Edmonton Real Estate Market Weekly Update, Aug. 16/13

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: 431 (407, 400, 446)
# Sales: 303 (238, 342, 315)
Ratio: 70% (58%, 86%, 71%)
# Price Changes: 271 (226, 249, 267)
# Expired/Off Market Listings: 169 (160, 312, 117)
Net loss/gain in listings this week: -41 (9, -254, 14)
Active single family home listings: 2745 (2761, 2731, 2882)
Active condo listings: 1897 (1892, 1871, 1941)
Homes 4-week running average: $413k ($407k, $407k, $404k)
Condos 4-week running average: $245k ($248k, $243k, $251k)

Bit of a rebound this week, I have to say I'm a bit surprised because it feels slower out there than it did in July. Single family home prices jumped this week, I looked into it and there was no noticeable increase or decrease in high end or low end sales to account for this. 

RealEstateListingsandSales 1
Real Estate Listings and Sales
RealEstatePrices 1
Real Estate Prices

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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31 Responses to “Edmonton Real Estate Market Weekly Update, Aug. 16/13”

  1. GaryNo Gravatar 16. Aug, 2013 at 2:45 pm #

    New area SW edmonton called keswick 2200sqft show homes there going for $660k.

    Builders are trying to hack up prices.

    • AlNo Gravatar 16. Aug, 2013 at 3:52 pm #

      wow.. that’s crazy…

    • wsnNo Gravatar 16. Aug, 2013 at 4:01 pm #

      Gary, have you ever bought a brand new house from a builder? It’s always been that way. Show home is not a good benchmark because:
      1) It may have unconventional upgrade
      2) The builder is not willing to sell it for a while

      If you ask the builder to build the same plan on another lot, you will get much lower prices.

    • GeorgeNo Gravatar 17. Aug, 2013 at 4:15 pm #

      $660k will soon seem cheap. We’re in the very early stages of another property boom. Look no further than the last jobs and migration numbers. Alberta is the only province receiving net inflows of interprovincial migrants, and the only province with rising jobs and salaries. Furthermore all the easterners and westerners that have moved here in the past couple years, as in past cycles, are now starting to buy. I could fill pages of reasoning why we’re about to go boom!

      You’ve gotta know when to turn bullish my friends. We’ve now consolidated for 6 years and are taking out the old highs.

  2. GaryNo Gravatar 16. Aug, 2013 at 5:08 pm #

    Yes I built last year 2200sqft for 450k same upgrades as the show homes I mentioned above.

    Who would pay $660k for 2200sqft?

    Little yard not walk out

    • wsnNo Gravatar 17. Aug, 2013 at 1:57 am #

      I don’t believe it. I visited the show homes too, on the very first day. Pretty good snacks…

      The $660k show home is definitely not worth the list price, but it was decent. I estimate a FMW to be roughly $170/sf for what it is. That puts the house cost to be 374k. If you place it on a 170k lot, it will become 544k (including GST).

      450k is just too far off. You are not comparing apples to apples.

  3. KateNo Gravatar 16. Aug, 2013 at 5:30 pm #

    Just had the weirdest bidding experience. House was on the market since the Spring, pink carpet, bad roof, and all. So, we visited last Friday and made an offer – pretty low offer to account for lots of much-needed upgrades.

    Didn’t hear back from the agent – thought the seller was probably displeased with the low offer…. Monday, we heard that a financial adviser got involved, Tuesday it was the lawyer. By Wednesday, they had still not formally acknowledged our offer, but we heard that they thought it wasn’t enough.

    Given the overall value (to us), we decided to make a full price offer, on Wednesday, which was again not acknowledged. Finally, we learned today – after much prompting – that the lawyer had recommended that the listing be taken off the market…

    You would think that they had time, since the Spring to iron out whatever legal kinks they ran into….

    • harboursnugNo Gravatar 17. Aug, 2013 at 10:49 pm #

      Your lucky

  4. birdladyNo Gravatar 16. Aug, 2013 at 10:08 pm #

    Kate, I don’t know who your realtor is, but I would fire whoever it was. Pretty obvious he/she wasn’t working too hard to get an answer for you. To put in a full price offer without getting acknowledged on the first one seems ridiculous to me and then you had to prompt him/her to get an answer on the full price offer.
    You probably just dodged a bullet on that property.

    Lot’s of realtors out there – find a better one – maybe try Liv – they seem pretty professional. And no, I am not related or affiliated with them in any way. Just enjoy their blog.

  5. Inspector GadgetNo Gravatar 18. Aug, 2013 at 8:46 am #

    Hope everyone is having a good summer. I have spent most of mine out of town…in the mountains. I met some interesting people along the way, including minimalist people on motorcycle and bicycle trips. One pointed me to an article I found interesting. Click on the link and scroll to near the bottom in the addendum. Be forewarned though that you may be offended. Just put it on here to show again one of the many reasons people don’t consider Edmonton a place to visit or move to. In fact I got a look of pity from many people on my travels when I said where I was from. I no doubt have a higher net worth than most of them partly because of where I live, but does that make one happier?

    link to crazyguyonabike.com

    • a common guyNo Gravatar 18. Aug, 2013 at 10:12 am #

      I.G. I have a hard time understanding what you are trying to say. Your posts aren’t making much sense to me.
      Edmonton is amongst tthe fastest growing cities in Canada.
      link to huffingtonpost.ca

      So for whatever reason people do like to move and live here. Pointing to a blog by a guy is certainly not a good sample of what others think about the city. Sure there are some (perhaps you included) out there who hate to live here…

      • GregNo Gravatar 18. Aug, 2013 at 5:18 pm #

        Another pointless, negative comment by I.G.
        Was most definitely picked on as a kid.
        Can’t we block this doughnut?

