“Even though residential sales have slowed in Edmonton, the transformation of the downtown core is still moving forward, as a number of highrise buildings continue to take the place of older single and multi-unit homes.

There are about 11, 000 people living downtown and that number is projected to grow to 24,000 over the next 20 years. To prepare, the City of Edmonton is calling for further infilling in downtown neighbourhoods and more medium-density highrise buildings.

The city is building a 3.1 km light rail transit (LRT) extension heading northwest from Churchill Station in downtown Edmonton to new stations at Grant MacEwan University, the Royal Alexandra Hospital and the Northern Alberta Institute of Technology.

Properties in neighbourhoods near the LRT will increase in value and “outperform” properties in other areas of the city, according to a report published by REIN. “Edmonton transportation improvements will deliver a 10 to 20 percent enhancement of real estate values in the region’s most affected,” the report states. Studies on other cities around the world indicate properties within 800 metres of new transit stations and 800 metres from exits o new major highway improvements generally increase in value.”

Today poses a great opportunity to benefit from Edmonton Real Estate investments in the downtown core. Talk to our team to get started!

Source: Canadian Real Estate Magazine, October 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.

Question: Terry, are there common selling mistakes that are simple and easy to avoid while  my home is on the market?

Prior to selling your home and while it is on the market for sale, there are always ways to help improve the impression potential home buyer’s will have when viewing your home. The 3 most common mistakes many home sellers make include:

* Not properly looking after their yard! If you are looking for tips and advice on how to improve your home’s overall curb appeal, read my blog article on this topic.
* Not keeping the house clutter free, clean and tidy!
* Not putting on a fresh coat of paint!

Remember, if you get lazy about keeping up your home while selling, you will most likely end up with less money from the sale too!

According to The Edmonton Journal, February 9, 2010:

“Canadian real estate sales and prices are poised to set records this year, according to a new forecast that’s bound to reignite calls in some quarters for tighter lending rules.
The Canadian Real Estate Association, which represents 100 boards across the country, said Monday it expects existing home sales to reach 527,300, a 13.3 per-cent increase from a year ago and 1.2 per-cent increase from the record set in 2007.
Bank of Canada Governor Mark Carney has warned about rising household debt, which is reaching record levels. Finance Minister Jim Flaherty has suggested he’s prepared to tighten mortgage requirements and continues to monitor the market.
“One of the legitimate concerns of the finance minister might be if you make qualifying for mortgage default insurance prematurely restrictive that it will quell housing activity even as erosion in affordability continues,” said Gregory Klump, chief economist with CREA.
There have been rumblings that the government is considering rules that would require buyers who need mortgage insurance to have at least 10 per cent down over 25 years instead of the current 35 years. Buyer’s with less than 20-per-cent downpayment must get mortgage insurance, if they’re borrowing from a financial institution governed by the Bank Act.
Klump’s group believes the market is going to correct on its own in the second half of 2010. CREA has called for sales to drop by 7.1 per cent in 2011. The group says that while prices will rise by 5.4 per cent in 2010, to an all time high of $337,500, they will drop by 1.5 per-cent in 2011.
Some economists agree price increases will shrink once interest rates rise and inventory levels increase.”

In my opinion, this is a very exciting time again for the Edmonton real estate market. I am seeing multiple offers due to the edmonton’s home inventory being so low. I personally was not expecting to see these market trends until very early or late spring.

One comment I typically hear from potential clients is “Should I wait until the Spring to put my house on the market?”. In most cases the spring market is considered the ideal time to list your house, but not now. If your planning on selling, do not wait! Putting your house on the market sooner rather than later is the best decision that you can make. To find out what your home is worth, give me a call today at 780-457-4777 or fill out our online form at: www.paranych.com

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