Weekly Real Estate Market Update, Mar. 14/14


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

New Listings: 477 (479, 389, 370)
# Sales: 300 (225, 253, 217)
Ratio: 63% (47%, 65%, 59%)
# Price Changes: 147 (140, 126, 98)
# Expired/Off Market Listings: 82 (150, 73, 96)
Net loss/gain in listings this week: 95 (104, 63, 57)
Active single family home listings: 1993 (1907, 1838, 1786)
Active condo listings: 1311 (1275, 1231, 1196)
Homes 4-week running average: $424k ($422k, $414k, $409k)
Condos 4-week running average: $242k ($240k, $245k, $245k)

Big things happening around Edmonton lately - MoneySense named St. Albert the best place to live in Canada this week, and Sherwood Park third best. Calgary was second and Edmonton finished 8th overall (third among large cities after Calgary and Ottawa). Other people are starting to take notice of what's happening in the Capital City area - Toronto developers are planning some pretty big condo towers downtown. Are we going to end up with too many new condos again, or does it make sense with our large population growth and downtown transformation? Construction of the new arena is officially under way with the north lane of 104 ave blocked for the next 2.5 years. Meanwhile, lots of new listings came on the market this week, but inventory is still lower than the past three years.

ListingsandSales 1
Listings and Sales
EdmontonHomePrices 1
Edmonton Home Prices

Have a great weekend! Don't drink too much green beer!


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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44 Responses to “Weekly Real Estate Market Update, Mar. 14/14”

  1. BOSSNo Gravatar 14. Mar, 2014 at 12:11 pm #

    Wow! St Albert, the best place to live in Canada and Alberta is on fire along with St. Albert!
    Hopefully the prices keep on climbing through May and July….?!?
    I wonder where all of the Alberta real estate bust skeptics are hiding lately…?

    • wowNo Gravatar 16. Mar, 2014 at 9:56 pm #

      Prices are still $25,000 lower than 7 years ago, the real estate Bears won a long time ago. no more Bearish commentary necassary, the Bears were right, the speculators got crushed.

      • double collar pop wow!No Gravatar 17. Mar, 2014 at 8:24 pm #

        Most bulls anticipated a downtrend and a 200k loss in average price, but we’re 25k under and uptrending… strongly! Ok bear, argue me this: I made 150k on a few places during the boom. The few I lost on, I lost (at present) 25k… cause I held on to them. And they’re well on their way to breaking even now. Maybe ask your landlord his opinion before posting next time…

        …or a grade 3 teacher… 150 + 150 + 150 + 150 – 50 – 25 – 0 – 0 = ???

        …retirement :)

      • TonyNo Gravatar 18. Mar, 2014 at 8:18 am #

        Even worst many resale condominiums, apartments and townhouses are still about forty percent lower than the 2007 peak.

  2. yeglandNo Gravatar 14. Mar, 2014 at 12:53 pm #

    If all of the new office space down town gets filled, then there might be some decent demand for Condos down town too. But if the office space isn’t filled neither will the condos.

  3. GMNo Gravatar 14. Mar, 2014 at 3:56 pm #

    Like clockwork, the developers will build too many condo’s. A glut will ensue, prices will be slashed, then the cycle will begin all over again.

  4. TimothyNo Gravatar 14. Mar, 2014 at 7:36 pm #

    Why can I find townhouse/duplex stats on other sites but not here? I check weekly.

  5. theexpertNo Gravatar 14. Mar, 2014 at 9:58 pm #

    I don’t believe that Alberta, specifically Edmonton will suffer any real estate bust, however I think we have to wait and see what the spring market brings as far as how high prices will go. How many homeowners are sitting in the weeds, waiting to list their properties in the late April/May timeframe. If listings are low, prices will continue to climb – if listings are high, prices may not increase as much as predicted. Too early in the year yet.

