Weekly Update on the Edmonton Real Estate Market

by Sheldon Johnston and Sara MacLennan on 07. Nov, 2008 in Edmonton Real Estate Market, Real Estate Video, Weekly Update

Weeklyupdate_2Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:

New listings: 430 (373, 467, 367)
# Sales: 155 (149, 177, 211)
Ratio: 36% (40%, 38%, 57%)
# Price changes: 376 (375, 471, 326)
# Expired Listings: 578 (279, 166, 223)
# Canceled/withdrawn/terminated listings: 47 (33, 47, 38)
Net loss/gain in listings this week: -350 (-88, 77, -105)
Active listings for single family homes: 3228 (3362, 3436, 3390)
Active listings for condos: 2221 (2285, 2299, 2251)

There has been a great debate on the blog this week! Many of you have spent a lot of time sourcing articles and statistics to support your positions and thoughts, the effort has been extraordinary and is truly appreciated.

Sheldon video’d his thoughts on the market for this week:

Nathan’s also posted his weekly update over on the Edmonton Condo Blog so you can check out what’s up with condos.

And the inventory analysis shows the obvious trend: new listings and sales are doing their annual dip.

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Happy Weekend!

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16 Responses to “Weekly Update on the Edmonton Real Estate Market”

  1. jeff 07. Nov, 2008 at 8:55 pm #

    Overall good month, we will likely see things digress as they usually do with the snow. I hope we can start to see reasonable gains in the spring.
    As for the job numbers. Nationally, Oct job numbers were up 9500, but approx 40,000 were part-time jobs related to the election, so really we are down 30,500.

  2. Buy land in Florida 07. Nov, 2008 at 10:30 pm #

    Useful information.It seems you had a very good experience.Thanks for sharing your experience with us!

  3. RA 07. Nov, 2008 at 11:05 pm #

    Can someone give me a name of a lawyer who can help me get out of a builder contract. I tried to talk to few from yellow pages and they do not seem to be interested.

  4. ic 08. Nov, 2008 at 12:21 am #

    RA,

    Do the honest right thing and honor your contract. Accept the fact that you win some and lose some. It isn’t fair that the builder gets the short end of the stick.

    ic

  5. greg 08. Nov, 2008 at 7:43 am #

    RA,

    We break your contract? If the value of the house increased $100,000, would you return the money to the builder? Have them charge you more?

    Know why a lawyer won’t take your case? Because you are sure to lose, it’s too much work for him, and won’t pay much.

    Honour your contact. They WILL sue you. It’s happening these days. After being sued + legal fees(you pay theirs when you lose), you’ll lose $100,000 anyway,

  6. Fred 08. Nov, 2008 at 10:22 am #

    Sorry I have to disagree. Usually I would be all for sticking to the deal you made. But I looked into buying/building during the boom/upswing…

    ***Comment truncted. Slander.***

  7. RA 08. Nov, 2008 at 10:48 am #

    I would take the possession, but at this time financially, I won’t be able to as I cannot sell my house.

  8. RA 08. Nov, 2008 at 10:50 am #

    and 1 and half years there were different rules, now if I take possession as rental then I don’t have money to close as banks want for rental 20-25% and my deposit is 5% percent, I simply cannot close the deal

  9. RA 08. Nov, 2008 at 10:55 am #

    sorry Fred, could not read your suggestion as it is deleted.

    ***Contact a REAL ESTATE LAWYER***

  10. RA 08. Nov, 2008 at 11:09 am #

    any one willing to give suggestion, can you please email me at ashok64@yahoo.com, I am loosing my health.

  11. greg 08. Nov, 2008 at 11:54 am #

    RA,

    Two choices
    1) Drop the price of your home, take any offer. Who cares what you “could have ” sold it for last year. You’ll have a bigger mortgage, but not be sued.

    2) walk away from your deposit and hope they don’t sue you.

  12. Brent 08. Nov, 2008 at 1:58 pm #

    I wonder how many stories like that there are in good old boom bust Alberta.

  13. Rod 09. Nov, 2008 at 4:48 pm #

    Don’t be scared RA. I broke my contract and simply gave my down payment to contractor. This is the end of the story. Builder cannot win the case even if they want to spend money to fight.

  14. KM 10. Nov, 2008 at 3:31 pm #

    Please check out the new home builder survey carried by J.D. Power and Associates before choosing a builder in future at http://www.anhwp.com/builderssite/pdfs/JDPA_SF_Award_08.pdf

  15. RA 10. Nov, 2008 at 3:50 pm #

    thanks you all who tried to help me, Rod thanks for the suggestion, hope it is as simple as you suggested, but money I put for the condo is in White Rock, BC, it is a really big project and they have money to spend on lawyers, I don’t. but does it make a difference that it was a condo not a single family house?

  16. car27 12. Nov, 2008 at 9:28 pm #

    RA, you better just complete on your contract. The builder will most likely sue you and he will win. You have a contract. Judges don’t care about health or markets. They will review the contract and rule in the builders favour and you will lose the costs of both Lawyers plus court room time as well. Try to renegotiate a lower price and explain to the builder your position, that is your best course of action.