Edmonton Real Estate Market Weekly Update, Feb. 22/13

EdmontonRealEstateMarketUpdate
Edmonton Real Estate Market Update

Here is our update on the Edmonton real estate market. (Previous week’s number are in brackets). For the past 7 days:

New Listings: 394 (396, 404, 329)
# Sales: 205 (204, 179, 157)
Ratio: 52% (52%, 44%, 48%)
# Price Changes: 137 (123, 104, 110)
# Expired/Off Market Listings: 109 (87, 222, 228)
Net loss/gain in listings this week: 80 (105, 3, -56)
Active single family home listings: 1820 (1781, 1728, 1686)
Active condo listings: 1439 (1388, 1334, 1263)
Homes 4-week running average: $396k ($391k, $388k, $387k)
Condos 4-week running average: $235k ($223k, $216k, $217k)

Sales are ramping up. More listings are coming on. Nothing new but it sure feels different for February. Case in point: I have some listings where we can barely keep up with the showing activity, and I have others where we are struggling to figure out why or how we will generate activity.

Flying back from a meeting in Calgary I had my Liv button on and the lovely lady next to me asked me what it meant, so I explained our brokerage and values. Within moments the seats around me were abuzz with questions.

A guy working in Ft. Mac was very respectful but also very upset about the price of real estate. Prices are significantly lower where he is from. But when I asked why he was working here that was easy to answer: he’s making over $200,000.

The lady next to me who works for a publisher loves where she Liv’s. She brought out pictures of her beautiful 1930’s, brick semi-bungalow. Immaculately maintained, she told me how her 4 grandchildren put on a play every summer there and they sell tickets to raise money for the humane society. This, I told her, is what we are all about. We want our clients to love where they Liv. This is exactly the response I hope to hear from my when they talk about where they Liv.

Another guy across the aisle from me was telling me he works in Yemen 5 weeks on and then spends 5 weeks at home in Devon. He could Liv anywhere in the world, and makes some seriously good coin, yet he travels for 2 days to get back home to Devon every 5 weeks. He lives in Devon because it’s where he grew up and he loves it. The opportunities he has had growing up and working in Alberta are obviously something he feels will benefit his family.

All in all it never surprises me the very different perspectives on real estate. It is certainly a nice reminder that sure, there are people who come here only for work, but there are plenty of others who love living in Edmonton, myself included.

Feb2213a
Edmonton Real Estate Prices
Feb2213
Edmonton Listings and Sales

About 

Sheldon is very familiar with the ins and outs of real estate; he has been licensed to sell Real Estate in Alberta for over 20 years. Sheldon has served on the Real Estate Council of Alberta, the Real Estate Insurance Exchange and the REALTORS® Association of Edmonton. Find Sheldon on Twitter @edmontonsheldon.

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30 Responses to “Edmonton Real Estate Market Weekly Update, Feb. 22/13”

  1. A commong guyNo Gravatar 22. Feb, 2013 at 11:38 am #

    funny the price chart for avg of homes follows the exact same patter as last year (although about $20k higher).

  2. CindyNo Gravatar 22. Feb, 2013 at 6:23 pm #

    Using ‘Liv’ everywhere in your article makes me want to puke.

  3. JulnicanNo Gravatar 22. Feb, 2013 at 6:26 pm #

    A lot of folks I know from Ontario & Quebec really do think that the projected Alberta deficit coupled with lower oil prices will get Alberta in serious financial trouble.
    They were kinda happy about it. they talked about it being very cheery and all. Envy I guess.
    Anyway I did remind them that maybe whatever deficit that will affect Alberta will translate in less transfer payments towards the east… Wouldn’t you know, they erased the stupid smerks off their faces. Right there and then…

  4. MatthewNo Gravatar 22. Feb, 2013 at 6:51 pm #

    Many folks from out east with that attitude make me so angry. They take pleasure in seeing others struggle ,schadenfreude, until they release it may effect the money they milk out of Alberta. Sorry greenies, however, it is the same with pipelines, environmentalists should look at hard at the environmental cost of shipping oil via pipeline vs. shipping oil by rail. Quebec would not be solvent without Alberta pumping cash into that province, how many folks from Quebec know how much money that province recieves from Alberta every year?