    And GM is probably correct in his assumption that developers will start building condos like crazy. Based on last years #’s at this time, properties under $350K seem to be scarce and most likely where a large # of buyers are looking. Row housing seems to be pretty popular with the builders – small footprint as far as land goes with under drive garages means bigger profits.

  6. JohnNo Gravatar 14. Mar, 2014 at 10:43 pm #

    We should all thank the Mayor for driving up the property prices in mature neighbourhoods. RF3 zoning lots are getting so expensive now, which makes sense because builders are selling a lot of new builds before they are even built.

  7. JohnNo Gravatar 14. Mar, 2014 at 10:47 pm #

    In the last 6 months, I can’t belive builders are also driving up the lot prices too, especially in mature neighbourhoods

    • double collar pop wow!No Gravatar 17. Mar, 2014 at 8:33 pm #

      Lot prices have nothing to do with builders:

      lot price + build cost = 110% market value


      lot price = 110% market value – build cost

      the right side of the equation are the ONLY variables

  8. JohnNo Gravatar 14. Mar, 2014 at 10:51 pm #

    The builders are killing investors like me because before I was able to get a older decent home that can cash flow.
    The building boom just started about a year ago, so think it should go on for at least another 3-5 years at least.

  9. Inspector GadgetNo Gravatar 15. Mar, 2014 at 10:12 am #

    I took the dog for a walk in the area my rental is in yesterday. High demand, central, rare to find a decent building lot etc. Didn’t see all of them but stopped at a few knockdown/infill sites. All being built by different no name ‘builders’, which as far as I could tell or learn online means you have a hammer, line of credit and a pickup truck.
    Nice new houses mostly on crappy lots because as one guy told me the nice ones are impossible to get. Why sell to an ‘investor’ who will build a house and make 20% or more? Just get yourself a truck and a loc and make the money yourself!
    My point is that there are too many small time ‘builders’ these days to allow anyone new to go big. Or maybe there should be lots of them, supply high, demand low equals good for us!

  10. Inspector GadgetNo Gravatar 15. Mar, 2014 at 10:40 am #

    Big article in the Journal today about infill as well. All the talk is of density which obviously you get if you replace one house with a duplex or condo. The article and accompanying video make it sound like density is also increased if one house replaces an existing one. The idea is obsurd of course, independent of the family structure of the residents.

  11. JohnNo Gravatar 15. Mar, 2014 at 2:48 pm #

    The most under valued area is Inglewood. Most of the lots there are zoned RF3 and builders are putting side by side and selling them for close to $400,000. How can lots go for under $300,000 and 6-8 months people were buying them for under $250,000. There aren’t that many teardowns in Westmount, ompared to Inglewood.

    Once builders feel it doesn’t make sense to pay the crazy prices in Westmount, then prices in Inglewood will go higher.
    Today, finally see a 800 sqft house go for $334,000, so if anybody had RF3 lots, I would not let them go cheap, why let the builders cash in when in 2 years there are going to be 2 billion dollars worth of projects coming on line.

  12. karlhungusNo Gravatar 15. Mar, 2014 at 4:08 pm #

    Inglewood is not a very good neighbourhood. High crime.

  13. GordonNo Gravatar 15. Mar, 2014 at 4:13 pm #

    I think Forest Heights is the neighbourhood with the most appreciation going forward. It’s right against the River Valley, and so much infill is increasing the curb appeal. The next 3-5 years will see huge appreciation IMO.

    • CMDNo Gravatar 16. Mar, 2014 at 8:02 pm #

      I totally agree. It is currently undervalued given its proximity to downtown. 5 min drive down Rowland Road and boom, you’re there.

  14. JohnNo Gravatar 15. Mar, 2014 at 4:38 pm #

    Are you talking Sherbrooke, anything past 118 Ave? In Vancouver the top end stuff is 6-8 times compared to the overall market. People will say Edmonton is way too young market or it’s not Vancouver.
    10 years from now, people will realize that Westmount and Inglewood are really undervalued compared to the overall market. The average house in Edmonton is at $425,000, but you can still buy a house in those areas for lesss than $425,000. Lots in Vancouver and even Calgary the lots are higher than the overall average price.

