Housing prices tumble even as inventory decreases
Edmonton, December 4, 2007: The REALTORS® Association of Edmonton reports that housing prices in Edmonton suddenly dropped in November. The largest monthly drop in single family prices so far this year was 3.2% in August. The drop in November was 5. 3%. The residential inventory is still high as compared to historical levels but has dropped throughout November. There were 8,667 residential properties available on the Multiple Listing Service® at the end of the month.
“Home sellers have come to realize that the current market is very price sensitive. If a property is not priced right for this market it may languish in the listings,” said Carolyn Pratt, President of the REALTORS® Association. “Buyers currently have lots of options available and are being selective about homes they consider.” She stressed that REALTORS® using the MLS® can provide the most comprehensive and accurate market prices and current neighbourhood pricing trends.
Single family dwellings listed on the Multiple Listing Service® sold on average* for $376,267 in the Edmonton area in November. Condominiums on MLS® sold on average for $252,277 (down 4.0%) and the more volatile duplex/rowhouse prices were down 15.4% and sold for $311,193 on average. The average residential sales price (which includes all types of residential property) was down 6.5% from last month at $325,060.
“As the current listings become sold or are withdrawn the current inventory will drop. As we move into the spring with a more normal inventory, we expect that prices will again begin to rise slowly," said Pratt.
Typically, homes sold more slowly with the average days-on-market up a week to 51 days. The sales-to-listing ratio was higher than October at 45% and total residential volume for November was $397 million; down 10.6% from the same month last year. The total MLS® sales figure for the year to date was $7.9 billion and will be a record setting $8 billion by the end of the year.
Monday, November 05, 2007
Resale housing market maintains stability
Edmonton, November 5, 2007: Edmonton’s housing market maintained stable through October with small changes in average prices for most types of residential property. Multiple Listing Service® inventory dropped slightly to 9,577 residential properties available on October 31.
“REALTORS® report that sales activity was very slow at the beginning of October,” said Carolyn Pratt, President of the REALTORS® Association. “But activity picked up as the month progressed and the current market reality came clear to both buyers and sellers.” After single family dwelling prices peaked in May, many consumers waited for the direction of the market to become clear before committing to a home purchase. “Sellers, eager to market their house before prices dropped too far, listed their homes with high expectation,” said Pratt. “Buyers, on the other hand, took their time selecting a property to purchase in the hopes that prices would drop further.”
Single family dwellings listed on the Multiple Listing Service® sold on average* for $397,198 in the Edmonton area in October. This is down just 0.6% from last month. Condominiums on MLS® sold on average for $262,875 (down 2.9%) and duplex/rowhouses were up 18.7% and sold for $367,964 on average (just 55 units sold). Increased duplex/rowhouse sales drove the average residential sales price (which includes all types of residential property) up 1% from last month at $347,668.
Buyers had plenty of choice in October. New listings were down 5.25% from last month with 3,745 residential properties, and higher residential sales of 1,276 (up 22.5% from September), lowered the MLS® inventory slightly to 9,577 in the Edmonton area. Twenty-six (26) percent of the available single family homes were vacant and an additional 9.3 percent were new homes which have never been occupied. There were 970 vacant condominiums (30% of total condos available) plus 185 (5.7%) new condos being offered by REALTOR® clients.
“An empty property often indicates that the seller is motivated to sell," said Pratt. "The owner may have moved into a newer home and is carrying two mortgages or may not be able to find a tenant at rental rates required to cover the higher purchase price.” She also advised that an owner may not be in a rush to sell a second, vacant home if it was mortgage free.
The average days on market was up one to 44 days. Sales-to-listing ratio was higher than September at 34% and total residential volume for October was $443 million; down 15.2% from the same month last year. Total MLS® sales for the year to date was still at a record level of $7.4 billion because of strong sales in the first half of the year.
Edmonton, November 5, 2007: Edmonton’s housing market maintained stable through October with small changes in average prices for most types of residential property. Multiple Listing Service® inventory dropped slightly to 9,577 residential properties available on October 31.
“REALTORS® report that sales activity was very slow at the beginning of October,” said Carolyn Pratt, President of the REALTORS® Association. “But activity picked up as the month progressed and the current market reality came clear to both buyers and sellers.” After single family dwelling prices peaked in May, many consumers waited for the direction of the market to become clear before committing to a home purchase. “Sellers, eager to market their house before prices dropped too far, listed their homes with high expectation,” said Pratt. “Buyers, on the other hand, took their time selecting a property to purchase in the hopes that prices would drop further.”
Single family dwellings listed on the Multiple Listing Service® sold on average* for $397,198 in the Edmonton area in October. This is down just 0.6% from last month. Condominiums on MLS® sold on average for $262,875 (down 2.9%) and duplex/rowhouses were up 18.7% and sold for $367,964 on average (just 55 units sold). Increased duplex/rowhouse sales drove the average residential sales price (which includes all types of residential property) up 1% from last month at $347,668.
Buyers had plenty of choice in October. New listings were down 5.25% from last month with 3,745 residential properties, and higher residential sales of 1,276 (up 22.5% from September), lowered the MLS® inventory slightly to 9,577 in the Edmonton area. Twenty-six (26) percent of the available single family homes were vacant and an additional 9.3 percent were new homes which have never been occupied. There were 970 vacant condominiums (30% of total condos available) plus 185 (5.7%) new condos being offered by REALTOR® clients.
“An empty property often indicates that the seller is motivated to sell," said Pratt. "The owner may have moved into a newer home and is carrying two mortgages or may not be able to find a tenant at rental rates required to cover the higher purchase price.” She also advised that an owner may not be in a rush to sell a second, vacant home if it was mortgage free.
