Edmonton Real Estate Market Weekly Update – Sep. 21/12

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: 422 (437, 427, 331)
# Sales: 250 (225, 197, 225)
Ratio: 59% (51%, 46%, 68%)
# Price changes: 274 (296, 253, 259)
# Expired/Off Market Listings: 216 (224, 470, 232)
Net loss/gain in listings this week: -44 (-12, -240, -126)
Active single family home listings: 2997 (3005, 3020, 3101)
Active condo listings: 1873 (1871, 1860, 1932)
Homes 4-week running average: $385k ($387k, $389k, $395k)
Condos 4-week running average: $228k ($229k, $232k, $236k)

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Edmonton home prices
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Edmonton listings and sales

Slight bump in sales this week makes for a slightly rosier outlook than last week. The REALTORS® Association of Edmonton is reporting 861 sales so far this month for the Greater Edmonton Area which should put us around 1300 for the month – below average but not as bad as it was looking last week. 

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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17 Responses to “Edmonton Real Estate Market Weekly Update – Sep. 21/12”

  1. pattyNo Gravatar 21. Sep, 2012 at 9:04 am #

    How’s the Beaumont market doing? Looks like the most active listings there all year and no recent sales (last 2 weeks)? Will prices have to drop soon?

    • sweetp58No Gravatar 21. Sep, 2012 at 1:04 pm #

      I am a seller and was just getting ready to drop my price in the next few days and suddenly the phone has begun ringing for showings. My home is priced fairly with alittle room for negotiation and its on a golf course in Beaumont (also faces a walking park), so its a prime location. The house is also priced quite competitvely. I am excited to report that after a bit of a slow start due to back to school activities, things are definately beginning to pick up again!

      • Sheldon JohnstonNo Gravatar 21. Sep, 2012 at 1:13 pm #

        We actually just sold two of our clients homes in Beaumont. Showing activity has been very solid. One of the properties we negotiated 3 offers

    • MarkNo Gravatar 22. Sep, 2012 at 8:07 am #

      Brother purchased late 2007 and built in Beaumont. After deck, vinyl fence finished yard he got two appraises come in at about 40 to 50,000 less than what he bought for. I’m sure building from a builder hurt hin more, but stil tough for him to swallow.

  2. Inspector GadgetNo Gravatar 21. Sep, 2012 at 12:51 pm #

    Sheldon and Sarah,

    It would be great to have you commnet on price change data. Are we seeing any spike in the number or magnitude of the prce changes?
    That is a great thing to keep an eye on when it comes to any potential change in the thinking of the sellers.
    I know listing price often has a poor corelation with the real value of a property but it certainly shows how elastic people are with pricing.

    • ItchyNo Gravatar 21. Sep, 2012 at 1:37 pm #

      Important numbers in the quarterly population migration report due out next week. I’m not sure when the next rental vacancy report is, but those are two reports I would pay particular attention to if you’re trying to form an opinion on housing demand/prices.
      On another front, I’m hearing that between the changes in mortgage requirements plus CMHC and lenders being somewhat stingier with lending there is an increase in the percentage of people being turned down for mortgages. Would be interesting to hear if Sheldon and Sara are noticing the same.

  3. Inspector GadgetNo Gravatar 21. Sep, 2012 at 3:09 pm #

    The media lately has been debating the bubble no bubble thing intensively.
    Lots of opinion especially about Vancouver and Toronto. Calgary is certainly standing out as an exception while we just stay flat as usual.
    Friend is looking at the end of a give year mortgage right away. Was given a zero down for 350k with virtually no income at time of purchase. Terms and rate were terrible of course but when the media talks about there being no sub prime problem here I chuckle.
    I remember him talking about “his guy” who could and did get anyone a mortgage.
    Only time will tell but debt always comes home….

    • CMDNo Gravatar 23. Sep, 2012 at 9:12 pm #

      ^Umm, we don’t have a ‘sub-prime’ issue here. Cases such as the one you referred to make up such a small percentage of the overall market.

      The reality is that banks have been tightening up the reigns on lending.

