Last week, RE/MAX released a report on the current state of the Canadian Housing Market and the major changes it has undergone in the last 20 years, which was featured in an Edmonton Journal news article. The report contained information on several major Canadian real estate markets, including Edmonton.

You can read the section on the Edmonton market in the report excerpt below, or check out the full press release and downloadable report on the RE/MAX website.

Alberta, Edmonton

A red-hot economy fuelled unprecedented price appreciation in Edmonton over the past decade, but rising values have had as much to do with new home construction as they have supply and demand. Canada’s second strongest performing market – up 165% since 2000 – has seen close to $19 billion in residential building permits issued during the same period, virtually tripling values reported in the previous decade.

Average price has climbed from $124,203 in 2000 to $328,803 in 2010, peaking in 2007 at $338,636. Prices have since stabilized and regained some of the ground lost during the recession and subsequent fall out. More balanced market conditions have emerged, with buyers gaining a slight advantage.

New condominium construction has led the way in recent years, with an abundance of newer units coming on stream. Condominium now represent close to 28% of total residential housing sales in Edmonton, with an entry-level price point of $234,982 (YTD September 2011). Rental conversions have also occurred at a steady pace, given that affordability is top of mind with many purchasers. Yet, single-family dwellings remain most popular, with year-to-date (January to September) average price hovering at $325,252.

The city’s newer housing stock tends to be found in the peripheral areas, surrounding Edmonton proper. With more than 8,000 properties currently listed for sale, little movement is expected in average price in the months ahead. Although inventory levels are down somewhat from one year ago, supply remains considerably higher than the 5,500 to 6,000 units traditionally on the market at this time of year.

Renovation is on-going in the city, representing approximately just over 5% of building permits issued so far this year. Infill is a relatively uncommon phenomenon. Upscale communities such as Glenora have seen some properties priced at $400,000 to $500,000 torn down to make way for larger, custom-built homes, but, to date, the trend has yet to gain traction.

Edmonton remains one of the fastest growing metropolitan areas in the country, with a 10% increase in population in the last census, bringing the number of residents to 1,034,945 in 2006. Job opportunities remain plentiful in the area, thanks to an unemployment rate that is well under the national average. As economic performances improves, so too will the residential housing outlook.

“The local real estate market is looking up according to the current statistics released by the REALTORS® Association of Edmonton. The average residential sales price is up, the price of a single family detached home or a condo is up, number of sales is up and inventory is up over the previous month.”

Overall, the numbers show that the Edmonton Real Estate market is doing great! The Terry Paranych Team were busy during the month of May. We launched a new website/brand ParanychLuxuryHomes.com, purchased additional investment properties for Paranych Rentals and continued to exceed our client’s real estate expectations.

Ready to buy or sell in the Edmonton Real Estate Market – Contact the Terry Paranych Team today!

According to the Edmonton Real Estate market – “All the fundamentals for this market are positive. There is job stability, low unemployment, income growth and in-migration. New home builders are busy and I expect buyers to be looking at the housing options which match their lifestyle changes.”

At the end of March, the average* residential price (includes all types of housing including condos) was down 4.6% from a year ago at $327,725. The average price of a single family detached home was down to $378,912 compared to 2010 (a -2.6% change) and condos were priced down 7.5% year-over-year at $232,706.

As the market picks up momentum, prices inch up each month with the average residential price up 4.8% from a month ago. Compared to February, prices for SFDs were up 5.8% and condos up 0.8%.

With prices continuing to increase – Now is a great time to buy! Start searching for Edmonton Real Estate today!

February 2011 – brought us back to February 2009 – statistically speaking anyways. According to the Edmonton Real Estate Board: “It was 2009 all over again if the housing figures released by the REALTORS® Association of Edmonton are any indication. Prices for all categories of residential property sold in February mirrored prices in the same month in 2009 after showing pricing gains from January this year.

Single family detached properties sold for $359,934 on average* in February; up 1% from January. The February price was down 3.1% from a year ago but close to the $349,810 price in February 2009. Condo prices followed the same pattern. At $230,911 on average, condos were up 4.5% from a month ago but down 0.65% year over year. In February 2009, condos sold for $229,685. The average price for a duplex/rowhouse in February was $303,440; up 2% from January but down 5.6% from a year ago. In 2009, the February price for this category was $288,379.”

The Terry Paranych Team is productive as ever – assisting both buyer’s and seller’s when it comes to finding properties fast and selling Edmonton homes for top dollar.

Ready to Buy? – Start Searching For Edmonton Real Estate

Thinking of Selling? – Get A FREE Market Evaluation

Edmonton had seen a gust of snow fill out city streets during the month of January. Despite this fact, according to the Edmonton Real Estate Board stats, we did see a slight increase in home values. The market remained fairly steady, however, the weather does tend to affect the quantities of home sellers and buyers that are looking to make deals. That being said, it also ensures that home sellers will get better quality buyer’s during the cold snaps – as the home buyer’s that are serious will continue to search for a home despite weather conditions.

