Monthly Statistics
Quarterly Statistics
Edmonton, June 3, 2008: Housing prices have been stable for five months, mortgage rates have dropped this year and there is overwhelming choice of homes currently available in all price ranges. All these factors add up to an ideal market place for first time or move up home buyers.
“Our members report that the market is very active with sales just slightly below the normal level,” said Marc Perras, president of the REALTORS® Association of Edmonton. “Buyers are optimistic about their future and conditions for home buyers have not been better in recent years. I urge everyone to contact their REALTOR® and explore the many housing options available to them.”
The sales-to-listing ratio in May was 42% with 4,294 homes added to inventory on the Edmonton Multiple Listing Service® and 1,821 homes sold. May sales exceeded same month sales in 2003 and 2004 but were below May sales for 2005-2007 when the market was super-heated. At the end of May there were 11,006 residential properties available on the MLS® in the Edmonton area. That is up 400 properties from a month ago and two and a half times the inventory of a year ago. At current sales volumes there is a six month supply; twice the normal supply.
Overall, the average price for all types of residential property was up 1% at $340,499 when compared to April, and down just 4% from a year ago. Single family dwellings sold on average* for $383,167 in May down three-quarters of a percent ($2,866) from the previous month. Condos sold on average for $260,837, an increase of 1.5% ($3,890) from last month. Duplexes and rowhouses sold during May were priced 4.6% higher at $330,451 on average.
The average days on market was just 53 days; up one from April. Total residential sales were $620 million for the month and total year-to-date MLS® sales were $2.98 billion after five months.
“The year-to-date average residential price is up 1.6% from the same five month period last year. I can see prices continuing to rise,” said Perras. “I am sticking with my forecast for a 4% price increase through the year for both single family and condo residences.” Consumers are encouraged to look up home buying tips and checklists at howrealtorshelp.ca or ereb.com web sites.
http://www.ereb.com/MarketActivity/June.html
Monday, June 30, 2008
Monday, June 23, 2008
Second consecutive record for new MLS® listings in May
The number of new listings of homes for sale on the Multiple Listing Service® (MLS®) in Canada’s major markets set a second consecutive monthly record in May 2008, according to statistics released by The Canadian Real Estate Association (CREA).
Record numbers of new listings are creating more balanced resale housing markets in many major centers. Nowhere has this trend been more evident than in Regina and Saskatoon. These were the tightest of Canada’s major markets at the beginning of the year, but the combination of a surge in new listings and slowing sales activity put them among the most balanced of major resale housing markets in May. A similar but less pronounced trend also pushed Vancouver’s resale housing market into a more balanced position in May. These markets joined Calgary, Edmonton and Windsor as the most balanced major markets in the country.
“The resale housing market has evolved in just a few short months,” said CREA Chief Economist Gregory Klump. “The record number of new listings means more opportunities for buyers.”
New MLS® residential listings in Canada’s major markets numbered 54,029 units on a seasonally adjusted basis in May 2008 – the highest level on record. This is an increase of 2.2 per cent over the previous peak reached in April.
The new record resulted largely from record or near-record numbers of new listings in Vancouver, Victoria, Regina, Saskatoon, Toronto and Ottawa. This more than offset a monthly decline in new listings in Edmonton and Calgary, where the number of new listings continued retreating from their peaks in March.
Seasonally adjusted MLS® sales activity in Canada’s major markets edged lower by 0.5 per cent month-over-month to 26,902 units in May 2008. The small monthly decline resulted mostly from fewer transactions in Vancouver, Regina and Saskatoon. A monthly decline in activity in these cities offset an increase in transactions in Toronto, Ottawa and London & St. Thomas.
By contrast to the easing trend in many major markets, MLS® home sales activity in Ottawa reached new heights in May. Transactions for the first five months this year also continues to run ahead of activity for the same period in any other year in Regina, Thunder Bay, and Newfoundland & Labrador.
Reflecting an increasingly balanced housing market, the major market MLS® residential average price rose just 1.1 per cent year-over-year to $337,071 in May. While this is a new record for average price, it is the smallest year-over-year price increase in over seven years.
“Unlike the situation in the United States, re-sale housing prices in Canada continue to increase,” says the President of The Canadian Real state Association, Calvin Lindberg. “The evolving market, however, means the increase in average price is below the double digit percentages reported during the record-setting years of 2006 and 2007.”
New records for MLS® residential average price were reached in a number of major markets in May, including Vancouver, Victoria, Winnipeg, Hamilton-Burlington, Kitchener-Waterloo, Thunder Bay, Ottawa, Saint John (NB), Halifax-Dartmouth, and St. John’s (NF).
