CIBC World Markets reported yesterday:
"For the first time on record, the City of Edmonton tops our cityranking in terms of economic momentum."
Cool! We’ve still got momentum!
Canwest news service said: "Edmonton’s weather may be cold but its economy isn’t, says CIBC WorldMarkets, which reported Monday that the Alberta capital has the hottestlocal economy in Canada, surpassing Calgary.
Calgary, meanwhile, slipped into second spot with a score of 24.5,compared with 30.1 for Edmonton. Calgary’s slippage reflects what thereport said was a slowdown in the pace of job creation momentum in thecity — less than that of Edmonton, Saskatoon and Victoria — and acooler housing market.
Saskatoon reached third spot with a score of 23.7, propelled bystrong job and population growth, and the hottest housing market in thecountry."
The report credits strongpopulation growth, impressive employment gains, a low unemployment rateand below-average personal and corporate insolvency rates.
More discussion at: http://www.connect2edmonton.ca/forum/viewtopic.php?p=74816
On a separate note… Looks like the board released the real estate stats to the newspaper and prices are down…still nothing on the board’s site but as soon as I have the numbers I’ll get the stats for November up.
Economic momentum is a double-bladed sword. It’s good for jobs, but bad for the purchasing power.
I am certain China beats Canada in terms of economic momentum. But not too many Canadians would move there and live.
Awesome info.
I hope that it will brighten the day for all those pessimists here so they can FINALLY see that light…
I said it before and will say it again for the zillionth time again: there is nothing to fear about the real estate here.
Man, I wonder what the comments will be like now!!!
As far as the prices being down again, there is activity, there are sales, the inventory is going down. It’s a normal cycle. Affordability is slightly up then. The potential buyers should therefore be more confident, more at ease to buy. This real estate situation here will snowball (excuse the pun today!) and catch up in due time. So what if we’re down 9-10% on the year? It’s still a 9-10% appreciation since december 2006…
In a year from now we’ll be up another 3-5% on now, which will indicate that we adjusted.
Hmmm…Edmonton is the hottest economy in Canada but its home prices continue to drop month over month over month over month.
Something really doesn’t add up.
I am feeling so very, VERY price sensitive today. >:(
EREB just released its stats. A SFH for Nov sold at $477k versus $497 a month earlier – Greater Edmonton all together. That’s a 5% drop on the month.
Maybe desperate people undersold for a faster sale or maybe TLC’s were mainly selling.
Per area, SW Edmonton, St-Albert and Spruce GRove only dipped very little. Stony Plain actually went up in price. My area, North Central dipped a bit more but North Central sold the most in North Edmonton.
Ray man,
Where are you getting your numbers man? Avg price fo SFD is $376 down from $397 in October!
MK, it had to happen, reason for that it from feb to may of this year if you noticed people increased the prices based on oh, my neight sold it for 200000, I should be 250000, that’s how crazy and greedy they became, and I also think lot of older people thought that now they can afford to buy in BC, lot of older folks thought this is the good time to sell, lot of people thought, they can have a newer house, sell there older house for the same price, and not to mention lot of new investors came in the market, I would also blame buyers who gave above list price of the listing, it was bound to happen, cool market has nothing to do with hot economy as it is result of our greed.
Well looks like yet another research report that is so wrong. Where are these people getting their information from? Oh wait there called FACTS!!!
Get out get out now!!!
Pack your bags the end is near!!!
I have lost track of how many postive reports on Alberta that I have seen in the last few months.
Like I said before it does not matter how many HUNDREDS of analysts and research firms report how great Edmonton is. There are still people here who think they are smarter! Maybe they are but I doubt it. I have never said prices are not falling. I’m not debating it. I have been saying for months that when this little correction is over prices will start rising normally again. We are getting very close to the end of this correction. Prices in BC and Saskatchewan are still rising so they are becoming less affordable every day. Alberta has high wages and low taxes. Net-Migration is the big factor and I still think it is going to go up beyond any current estimates next year. Less out-migration combined with any increase of in-migration and we will see a big change in net-migration.
The end is near.
Yep this is the end.
End.
AA,
You have been pumping that same line “it’s just a temporary dip” for 5 months now. LOL
Cheers,
Piccaso
If only the HUNDREDS of analysts, would buy the TEN THOUSAND homes…
P.S.: I can type in CAPS LOCK too!
6 months or even a year is temporary. Where are all the negative stories and facts about Alberta? All you doomsdayers keep saying is the market is crashing and you have nothing that provides any support to your claims. There is far more positive data on Alberta than there is negative.
lovin the koolaid
lovin the koolaid
Alberta is a great place to live, but it isn’t the only place in the country with an abundance of work. Vancouver is booming right now and will be until long after the Olympics in 2010. Unlike Edmonton, home prices there have risen at a strong but steady pace over the past 7 years. No 75% increase in 18months like the gold rush we had here in Eddy. Prices have to drop at least another 50K before first time buyers can get in again. People have woken up and realized that a 1000 square foot plywood townhouse built in 1978 with no covered parking to keep the snow off the car isn’t worth 260K. Most people who bought this year are now under water. That will take away lots of the activity in the move up market too. 2008 will be a long year for those people waiting for the market to rise. This is a bandwagon market that is 75% psychology and 25% fundamentals. Most predictions seem to be for about a 8% increase in 2008, but I’d say it will be more like -8%.
Alberta Advantage,
We’re not following your logic here.
Months and months of decreasing RE prices and record levels of inventory and you still need proof that the market is crashing lol.
Seriously, it’ll be fun when prices decrease further and we get a chance to see what sludge comes off your keyboard lol.
Alberta Advantage – as many people on here have mentioned, it’s like you’re trying to “pump” up the market with what you type. It’s sad really. When reading your posts, it almost sounds as if you are trying to convince yourself that the market isn’t crashing when it really is.
Please do tell, how many houses do you own that you are trying to flip? 10? 15?
As a West Toronto Realtor I´m observing the situation on a Canadian real estate market and have to say, that the Canadian economy is now very healthy and with a strong Canadian dollar. Recently, I have read an article about Edmonton and Saskatoon, in which they were discribed like a cities that are very popular amongst the immigrants and offer a great investment opportunity in the Canada real estate market. I can only agree with this and hope that the real estate crisis in U.S. won´t have any impact on our economy.