According to the Edmonton Real Estate Board:

“According to the REALTORS® Association of Edmonton the average price of housing increased slightly in January as compared to the previous month. The all-residential average price rose three quarters of a percent to $310,766; up from $308,497 in December. Single family homes rose a quarter of a percent while condo prices dropped just over one percent during the month.

Residential sales of 735 were on par with December sales (834) and sales in January 2009 (775) but off 21% from the same month last year (931). Residential listing activity rose from 1,102 units in December 2010 to 2,142 units in January. Inventory of homes on the Multiple Listing Service® System decreased from 5,721 at year end to 5,633 as of January 31. Prices are up slightly but the cold weather seems to have kept buyers and sellers out of the market. We expect sales activity to increase along with spring temperatures and continue all through the first two quarters.”

The average days-on-market in January was 67 days up from 53 last year. The residential sales-to-listing ratio was a low 34% in January and total MLS® System sales were almost $253 million.

For the Terry Paranych Team – we had a great January and are having an even better February!

Typically December is seen as being a slower month when it comes to the Edmonton Real Estate market, however, this year, I was surprised about how busy we were. We had a really good month!

In my opinion, I feel that the New Year (2011) has also started with a bit of a bang! There seems to have been some pent up demand in the Edmonton Home market. Perhaps people were waiting to see if something would happen…at this point though people are jumping right in.

From the movement thus far this year, I believe that the Terry Paranych team is going to have a very strong first quarter. In Alberta, increasing oil prices have also affected the positive feelings in respects to the Edmonton Real Estate market.

In my personal opinion, I think it is a great time to buy. What I always tell people is – If you are ready to do it – do it now! Stats are anticipating that prices will potentially go up this year. Anyone ready to buy or upgrade – should seriously consider moving forward sooner rather than later.

According to the Edmonton Real Estate Board:

“REALTORS® expect that sales figures will change direction over the next year and to climb from 18,293 (2010 Edmonton MLS® System total) to 19,500 by the end of 2011. “Consumers appeared wary in 2010 and after an initial surge of sales in the first Quarter, stayed home and waited for the market to bottom out,” said Mooney. “We expect the market to return to normal in 2011 and for sales to increase slightly.”

Prices for single family homes will increase about 3% but an oversupply of condos will keep prices stable for that segment. Average prices for all types of property will vary through the year within a small range. “The average price for single family detached homes over the entire year was up 2.5% in 2010 and we expect that the trend will continue,” explained Mooney. “Prices in July were up over 7% year over year but by year end they were down 2.5% comparing December to December. A single family home priced at $377,000 right now will likely sell for $388,000 next year.”

For the second year in a row condo prices are expected to remain flat with no significant increase in the year-long average price. Buyers can expect to pay $240,000 (on average) for a condominium next year – about what they would have paid in 2010.”

The fall season has continued to see a steady real estate market with Condo and Single Family home sales increasing. While RE/MAX stats showed that “one area of the market outperformed all others” with a 26% increase in the Edmonton Luxury Market.

I am confident that right now is a great time to buy whether you are an investor, first time home buyer or looking to upgrade your home. Start your Edmonton home search!

According to the Edmonton Real Estate Board: “Housing prices in the Edmonton area remained stable as we enter the final quarter of the year. Single family dwelling prices in September mirrored prices in August and condo prices rose slightly after four months of decline.

The average* price of a single family property was up $472 and sold for $370,653 in September. Condominiums, which have dropped in price for four consecutive months, rallied and sold on average for $238,822 last month. The slightly less than 1% price increase did not reverse drops from a high of $252,728 in April. The duplex/rowhouse average price was down 11% to $313,462 but tends to vary widely from month to month. The residential sale price (which includes all types of residential property) was $326,499; down less than a quarter of a percent from last month.

Residential sales in September were down from the previous month at 1,187 as were listings at 2,668. This sales-to-listing ratio was 47% and the average days-on-market was unchanged at 57 days.”

¹. Residential includes SFD, condos and duplex/row houses.
². Single Family Dwelling
³. The middle figure in a list of all sales prices

* 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 the Terry Paranych Team today!

With well over 10,000 properties for sale we’re seeing a lot of buyers jump back into the market. Activity has been picking up since the end of August.

There are two key reasons we’re seeing a strong last quarter: first, buyers have lots of choice; and second, interest rates are low. These facts combine to make this fall an extremely appealing time to buy Edmonton real estate.