The average days on market was up one to 44 days. Sales-to-listing ratio was higher than September at 34% and total residential volume for October was $443 million; down 15.2% from the same month last year. Total MLS® sales for the year to date was still at a record level of $7.4 billion because of strong sales in the first half of the year.
Thursday, October 04, 2007
Lower resale housing prices create choice for home buyers
Edmonton, October 3, 2007: In 2006, and the first half of 2007, the super heated economy in Alberta caused housing prices to rise steadily. Panicked home buyers were forced to make decisions quickly from a severely limited selection of houses and condos. At the end of the third quarter of 2007 buyers are more relaxed as they contemplate slightly lower prices and three times the choice of a year ago.
“Every market has fluctuations and this market is still correcting after a dramatic upswing.” said Carolyn Pratt, President of the REALTORS® Association. “Right now buyers can take advantage of prices that are below the peak of last May. Sellers, on the other hand, are still realizing significant equity gains from prices that are still 23.5% above this time last year.” Single family dwellings rose 74% in price from January 2006 to May 2007. SFD prices have settled back just six percent since then.
According to the REALTORS® Association of Edmonton, single family dwellings listed on the Multiple Listing Service® sold on average* for $399,555 in the Edmonton area in August. This is down just 1% from last month. Condominiums on MLS® sold on average for $270,745 (up 0.6%) and duplex/rowhouses were down 6% and sold for $310,110 on average. The average residential sales price (which includes all types of residential property) was down 0.15% from last month at $344,286.
The sales-to-listing ratio in September was 26% with 3,952 residential listings and 1,042 sales. As a result, the residential inventory increased 7.4% from August 2007. There were 9,918 homes available at the end of September as compared to 9,185 at the end of August. Average days-on-market in September was up seven to 43 days.
At the end of the third quarter, year-to-date sales were down slightly compared to last year. Total residential sales were 17,188 units, down 1.5% from the same time last year with a YTD sales-to-listing ratio of 52%.
“The Edmonton MLS® is still the best place to advertise or find homes for sale in this market," said Pratt. "The amount of data on current prices and market conditions gathered and shared by over 3,200 REALTORS® cannot be matched by any other market source.” She advised buyers to watch MLS®.ca and consult with their REALTOR® to keep up with the hundreds of homes listed and sold each day and price adjustments on existing inventory.
The north central quadrant of the city was the most active with 83 SFD sales while the Central and northwest regions were the least active with just 18 sales each. Central also offered the most affordable single family homes with median sales below $300,000. An average priced house in the southwest was priced at $517,106. Outside the City of Edmonton, St. Albert was the most active community with 38 SFD sales and the highest average price of $497,380. Six homes sold in Morinville where the average price was just $327,333.
View stats at http://www.ereb.com/marketactivity/September2007.html
Edmonton, October 3, 2007: In 2006, and the first half of 2007, the super heated economy in Alberta caused housing prices to rise steadily. Panicked home buyers were forced to make decisions quickly from a severely limited selection of houses and condos. At the end of the third quarter of 2007 buyers are more relaxed as they contemplate slightly lower prices and three times the choice of a year ago.
“Every market has fluctuations and this market is still correcting after a dramatic upswing.” said Carolyn Pratt, President of the REALTORS® Association. “Right now buyers can take advantage of prices that are below the peak of last May. Sellers, on the other hand, are still realizing significant equity gains from prices that are still 23.5% above this time last year.” Single family dwellings rose 74% in price from January 2006 to May 2007. SFD prices have settled back just six percent since then.
According to the REALTORS® Association of Edmonton, single family dwellings listed on the Multiple Listing Service® sold on average* for $399,555 in the Edmonton area in August. This is down just 1% from last month. Condominiums on MLS® sold on average for $270,745 (up 0.6%) and duplex/rowhouses were down 6% and sold for $310,110 on average. The average residential sales price (which includes all types of residential property) was down 0.15% from last month at $344,286.
The sales-to-listing ratio in September was 26% with 3,952 residential listings and 1,042 sales. As a result, the residential inventory increased 7.4% from August 2007. There were 9,918 homes available at the end of September as compared to 9,185 at the end of August. Average days-on-market in September was up seven to 43 days.
At the end of the third quarter, year-to-date sales were down slightly compared to last year. Total residential sales were 17,188 units, down 1.5% from the same time last year with a YTD sales-to-listing ratio of 52%.
“The Edmonton MLS® is still the best place to advertise or find homes for sale in this market," said Pratt. "The amount of data on current prices and market conditions gathered and shared by over 3,200 REALTORS® cannot be matched by any other market source.” She advised buyers to watch MLS®.ca and consult with their REALTOR® to keep up with the hundreds of homes listed and sold each day and price adjustments on existing inventory.
The north central quadrant of the city was the most active with 83 SFD sales while the Central and northwest regions were the least active with just 18 sales each. Central also offered the most affordable single family homes with median sales below $300,000. An average priced house in the southwest was priced at $517,106. Outside the City of Edmonton, St. Albert was the most active community with 38 SFD sales and the highest average price of $497,380. Six homes sold in Morinville where the average price was just $327,333.
View stats at http://www.ereb.com/marketactivity/September2007.html
Tuesday, September 11, 2007
Growing inventory reintroduces spring housing prices
Edmonton, September 5, 2007: Single family homes in the Edmonton area are selling, on average, for just slightly more than last March. There were 747 SFDs sold through the Multiple Listing Service® in August at an average price of $403,757. This is down 3.2% from the average price of $417,150 in July 2007. The average price in March was $398,476.
For the second month in a row, the inventory of available homes on the MLS® set a new record for the Edmonton market. There were 9,185 homes of all types available as of August 31, 2007. Residential sales (1,299) were below the 2,079 figure for August 2006 and the five year average of 1,657 units. The unusually high inventory has accumulated because of higher than average property listings since May. There were 4,331 residential properties listed in August which is up 63% from the previous August (2,657). The sales-to-listing ratio was just 30% down from 35% last month.
