Edmonton Market Report for March 2021
 
 
Residential Unit Sales and Average Prices Up for February
 
 
Total residential unit sales in the Greater Edmonton Area (GEA)* real estate market for February 2021 increased 52.1% compared to February 2020 and increased 36.8% from January 2021. The number of new residential listings is up year over year, increasing 7.6% from February 2020. New residential listings are up month over month, increasing 11.4% from January 2021. Overall inventory in the GEA fell 17.6% from February of last year and increased 7.6% from January 2021.
 
For the month of February, single-family home unit sales are up 62.2% from February 2020 and up 40.2% from January 2021 at 1033. Condo unit sales increased 19.5% from February 2020 and increased 26.7% from January 2021.
 
All residential average prices are up to $377,931, a 7.6% increase from February 2020, and up 3.8% from January 2021. Single-family homes sold for an average of $437,977, a 2.7% year-over-year increase from February 2020, and a 2.4% increase from January 2021. Condominiums sold for an average of $230,929, an 8.4% increase year-over-year, and prices are up 6.6% compared to January 2021. Duplex prices increased 6.6% from February 2020, selling at $343,028 which was a 0.4% decrease from January 2021.
“The Edmonton market in February saw a significant increase in year-over-year residential unit sales as well as month-to-month sales,” says REALTORS® Association of Edmonton Chair Tom Shearer. “There have also been more sales of single-family homes, condos and duplexes compared to February of last year as well as last month. The high level of activity we have seen in February is uncharacteristic for this time of year. We are witnessing a very strong market.”
 
Single-family homes averaged 48 days on the market, a 23-day decrease from February of last year. Condos averaged 62 days on the market, an 11-day decrease year-over-year, while duplexes averaged 48 days on market, a 32-day decrease compared to February 2020. Overall, all residential listings averaged 52 days on market, decreasing by 21 days year-over-year and decreasing by 13 days compared to the previous month.
 
 
 
 
 
Daylight Savings Reminder
 
 
Daylight Saving Time begins on Sunday, March 14, 2021, at 2:00 A.M.  
On Saturday evening, our clocks need to “spring forward” one hour.
 

What Is Daylight Saving Time?

Daylight Saving Time (DST) is the practice of moving the clocks forward one hour from Standard Time during the summer months, and changing them back again in the fall. The general idea is that this allows us all to make better use of natural daylight.
 

When Is Daylight Saving Time This Year? When Does the Time Change?

To remember which way to set their clocks, folks often use the expression, “Spring forward, fall back.” Note that these dates are for locations in the United States and Canada only; other countries may follow different dates.
 
  • Daylight Saving Time begins on Sunday, March 14, 2021 at 2:00 A.M. On Saturday night, set your clocks forward one hour (i.e., losing one hour) to “spring ahead.”
  • Daylight Saving Time ends on Sunday, November 7, 2021, at 2:00 A.M. On Saturday night, set your clocks back one hour (i.e., gaining one hour) to “fall back.”
 
 
 
 
Downtown Condo with River Views $87,500
 
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Move In Ready Bi-Level $415,000
 
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The Bank of Canada announced today that it is maintaining the benchmark rate, noting that our recovery is better than anticipated but that economic slack and uncertainty remain, particularly given the rise of more transmissible variants of COVID-19. The Bank has determined that the recovery continues to require extraordinary monetary policy support, and they will continue with quantitative easy until the recovery is well underway. The Bank did not comment on when they believe the economy...

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Benefits of Homeownership vs. Renting
 
The benefits of owning a home instead of renting offer buyers several tax advantages, the ability to grow equity, and of course a place to call your own. It’s also a feel-good milestone that offers a sense of pride and accomplishment. And, the current real estate and mortgage market conditions have created the perfect opportunity to transition from writing a monthly rent check to investing in your own home.
 
Check out these benefits of owning a home. See why it may be the best financial decision you can make, and learn some key tips on how you can get there affordably.
 

1. Rents continue to increase

The cost of rent has increased at a very fast rate throughout the country. This trend is only expected to continue. In fact, research shows rent in many markets has grown much faster than median incomes. The high cost of rent means that paying a monthly mortgage is often comparable to or even cheaper than renting a home.
 
 

2. Homeownership is a better long-term investment

Renting your home means paying your landlord and having nothing to show for it the next month. Home ownership is a great investment because it’s a method of forced savings. When you buy a home with a 30-year mortgage and make monthly payments, you will own a home to sell at the end. If you rent a property for 30 years, however, you won’t ever get any of your monthly rent payments back.
 
 

3. Interest rates are historically low

The argument for buying instead of renting only gets stronger with the low-interest rates that are currently available. What may seem like a slight difference in your mortgage rate can make a huge difference in your monthly payment. Interest rates are still competitively low. So, now is a great time to purchase a home and take advantage of low rates. Locking into a low 30-year mortgage rate today could save you hundreds of dollars each month for decades to come. When comparing the benefits of owning vs. renting, you will find that many of the current rental rates are higher than a mortgage payment, and you do not get the advantage of a yearly tax deduction.
 
 

4. Predictable monthly payments

Tired of your rent rising? Sick of it causing your budget to change? When owning a home, and using a fixed-rate mortgage, that can never happen. You’ll always pay the same amount each month, each year. Plus, there's no risk of a landlord trying to kick you out because he wants to sell the home.
 