Right now is an incredible time to get into the condo market, with prices as much as 50% off the original listing price. In the last few months prices have come down to the point where we can see positive cash flow again, making September an incredible time to invest.

Buyers and investors: get started searching our Edmonton Home Listings.

From the EREB’s Edmonton Real Estate Market update:

Edmonton, September 2, 2010: The average price of single family property in the Edmonton area has softened with a small drop for the second consecutive month. Prices were plateaued at just over $388,000 from March to June. Condominium prices have dropped steadily from their high point of $253,000 in April and are down another 2.99%.

*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 the Terry Paranych Team today.

In the summer market, we are beginning to see a tremendous turn around in Edmonton home sales. More buyers are coming onto the market given the fact that there is a lot of inventory. We feel it is going to be a great second half of the year. In the last week, we have seen many homes going pending and or sold. For first time home buyers or Edmonton real estate investors,  opportunities await.

Ready to start your home search – browse all available Edmonton Home Listings!

Taking a look back at the July Market for Edmonton Real Estate, the EREB felt:

“Edmonton, August 4, 2010: While the summer temperatures rose in July, housing prices cooled and prices for all types of residential properties dipped slightly according to figures released by the REALTORS® Association of Edmonton. Single family dwelling prices slid 3.1% while condo prices were down 1.5% and duplex/rowhouse prices dipped just less than one percent. The all-residential average price dropped just 1.7%.

Single family homes sold on average* for $378,979 in July; a reduction from the previous month but up 1.5% from what they sold for last year. Condominiums dropped in price slightly in July moving down about 1.5% from June. The average condo price was $240,371 in July. The duplex/rowhouse average price was also down 0.9% to $304,032 and the average residential price (including all types of residential property) was down 1.7% since last month at $329,734.

The large inventory of 8,892 residential properties available at month end dampened both listings and sales. New listings were off 15% from last month and 3.3% from last July. Sales dropped from 1,741 in June to 1,294 in July (a 15% drop). The sales-to-listing ratio was 43.8% (down from June). As you might expect, sales were also slower and the average days-on-market was up 4 at 51 days. “A well presented property with the right price might still attract multiple offers,” said Westergard. “Most buyers are receiving the expert advice of their REALTOR® and getting access to day-to-day changes to numbers and sales results. It is critical that sellers remain in contact with their REALTOR® and be prepared to modify the price as the market moves.” Residential inventory is expected to follow a seasonal trend and fall through the latter part of the year leading to a more balanced market and price stability.”

¹. Residential includes SFD, condos and duplex/row houses.
². Single Family Dwelling
³. The middle figure in a list of all sales prices

* 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 the Terry Paranych Team today.

The current state of the Edmonton Real Estate market reminds me of the mid to late 90′s! We are seeing major price reductions on homes making it an incredible time to buy a fantastic home at a great price!

There is an overabundance of inventory! Something that has not been seen since the early 2000′s. Buyers – this is great news! Presently, there is an amazing opportunity for Edmonton homebuyers to get homes at unbelievable prices. Investors or first time buyers, I recommend getting on the home buying bandwagon soon.

Personally, as a seasoned Edmonton Real Estate investor, I am buying as much real estate as I possibly can! Not only can I find the deals I am looking for, but also because I firmly believe that these opportunities will not be here for long. From my perspective, by 2014, we will be seeing record prices again. BUYERS ACT NOW!

From the EREB:

Edmonton, July 5, 2010: REALTORS® report normal client activity in the Edmonton real estate market with listings, showings and sales. The residential inventory is approaching record levels set in 2007 but prices held steady in the second quarter with the expectation that they will soften as usual through the fall and early winter.

“It has been quiet on the news front but very busy in REALTORS® offices as they list client’s properties for sale, book showings for buyers and attend open houses. This has not resulted in immediate sales, however, and, in anticipation that this slowdown will continue through the year, we have reduced our 2010 sales forecast by 2,000 units from 21,000 to just 19,000.”

The slight rise in prices for single family residences in the Edmonton area in May continued in June. SFD prices are up to $391,497 – an increase of half a percent. In the first half of the year average prices are up over 7.5% and are tracking higher than 2009. Condominium prices peaked in April and then flattened out to match the prices reported in 2009. In June the average condo sold for $242,644 – down 2.4% month-over-month. Duplex and rowhouse prices of $306,905 were down 4.6% from last month. Overall, the average residential price was down $4,795 in a month. As usual prices are expected to soften in the second half of the year as sales activity slows. “With the increased choices that buyers have in the marketplace right now it is that much more imperative that sellers consult with their REALTOR® to make sure their property is priced to attract an offer.”

¹. Residential includes SFD, condos and duplex/row houses.
². Single Family Dwelling
³. The middle figure in a list of all sales prices

* 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, call the Terry Paranych Team today!