“Rising food, fuel and home prices are denting consumer confidence,” said Klump. “Increasingly cautious homebuyers may keep listings on the market longer before being sold, which increases the importance of realistic pricing." (CREA 13/06/08)
Record numbers of new listings are creating more balanced resale housing markets in many major centers. Nowhere has this trend been more evident than in Regina and Saskatoon. These were the tightest of Canada’s major markets at the beginning of the year, but the combination of a surge in new listings and slowing sales activity put them among the most balanced of major resale housing markets in May. A similar but less pronounced trend also pushed Vancouver’s resale housing market into a more balanced position in May. These markets joined Calgary, Edmonton and Windsor as the most balanced major markets in the country.
“The resale housing market has evolved in just a few short months,” said CREA Chief Economist Gregory Klump. “The record number of new listings means more opportunities for buyers.”
New MLS® residential listings in Canada’s major markets numbered 54,029 units on a seasonally adjusted basis in May 2008 – the highest level on record. This is an increase of 2.2 per cent over the previous peak reached in April.
The new record resulted largely from record or near-record numbers of new listings in Vancouver, Victoria, Regina, Saskatoon, Toronto and Ottawa. This more than offset a monthly decline in new listings in Edmonton and Calgary, where the number of new listings continued retreating from their peaks in March.
Seasonally adjusted MLS® sales activity in Canada’s major markets edged lower by 0.5 per cent month-over-month to 26,902 units in May 2008. The small monthly decline resulted mostly from fewer transactions in Vancouver, Regina and Saskatoon. A monthly decline in activity in these cities offset an increase in transactions in Toronto, Ottawa and London & St. Thomas.
By contrast to the easing trend in many major markets, MLS® home sales activity in Ottawa reached new heights in May. Transactions for the first five months this year also continues to run ahead of activity for the same period in any other year in Regina, Thunder Bay, and Newfoundland & Labrador.
Reflecting an increasingly balanced housing market, the major market MLS® residential average price rose just 1.1 per cent year-over-year to $337,071 in May. While this is a new record for average price, it is the smallest year-over-year price increase in over seven years.
“Unlike the situation in the United States, re-sale housing prices in Canada continue to increase,” says the President of The Canadian Real state Association, Calvin Lindberg. “The evolving market, however, means the increase in average price is below the double digit percentages reported during the record-setting years of 2006 and 2007.”
New records for MLS® residential average price were reached in a number of major markets in May, including Vancouver, Victoria, Winnipeg, Hamilton-Burlington, Kitchener-Waterloo, Thunder Bay, Ottawa, Saint John (NB), Halifax-Dartmouth, and St. John’s (NF).
“Rising food, fuel and home prices are denting consumer confidence,” said Klump. “Increasingly cautious homebuyers may keep listings on the market longer before being sold, which increases the importance of realistic pricing." (CREA 13/06/08)
Sunday, June 22, 2008
Bank Holds Interest Rates Steady
The Bank of Canada held its benchmark overnight lending rate steady at three per cent on June 10th. The trend-setting Bank rate, which is set 0.25 percentage points above the overnight lending rate, remains at 3.25 per cent.
The Bank’s decision to hold interest rates steady was aimed at fighting inflation. Financial markets widely expected the Bank rate to be cut a further one-quarter of a percentage point, while hedging bets due to soaring food and energy prices.
“The Bank wants to prevent inflation expectations from getting away,“ said CREA Chief Economist Gregory Klump. “Interest rates will be on hold over the summer, giving the Bank time to judge the effect of previous interest rate cuts.” To stabilize credit markets in the aftermath of the U.S. subprime mortgage market meltdown, the Bank cut the overnight lending rate by one and a half percentage points from December 2007 to April 2008.
The Bank recognized that the U.S. economic slowdown was pummeling Canadian manufacturing exporters, but tempered its concerns: “Although the composition of U.S. growth has not been favourable for demand for Canadian goods and services, overall, global growth has been stronger and commodity prices have been sharply higher than expected.”
The Bank also hinted it may lower the bar it sets for potential economic growth, saying “the risk remains that potential growth will be weaker than assumed.” Lowering its estimate for potential growth may prompt the Bank to raise interest rates to keep inflation contained.
When the Bank lowered interest rates on June 10th, the advertised five-year conventional mortgage rate stood at 6.65 per cent. This is just under one half of a percentage point below where it stood a year ago. Competition among mortgage lenders remains stiff, but discounts off advertised mortgage interest rates have shrunk because the U.S. subprime mortgage meltdown and resulting global credit crunch have raised banks’ cost of funds.