    I was definitely right 12 years ago that places on Ravine Drive, St. Georges Crescent and the highest areas you can buy them for $300,000 and under, unless the house is facing the Ravine. To me anyone working 2 fulltime jobs can qualify for a mortgage and live there, just never made sense.

  15. RippedNo Gravatar 16. Mar, 2014 at 8:24 pm #

    You want to buy houses and rent them, start looking outside Edmonton.

    Get closer to oil in places like Sherwood Park and Fort Saskatchewan.

    There’s nothing avaliable to rent, so rents are sky high.

  16. Karl HungusNo Gravatar 16. Mar, 2014 at 11:59 pm #

    Well prices will probably get back to the highs of 2007 this year so if someone bought in 2007 and took out a 25 year mortgage it’s a quarter paid off with a chunk of equity built up.

    • TonyNo Gravatar 18. Mar, 2014 at 8:26 am #

      Resale condos, apartments and townhouses are still on average about 30 to 40 percent less than the 2007 peak. Try many decades not this year.

  17. JohnNo Gravatar 17. Mar, 2014 at 8:21 am #


    Problem with renting outside Edmonton is if you have problems with tenants you have a long drive. If you have rented properties before, in one year you will probably have to deal with problems at least a couple of times a year.

    I was thinking of buying a fourplex in Wetaskiwin for $300,000 and retning it out of close to $3,000, but honestly is it worth me taking out an hour drive to deal with problems. Yes cash flow is awesome, but drawback is the future appreciation.

    • SPENo Gravatar 17. Mar, 2014 at 9:24 am #

      What about Cold Lake? Rents are high there as well.

    • RippedNo Gravatar 17. Mar, 2014 at 3:23 pm #

      It a longer drive from Edmonton than Fort Saskatchewan or Sherwood Park when your working oil.

      The oil industry/refineries/by products are not in Edmonton, that’s why the rents are sky high out here

  18. Inspector GadgetNo Gravatar 17. Mar, 2014 at 2:31 pm #

    Karl are you implying that is a good use of resources?

    1. The house is STILL not worth what was paid for it (according to averages)
    2. Decent chance the place was bought with a 5-7% fixed mortgage..ouch!
    3. Saying it is a quarter paid off is not correct as the first years are mostly interest.
    4. To “get” that supposed equity you would have to pay a realtor a good chunk…at around 5%.
    5. Buyers have the option of buying new for less than you paid and close or oin the same area if you are suburban…and yours is 5 years old, with five year old wear and tear, five year old appliances etc.

    Now add in the opportunity cost on the down payment and you have, well a terrible investment! I know they did not pay rent to live there and all the arguments, but defending what turned out to be the WORST time to buy in recent memory with such a statement is laughable!

    • gregNo Gravatar 17. Mar, 2014 at 2:56 pm #


      Who is really to say Inspector? You don’t know everything,
      That is all.

    • wsnNo Gravatar 17. Mar, 2014 at 3:01 pm #

      But still better than stocks. If you must use buying in 2007 as an example.

    • double collar pop wow!No Gravatar 17. Mar, 2014 at 8:55 pm #

      Why are you so fudging hostile to people trying to talk about using real estate as an investment?

      This blog should be about positivity from like minded people throwing ideas around about WHY REAL ESTATE IS A GOOD INVESTMENT… FOR THEM… not defending ourselves from negative bitter trolls like you! I’ve read this blog for years, and am sad to see what it is compared to what it could be.

      I wish the mods would ban your arse. You’re not adding any value whatsover to the 90% of people who come here to talk about an asset they’re enthused about.

      Actually… better idea. All of you ‘bulls’ out there (as they call us), let’s do this. Instead of arguing them (because we know they’re wrong), how about responding to their posts with a simple word like ‘moo’? Giving them fuel to argue our counter arguments will keep them around, but after being mooed at for a while, they will ‘graze’ on, because they thrive on the fight, and we can turn this site to what it really should be… a blog of like minded people exuding positive energy about how we use real estate to our advantage or whatever common end.

