Today, the Edmonton Journal has a feature article on which Edmonton communities have had the largest increase in value over the last decade based on the recently mailed out property assessments. Winners include the Mactaggart community, Rossdale and Beverly Heights.

Homes on Mactaggart Drive

Below is an excerpt from the article. You can read the entire article on the Edmonton Journal website.

But if you had sunk your cash into a place in Rossdale, or farther downstream in Beverly Heights, you’d have made out like a bandit — average values in those areas jumped 55 per cent, blowing stocks and oil out of the water.

These are some of the findings from the latest assessments mailed out for 326,500 Edmonton properties at the beginning of January, based on estimates made last July 1.

Although one-year values for single-family houses (the Journal figures don’t include other types of homes) are down 1.7 per cent,results vary between a 10-per-cent rise in Secord and a similar-sized drop in Canora.

The spread is even larger over five years.

While the average neighbourhood value rose 41 per cent in that time, the biggest growth came in the northeast, where eight of the 12 districts that had increases of more than 50 per cent are located.

City assessors annually determine values at which each property might have sold as of July 1, which is used to determine that location’s share of Edmonton’s total property taxes for the following year.

Assessors look at various factors, including location, sale prices for similar homes in similar areas, lot and house size, building condition and age, size and style of garage, if the basement’s finished and any special features.

But the property assessments mailed out in January can vary from a home’s actual selling price.

For one thing, they are based on conditions six months earlier, and the market may have changed.

As well, assessors don’t reinspect every house every year, so conditions at individual properties can change without the city’s knowledge.

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 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.

Edmonton Real Estate Market Continues To Remain Strong

After reviewing how the April market shaped up, I must say that the Edmonton Real Estate market continues to be strong. It is a great time to buy as there is an excellent selection of Edmonton homes for sale on the market. Spring is also considered a prime time historically for people to sell their homes – meaning that Edmonton home buyers have many options to choose from.

Edmonton Home Buyers – Buy Now!

Many home buyers who were originally considering to wait are now jumping into the Edmonton real estate game because they can still lock into excellent mortgage options. Many of the buyers that we are currently working with have secured  5 year mortgages at low interest rates.

Well priced Edmonton properties are continuing to sell fast at top dollar and in many instances receiving multiple offers.

Wondering what the Edmonton Real Estate board is thinking? Here is their opinion:

“ April is the start of the busy second quarter for real estate, and resale housing sales were down over the same month last year according to a report issued by the REALTORS® Association of Edmonton. Average* prices of single family houses moved down compared to a month ago but were up by 8.2% from last year. Condominium average prices moved up from last month and were up 7.0% from April 2009.

“There were three increases to interest rates and changes to mortgage qualifying conditions in April; none of which seemed to slow down the Edmonton housing market,” said Larry Westergard, president of the REALTORS® Association of Edmonton. “Despite the upward movement, mortgage rates are still close to the 10-year average and not out of reach of most homebuyers. In many cases it is a matter of the REALTOR® lowering expectations rather than crushing hopes and dreams.”

Single family residences in the Edmonton area sold on average for $385,359 in April and condominium prices rose to $253,788. Duplex and rowhouse prices of $322,127 were up from last month and the average residential price remained stable at $374,085.”

Highlights of MLS® activity

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 at 780-457-4777

According to the Edmonton Real Estate Board, ” Stability in Edmonton housing market continues in February. Prices for residential property sold through the Edmonton Multiple Listing Service® changed marginally through February. Sales activity, however, was up dramatically when compared to last month or the same month last year.

The average* single family dwelling price was $369,573 for February up just 1.4% from January; 5.6% from a year ago. Condominium prices dipped 3.8% in the month from $240,686 to $231,530. Duplex and rowhouse prices were up 3.3% to $315,390.”

Perhaps saying that the Edmonton Real Estate market is “stable”,  is a little conservative! The Terry Paranych team personally had record sales for the month of February, the market was really terrific and we felt it was definitely more than stable.  Well priced homes are receiving multiple offers. We are seeing new inventory selling at a rapid speed and are looking forward to the booming spring market for Edmonton Homes and Condos.

Things are great for Edmonton and the real estate market!

Highlights of MLS® activity:

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 may vary.

To read the Edmonton Real Estate Boards full report, visit: www.ereb.com