“National sales activity will be down from last year’s record due to rising prices,” said Klump. “Interest rates have bottomed out, so homebuyers going with a variable rate mortgage would be well advised to get pre-approved now before interest rates climb.” (CREA 10/06/2008)
Created: 06/10/2008
The Bank’s decision to hold interest rates steady was aimed at fighting inflation. Financial markets widely expected the Bank rate to be cut a further one-quarter of a percentage point, while hedging bets due to soaring food and energy prices.
“The Bank wants to prevent inflation expectations from getting away,“ said CREA Chief Economist Gregory Klump. “Interest rates will be on hold over the summer, giving the Bank time to judge the effect of previous interest rate cuts.” To stabilize credit markets in the aftermath of the U.S. subprime mortgage market meltdown, the Bank cut the overnight lending rate by one and a half percentage points from December 2007 to April 2008.
The Bank recognized that the U.S. economic slowdown was pummeling Canadian manufacturing exporters, but tempered its concerns: “Although the composition of U.S. growth has not been favourable for demand for Canadian goods and services, overall, global growth has been stronger and commodity prices have been sharply higher than expected.”
The Bank also hinted it may lower the bar it sets for potential economic growth, saying “the risk remains that potential growth will be weaker than assumed.” Lowering its estimate for potential growth may prompt the Bank to raise interest rates to keep inflation contained.
When the Bank lowered interest rates on June 10th, the advertised five-year conventional mortgage rate stood at 6.65 per cent. This is just under one half of a percentage point below where it stood a year ago. Competition among mortgage lenders remains stiff, but discounts off advertised mortgage interest rates have shrunk because the U.S. subprime mortgage meltdown and resulting global credit crunch have raised banks’ cost of funds.
“National sales activity will be down from last year’s record due to rising prices,” said Klump. “Interest rates have bottomed out, so homebuyers going with a variable rate mortgage would be well advised to get pre-approved now before interest rates climb.” (CREA 10/06/2008)
Created: 06/10/2008
Monday, June 9, 2008
How the real estate went from boom to buyer’s market in a blink of an eye
The experts explain city house prices
Bill Mah, The Edmonton Journal
Published: Tuesday, May 06
EDMONTON - If you were selling a “typical” home this time last year, chances are it lasted 22 days on the market before someone bought it.
You got $413,488 for it.
That was then. This is now.
Selling a typical home these days? Chances are you’ll wait, and wait, for 52 days before selling.
And the payoff? About $28,000 less for your single-family detached house than if you’d sold it last year — an average of $386,033, according to monthly figures for April released Monday by the Realtors Association of Edmonton.
Condos, duplexes and rowhouses also dipped in average price, and thickets of “For Sale” signs seemingly stand outside every multi-family development.
So what happened? What’s a seller or a buyer to do? Where does it go from here?
We asked three Edmonton housing experts for answers: Richard Goatcher, Edmonton senior market analyst for Canada Mortgage and Housing Corporation; Pat Adams, a condominium builder and president of the local branch of the Canadian Home Builders’ Association; and Marc Perras, president of the Realtors Association of Edmonton.
To read the entire article, visit
http://www.canada.com/edmontonjournal/news/local/story.html?id=476af5ab-d874-4da3-805f-ec424077f3c9&k=31125
Bill Mah, The Edmonton Journal
Published: Tuesday, May 06
EDMONTON - If you were selling a “typical” home this time last year, chances are it lasted 22 days on the market before someone bought it.
You got $413,488 for it.
That was then. This is now.
Selling a typical home these days? Chances are you’ll wait, and wait, for 52 days before selling.
And the payoff? About $28,000 less for your single-family detached house than if you’d sold it last year — an average of $386,033, according to monthly figures for April released Monday by the Realtors Association of Edmonton.
Condos, duplexes and rowhouses also dipped in average price, and thickets of “For Sale” signs seemingly stand outside every multi-family development.
So what happened? What’s a seller or a buyer to do? Where does it go from here?
We asked three Edmonton housing experts for answers: Richard Goatcher, Edmonton senior market analyst for Canada Mortgage and Housing Corporation; Pat Adams, a condominium builder and president of the local branch of the Canadian Home Builders’ Association; and Marc Perras, president of the Realtors Association of Edmonton.
To read the entire article, visit
http://www.canada.com/edmontonjournal/news/local/story.html?id=476af5ab-d874-4da3-805f-ec424077f3c9&k=31125
Subscribe to:
Comments (Atom)