“Eventually, every house will find a buyer,” said Carolyn Pratt, President of the REALTORS® Association. “In this market, buyers have a lot of choice. Sellers must be creative in their marketing and ensure that their home is shown in the best light to capture the attention of potential buyers.” She advised sellers to ask their REALTOR® for advice on home staging or small renovations that might improve the appeal of their home. “Often a few hundred dollars to fix some minor imperfections can result in a faster sale,” she said. “People buy with their hearts as well as their wallets and sometimes the price is irrelevant when someone falls in love with a property.”
Condominium average prices fell by just 1% to $269,139 from $271,908 last month. Duplex and rowhouses dipped 2.8% to $329,764. After rising 2% in July, the average residential price dipped 2.84% in August to $344,792 and the median price was $380,000 in the greater Edmonton area.
“Every homeowner or potential home buyer is keeping their eye on the housing market right now,” said Pratt. “REALTORS® are optimistic and see any price dips as temporary and within the normal range for this market.” She urged buyers and sellers to explore all their options with their REALTOR® and heed their advice which is based on daily contact with the marketplace. “This market changes rapidly and two years or two weeks could require a different marketing approach. Even a homeowner with prior experience of buying or selling a home needs professional representation to understand the new (and changing) forces that drive this market.”
Edmonton, September 5, 2007: Single family homes in the Edmonton area are selling, on average, for just slightly more than last March. There were 747 SFDs sold through the Multiple Listing Service® in August at an average price of $403,757. This is down 3.2% from the average price of $417,150 in July 2007. The average price in March was $398,476.
For the second month in a row, the inventory of available homes on the MLS® set a new record for the Edmonton market. There were 9,185 homes of all types available as of August 31, 2007. Residential sales (1,299) were below the 2,079 figure for August 2006 and the five year average of 1,657 units. The unusually high inventory has accumulated because of higher than average property listings since May. There were 4,331 residential properties listed in August which is up 63% from the previous August (2,657). The sales-to-listing ratio was just 30% down from 35% last month.
“Eventually, every house will find a buyer,” said Carolyn Pratt, President of the REALTORS® Association. “In this market, buyers have a lot of choice. Sellers must be creative in their marketing and ensure that their home is shown in the best light to capture the attention of potential buyers.” She advised sellers to ask their REALTOR® for advice on home staging or small renovations that might improve the appeal of their home. “Often a few hundred dollars to fix some minor imperfections can result in a faster sale,” she said. “People buy with their hearts as well as their wallets and sometimes the price is irrelevant when someone falls in love with a property.”
Condominium average prices fell by just 1% to $269,139 from $271,908 last month. Duplex and rowhouses dipped 2.8% to $329,764. After rising 2% in July, the average residential price dipped 2.84% in August to $344,792 and the median price was $380,000 in the greater Edmonton area.
“Every homeowner or potential home buyer is keeping their eye on the housing market right now,” said Pratt. “REALTORS® are optimistic and see any price dips as temporary and within the normal range for this market.” She urged buyers and sellers to explore all their options with their REALTOR® and heed their advice which is based on daily contact with the marketplace. “This market changes rapidly and two years or two weeks could require a different marketing approach. Even a homeowner with prior experience of buying or selling a home needs professional representation to understand the new (and changing) forces that drive this market.”
Thursday, August 09, 2007
Average housing prices increase despite record inventory
Edmonton, August 7, 2007: The average residential price increased 1.9% in July driven by price increases of 2.5% for condominiums. The average residential price includes all types of housing listed and sold on the Multiple Listing Service® operated by the REALTORS® Association of Edmonton. July listings were double the number in July 2006 and inventory reached an all-time record level of 8,183 homes as of July 31. Last year at this time there were just 1,856 homes available.
There was no change in the average price* of a single family residence in July. The average price of $417,150 was just $115 less than the price in June. Condo average prices rose to $271,908 from $265,172 last month (up 2.5%). Duplex and rowhouses dipped 1% to $339,417. The average residential price was $354,718 and the median price was $395,000 in the greater Edmonton area.
“Buyers have a large selection of homes to choose from and they are taking more time to make a decision,” said Carolyn Pratt, President of the REALTORS® Association. “Sellers cannot just throw their property on the market and wait for a sale; they now have to develop a strong marketing plan with their REALTOR® to realize the best value for their property.” The average days on market was 30 days in July as compared to 25 in June.
The large inventory is a result of a high number of properties being listed for sale and slower than usual sales in July. There were 4,463 residential properties listed in July as compared to 2,230 in July 2006. Total sales of 1,565 properties in July was the lowest figure in the past five years. Just 882 single family dwellings sold in July (1,190 in July 2006) and 553 condominium sales (down from 602 in July 2006) represents a growing share of the total market at 27.8%. The slower July has not dampened annual sales which are still up 9.8% over the same time last year.
“The housing market is changing rapidly right now and only a REALTOR® who is active in the market every day can help you determine an appropriate buying or selling strategy," said Pratt. "Timing, pricing and advertising are just three elements of a marketing strategy. Your REALTOR® can also advise on neighbourhood specific trends and amenities, eye-catching improvements you can make to improve ‘curb appeal’ and which specialists you need for repairs, financing and legal services.” Only REALTORS® can list a property for sale on mls.ca; the largest real estate web site in Canada.
Five communities in and around Edmonton had average prices for single family homes higher than the overall average. They were Southwest Edmonton at $573,428, West Edmonton at $528,072, St. Albert at $483,491, Sherwood Park at $482,344 and Southeast Edmonton at $419,082
Edmonton, August 7, 2007: The average residential price increased 1.9% in July driven by price increases of 2.5% for condominiums. The average residential price includes all types of housing listed and sold on the Multiple Listing Service® operated by the REALTORS® Association of Edmonton. July listings were double the number in July 2006 and inventory reached an all-time record level of 8,183 homes as of July 31. Last year at this time there were just 1,856 homes available.