        He is an internet troll – through and through.

        • wsnNo Gravatar 19. Aug, 2013 at 8:27 am #

          Please don’t.

          According to himself, I.G. has several lots in Calgary, so he must be a multi-millionaire and would sue to close down this blog is he is banned ;-)

  6. Alberba NewsNo Gravatar 19. Aug, 2013 at 3:53 am #

    My girlfriend and I are thinking of buying a house in Edmonton within the next couple years but I’m scared crapless of the insane house prices. Can more reasonably-priced houses be found in Edmonton or are we stuck with these insane prices? Should we still invest in a house here, or elsewhere… or..? (I’m from Kentville / New Minas, Nova Scotia, where $150 000 will get you a big 4 bedroom house, finished basement, etc.!!!)

    • wsnNo Gravatar 19. Aug, 2013 at 2:39 pm #

      In terms of real estate, Canada is one the cheaper ones in the world. Edmonton is one of the cheaper cities in Canada.

      In old times, it takes generations to build a decent house, and be prepare to protect it with force if need to be. Now people expect to build a 2500sf, well equipped house with 3 years’ worth of salary of entering text to a computer …

      • harboursnugNo Gravatar 19. Aug, 2013 at 8:06 pm #

        Earth to wsn… lol

        “In terms of real estate, Canada is one the cheaper ones in the world”

        link to oecd.org

        • CastledownsNo Gravatar 20. Aug, 2013 at 7:59 am #

          Definition of Canada housing market please. Downtown Toronto/Vancouver? BTW, do you know Dave in Toronto?

          • wsnNo Gravatar 20. Aug, 2013 at 9:32 am #

            @Castledowns

            Simple, just compare Toronto to a city of similar size and importance in another country. Like Chicago/Boston, any European city of 5 million population (in the great metro area), or, if you dare, any Asian city of this stature.

        • wsnNo Gravatar 20. Aug, 2013 at 9:28 am #

          @harboursnug:

          Only if you read carefully what the study said. It’s comparing the current price to historic averages. Thus, it’s not exactly a measure of how expensive it is. It’s more about the rate of growth.

          For example, compare Toronto to Tokyo. Toronto is cheaper, but growing. Tokyo is more expensive, but not growing.

  7. a common guyNo Gravatar 20. Aug, 2013 at 8:09 am #

    To expect to get a 4 bedroom house here for $150k is crazy. Even if land is given to you for free and a lot of materials too the labour cost of building that house could easily be over $150k. With a typical trade person making $40/hr you just have to count the number of man power hours to see why your expectation is crazy….

    • wsnNo Gravatar 20. Aug, 2013 at 9:37 am #

      Exactly. Many people came here from another province, because the labor rate is higher. But at the same time the same people complain about the housing price which is largely based on labor rate. I mean, if all those Newfoundland framers are willing to work for $10/hour, of course the price of a house could be lower.

  8. Inspector GadgetNo Gravatar 21. Aug, 2013 at 10:12 am #

    Wow… Quite an angry response from some. I was merely pointing out the opinion of an outsider looking in.
    Truth hurts and we all know it. Everything that guy wrote is pretty much true.
    From all but a few angles this is one butt ugly sprawling suburban wasteland.
    Can’t see it from where I am today though… Too many mountains in the way.

    • gregNo Gravatar 22. Aug, 2013 at 1:52 pm #

      My guess is you more than quite often envoke an angry response from people. [comment truncated]

  9. jimNo Gravatar 21. Aug, 2013 at 11:08 am #

    all friends of mine have bought houses above 625k. i am not so optimistic. wondering what would they do with their houses when the days come and no oil sands to dig. appreciate serious comments here.

    • A commong guyNo Gravatar 21. Aug, 2013 at 12:07 pm #

      If you are worried about what happens after oil sands are finished you are expecting to have a very long life:

      “Only 3% of the initial established crude bitumen reserves have been produced since commercial production started in 1967. At rate of production projected for 2015, about 3 million barrels per day (480×103 m3/d), the Athabasca oil sands reserves would last over 170 years.”

      link to en.wikipedia.org

      This is only one of them…

      • jimNo Gravatar 21. Aug, 2013 at 12:13 pm #

        thanks a lot, CG. I shall have a longer plan for this.

    • harboursnugNo Gravatar 23. Aug, 2013 at 1:51 am #

      It’s more like can they afford there McMansions with the 25% increase in mortgage costs the last month, from 2.75% to 3.75%

      Oh… and this is just the beginning because they have no where to go but up. The days of emergency rates are over.

  10. IvanNo Gravatar 21. Aug, 2013 at 3:33 pm #

    A commong guy, do you remember by chance, what was the name of a big Oil sand project that was closed forewer a couple months ago?..

  11. NestorNo Gravatar 21. Aug, 2013 at 9:34 pm #

    This analysis is great. Glad I found this page. Thank you!

  12. Karl HungusNo Gravatar 22. Aug, 2013 at 7:02 pm #

    IG

    So you post an article about someone who sh*** on Edmonton and then wonder why you get angry responses? You are either foolish or an internet troll. My guess is both.

  13. Inspector GadgetNo Gravatar 23. Aug, 2013 at 11:28 am #

    Well I am not sure what a troll is but I am disappointed that people take things so personally
    Like saying a smart car is too small for a family or that Big Bear is just chappy beer one must recognize the strengths and weaknesses of the products they invest in. In the case of this website the products are houses and small pieces of the dirt called Edmonton.
    Knowing why or why not people come here and stay here is very good information… I actually think the reaction received is like the mac robots….. Ooook… Please don’t say anything negative about apple products… They are a part of my soul!
    Edmonton is full of opportunity no question. It also happens to be cold ugly and boring compared to similar size cities in other places. The truth hurts sometimes