Weekly Market Update, May 23/14

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: 548 (676, 664, 615)
# Sales: 347 (432, 346, 369)
Ratio: 63% (64%, 52%, 60%)
# Price Changes: 244 (261, 284, 220)
# Expired/Off Market Listings: 96 (115, 90, 207)
Net loss/gain in listings this week: 105 (129, 228, 39)
Active single family home listings: 2702 (2633, 2532, 2372)
Active condo listings: 1688 (1652, 1607, 1519)
Homes 4-week running average: $438k ($438k, $426k, $426k)
Condos 4-week running average: $247k ($248k, $252k, $251k)

Looks like monthly sales will be well ahead of last May, and new listings came back down from the stratosphere - if they were high again this week I would have been worried. Have prices peaked for this year?

ListingsandSales 3
Listings and Sales
EdmontonHomePrices 3
Edmonton Home Prices

Looks like it's going to be a nice weekend in Edmonton - have a great one!


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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46 Responses to “Weekly Market Update, May 23/14”

  1. DougNo Gravatar 23. May, 2014 at 12:19 pm #

    Looks good, average price for a house up 7% compared to this time last year ($438k versus $409k). Market’s looking like it’s starting to catch up with Calgary’s gains!

  2. MTNo Gravatar 23. May, 2014 at 12:31 pm #

    This will all be very interesting if interest rates rise or a recession hits.

  3. DougNo Gravatar 23. May, 2014 at 12:40 pm #

    I don’t think we’re due for another recession anytime soon, most provinces haven’t even recovered the jobs from the last one six years ago yet. And with baby boomers retiring, and their spending slowing, that should slow down the economy enough to remove the need for much higher interest rates. Things for should continue to boom for the next few years at least in Alberta.

  4. MTNo Gravatar 23. May, 2014 at 1:33 pm #

    Agree with interest rates staying AS IS for a good long time. In theory, the interest rates should be slowly pushed up during these good times to keep the economy from over heating and to provide a stimulus when there is a recession.

    Unfortunately, there is no way lapdog-Canada will raise rates without the U.S. leading the way. The result has been few tools to keep housing prices from overheating.

    • TonyNo Gravatar 26. May, 2014 at 2:20 pm #

      Good times? Canada hasn’t added any jobs in the last 8 months. GDP in America was negative in the first quarter but was reported as .1 percent positive. America will soon be in worst shape than Japan not to mention nothing reported out of that country can be verified as even being true. Canada as being the main trading partner with America will mean the collapse of Ontario and the end of this country.

  5. 123kidNo Gravatar 23. May, 2014 at 2:57 pm #

    MT, (IMO) i believe you are correct re: the US i (long term fixed) rates being kept low; especially in light of the low treasury yields long term.

    link to treasury.gov

    Not to get too egg headish about this, many are running (incld the baby boomers) to less riskier financial instruments, such as the US tbill; thereby keeping yields low.

    Fact of the matter is, the US is not showing any signs of the dreaded inverted yield curve like it did in 2006 (leading to the 2008 crash) and 2000 (leading to the 2001 recession)….

    Also countries like Japan and China and oil producing countries, US tbills have been popular, thereby keeping yields below 6%.

    Yet, some have argued that US yield rates should be going up in the near future. (link to useconomy.about.com)

  6. GMNo Gravatar 23. May, 2014 at 3:14 pm #

    If interest rates were to go up buyers would rush to lock in their rate, then will be panicked to buy before their rate guarantee expires. That’ll give one last upward push to prices.

    Then, if interest rates don’t go too high after that, house prices should remain steady.

  7. JonNo Gravatar 23. May, 2014 at 8:24 pm #

    ^People see what they want to see^. By the way Joe, natgas and oil are two very different things. Speaking of which, here are the 7 wonders of Oilberta.
    link to fool.ca

    • ArfmooocatNo Gravatar 23. May, 2014 at 11:06 pm #

      The U.S. has more Natural Gas than we do, nothing big there for Alberta.

  8. ShawnNo Gravatar 23. May, 2014 at 9:51 pm #

    It seems like you are trying really hard, to convince yourself, that houses are going to just turn into a worthless shack. You do realize this is the “Edmonton Real Estate Blog”, and not the “every other province or city blog”. You seem bitter, angry and can’t think for yourself as you simply cut and paste other people’s writing. This is fine, but you are boring me as I miss reading from people with new insights. I don’t care if they are Bears or Bulls; moreover, your bitterness is obviously rooted to you not being able to afford a house, which is fine, as houses are expensive. Do you think you can move on though? I am sick of seeing your long boring posts.

    Here is a thought! if you see in the near future Calgary properties staying stagnant then, just maybe then, you can hope that Edmonton may follow the same path. Keep in mind Calgary is valued around 25% higher than Edmonton…..why am I even wasting my time…there is probably a good show to watch.

