Happy New Year! The Edmonton real estate market finished out the year in fairly typical fashion, with an average number of sales of single family homes and condos. 361 single family homes sold in December in Edmonton, down from 382 last year and 521 last month, but still in the normal range.
Edmonton Single Family Home Sales
200 condos sold in Edmonton in December, down from 225 last year and 284 last month, but also in the normal range for this time of year.
Edmonton Condo Sales
The average price of single family homes increased to $402,240, up 9.5% from last December ($367k) and 2.1% from last month ($393k). Meanwhile the average size of single family homes is on the rise as well – the average size single family homes sold was 1560 square feet, up from 1439 last year. The average price of condos sold in December fell to $231,397 from $239k last year and last month.
Edmonton home prices
Average size of Single Family Homes Sold in Edmonton
The average price per square foot followed a similar pattern to average prices overall. For single family homes the average price per square foot was $258 in December, up from $255 last year and $256 last month. The average price per square foot for condos was $221 in December, down from $223 last year and last month.
Edmonton price per square foot
As always this is our preliminary report on the Edmonton real estate market, our final monthly report on the greater Edmonton area will be posted when the numbers are released by the REALTORS® Association of Edmonton.
About Sara MacLennan
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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That last chart really puts things in perspective…
Yep, essentially no appreciation since 2008. The only reason average house prices are higher is that people are buying larger homes. The price per square foot isn’t even keeping up with inflation.
link to cbc.ca
“According to ATB Financial, this figure is even greater than what was seen in 2005 and 2006, the years of the last Alberta boom.”
A great sign for 2013 Real Estate prices! (If you want prices to increase)
I just cannot believe that many of the migrants to Alberta have big piles of cash (or even availability of credit) to raise prices much. People that move to this frozen tundra (for 7 months) and mosquito infested the rest of the time province are coming because they need a job, or type of job that they could not get or lost in their old place of residence. They also tend to want to leave at the first opportunity if they are from Ontario, The Maritimes, or BC.
Yes, the influx will be an upward influence, but the many factors pulling down will make it a null, at best.
IG,
It doesn’t much matter why they’re coming here. They all need a place to live. If it’s like you say and they’re all just itching to get out, let me know when Ontario (where most interprovincial migrants are coming from) B.C. and the Maritimes are going to take off economically and Alberta’s going to tank, so I can plan accordingly. If they’re not planning to stay they’ll rent. At around 1% vacancy rate now, that means rapidly rising rents circa 2005,06,07. At some point, either a lot more rental accommodation becomes available or when the rents get to a certain point, some percentage of people will start asking if it makes financial sense to rent, or to buy a duplex, townhome or whatever. This has happened before. Expect history to repeat in the sense of miniscule vacancy rates, upward pressure on rents, and increasing housing starts and sales. That being said, we’re also starting from a much higher home price than in 2004,2005, so percentages won’t be nearly as high.
100% agreed.
100% agreed also
Here is a very balanced presentation of factors to watch in 2013:
link to theeconomicanalyst.com
No mention of Edmonton, but the Alberta metrics menioned all apply. I won’t be putting any more capital in to housing in Alberta in 2013, but won’t be pulling any either. I am prepared for and fully expect no return on captital this year.
You said the same thing last year ig and average price went up 5.4%
The price of existing housing stock did not go up 5.4%.
Therefore if you already own your house it did not go up 5.4%. This has been covered by Sarah.
I was right last year and I will be right this year.
I guess that depends on what you may have paid for your existing house. Maybe you got a deal. In that case maybe it is up 5.4%.
But at any rate, if you ever decided to sell it, you’ll never get that 5.4% as it’ll be eaten up by realtor fees, lawyer fees, etc.
Things are looking up for the market. My sis has a house there that she’s had to sit on for a couple years now because the market didn’t seem right for selling. This is great news for her!