There was no change in the average price* of a single family residence in July. The average price of $417,150 was just $115 less than the price in June. Condo average prices rose to $271,908 from $265,172 last month (up 2.5%). Duplex and rowhouses dipped 1% to $339,417. The average residential price was $354,718 and the median price was $395,000 in the greater Edmonton area.
“Buyers have a large selection of homes to choose from and they are taking more time to make a decision,” said Carolyn Pratt, President of the REALTORS® Association. “Sellers cannot just throw their property on the market and wait for a sale; they now have to develop a strong marketing plan with their REALTOR® to realize the best value for their property.” The average days on market was 30 days in July as compared to 25 in June.
The large inventory is a result of a high number of properties being listed for sale and slower than usual sales in July. There were 4,463 residential properties listed in July as compared to 2,230 in July 2006. Total sales of 1,565 properties in July was the lowest figure in the past five years. Just 882 single family dwellings sold in July (1,190 in July 2006) and 553 condominium sales (down from 602 in July 2006) represents a growing share of the total market at 27.8%. The slower July has not dampened annual sales which are still up 9.8% over the same time last year.
“The housing market is changing rapidly right now and only a REALTOR® who is active in the market every day can help you determine an appropriate buying or selling strategy," said Pratt. "Timing, pricing and advertising are just three elements of a marketing strategy. Your REALTOR® can also advise on neighbourhood specific trends and amenities, eye-catching improvements you can make to improve ‘curb appeal’ and which specialists you need for repairs, financing and legal services.” Only REALTORS® can list a property for sale on mls.ca; the largest real estate web site in Canada.
Five communities in and around Edmonton had average prices for single family homes higher than the overall average. They were Southwest Edmonton at $573,428, West Edmonton at $528,072, St. Albert at $483,491, Sherwood Park at $482,344 and Southeast Edmonton at $419,082
Sunday, July 15, 2007
Housing Market Regains Balance from Spike in Listings
Residential inventory on the Multiple Listing Service® spiked to near record highs in June as the number of listings soared according to the REALTORS® Association of Edmonton. Total inventory at the end of June 2007 was 6,367 residential properties. Residential inventory at the end of July 1994 set a record at 7,747 properties available. June, September, October and November that year were also record months for number of listings.
Sales remained strong as buyers took advantage of a wider selection of homes available. At the midpoint for the year 13,282 residential properties have been sold through the MLS® valued at almost $4.5 billion. That is 1,712 more properties than the same time last year.
The average price* of a single family residence fell 2% in June to $417,265 erasing most of the gains made last month. Condo prices fell slightly to $265,172 on average. Duplex and rowhouses sold for an average price of $342,836 (down 1.3%).
“The Edmonton housing market has achieved some balance after 18 months of rapidly increasing prices and low inventory,” said Carolyn Pratt, President of the REALTORS® Association. “Our members have reported a number of price reductions and less multiple offer situations than we have faced in the recent past.”
“The fundamentals of the Edmonton market are still strong and should sustain steadily rising prices for all classes of property,” said Pratt. “Even if prices dip slightly in one or two months, homeowners will still have realized phenomenal growth in the value of their homes.” The market has shown remarkable price increases since the end of 2005. The average residential price in the Edmonton market area has risen 73.9% in the past 18 months.
Average prices in other major cities continue to top Edmonton prices. In May (the last month available) the average price for all types of residences was: $591,722 in Greater Vancouver, $429,298 in Calgary and $382,689 in Toronto. In Fort McMurray you can find a home for just $562,200 on average. The all-residential average price for Edmonton in May was $354,410 and $348,056 in June.
There were 4,982 residential properties listed on the Edmonton MLS® in June with 2,203 sales. The sales-to-listing ratio was 44%. Average days on market increased slightly from 22 to 25 days. Inventory increased dramatically from 4,485 residential properties available on June 1 to 6,367 available at the end of the month.
Residential inventory on the Multiple Listing Service® spiked to near record highs in June as the number of listings soared according to the REALTORS® Association of Edmonton. Total inventory at the end of June 2007 was 6,367 residential properties. Residential inventory at the end of July 1994 set a record at 7,747 properties available. June, September, October and November that year were also record months for number of listings.
Sales remained strong as buyers took advantage of a wider selection of homes available. At the midpoint for the year 13,282 residential properties have been sold through the MLS® valued at almost $4.5 billion. That is 1,712 more properties than the same time last year.
The average price* of a single family residence fell 2% in June to $417,265 erasing most of the gains made last month. Condo prices fell slightly to $265,172 on average. Duplex and rowhouses sold for an average price of $342,836 (down 1.3%).
“The Edmonton housing market has achieved some balance after 18 months of rapidly increasing prices and low inventory,” said Carolyn Pratt, President of the REALTORS® Association. “Our members have reported a number of price reductions and less multiple offer situations than we have faced in the recent past.”
“The fundamentals of the Edmonton market are still strong and should sustain steadily rising prices for all classes of property,” said Pratt. “Even if prices dip slightly in one or two months, homeowners will still have realized phenomenal growth in the value of their homes.” The market has shown remarkable price increases since the end of 2005. The average residential price in the Edmonton market area has risen 73.9% in the past 18 months.
Average prices in other major cities continue to top Edmonton prices. In May (the last month available) the average price for all types of residences was: $591,722 in Greater Vancouver, $429,298 in Calgary and $382,689 in Toronto. In Fort McMurray you can find a home for just $562,200 on average. The all-residential average price for Edmonton in May was $354,410 and $348,056 in June.