  9. DougNo Gravatar 23. May, 2014 at 10:00 pm #

    Joe, face it, you’ve messed up by not buying a house and now you’re desperate for housing to drop so that you can prove to yourself that you didn’t make the biggest mistake of your life. Pasting information from radical blogs isn’t going to change the fact that the housing market is doing very well.

  10. GMNo Gravatar 23. May, 2014 at 10:52 pm #

    If interest rates go up then fewer people will be able to afford to buy, which would likely result in house prices falling.

    But at the same time because fewer can buy, more will rent. That will cause an increase in demand for rentals, which will cause rent prices to increase.

    So if you’ve bought a house or condo to rent out you should do okay.

    And if you bought a house to live in, well, in 25 years it’ll be paid off so you’ll be okay anyway.

  11. GMNo Gravatar 23. May, 2014 at 10:55 pm #


    Look at the chart. Listings in Edmonton have gone down. There is no oversupply.

  12. jimNo Gravatar 23. May, 2014 at 11:05 pm #

    to me, large houses are bad debt. small rentals are good debt. Edmonton is Edmonton, will have consistent renter supply. long winter is not a reason to enjoy indoor life in a big house.if i am rich enough to a mln $ to spend, i will buy a 400k for my residence here, 250k for a vacation home in mx, the rest goes to rental properties

  13. jimNo Gravatar 23. May, 2014 at 11:07 pm #

    btw, next week will see higher listing numbers because last week has a long weekend. will see

  14. Karl hungusNo Gravatar 24. May, 2014 at 12:40 am #

    Sweet, joes back…

  15. gregNo Gravatar 24. May, 2014 at 8:39 am #

    I doubt that

  16. ShawnNo Gravatar 24. May, 2014 at 9:25 am #

    Hi Sara,
    Keep up the great work with the weekly stats and monthly summary!

    I was wondering if it were possible for you to start posting an average price per square foot graph, similar to the “4 – week running average” chart with Homes and Condos? As well if you have historical data from 2012, 2013 maybe you could include that data for a comparison frame of reference.

    This data would be so helpful to me and others.

  17. EdmontonInvestorNo Gravatar 24. May, 2014 at 11:34 am #

    Joe really has no clue what he is talking about!

  18. EdmontonInvestorNo Gravatar 24. May, 2014 at 2:47 pm #

    I repeat… Joe really has no clue what he is talking about!

  19. EdmontonInvestorNo Gravatar 24. May, 2014 at 2:55 pm #

    There are always going to be trolls like you online Joe, I could give you advice but I really don’t think you would take advice from anyone. You are a know it all that has no business mouthing off on a blog like this, this blog is for information only, I think everyone is getting pretty sick of your negative comments, I stated a fact that time and time again you have no clue what you are talking about.

  20. JohnNo Gravatar 24. May, 2014 at 3:30 pm #


    You must be somebody who is broke living in the dog house. Anyone who has invested in the market in the last couple of years has done well. Even if you did buy in the peak, have you heard of mortgage knock down. Honestly, shocked your not banned from here, because you say the same old things over and over again, gloom and doom. If everyone had taken your advice the last couple of years would be smashing their head against the wall.

    Your definitely not a winner from what I can see and almost everyone feels that way too.

  21. ArfmooocatNo Gravatar 24. May, 2014 at 4:15 pm #

    Hey Joe !!

    Don’t over do it, you’ll get banned.

    I don’t mind reading some offsetting real estate propaganda, stick around.

  22. wsnNo Gravatar 24. May, 2014 at 4:59 pm #

    Some of the Ford dealerships reduced their F-150 by $10,000.

    At this rate, in a couple years, they would have to pay you to drive cars and trucks off their lot.

    • GMNo Gravatar 24. May, 2014 at 9:53 pm #

      They’d have to pay me now to take a Ford off any lot. LOL

  23. GMNo Gravatar 24. May, 2014 at 9:47 pm #

    What feeling? Sounds like you have first-hand knowledge of this kind of thing – paying a mortgage which is higher than the value of your house.

    Is that what this is all about Joe?

  24. GMNo Gravatar 24. May, 2014 at 9:48 pm #

    I’ll buy your house Joe.
    What’s the address and what’s the price you want?

  25. EdmontonInvestorNo Gravatar 25. May, 2014 at 7:08 am #

    Hey Joe, its going to really suck when the heavens open up and doomsday comes for the Edmonton real estate market, i may lose my $6000 a month mortgage paydown my tenants have paid for the last 10 years, I maybe should give up the hundreds of thousands in gains I have made as well, if I would have listened to guys like you when I first started out I would be as miserable as you are! lol

  26. 123kidNo Gravatar 25. May, 2014 at 10:34 am #

    Joe… great to have you on board. This board needs a whipping boy. Also, like in life and sport, there needs to be opposition (however so deluded) to make things more passionate and interesting.

