Edmonton Real Estate Market Update
Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets).
For the past 7 days:
New listings: 370 (336,270, 71)
# Sales: 132 (128,106, 91)
Ratio: 36 (38%, 39%, 128%)
# Price changes: 91 (90, 93, 29)
# Expired/Off Market Listings: 131, (100, 643, 199)
Net loss/gain in listings this week: 107 (108, -479, -219)
Active single family home listings: 1880 (1825, 1776, 2009)
Active condo listings: 1275 (1234, 1185, 1322)
Homes 4-week running average: $364 ($354, $354k, $350k)
Condos 4-week running average: $214 (215k, $215k, $218k)
That's it for this week, we've had so many stats and forecasts on the blog lately I'm keeping it short and sweet. Have a great weekend! Enjoy the warmer weather!
I was looking forward to a post or at least a comment on the new mortgage rules. Since there was no comment should I assume your opinion is “it won’t make much difference”?
Realtors went from a nationwide “Call to Action” urging them to write their MPs to prevent the rule tightening explaining the “negative impacts on…homebuyers, homeowners and the economy” to “shouldn’t make a difference” rather quickly.
I think the new rules might not make a huge difference but it’s still certainly a shot to a real estate market that hasn’t been appreciating over the last 3 years. It shows that the gov’t isn’t afraid to take steps to bring this house of cards (consumer debt) down.
Sara/Sheldon
1.) In your opinion, how much this new mortgage rule will weigh on the market?
What percentage of people (buyers) using the 35 years rate?
2.) When you price a property for sale, how will the city assessment influence your pricing? Can it be higher? Much lower? Do you care at all about the assessment?
Yes, i was hoping for some commentary about the new rules as well. (Although not because I have a ***** for a housing crash like seemingly everyone else here)
Did anyone get their 2011 assessment and think it was way too high. I was under the impression that in past years the city assessment was in general lower than expected selling price. I just bought a house in the Allandale area as a rental for 320,000.00 and the city assessment is 395,000.00. Another property I bought in the west end just 3 months ago for 300,000.00 that was city assessed at 364,000.00. Yes I realize that these are July figures but still seems a little high to me. Any insight or comments would be appreciated. Thank you in advance.
What are you moaning about? According to the city assessments, you gained $75000 + $64000= $139000 in just a short period of time.
You should go out to celebrate and spend some money pumping it back to the economy.
But he will need to find a buyer willing to pay the city assessed prices.
I really hope you were joking if not too bad for you……
Hey Average Joe…………you were kidding ……..right? For a fee, I’ll come out and appraise your 350,000 house for 2.5 million.
Revenue raising by government
Is the 4 week running average for housing prices correct? If so, that means houses sold for ~400k this week. Interesting.
Polaczek, you are right.. 398k… very interesting:)
An interesting article from the Globe for those of you who were wondering about the mortage changes:
http://www.theglobeandmail.com/report-on-business/economy/housing/mortgage-rules-will-sideline-some-buyers/article1879499/
Thanks OB, I was going to post that link on here but you beat me to it.
17% of buyers across Canada in 2010 used a 35 year term according to the CBC. Also alot of the so-called “investors” have been using the 90% HELOC limit to buy second and third homes – so that segment of the market may be impacted too.
I wonder if these changes will front load some demand as happened last year (when prices/sales peaked in the spring and died off after)?
Anyways a smart and overdue decision by government of Canada. Not sure what they are doing in the mortgage business in the first place.
“I wonder if these changes will front load some demand as happened last year (when prices/sales peaked in the spring and died off after)?”
Sasquatch – that’s a misconception of what happened last spring. The number of new listings did ramp up Jan-March, but there was NO ‘front load’ in sales.
M.
Your net loss/gain in listings figures didn’t get updated from last month.
Thanks for posting these stats, I find them very useful.
The debt bomb is approaching soon…
Interest rates are going to rise this year, as Mark Carney has hinted
Taxes are going to go up….that’s why your assessment is up
Now….mortgage rules tightening. What..17% of new mortgages where 5/35 ? ouch…this is going to be painful for some people….
and I honestly don’t think sales will spike for the first 60 days, you know, to beat the rush and get the 5/35 mortgage with cash back so that you won’t be priced out forever as everyone says…
I think consumers might have finally clued in that the model is not sustainable and that there will be better things to do with your money