There were 4,982 residential properties listed on the Edmonton MLS® in June with 2,203 sales. The sales-to-listing ratio was 44%. Average days on market increased slightly from 22 to 25 days. Inventory increased dramatically from 4,485 residential properties available on June 1 to 6,367 available at the end of the month.
Sunday, July 08, 2007
Housing Market Regains Balance from Spike in Listings
Further Evidence that Housing Market is Achieving Balance.
Edmonton July 5, 2007: Further evidence of the rebalancing of the Edmonton housing market was released by the REALTORS® Association of Edmonton this afternoon. Unlike many sales in the past year and a half, most homes sellers who sold their single family home in June accepted a lower price than they were asking for to complete the transaction.
There were 801 single family homes sold in the City of Edmonton through the Multiple Listing Service® in June 2007.
76.4% or 612 homes were sold for less than their list price
11.2% or 90 homes were sold for the exact price expected by the seller
12.3% or 99 homes were sold for more than the list price
The average sale price for homes sold below list were discounted by about $12,500.
Homes sold above list gained an average of $8,760 for the seller.
By comparison, in July 2006, just 66% of homes sold under the list price and 23.6% of homes sold were sold for more than the asking price. In September 2006, 65.8% of single family homes sold below the list price and 19% of homes sold for more than the list price.
For more information regarding the real estate market and the current value of your home please do not hesitate to contact Shami Sandhu or any member of his team.
Further Evidence that Housing Market is Achieving Balance.
Edmonton July 5, 2007: Further evidence of the rebalancing of the Edmonton housing market was released by the REALTORS® Association of Edmonton this afternoon. Unlike many sales in the past year and a half, most homes sellers who sold their single family home in June accepted a lower price than they were asking for to complete the transaction.
There were 801 single family homes sold in the City of Edmonton through the Multiple Listing Service® in June 2007.
76.4% or 612 homes were sold for less than their list price
11.2% or 90 homes were sold for the exact price expected by the seller
12.3% or 99 homes were sold for more than the list price
The average sale price for homes sold below list were discounted by about $12,500.
Homes sold above list gained an average of $8,760 for the seller.
By comparison, in July 2006, just 66% of homes sold under the list price and 23.6% of homes sold were sold for more than the asking price. In September 2006, 65.8% of single family homes sold below the list price and 19% of homes sold for more than the list price.
For more information regarding the real estate market and the current value of your home please do not hesitate to contact Shami Sandhu or any member of his team.
Monday, June 11, 2007
2007 SPRING RENTAL MARKET SURVEY
In late 2006, CMHC announced that a Rental Market Survey (RMS) will also be conducted in the Spring, to provide clients with a timely update of key rental market trends. The Spring RMS was conducted in April 2007 and survey results are being released today.
Unlike the Fall survey, the Spring survey results are only available for the total of each major centre surveyed, not for smaller geographic zones within that centre. As a result, CMHC's Rental Market Reports for major centres are only available in the Fall.
CMHC's semi-annual Rental Market Statistics report, which provides key rental market survey results for each of Canada's major centres, is the easiest way for you to obtain this information.
Click here to access the Spring 2007 Rental Market Statistics report:
http://www03.cmhc-schl.gc.ca/b2c/b2c/mimes/esub/64725/64725_2007_B01.pdf
In late 2006, CMHC announced that a Rental Market Survey (RMS) will also be conducted in the Spring, to provide clients with a timely update of key rental market trends. The Spring RMS was conducted in April 2007 and survey results are being released today.
Unlike the Fall survey, the Spring survey results are only available for the total of each major centre surveyed, not for smaller geographic zones within that centre. As a result, CMHC's Rental Market Reports for major centres are only available in the Fall.
CMHC's semi-annual Rental Market Statistics report, which provides key rental market survey results for each of Canada's major centres, is the easiest way for you to obtain this information.
Click here to access the Spring 2007 Rental Market Statistics report:
http://www03.cmhc-schl.gc.ca/b2c/b2c/mimes/esub/64725/64725_2007_B01.pdf
Saturday, June 09, 2007
Single Month Residential Sales of Over $1 Billion Sets New Benchmark
Edmonton, June 4, 2007: Pessimistic market watchers are peering into the future for any sign of a market slowdown in Edmonton. According to the REALTORS® Association of Edmonton the market remains buoyant with a billion dollars worth of residential sales in May.
The total year-to-date value of property sales through the Edmonton Multiple Listing Service® at the end of May has already surpassed the 2005 year end total.
Year-to-date residential unit sales are up.
Average prices for all types of housing are up.
Average days-on-market is still low.
“Home sellers are upbeat about the steadily increasing prices and short selling cycles,” said the President of the REALTORS® Association. “Homebuyers, on the other hand, are pleased that the inventory has increased and their range of housing choices has improved.” There were 4,485 residential properties available on the MLS® at the end of May as compared to 3,151 last month: a 42% increase.
The average price* of a single family home rose 3% (to $426,028) in May but sales dropped 2.3% from the same month last year as buyers choose condos over single family homes. Condominium prices rose 1.9% to $266,100 on average with 993 sales in May. Duplex and rowhouse sales were 111 units for an average price of $347,257 (up 1.8%).
Single family sales represent 59% of residential sales with condos making up 36%. In 2005 SFDs had 70% of the sales and condos were just 26.8%. Duplex/rowhouse sales are now 4% up from 2.9% in May 2005.
“Rising prices are forcing buyers to explore their housing options. People are being priced into the condo market,". "May figures demonstrate that the trend has not yet abated." She urged both buyers and sellers to consult a REALTOR® before venturing into the market. “With the average price of a single family dwelling rising by over $400 a day, you need the latest market figures that only a REALTOR® can provide.”