    • DaBullNo Gravatar 25. Sep, 2012 at 10:33 am #

      You don’t seem to understand the difference between what sub prime is and what a sub prime problem is. For starters, Canada has had sub prime mortgages since I can remember (mid-70′s), but this market is miniscule in comparison to what was the sub prime market bloated into in the US. In the US sub prime lending was the norm, where as in Canada it has never made it past a miniscule part of the market. Will not have a sub prime problem in Canada? Correction in certain markets, probably… Sub prime problem….. me thinks not. Will sub prime borrows be taken out by a correction, yes, but that a correction problem, not a sub prime problem. Get it now.

  4. Inspector GadgetNo Gravatar 22. Sep, 2012 at 5:54 pm #

    Hey Sheldon and Sarah,

    I have a weely ritual of looking at the properties for sale in a couple of areas where I live and own a rental once a week. This is driving me nuts….

    link to realtor.ca

    Do this Realtor a favour and send them an email telling them to fix the mapping on this listing. It has been for sale for many months….it just migh help if it showed up on the MLS map tool in something close to it’s actual location. I’m sure the sellers would be very greatful.
    Sorry for “calling this out” but it really is making the site, and the Realtor look bad.

  5. Inspector GadgetNo Gravatar 23. Sep, 2012 at 11:21 pm #

    Is that something you can back with numbers CMD or is the “small percentage” an assumption on your part?
    My friend with said very subprime mortgage cannot be alone, though it was only shared to show that these risky loans are real and quite damaging at times.
    I never implied a subprime crisis though there are some people in Edmonton with a personal crisis due to such a loan.

    • wsnNo Gravatar 24. Sep, 2012 at 9:12 am #

      You are the one who first mentioned sub-prime. Please back up that claim with stats first.

      No, one case that you alone know doesn’t count. Give us something published by a bank or research institute.

  6. Inspector GadgetNo Gravatar 24. Sep, 2012 at 9:45 am #

    Oh lord why do I bother. Read carefully what I said above. I made it clear I was not saying how many such mortgages exist. I was merely pointing out that I have first hand knowledge that some number of people took out such loans and that some these people are suffering financially because of it.
    I would propose that CMD actually seemed to be offering an opinion of the numbers being very small with no backup.
    My post was a personal, very true, single example of a person with a very, very risky mortgage, and a crooked mortgage broker operating at the time who got him the loan.
    My only assumption was that he is not the only one in that boat. Now lets move on.

    • wsnNo Gravatar 24. Sep, 2012 at 5:22 pm #

      He who lives in a glass house shouldn’t throw stones.
      He who shares anecdote evidence shouldn’t ask for stats.

  7. Inspector GadgetNo Gravatar 28. Sep, 2012 at 9:25 am #

    You and I have very different versions of what a problem is…
    Financial institutions lending large sums of money to people with almost no income is a problem in my books, even if the numbers are low, especially when the person is a friend who is now burdened by a large debt and a property worth less than it was 5 years ago…and less than the mortgage balance.
    She was talked in to the purchase by an agent, a mortgage broker and her parents. In fact they cheered it as her first step to riches and they all knew the horrible mortgage terms.
    I am not saying crisis….but she is not the only one in that leaky boat…especially when it comes to cheaper condos off the ring road. Rampant speculation fueled by massive debt.
    Looking forward to todays stats…blip or trend?
    Did anyone look at the listing I mention above? Thought sometime would find that interesting!

    • wsnNo Gravatar 28. Sep, 2012 at 5:43 pm #

      The peak was really short in 2007. Roughly three months. Today’s price is lower than July 2007 for sure, but still higher than Jan 2007.

      Thus a very small percentage of buyers, based on my very unscientific observaton, no more than 5% actually paid a price higher than today.

      Out of the 5%, many are still better off because they may have lost $20k on the property, but they more than saved that amount on rent in the past 5 years.

  8. A commong guyNo Gravatar 30. Sep, 2012 at 9:27 am #

    Even if you bought at the peak and you were paying mortgage that was at about the same as the rent for that place then even if you sell now most likely you can get your money back and possibly more. The amount you have lost over that 5-year should be easily off-set by the amount you have saved in your mortgage.
    If you had bought at the peak and got a 0% down 40-year mortgage then you might have a loss and you deserve it for your stupid move!