Here is our update on the Edmonton real estate market. (Previous
week's numbers are in brackets). For the past 7 days: 
New listings: 644 (612, 624, 652)
# Sales: 312 (310, 325, 295)
Ratio:
48% (51%, 52%, 45%)
# Price changes: 376 (318, 303, 283)
#
Expired/Off Market Listings: 312 (99, 127, 148)
Net loss/gain in
listings this week: 20 (203, 172, 209)
Active listings for single
family homes: 2802 (2763, 2636, 2491)
Active listings for condos:
1986 (1981, 1908, 1868)
For the second week in a row sales are lower than the same week last year, while new listings continue to come in well above last year. Is the spring market already over? It seems to me that sellers are far more optimistic than buyers right now.
Client Testimonial for Nathan Mol 
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Client Testimonial for Beverley Hasinoff
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Client Testimonial for Nathan Mol 
Client Testimonial for Bill Bhamra
you conveniently left out price increase/decrease??? must have been a decrease.
Nothing convenient about it. The board resets the data at the beginning of each month, so there is just not enough data after only 8 days to post the average prices.
As has been said before, Sheldon and Co. always leave out prices on the first weekly report.
Hey Sheldon just curious, 644 new listings, 312 sales, and only 20 expired listings, how come the net gain was only 20? Am I forgetting something?
As a seller I’m not optimistic, I’m nauseous.
some listings expire at month end
Gain should be 312 !
ya…typo…should read 312 expired/off market…odd we had the same number of sales as listings come off the market. i double checked and that is not a typo
Sorry about hijacking your blog Sheldon. I really don’t want to sell right now anyway. I will be listing in the spring of 2012 because I will be practising in another city. Your office will definitely get the listing. I expect it will list at around $260K, down from the $330K it would list at today. I did nothing to “earn” the increase in equity so I have no problems seeing it go. If people would have been thinking more about their debt rather than chasing the equity dream, we wouldn’t have these inflated prices in the first place. An 1/2 duplex for $330K is insane. I would feel bad selling it to someone for that.
Thank you for your informative blog, Sheldon and Sarah. I’m surprised you both keep up with this blog, considering the majority of angry negative people it seems to attract.
LOL,
I find it interesting that anyone who thinks house prices have to fall, is considered angry or negative.
Same thing Nortel shareholders use to say about market bears.
The price going down will be great news for future affordibility, so I hardly consider it negative.
Maybe if I was hyper-leveraged and hoping my house was going to be my ATM or retirement plan, I’d be negative about the prospect.
I asked your house location before lunch time. But my comment was gone. You might or might not see it. Right, this blog is not for selling house, we respect it.
As you said, your $330K house was a 1/2 duplex. I guess it would be in southwest, or summerside areas. Some duplex/townhouse transaction in these areas are over-valued because too many immigrants like that region. Even though you neighbore listed $330K, the transation should be finalized around $300~310K. You are right, the duplex price is very possible to drop down some. But 25% looks too much. Even based on your numbers, 260/330, it just 21% drops.
Currently buying power is not low. At least as I know, I haven’t heard any body arround me would be affected by new policy.
You got it right on David….just as Nortel was never worth the $120.00 it got to…the price of housing has become way over inflated fed by abnormally low interest rates and a pysche that “you can’t lose in real estate”. In Alberta its also being fuelled by all the bullish talk about China and commodities. Remember back in 1999/2000 when they were touting the “information super highway”… that you got to own Nortel, JDS Uniphase, Global Crossing etc. We all know what happened to them. If you don’t, check the record books. Look out if oil, fertilizer etc and the commodity story suffers a prolonged and painful hiccup.
I’m looking to buy a house next year, so I’d be very happy to see a swift 25% decline, but why do people have to vent their frustrations on this blog & try to spook potential buyers browsing for information? If a downturn is coming, it will be organic & does not need these fervent prophecies of doom. Why not try a “the end is coming” sandwichboard approach instead?
This is a blog written by real estate agents, in the business of *selling* houses, I am surprised they do not moderate the content of the comments, every time I come here the majority of replies are about what a terrible prospect home ownership is.
Thanks for you comment alka. There are alot of people who find the information useful and for the most part look past certain comments. Thanks for reading
Buy only good location. A location with good schools. Don’t think any properties too close (less than one block) to shopping centre. Then your property would be very valuable in any market condition.
1) if Edmon. house price drops 25%, your property only drops 5%;
2) if Edmon. house price drops 5~10%, your property will not drop, or may still increase value;
3) if Edmon. house price keeps stable, your property will increase for sure.
hey 11, maybe Sheldon and Sara could wiegh in but I don’t think proximity to schools is the major factor in values. Looking at Terwilligar and Rutherford where there are brank new schools I am seeing asking prices creep down…my personal opinion is that the new suburbs have the most price voilatility while established neighborhoods, like Garneau or Strathcona, have less.
The thing about the burbs is that Edmonton can grow endlessly into farmlsnd (and has been) so there is nothing real to justify a premium on land. Besides if you look at Canada’s big metroposlises you’ll see that the neighborhoods closer to the core have seen much higher increases then the surrounding communities (i.e. compare Vancouver core area price increases to North Van or Langley…compare Cabbage Town in Toronto with Scarborough – you’ll see areas closer to the core appreciate at nearly double the rate of Suburban communities.
North Van and Langley are totally different areas, these two are not comparable each other. They developed in different years.
Recent years, Toronto market seems have more oversea money impact. Vancouver is more influenced by oversea than local.
Terwilligar and Rutherford are good examples for understanding Edm. market situation. These two neighborehoods both started arround 2000 as new development. They both expereinced a little “flat” period in early 2000s. Went through the booming 2005-2007. Coming dowm through 2008~2009. Now they are today. They had price voilatility for previous years. Now they are stepping and becoming established neighborhoods. In five years, people in these neighborhoods would say: we live in a mature neighborhood.
Asking price is just for asking. Transaction price is what we can consider as market value.
OK king Bear has shown himself when they start comparing Nortel stocks to current day housing. The only one sillier is the one who agreed with the comment.
In terms of where to buy a house. Premium places in mature cities are usually within 15 minutes of the city centre. Until recently that covered most of Edmonton!