings: 231 (256, 234, 624) Net loss/gain in listings this week: -63 (-68, -76, -334) Active single family home listings: 3537 (3562, 3602, 3617) Active condo listings: 2654 (2662, 2678, 2711) Homes 4-week running average: $426k ($424k, $423k, $421k) Condos 4-week running average: $250k ($249k, $250k, $250k) Well, after a brief period of optimism, CHMC stepped up to the plate and took some wind out of our sails (or should I say "sales?") yesterday. There are growing concerns about overbuilding in Edmonton and Calgary, according to a report released yesterday - They did throw in some good news saying Edmonton’s overall economic fundamentals continue to be “favourable” as employment went up for the second quarter in a row and weekly earnings are beginning to trend higher. Here is what they had to say about "the prairies:"

"Alberta and Saskatchewan’s gradual recovery from the oil-price shock that started in 2014 will likely contribute to positive net interprovincial migration flows, supporting housing markets. Housing market conditions are expected to continue to slowly transition from a buyer’s market to a more balanced one in 2018 and 2019. However, the overbuilding in many CMAs is expected to put downward pressure on new housing construction."

Have a great weekend! Posted by Liv Real Estate on October 27th, 2017

Builders continue to file for bankruptcy yet the builders in Alberta that haven't gone bankrupt continue to flood the market with homes. Maybe they'll just bulldoze the homes that were built like in Detroit when the rest of the builders file for bankruptcy protection.

Posted by Tony on Thursday, October 26th, 2017 at 8:16pm

Don't worry Tony.

As always happens, insiders and friends and family of the bankers will be there to snatch up the properties for pennies on the dollar.

Posted by GM on Thursday, October 26th, 2017 at 9:41pm

You can download a complete copy of CMHC's "Edmonton Housing Market Assessment" here: https://www03.cmhc-schl.gc.ca/catalog/productDetail.cfm?lang=en&cat=192&itm=5&fr=1509128876839

Posted by Sara MacLennan on Friday, October 27th, 2017 at 7:29am

Nice catch Sara, as usual you're one step ahead of the truth...

Posted by GPC on Friday, October 27th, 2017 at 7:53am

Weekly Market Update, Oct. 27/17

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