Edmonton Real Estate Market Weekly Update – March 16/12

EdmontonRealEstateMarketUpdate
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: 531 (486, 483, 351)
# Sales: 235 (231, 256, 184)
Ratio: 44% (48%, 53%, 52%)
# Price changes: 211 (192, 186, 146)
# Expired/Off Market Listings: 124 (102, 216, 70)
Net loss/gain in listings this week: 172 (153, 11, 97)
Active single family home listings: 2525 (2371, 2279, 2244)
Active condo listings: 1569 (1525, 1430, 1422)
Homes 4-week running average: $379k ($377k, $374k, $371k)
Condos 4-week running average: $236k ($234k, $228k, $225k)

The REALTORS® Association of Edmonton is reporting 666 sales so far this month for the Greater Edmonton Area, which should put us around 1400-1500 for the month (below average for March). We were expecting pretty strong sales in March so we'll have to see how the second half of the month goes.  

Mar1612WeeklyAvg
Edmonton real estate prices
Mar1612Weekly
Edmonton real estate listings and sales

Have a great weekend!

About 

Sara MacLennan is the Director of Marketing at Liv Real Estate and a licensed Real Estate Associate. The bulk of Sara’s experience and wealth of expertise lies in on-line technology and marketing both for agents and consumers. Sara is the former National Director for Interactive Marketing for Coldwell Banker Canada where she was responsible for an extensive training program traveling to offices across the country training agents and brokers on marketing and technology. Find Sara on Twitter @edmontonblogger.

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14 Responses to “Edmonton Real Estate Market Weekly Update – March 16/12”

  1. Inspector GadgetNo Gravatar 16. Mar, 2012 at 1:27 pm #

    Anyone worried about sales going d own and prices going up?

  2. JillNo Gravatar 16. Mar, 2012 at 2:02 pm #

    Edmonton market movement is like “beating around the bush” . The fate is clear and all this “beating around the bush” will only make it worse.

    • birdladyNo Gravatar 16. Mar, 2012 at 5:30 pm #

      Huh? Your analagies make no sense, but then either do your comments with respect to the market. With all the other comments you have made, I’m just glad I am not the realtor or builder that has had to deal with you.

  3. switchNo Gravatar 16. Mar, 2012 at 11:20 pm #

    Should be an interesting year, read an article on Van and Tor which keep going up and up. A 700K Toronto bungalow (would be about 350k in Edmonton) sold for 1.1 million, 400K above asking price. Real estate is being bought up by new Canadians just immigrated here with lots of money back home, Case in point, the 1.1 million bungalow was bought by a university student, her parents back in China are paying for it.

    Article went on to say there’s an extremely huge backlog of family’s like above coming to Canada and want to own in certain areas/cities and willing to pay a premium to get it. Makes Edmonton seem dirt cheap in comparison.

  4. Inspector GadgetNo Gravatar 17. Mar, 2012 at 6:30 pm #

    Where are the bulls? Must be celebrating St Pats day. Could be the awful winter weather keeping people from buying.
    Record low interest rates, strong in migration, big Edmonton business news, yet disappointing sales.
    Not calling it a trend…..

    • tontoNo Gravatar 17. Mar, 2012 at 7:14 pm #

      Price trend looks good to me.

  5. MurphyNo Gravatar 17. Mar, 2012 at 7:21 pm #

    Was watching CBC last night and it was talking about a Canadian housing bubble, and that consumer debt is very large and IR’s are going up.

    Cant spell good news for the Edmonton house prices (unless it is indeed true that Edmonton is isolated from the rest of Canada in terms of economics)

  6. Inspector GadgetNo Gravatar 17. Mar, 2012 at 7:50 pm #

    Tonto,

    A trend of dropping sales numbers despite rising prices means weakness at the entry level. That is a terrible trend for those hoping for higher prices.
    Great news for newcomers and young people of course.

    Like I said though I am not calling anything a trend yet.

    • GMNo Gravatar 23. Mar, 2012 at 7:30 pm #

      Some people will try to spin any good news into bad news.

  7. Inspector GadgetNo Gravatar 22. Mar, 2012 at 9:08 am #

    So it sounds as though the OSFI is considering a rather long list of regualtions to make borrowing money more difficult in Canada. This of course includes mortgages and Helocs.

    Regardless of whether they implement one or all of the regualtions over time, this is a clear indication that the people upstairs know our debt levels are getting out of hand.

    Not to brag, but I have been calling this for a long time, debt is the skeleton noone talks about. Many of your neighbours, and even you may be riding a debt tital wave…..

    Big mistake, live just below your means or perish, always.

    • wsnNo Gravatar 22. Mar, 2012 at 9:50 am #

      If they are going to make lending more difficult in the future (such as more downpay and shorter terms), then the mortgage interest rate will stay the same or even be lowered to avoid a total collapse of the market. Good news to current home owners with big mortgages.

  8. Inspector GadgetNo Gravatar 22. Mar, 2012 at 10:15 am #

    I could not disagree more WSN. The variable rates (central bank) and the rules (OSFI) are not made by the same people and they do not share the same goals. Fixes rates are determined by the demand for the bonds they become, not the government.

    The proposed new rules also cover much more than terms. They also include renewals, more strict and freqent LTV appraisals, the elimination of long term interest only HELOCS, and much increased diligence of income verification.

    Bad for lots of reasons if you have debt of any kind, especially those with large mortgages. These rules almost completely disprove the theory that our credit market has been and is “responsible”.

    If they implement even a few of these rules it will make it harder and harder for the next group to “buy in” and also for the heavily leveraged to stay in.

    Time to pay the skeleton, there is no free ride. Debt will get you, there is no place to hide.

    • wsnNo Gravatar 22. Mar, 2012 at 3:57 pm #

      1) The rules ARE made by the same bunch of people — PM’s friends. Plus the commercial banks. None of them wants the market to collapse.

      2) As for the other proposals you mentioned, it’s even better that the new rules weed out people who pay interest only or have unverified income or have fake appraisals, so that prudent home owners with legit incomes will benefit even more.

      3) As you have correctly pointed out, the rate is determined by supply and demand. The more illegit people get weeded out, the weaker the demand for mortgages, and thus the lower the rate for the remaining borrowers.

  9. Inspector GadgetNo Gravatar 22. Mar, 2012 at 6:56 pm #

    I guess I misunderstood WSN, I thought you were a real estate cheerleader….of the boom kind.

    Less availability of debt guarantees no big real estate gains here or anywhere else. Healthy, tied to wage inflation gains tightly…..hopefully. If the market is flat with will this free and easy mirrored money…

    Depends on just how many Albertans are hiding their dirty skeletons.