 

5. Tax deductions

Being a homeowner does not have to be just a long-term aspiration. Enjoy short-term savings via annual tax write-offs and mortgage interest payment deductions, along with other deductions depending on each individual’s situation. These deductions often amount to significant savings, and they are of course not available to renters.
 
 
With all of the benefits of owning a home, you owe it to yourself to find out whether owning vs. renting is best for you. Taking the simple step of speaking to a qualified mortgage lender may be the smartest financial situation you make, as it can allow your family to make monthly home payments toward your own asset instead of increasing your landlord’s wealth.
 
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Edmonton Market Report for February 2021
 
 
Residential Unit Sales and New Listings Up to Start 2021
 
 
Total residential unit sales in the Greater Edmonton Area (GEA)* real estate market for January 2021 increased 47.1% compared to January 2020 and increased 5.9% from December 2020. The number of new residential listings is up year over year, increasing 8% from January 2020. New residential listings are up month over month, increasing 87.9% from December 2020. Overall inventory in the GEA fell 17% from January of last year and increased 5% from December 2020.
 
For the month of January, single family home unit sales are up 50.1% from January 2020 and up 8.5% from December 2020 at 737. Condo unit sales increased 43.8% from January 2020 and increased 2.7% from December 2020.
 
All residential average prices are up to $364,040, a 3.7% increase from January 2020, and up 0.4% from December 2020. Single family homes sold for an average of $427,677, a 3.2% year-over-year increase from January 2020, and a 0.4% decrease from December 2020. Condominiums sold for an average of $216,757, a 6.1% increase year-over-year, and prices are down 0.5% compared to December 2020. Duplex prices increased 1.6% from January 2020, selling at $344,400, which was a 4% decrease from December 2020.
 
“The Edmonton market in January saw an increase in year-over-year residential unit sales as well as month-to-month sales,” says REALTORS® Association of Edmonton Chair Tom Shearer. “There have also been more sales of single-family homes, condos and duplexes compared to January of last year, while we’ve seen an increase in month over month sales for single-family homes and condos and a decrease in duplex rowhouse sales. We are encouraged to see this kind of activity at the start of the year, which is typically a slower time in the real estate market, and especially in the current economic climate.”
 
Single family homes averaged 59 days on the market, a 14-day decrease from January of last year. Condos averaged 73 days on the market, a 10-day decrease year-over-year, while duplexes averaged 70 days on market, a 15-day decrease compared to January 2020. Overall, all residential listings averaged 65 days on market, decreasing by 14 days year-over-year and increasing by 7 days compared to the previous month.
 
 
 
 
 
 
Gorgeous Walk-Out Bungalow $699,900
 
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Winter Activities in Edmonton
 
Wondering what is there to do this winter in Edmonton? In one word – P L E N T Y, whether you are a winter buff or not.
There are more than one hundred activities available to you across the snow and ice blanketed Edmonton winter landscape. Explore Alberta capital region through your favourite winter activity : one snowshoe trail or one toboggan hill at a time.
 
 
 
Elk Island National Park - Wildlife (Bison, Elk) viewing is at its best in winter as animals come out in the open to forage for food (Bison Loop Road) in this unspoiled prairie winter wilderness. The national park offers plenty of other winter activities like cross country skiing, snow shoeing, along the many multi use trails.
 
 
Cooking Lake Blackfoot Provincial Recreational Area - Cooking Lake-Blackfoot Provincial Recreation Area also provides another venue for plenty of fun winter activities including wildlife viewing, snowmobiling, dog Sledding, cross country skiing & ice skating. This recreation area is also the venue of one of most famous ski festival – Canadian Birkebeiner.
 
 
Strathcona Wilderness Centre - Enjoy a glorious winter day with family skiing, snow shoeing (Trail map) or join for any of the special events like World Snow Day, Moonlight Ski, The Great Pastry Caper at the Strathacona Wilderness Centre.
 
 
Snow Vally Ski Club - Skiing, Snowboarding, Snow school. Details
 
Sunridge Ski Area - Snowboarding, Snow tubing, Snow school, Skiing. Details
 
Rabbit Hil Ski Resort - Skiing, Snowboarding, Snow School Details
 
 
Hiking and Snowshoeing - If you love walking in winter, then treat yourself by walking along the many River valley trails. All River Valley trails are maintained by the city of Edmonton. From Terwillegar Park to Hermitage Park you’ll discover a wide range of family facilities you can really warm up to! Whether you’re tobogganing, skating, cross-country skiing, snowshoeing, or winter picnicking, you can find warm resting areas en-route(Winter Chalets).
 
Ride the new Funicular and experience the snow blanketed River Valley like never before! Ride the funicular from the 100 Street near the Hotel MacDonald to the river valley trail system near the Low Level Bridge. If you want additional exercise, take the urban staircase. There is also a separate track for runners and a bike rail for cyclists who opt to push their bikes up and down the stairs. Funicular is Wheel chair and stroller accessible.
 
 
 
Walk Out Bungalow $669,900
 
 
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Today’s Bank of Canada rate hold announcement marks almost four straight years that the key benchmark rate has remained unchanged, since September 8, 2010. Great news if you have a variable-rate mortgage or home equity line of credit; the prime rate stays at 3%.

 

The announcement noted that “the risks to the outlook for inflation remain roughly balanced, while the risks associated with household imbalances have not diminished.” With these considerations, the Bank is maintaining its monetary policy stimulus, and remains neutral with respect to the timing and direction of the next change.

 

The next rate-setting day is October 22nd.

Copyright 2021 by the REALTORS® Association of Edmonton. All Rights Reserved.
Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.