    You need to relax and temper your Garth Turner driven ideology.

    I mulling over whether I should engage your delusional logic (anecdotal and not a representation of the overall picture) and start whipping you silly.

    But today is a Sunday…

    Also, take a few l’anglais classes. It will help you better articulate your delusions when you reach long-term care.

    Warm Regards,


  27. DaBullNo Gravatar 25. May, 2014 at 7:20 pm #

    Remember the saying “Misery loves company”

    That’s why Joe is on this blog, Joe really wants company and I guess by his participation on this blog… he really really wants it bad…. It’s kinda sad Joe’s only joy in life is spewing his misery on others. Sad….

    But then again, maybe he’s just likes being an antagonistic arse! Those people seem to get great joy out of getting under other peoples skin. Kinda of sad any way you look at it though.

    Kinda reminds me of the former crazy blogger Squidly on Bob’s Calgary blog. Maybe Joe’s is Squidly long lost twin brother from Edmonton. ;-)

    PS: Joe. At least Garth uses the misery and fear, of those not the sharpest knifes in the draw, folks on his blog for his own financial gain… He’s at least smart that way.

    • TonyNo Gravatar 26. May, 2014 at 2:35 pm #

      What amazes me is how almost all Canadians get everything wrong and all the people who live outside of Canada get everything right. Like Joe said anyone who hasn’t sold yet missed the boat on real estate.

  28. the expertNo Gravatar 25. May, 2014 at 7:36 pm #

    so, who’s crazy – Joe? or the people that continue to respond to him on this blog…..you must all be bored. If no one responded to his comments he would probably just go away, but there are those that need to have the last word and so the posts just go on and on and on.

  29. SpudNo Gravatar 25. May, 2014 at 9:07 pm #

    Thank you Expert. Was thinking exactly the same thing.

    My only addition to the conversation is to the person that thought a lift in interest rates would lead to people locking in their rates and a short term spike in price……and then it should hold. Not that is a bull.

  30. ArfmooocatNo Gravatar 25. May, 2014 at 11:27 pm #

    This is more like a stock message board now. You always have your pumpers who are long and your bashers that are short.

  31. a common guyNo Gravatar 25. May, 2014 at 11:41 pm #

    Can you please block this troll a.k.a. Joe? he is like a spam making a …t everywhere!
    I come to read the blog and his senseless comments are all over the place.

  32. TonyNo Gravatar 26. May, 2014 at 2:24 pm #

    As real estate prices fall everywhere in Canada except Toronto, Calgary and Markham this can only bring down house prices in all of Alberta.

  33. TonyNo Gravatar 26. May, 2014 at 2:30 pm #

    Garth is exactly right, all the smart money was out of Canadian real estate back in 2012. The best possible scenario for Canadian real estate is a decade of sideways movement. Even when the Bank Of Canada rate falls to zero this year or next year it’ll do nothing to revive the Canadian real estate market. Hedge funds worldwide are all short Canadian real estate and negative on the Canadian economy… easy money.

  34. JonNo Gravatar 27. May, 2014 at 10:04 am #

    Uh, what? My Aunt’s house sold for 2m last week.. South Edmonton. Stop spreading FUD

  35. DaBullNo Gravatar 27. May, 2014 at 10:36 am #

    Joe…. You ever heard of a thing called marketing???. Guess not. No wonder you think the way you do.

  36. FloydNo Gravatar 27. May, 2014 at 10:56 am #

    Well this has been an entertaining blog this week! Strangely, I understand poor old Joe’s sentiment that there is often way to much hype about the need and value to buy real estate “before it’s too late”. My opinion is that there are no hard rules, except don’t get swept up…evaluate the risks, and your tolerance to risk, and buy when it makes sense for you, and not when someone else tells you that you should.

    • wsnNo Gravatar 27. May, 2014 at 2:48 pm #

      It’s OK to be a bull or a bear or a whatever. But it’s not OK to annoy people just for the sake of it.

  37. Sara MacLennanNo Gravatar 27. May, 2014 at 1:48 pm #


  38. 123kidNo Gravatar 27. May, 2014 at 2:28 pm #

    R.I.P Joe

    May 27, 2014 at 1:48 pm

  39. ArfmooocatNo Gravatar 27. May, 2014 at 6:26 pm #

    Told ya to cool it Joe

  40. Inspector GadgetNo Gravatar 27. May, 2014 at 7:14 pm #

    Have been busy and just had a chance to check the stats from Friday. What a not interesting comment section.
    I am offended if I am put in the same troll section as this weeks antagonist! Though I am a contrarian and don’t always agree with everyone I would hope some value is brought with each comment.

    RIP Joe

  41. EdmontonInvestorNo Gravatar 28. May, 2014 at 12:28 pm #

    We will miss you Joe! lol