      What do you say guys?

    • karlhungusNo Gravatar 17. Mar, 2014 at 11:18 pm #

      The point is that even though it took 7 years to get back to the highs of 2007, (and it will this spring), its still a good use of resources.

      Fair point about the first few years being high on interest but just as you think people are paying 5-7% rates and taking out 40 year mortgages, I could say there are others that did 25 year mortgages (like me) and took the variable rate (like me). Which got as low as 1.8%.

      And how come whenever someone brings up the costs of home ownership they exaggerate the expenses? what about FSBO or comfree or 2% realty? There are many ways to get the costs down.

      • wsnNo Gravatar 18. Mar, 2014 at 8:49 am #

        That’s because Inspector can only justify his stock investment by comparing to the worst of the worst investors in real estate.

  19. JohnNo Gravatar 17. Mar, 2014 at 4:18 pm #

    Agree that rents are really good in Cold Lake and Fort Macmurray, but if your working full-time in Edmonton and you want to manage all your proerties, then hard to take care of them. I rather do everything on my own, but if it works for some investors owning far away, it can be very profitable.

  20. RippedNo Gravatar 17. Mar, 2014 at 9:40 pm #

    Follow the smoke stacks

  21. JoJoNo Gravatar 18. Mar, 2014 at 9:08 am #

    I’ve been following rentals for a while now and I’ve noticed there are more houses for rent now. I have a friend who bought a new house and decided to rent his old house out also because mortgage rate is low and it makes good sense to rent it out instead of selling the old house. I wonder if the rise is rent is because of the higher volume of houses becoming rentals hence raising the average. I believe this is true because I haven’t noticed much change in terms of rent for condos and apartments.

  22. Karl HungusNo Gravatar 18. Mar, 2014 at 9:35 am #

    Tony, any evidence to support “apartments and townhouses are down 30-40%”?

    • wsnNo Gravatar 18. Mar, 2014 at 4:28 pm #

      Stocks down 100% is more common.

    • wowNo Gravatar 18. Mar, 2014 at 8:50 pm #

      The real estate Bears were right Karl, we do not need to argue that point.
      SFH owners, condo owners, all mortgage owners are bleeding cash monthly, its a bloodbath out there.

      There was a massive price boom in 2007 that’s only supported now by government induced artifically low interest rates, that wont last for ever. And you KNOW that.

      You know, in your heart that that’s true Karl Hungus.

      • wsnNo Gravatar 19. Mar, 2014 at 11:09 am #

        Low interest rate won’t be forever.

        The rate will certainly go up, after the price of house double or triple again. And I am OK with that.

  23. karlhungusNo Gravatar 18. Mar, 2014 at 10:30 pm #

    I know in my heart that you are wrong. If you are a fool you are bleeding cash, but as many have pointed out, there are cash flowing properties out there and have been since 2007.

    • GMNo Gravatar 18. Mar, 2014 at 11:26 pm #

      With all due respect wow, I tend to agree more with someone who has “skin in the game” such as KarlHungus. He has risked his own money and has done well. That tells me that all this doom and gloom being spewed by some on this board may be largely ersour grapes.

      Obviously, by choosing the right properties at the right time and place, many have done very well.

      • wsnNo Gravatar 19. Mar, 2014 at 11:08 am #

        In that sense, every home owner has “skin in the game”.

  24. West end peopNo Gravatar 23. Mar, 2014 at 1:36 am #

    What do you think of the ormsby neighbourhood in the west end? I have a property there about to expire and not sure if we should relist or wait?

    • Sara MacLennanNo Gravatar 23. Mar, 2014 at 2:14 pm #

      That’s a good neighbourhood, the best course of action will depend on your property (and a number of other factors). Contact us if you’d like an evaluation.