There were 4,850 residential properties listed on the MLS® in May with 2,839 sales. The sales-to-listing ratio was 59%. Average days on market remained the same as last month at 22 days.
* Average prices indicate market trends only. They do not reflect actual prices, which vary from house to house and area to area. For information on a specific area, contact Shami Sandhu @ 701-2500.
Edmonton, June 4, 2007: Pessimistic market watchers are peering into the future for any sign of a market slowdown in Edmonton. According to the REALTORS® Association of Edmonton the market remains buoyant with a billion dollars worth of residential sales in May.
The total year-to-date value of property sales through the Edmonton Multiple Listing Service® at the end of May has already surpassed the 2005 year end total.
Year-to-date residential unit sales are up.
Average prices for all types of housing are up.
Average days-on-market is still low.
“Home sellers are upbeat about the steadily increasing prices and short selling cycles,” said the President of the REALTORS® Association. “Homebuyers, on the other hand, are pleased that the inventory has increased and their range of housing choices has improved.” There were 4,485 residential properties available on the MLS® at the end of May as compared to 3,151 last month: a 42% increase.
The average price* of a single family home rose 3% (to $426,028) in May but sales dropped 2.3% from the same month last year as buyers choose condos over single family homes. Condominium prices rose 1.9% to $266,100 on average with 993 sales in May. Duplex and rowhouse sales were 111 units for an average price of $347,257 (up 1.8%).
Single family sales represent 59% of residential sales with condos making up 36%. In 2005 SFDs had 70% of the sales and condos were just 26.8%. Duplex/rowhouse sales are now 4% up from 2.9% in May 2005.
“Rising prices are forcing buyers to explore their housing options. People are being priced into the condo market,". "May figures demonstrate that the trend has not yet abated." She urged both buyers and sellers to consult a REALTOR® before venturing into the market. “With the average price of a single family dwelling rising by over $400 a day, you need the latest market figures that only a REALTOR® can provide.”
There were 4,850 residential properties listed on the MLS® in May with 2,839 sales. The sales-to-listing ratio was 59%. Average days on market remained the same as last month at 22 days.
* Average prices indicate market trends only. They do not reflect actual prices, which vary from house to house and area to area. For information on a specific area, contact Shami Sandhu @ 701-2500.
Wednesday, May 30, 2007
Canadian home ownership rates on the rise
Many Canadian households have moved from renting to home ownership during the past two decades, according to new report from Statistics Canada. Almost 70 per cent of Canadians were home owners in 2005, a significant increase compared to about 60 per cent in 1986.
The report says low interest rates, attractive financing options and strong economic conditions have encouraged Canadians to buy, even though home prices are increasing at a much faster pace than rentals. The Canadian Real Estate Association notes that the national Home Buyers’ Plan, which was launched in 1992, has also helped thousands of first-time home buyers access home ownership over the past 15 years.
The biggest shifts toward home ownership were in Alberta, Manitoba and Saskatchewan, where housing markets have soared to unprecedented heights in recent years. The only provinces where home ownership didn’t increase were Newfoundland and Labrador, and PEI.
The Statscan study found that households that turned from renting to owning tended to have higher incomes. As a result, Canada's pool of renters is comprised of more by low-income households than it used to be. The fastest-growing segment of the residential rental market has been households in the bottom 20 per cent of the income distribution, or the lowest income quintile.
The study also showed that elderly people are playing a larger role in the rental market than they did two decades ago. Younger households, married couples with children and lone-parent households are playing a lesser role.
As the population ages, older households will likely represent an even higher proportion of renters. If so, landlords might be expected to provide better accommodation for aging renters, such as special facilities or equipment.
The study also found that, due to an aging stock of apartments, residential landlords devoted 14 per cent of their operating expenses to repair and maintenance costs in 2004. (CREA 30/05/07)
Many Canadian households have moved from renting to home ownership during the past two decades, according to new report from Statistics Canada. Almost 70 per cent of Canadians were home owners in 2005, a significant increase compared to about 60 per cent in 1986.
The report says low interest rates, attractive financing options and strong economic conditions have encouraged Canadians to buy, even though home prices are increasing at a much faster pace than rentals. The Canadian Real Estate Association notes that the national Home Buyers’ Plan, which was launched in 1992, has also helped thousands of first-time home buyers access home ownership over the past 15 years.
The biggest shifts toward home ownership were in Alberta, Manitoba and Saskatchewan, where housing markets have soared to unprecedented heights in recent years. The only provinces where home ownership didn’t increase were Newfoundland and Labrador, and PEI.
The Statscan study found that households that turned from renting to owning tended to have higher incomes. As a result, Canada's pool of renters is comprised of more by low-income households than it used to be. The fastest-growing segment of the residential rental market has been households in the bottom 20 per cent of the income distribution, or the lowest income quintile.
The study also showed that elderly people are playing a larger role in the rental market than they did two decades ago. Younger households, married couples with children and lone-parent households are playing a lesser role.
As the population ages, older households will likely represent an even higher proportion of renters. If so, landlords might be expected to provide better accommodation for aging renters, such as special facilities or equipment.
The study also found that, due to an aging stock of apartments, residential landlords devoted 14 per cent of their operating expenses to repair and maintenance costs in 2004. (CREA 30/05/07)
Friday, April 06, 2007
2006 Pricing Trends Continue into First Quarter 2007
Edmonton, April 4, 2007: The Edmonton Real Estate Board announced today that the average* price of a single family dwelling (SFD) in the Edmonton area increased over 6% in March. Single family homes have increased 16.5% this quarter to continue a trend that started in 2006. The average selling price for the 1,263 SFDs sold in March was just under $400,000.
