Edmonton Real Estate Market

Found 65 blog entries about Edmonton Real Estate Market.

Get ready for it, the inevitable is upon us with a few days of teasing but the snow has made an appearance.  Lucky for us Edmotonians it has decided not to stay yet, but we know it will be here to stay shortly.   Over the years we have heard the same questions from first time buyers but also from already home owners who just don’t know, so we have decided to share some winterizing tips with you on preparing your home for our Alberta’s harsh winters.

INDOORS

  • Get your furnace cleaned – it can help maintain your furnaces life expectancy and help you breathe easier. 
  • Clean or replace furnace filter
  • Clean humidifier
  • Check doors for worn or damaged weather stripping to prevent heat loss
  • Inspect / Clean fireplaces to limit the risk of a
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Prices continue to hold steady even though sales are down when compared to this time last year. The Edmonton market is resilient even with low oil prices and a slower economy.

Geneva Tetreault of the REALTORS® association of Edmonton says  “Buyers continue to see the benefits of a healthy inventory but we haven’t seen many sellers dropping prices significantly in order to compete. Last year’s market and its low inventory made buyers feel pressure to jump into an offer if they found something they like. We are seeing buyers take a little more time in the decision making process this year.”

The average price of a single family home in the month of September was $432,150 with 873 houses sold. The average time it took for a home to sell was 51

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Home prices are holding steady with a slight decrease in August compared to July. Oil prices are having an impact on our housing market, but Edmonton is doing better than most other cities in Alberta. Geneva Tetreault of the REALTORS® association of Edmonton explains. "New developments and projects both in the city and outlying areas have kept the housing market moving"

For single family homes, there were 884 houses sold in August which is a decrease of 15.3% compared to July. The average price was $439,829 while the median price was $402,750 and it took an average of 52 days to sell. 

In the condo market, sales were down by 15.4% with 433 condos sold, when compared to July. Prices were down slighly by .8% compared to July and by 2.79%

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Home prices in Edmonton are continuing to be strong with minor decreases from June, but small gains from July of 2014.

There were 1,111 single family houses sold in July which is down 4.2% when compared to July of 2014. It took on average 48 days to sell a house and the average price was $436,948 which is down 1.8% compared to last month, but up 2.4% from July of 2014.

For Condos, there were 534 sales which is a sharp decline of 20% compared to July of 2014.The days on market was an average of 54 days with an average price of $256,708 which is up slightly by .4% from last month, and up .8% from last July.

Geneva Tetreault, Chair of the REALTORS® Association of Edmonton explains why we have seen some decreases in prices:

“This small dip

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Lower interest rates in our already "Hot"  Edmonton Real Estate Market is a match made in heaven for all you potential buyers - whether you are refinancing, a first-time buyer, moving up or moving down.  With Canada’s top 5 banks following suit to the Bank of Canada’s key rate cut for a second time since January, their prime rates are currently at 2.70%.  TD Bank lead the other 4 banks, RBC, BMO, SCOTIA & CIBC to cut their prime rate by 0.15% from 2.85%, “a shallower reduction from the central bank’s 0.25-point cut”. However, this gives you more power when shopping around for a mortgage - cheaper rates equal more saving potential.  The biggest impact will be seen on variable rate mortgage products.  

Anyone trying to sell a home this is a good

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Due to slowed growth and economic activity mainly by the USA and China – the bank of Canada has cut it’s key lending rate by 0.25% from 0.75% to 0.5% as a result of Canada’s GDP being half of what was originally projected at 2%.  Due to consumer confidence increasing our Edmonton Real Estate is still strong and homes for sale are selling.  This is excellent news for homebuyers, with plenty of inventory still available and low interest rates now is a good time to buy whether you are a first time buyer, looking to move up, or possibly even move down.  

The energy sector is still lacking but growth is expected from Canada’s non-energy sectors, which keeps us from being hit so hard with the global economies slowed growth.  With the new projection

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The average price for Edmonton single family homes was $444,862 which is down slightly from last month but up 2.1% from June of 2014. There were 1,243 houses sold and the average days on market was 46 days.

In the Condo market, the average price was $255,662 which is almost the same as last month and up just slightly from June of 2014. However sales were down by 8% with 572 condos sold, when compared with last June.

Here is our infographic 

If you want even more details, check out the REALTORS® Association of Edmonton website

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A common dilemma we hear is should I sell or should I renovate?  If you are simply tired or bored of looking at your surroundings, it might be time to renovate.  However, if you have run out of space or have too much space for that matter it’s probably time to put up a “FOR SALE” sign.

Refreshing your home can be simple and cost effective; with some new paint and décor, or you can go the whole 9-yards and do an extensive reno; such as opening up walls, resituating windows/doors, a full kitchen makeover including a new design with cabinets, counters, appliances, backsplash etc.  Whatever you decide plan it and get at least 3 quotes – you would be surprised at the differences.

Down the road changes you make today will affect the value of your

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CREA releases May home sale stats. 

As reported by the Canadian Real Estate Wealth, CREA released May’s Stats and they are looking very positive for not only Canada but Edmonton in particular.  With Western provinces number of rebound sales steadily increasing after the sudden drop in oil prices things seem to be looking up especially for Edmonton - “At the same time, the rebound in sales over the past few months in Calgary and Edmonton suggests that heightened uncertainty among some homebuyers in these housing markets may be easing.” This is good to hear that homebuyers are gaining confidence and moving forward in purchasing their homes. 

To read the full article CREA releases May home sale stats. 

Any questions or comments, we would love to

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Even though there are a lot of listings, we are still seeing prices increase for all types of homes

It took an average of 43 days for a single family home to sell in Edmonton in the month of May. Prices were up by 2.8% when compared to April and up 2.9% when compared to May of 2014. The average price was $451,312 and the median price was $418,950. There were 1,974 active listings and 1,078 houses sold in the month of May

For condos, the average days on the market was 49 and prices rose 1.2% compared to April and 2% compared to May of last year. Prices were also up for condos with an average price of $256,143 which is an increase of 1.26% from last month and 2% from May of 2014. 510 condos sold while there were 1,047 active listings in the

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