Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days: New Listings: 567 (606, 570, 542) # Sales: 353 (382, 279, 341) Ratio: 62% (63%, 49%, 63%) # Price Changes: 457 (484, 440, 446) Expired/Off-Market Listings: 239 (269, 238, 566) Net loss/gain in listings this week: -25 (-45, 53, -365) Active single-family home listings: 3266 (3259, 3252, 3213) Active condo listings: 2832 (2824, 2823, 2806) Homes 4-week running average: $456 ($448, $449, $451) Condos 4-week running average: $216 ($214, $218, $219)     Posted by Liv Real Estate on
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I’m taking back what I said three months ago. It looks to me now like Covid is neither a pandemic or endemic, but more of an endemic pandemic. Not sure it’s going anywhere anytime soon, and I think it will continue to divert a greater portion of earnings towards housing than in pre Covid times. People are going to continue to nest, travel less, go out less, and spend less on entertainment in general. There are people both vaxxed and not who will never again set foot in a restaurant or airplane, and inflationary pressures is likely going to remain, although it will even out but not until we’ve seen upward pressure on wages. With the Liberal/NDP coalition going strong, deficit spending and money supply will continue to grow. The raised ceiling on insurance mortgages up to $1.25M and new tax free down payment savings plans are going to goose demand for both entry level and move up homes. I wouldn’t be surprised if Edmonton houses were 10% dearer in a year, providing interest rates don’t rise too fast. I didn’t see this coming a few months ago- figured the vaxx was going to put things back to normal. Clearly wrong.

Posted by T-Rev on Friday, September 24th, 2021 at 7:12am

Kinda like COVID We are number 1!

Posted by Still Employed in AB on Friday, September 24th, 2021 at 8:23pm

T-Rev: Agreed that inflation is getting very high, and likely to be even higher in 2022 due to A LOT of federal government spending to fulfill huge election promises, growing supply chain issues, and continued low interest rates. Housing prices, along with all assets, will continue their upwards climb for the foreseeable future. With the economy missing estimates, there's NO WAY that interest rates will rise 12 months from now. I am certain those projections will be pushed back to 2023 for the first rate hike.

Posted by Tom on Friday, September 24th, 2021 at 9:28pm

The Fed is going to taper this November and America has put Covid-19 behind them forever. No one in America wears a mask anymore. Huge spike upwards in 5 year interest rates in Canada. Home prices on the west coast of America are nearing the free-fall stage. Canadian home prices will follow as satellite cities fall 30 to 50 percent in price next year.

Posted by Tony on Friday, September 24th, 2021 at 9:51pm

A 30 % to 50% decline? HAHAHAHA. I don't think you understand that housing prices are the main driver of Canada's economy now, so neither the Bank of Canada nor the feds would ever let prices fall.

Posted by Tom on Saturday, September 25th, 2021 at 1:41am

Every American who can is fleeing California, Washington State, and New York for states that still believe in personal freedom - Florida, Idaho, and Texas.
That's why west coast American city prices are falling.
In Florida they're skyrocketing.

Posted by GM on Monday, September 27th, 2021 at 11:07pm

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