“It is clear that housing prices have not yet peaked in the Edmonton area,” said Carolyn Pratt, president of the EREB. “The spring season is always very active for REALTORS® and we do not anticipate that the pace of price increases will slow until early summer.”
The SFD average price was $398,476 in March, up from $375,412 in February. A slight drop in condominium prices meant that the average price for all types of housing was up just 1.25%. Last March the average residential price was $220,124 and this March it was $325,339: an increase of 47.8% over the past 12 months. Condo prices dropped back slightly (-0.22%) from $247,266 in February to $246,719 in March. Condo prices are much more volatile than single family dwellings; dropping suddenly but rebounding the next month.
“There are lots of stories about the slowdown or reversal of certain American housing markets,” said Pratt. “But all markets are local and Edmonton is unique in that the fundamentals of low interest rates, strong demand, low inventory, steady in-migration and high consumer confidence are still driving our local economy.” The inventory of available housing (2,574 residences at the end of March) has slowly increased from a low point last May (1,857 units) but is just one month supply. There were 2,359 residential sales in March with 3,091 new listings.
The strength of the Edmonton market is also shown by the commercial MLS® sales. The value of apartment buildings sold in March 2007 quadrupled the previous March. The total value of commercial sales in the first quarter was more than double the value at the same point in each of the last three years. Total commercial sales for March were $33.2 million and $101.9 million for the first three months combined.
Prices in four surrounding communities were higher than the market average. Sherwood Park, St. Albert, Fort Saskatchewan and Spruce Grove all had average SFD prices over $400,000. Morinville had an average price of $320,600 down from $338,442 in February.
Edmonton, April 4, 2007: The Edmonton Real Estate Board announced today that the average* price of a single family dwelling (SFD) in the Edmonton area increased over 6% in March. Single family homes have increased 16.5% this quarter to continue a trend that started in 2006. The average selling price for the 1,263 SFDs sold in March was just under $400,000.
“It is clear that housing prices have not yet peaked in the Edmonton area,” said Carolyn Pratt, president of the EREB. “The spring season is always very active for REALTORS® and we do not anticipate that the pace of price increases will slow until early summer.”
The SFD average price was $398,476 in March, up from $375,412 in February. A slight drop in condominium prices meant that the average price for all types of housing was up just 1.25%. Last March the average residential price was $220,124 and this March it was $325,339: an increase of 47.8% over the past 12 months. Condo prices dropped back slightly (-0.22%) from $247,266 in February to $246,719 in March. Condo prices are much more volatile than single family dwellings; dropping suddenly but rebounding the next month.
“There are lots of stories about the slowdown or reversal of certain American housing markets,” said Pratt. “But all markets are local and Edmonton is unique in that the fundamentals of low interest rates, strong demand, low inventory, steady in-migration and high consumer confidence are still driving our local economy.” The inventory of available housing (2,574 residences at the end of March) has slowly increased from a low point last May (1,857 units) but is just one month supply. There were 2,359 residential sales in March with 3,091 new listings.
The strength of the Edmonton market is also shown by the commercial MLS® sales. The value of apartment buildings sold in March 2007 quadrupled the previous March. The total value of commercial sales in the first quarter was more than double the value at the same point in each of the last three years. Total commercial sales for March were $33.2 million and $101.9 million for the first three months combined.
Prices in four surrounding communities were higher than the market average. Sherwood Park, St. Albert, Fort Saskatchewan and Spruce Grove all had average SFD prices over $400,000. Morinville had an average price of $320,600 down from $338,442 in February.
Sunday, February 11, 2007
Realty Executives takes a dip for Edmonton's Food Bank.
On January 14th the Realty Executives hosted the Annual Polar Bear Dip in support of Edmonton's Food Bank.
Jumpers braved the near zero temperatures of the outdoor pool at the Royal Glenora Club to collect pledges that totalled $12,000 for the Food Bank. The pool-side was packed with media and well-wishers wanting to witness this extreme event.
Members of the organising commitee met presented a $12,000 cheque to the Food Bank's Jack Little and Tamisan Bencz.
To view more pictures please click here.
http://www.edmontonsun.com/PhotoGalleries/polarplunge/2007/01/14/3363176.html
Shami Sandhu and Dina Marsa are very proud to volunteer their time to this Realty Executives commitee and the Edmonton's Food Bank.
Friday, February 09, 2007
Year starts quickly for resale home sellers
Edmonton, February 5, 2007: The year started quickly for REALTOR® members of the Edmonton Real Estate Board indicating that the housing market in Edmonton has not yet crested. A blistering year last year saw average single family and condo prices rise 52%.
“Sales are typically sluggish at the beginning of the year,” said Carolyn Pratt, president of the EREB. “But REALTORS® have been kept busy in January with increased sales and higher average prices.” Residential sales in January were up 32% from January 2006 and up 45% from December. There were 1,554 residential sales last month with 2,043 listings.
The average price* of a single family dwelling continued its steady climb. At $357,325, the average price was up 4.5% from December prices and up a remarkable 51.9% from last January. Condominium prices rose a more moderate 2.5% to $233,175; a 74.3% increase from January 2006 prices. Duplex and rowhouse prices went down just $1,030 from last month.
Total residential sales through the Edmonton Multiple Listing Service® in January were $472 million, double what they were at this time last year. Strong commercial and rural sales drove the total Board sales in January to exceed last year’s total sales by 107%.
Inventory increased slightly with a sales to listing ratio of 76%. There were 2,025 homes in inventory at the end of January, up just 13 units from the end of December. The average days on market was 33 up from 30 days in December.
“I cannot stress strongly enough how important it is to use a REALTOR® when you want to buy or sell a home in this unique market,” said Pratt. “Only a REALTOR® can give you the best advice on current market pricing and condition to enable you to get the best value for your home.
