Here is our update on the Edmonton real estate market. (Previous week's numbers are in brackets). For the past 7 days:
New listings: 506 (382, 446, 390)
# Sales: 185 (167, 145, 111)
Ratio: 37% (44%, 33%, 28%)
# Price changes: 252 (233, 274, 242)
# Expired Listings: 388 (106, 197, 215)
# Canceled/withdrawn/terminated listings: 29 (19, 23, 21)
Net loss/gain in listings this week: -96 (90, 81, 43)
Active listings for single family homes: 2412 (2472, 2419, 2350)
Active listings for condos: 1805 (1830,1777, 1688)
While I won't call it a huge increase in sales, the number of sales has been on the rise for the past 4 weeks, and this week we saw the most sales since mid-October. It's too soon in the month to have accumulated enough data for reliable average prices so I'll post those next week.
I would like to touch on two pieces of news relative to buying and owning a home in Canada. Many of you have probably already heard this, but for those who haven't…
As part of the federal budget, Canada's "Economic Action Plan" includes a first-time home buyers' tax credit of 15% on closing costs (to a maximum of $5,000), which would be worth $750 off a buyer's federal tax bill. They have also increased the amount that first time buyers can withdraw from an RRSP to purchase a home from $20,000 to $25,000 for individuals, and from $40,000 to $50,000 for couples.
For those who already own a home, the federal budget included some incentives for you to renovate your home – the home renovation tax credit went into affect last month and will remain through Feb. 2010. Homeowners who spend between $1000-$15000 on home renovations will be eligible for a 15% tax credit to a max of $1350 (the first $1000 is not eligible). Eligible renovations for the tax credit include kitchen, bathroom, basement, new carpet or hardwood floors, building additions (deck, fence or retaining wall), new furnace or water heater, improved insulation, painting, driveway resurface and laying new sod. This is especially encouraging if you are thinking of selling, since these improvements will improve your value and salability!
See you at Home Depot!
One last thing… Stats Can released the employment numbers for January, Chris Davies did an excellent post on the numbers.