    • julnicanNo Gravatar 23. Feb, 2013 at 9:52 am #

      “how many folks from Quebec know how much money that province recieves from Alberta every year?”

      In quebec, the majority believe that they actually give more to ottawa than it gets back.

  5. a common guyNo Gravatar 22. Feb, 2013 at 7:29 pm #

    Stop pretending that all these money is earned. It’s coming from earth; you and I just happened to be living here vs the rest of Canada. So don’t look down at them. Maybe it is this arrogant attitude that causes that kind of reaction.

  6. GregNo Gravatar 22. Feb, 2013 at 11:37 pm #

    Best real estate quote of this week:
    ‘Real wealth is … gained through hard work, it’s not through some magical asset inflation.’
    —Mark Carney, Bank of Canada

    • GMNo Gravatar 22. Feb, 2013 at 11:43 pm #

      Hard work. Like being central bank governor making $2 million a year to sit in meetings and maybe raise or lower interest rates every so often.

      Politicians make me sick.

    • wsnNo Gravatar 23. Feb, 2013 at 1:33 pm #

      Mark Carney himself was from Goldman Sach. And he is talking about “hard work” and “asset inflation”… WOW

  7. StephNo Gravatar 23. Feb, 2013 at 9:55 am #

    Very well said common guy. I also like your comment Greg. Sad part is, SURVIVAL is gained through hard work. Most often real ( FIAT CURRENCY ) wealth is gained through throwing all morals and compassion out the door. No hard work required. Just the selling of your soul and. Peace

    • jimNo Gravatar 24. Feb, 2013 at 8:00 pm #

      right on!

  8. MatthewNo Gravatar 23. Feb, 2013 at 10:32 am #

    So let me get this straight, you are saying the money made in the oil business is not “Earned”, or this wealth is not created through hard work? So how is real money earned, through derivative swaps?
    Let me ask you this how much money do you think Ottawa transferred to Alberta before the 1940′s when Ontario and Quebec were economically strong and Alberta farmers struggled? The history of this country has always been Eastern centric. Westerners have had to fight Ottawa tooth and nail since inception to earn there rights and prosper economically.
    Do you even know the history of your own country? Have you ever heard of the UFA? Did you know, In 1929, after years of negotiating, Alberta (Brownlee) gained control over Alberta’s natural resources. This was a right the eastern provinces were granted at Confederation, but which Alberta and Saskatchewan were denied when they became provinces in 1905. This deal would later become a critical factor in Alberta’s economic success as the magnitude of the province’s oil deposits became known.never

    By the way what part of my statement was arrogant? Was it the part that suggests that environmentally pipelines are the safest way to transport the largest amount of oil? Or the part in which I suggest that Eastern Canada milks money from Alberta? If you believe that the real issue regarding pipelines, The Alberta budget deficit and inter province transfer payments is not 100% about MONEY and POWER! than I believe you folks may be a bit naïve.

  9. Inspector GadgetNo Gravatar 23. Feb, 2013 at 1:17 pm #

    This is from Vancouver, but certainly relevant to any Canadian real estate discussion.
    Ethics…who needs ethics?

    link to m.theglobeandmail.com

  10. StephNo Gravatar 23. Feb, 2013 at 1:52 pm #

    No one said your statement was arrogant Mat. Why you so defensive? But if you seriously think the hard working oil patch workers going to be better off ten years down the road when these corporations pull out it is you who is deceived. Most of them used those big wages to borrow big money cause they’ve been told and chose to believe that it’s indefinite. The only ones who are going to gain from this are the corporations. It’s going to devastate the land and our Government purse on account of Government corporate welfare. It’s what the government needs to do to attract this industry. Seems like a lose lose situations for the people of Canada for 10 years of big truck and big homes. I hope these hard working oil patch workers are putting money away but all the ones i know are spending it faster then they can make it.
    All though i like the numbers on this site, it’s sole purpose is to get the Sheeple to beleive lies.