** This article courtesy of Edmonton Real Estate Board
Edmonton, February 5, 2007: The year started quickly for REALTOR® members of the Edmonton Real Estate Board indicating that the housing market in Edmonton has not yet crested. A blistering year last year saw average single family and condo prices rise 52%.
“Sales are typically sluggish at the beginning of the year,” said Carolyn Pratt, president of the EREB. “But REALTORS® have been kept busy in January with increased sales and higher average prices.” Residential sales in January were up 32% from January 2006 and up 45% from December. There were 1,554 residential sales last month with 2,043 listings.
The average price* of a single family dwelling continued its steady climb. At $357,325, the average price was up 4.5% from December prices and up a remarkable 51.9% from last January. Condominium prices rose a more moderate 2.5% to $233,175; a 74.3% increase from January 2006 prices. Duplex and rowhouse prices went down just $1,030 from last month.
Total residential sales through the Edmonton Multiple Listing Service® in January were $472 million, double what they were at this time last year. Strong commercial and rural sales drove the total Board sales in January to exceed last year’s total sales by 107%.
Inventory increased slightly with a sales to listing ratio of 76%. There were 2,025 homes in inventory at the end of January, up just 13 units from the end of December. The average days on market was 33 up from 30 days in December.
“I cannot stress strongly enough how important it is to use a REALTOR® when you want to buy or sell a home in this unique market,” said Pratt. “Only a REALTOR® can give you the best advice on current market pricing and condition to enable you to get the best value for your home.
** This article courtesy of Edmonton Real Estate Board
Friday, January 12, 2007
Astonishing Year in Real Estate
EREB, January 4, 2007: The Edmonton Real Estate Board released year end numbers today for what has been an astonishing year. The number of sales through the Multiple Listing Service® broke all previous records even as prices for all residential property soared.
“Edmonton caught up with other major markets in the country this year,” said Madeline Sarafinchan, EREB President. “No one anticipated the dramatic rise in prices although Edmonton real estate has been undervalued for the last few years.” Higher than anticipated sales were driven by a heated Alberta economy and housing demands from residents and newcomers to Edmonton.
Average housing prices as compared to December 2005 were markedly up. An average priced single family home sold for $225,130 last December but had risen 51.9% in price by year end. Condo prices advanced 52.4% over the year from $149,254 to $227,428. All residential property combined was up 48.65% when comparing December figures. When averaged over all twelve months, the average residential selling price went up 29.38% from $193,934 to $250,915.
Rising prices did not slow down residential sales. MLS® sales were up 19% in 2006 over the previous year. 25,393 residential properties were listed and 21,984 were sold resulting in a sales-to-listing ratio of 87%. The total MLS® (including rural, recreational, industrial and commercial properties) had 25,316 properties sold and valued at over $6.6 billion.
“This time last year I predicted that inventory would be a concern,” said Sarafinchan. “Inventory has declined through the year and we enter the new year with just 2,012 residential properties available. That is 882 less than last year at this time.” Fifty more properties were sold last month than were listed resulting in a December sales-to-listing ratio of 105%. One month sales have exceeded listings just twice in recent years. The previous occurrence was in May 2006.
In December the average days on market was up slightly to 30 days. There are
3,104 members of the Edmonton Real Estate Board available to help buyers and sellers with their real estate transactions.
Out in the country, rural sales were strong in 2006 with total rural, recreational and acreage sales of $768 million. The strong economy provided opportunities for some homeowners to invest in recreational properties. At the same time more buyers sought rural properties to avoid the intense competition and rising prices in the urban areas.
Commercial sales through the Multiple Listing Service® also set records in 2006. Total sales of $318 million eclipsed the previous year end total sales record of $277 million set in 2003.
EREB, January 4, 2007: The Edmonton Real Estate Board released year end numbers today for what has been an astonishing year. The number of sales through the Multiple Listing Service® broke all previous records even as prices for all residential property soared.
“Edmonton caught up with other major markets in the country this year,” said Madeline Sarafinchan, EREB President. “No one anticipated the dramatic rise in prices although Edmonton real estate has been undervalued for the last few years.” Higher than anticipated sales were driven by a heated Alberta economy and housing demands from residents and newcomers to Edmonton.
Average housing prices as compared to December 2005 were markedly up. An average priced single family home sold for $225,130 last December but had risen 51.9% in price by year end. Condo prices advanced 52.4% over the year from $149,254 to $227,428. All residential property combined was up 48.65% when comparing December figures. When averaged over all twelve months, the average residential selling price went up 29.38% from $193,934 to $250,915.
Rising prices did not slow down residential sales. MLS® sales were up 19% in 2006 over the previous year. 25,393 residential properties were listed and 21,984 were sold resulting in a sales-to-listing ratio of 87%. The total MLS® (including rural, recreational, industrial and commercial properties) had 25,316 properties sold and valued at over $6.6 billion.
“This time last year I predicted that inventory would be a concern,” said Sarafinchan. “Inventory has declined through the year and we enter the new year with just 2,012 residential properties available. That is 882 less than last year at this time.” Fifty more properties were sold last month than were listed resulting in a December sales-to-listing ratio of 105%. One month sales have exceeded listings just twice in recent years. The previous occurrence was in May 2006.
In December the average days on market was up slightly to 30 days. There are
3,104 members of the Edmonton Real Estate Board available to help buyers and sellers with their real estate transactions.
Out in the country, rural sales were strong in 2006 with total rural, recreational and acreage sales of $768 million. The strong economy provided opportunities for some homeowners to invest in recreational properties. At the same time more buyers sought rural properties to avoid the intense competition and rising prices in the urban areas.
Commercial sales through the Multiple Listing Service® also set records in 2006. Total sales of $318 million eclipsed the previous year end total sales record of $277 million set in 2003.
Subscribe to:
Posts (Atom)