  11. EdNo Gravatar 23. Feb, 2013 at 3:42 pm #

    Cindy puts it too strongly, but I have to say that a phrase like “loves where she Liv’s” does make me wonder about the choice of name.

    In English, one puts in the apostrophe to indicate a missing letter. In this case, “e” is missing, so (strange to say) the construction is formally correct. However, this is quite a tortured way to write, and looks like the production of someone who is not well-tutored in spelling.

    • GoodWillRentingNo Gravatar 27. Feb, 2013 at 1:58 pm #

      Yeah, writing that way must be a pain. It’s cheesy, but hey, this is sales, not curing cancer. Nothing to get Livid about.

      Kudos to Sheldon though, for an otherwise much-improved writing style.

  12. GeorgeNo Gravatar 23. Feb, 2013 at 5:29 pm #

    I’m surprised to see the deflationary pressures setting in so quick here.
    link to statcan.gc.ca

  13. birdladyNo Gravatar 23. Feb, 2013 at 9:30 pm #

    Cindy was a little too rude with her comment but I also think that using the name of your new brokerage “liv” over and over is a bit much, however it is your blog so you are entitled to write whatever you want.

    • GMNo Gravatar 23. Feb, 2013 at 9:53 pm #

      I agree. I cringed every time I read “liv” in the article.
      Far too “in your face blatant self promotion”.
      But… it’s your blog, you can do whatever you want.

  14. jimNo Gravatar 24. Feb, 2013 at 7:56 pm #

    global warming, greenies, and a constrained market are planed in such a way that the states milk half of the value we generated from the oil sands, our resource.

    what the fed gov has done and is doing except lets the greenies cry?

  15. Karl HungusNo Gravatar 25. Feb, 2013 at 10:29 am #

    RBC affordability report came out. Edmonton has the best affordability for all major cities by a long shot in all categories: Detached bungalow, 2 story and condo. The numbers are now below historical averages for percentage of wage taken up my housing. Just for comparison, for a bungalow Edmonton is at 30.7% and Vancouver is at 82.2%.

    • wsnNo Gravatar 25. Feb, 2013 at 10:35 am #

      Renters won’t stop complaining unless houses are given to them for free.

      • GMNo Gravatar 25. Feb, 2013 at 3:12 pm #

        They are. All the time.
        It’s called the Canadian Government “Affordable Housing Initiative”.

        Welfare for life.

        • wsnNo Gravatar 25. Feb, 2013 at 3:29 pm #

          Those who can’t save and had to use CMHC are indeed suckers. But their houses weren’t for free and even these suckers are better off than renters as a whole.

  16. corollabayobxNo Gravatar 26. Feb, 2013 at 8:23 am #

    good post on weekly update on real estate.. its been wonderful to read the article

  17. elanrealestatesaleNo Gravatar 27. Feb, 2013 at 2:29 am #

    thanks for the weekly update on real estate market. good to read it

  18. SpudNo Gravatar 27. Feb, 2013 at 12:34 pm #

    What sort of person divulges they make over $200k to a stranger on a plane? Not someone I want to Liv next to!

    • GoodWillRentingNo Gravatar 27. Feb, 2013 at 1:52 pm #

      Hehe. Probably a younger guy, sincerely ecstatic to be making the big bucks and Liv’ing it up. Plenty of time left for him to Liv and learn. But to each their own. Liv and let Liv.

      • Sara MacLennanNo Gravatar 27. Feb, 2013 at 4:28 pm #

        Lol… I wish there was a like button for your comment… we’re just trying to have a little fun when we Liv up our blog articles. We don’t have to be all business, all the time do we? I guess our tone doesn’t always come across the way we want it to. To each their own, the comments are certainly appreciated either way!

      • GMNo Gravatar 27. Feb, 2013 at 5:15 pm #

        Please… stop…