BREAKING NEWS: The Bank of Canada drops the key rate another 50 basis points! This is unprecedented territory for interest rates. In at least 10 years, the BoC has never lowered its rate twice in the same month and definitely never for a total of 1%.


For home purchases, this should make for great opportunities to buy since both the qualifying rate (as of April 6th) and lower rates will allow for easier financing.

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Edmonton Market Report for March 2020
 
 
Residential Unit Sales Up 8.30% From This Time Last Year
 
 
Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market for February 2020 increased 8.30% compared to February 2019 and increased 32.29% from January 2020. The number of new residential listings is up, increasing 4.21% from February 2019 and increasing 12.20% from January 2020. Overall inventory in the Edmonton CMA fell 7.86% from February of last year but increased 9.56% from January 2020.
 
For the month of February, single family home unit sales are up 11.11% from February 2019 and up 29.82% from January 2020.
 
Condo unit sales increased 5.97% from February 2019 and increased 52.69% from January 2020.
 
All residential average prices are down slightly at $350,852 a 0.88% decrease from February 2019, and are down 0.04% from January 2020. Single family homes sold for an average of $426,191, a 0.57% year-over-year decrease from February 2019, and a 2.96% increase from January 2020. Condominiums sold for an average of $212,520, a 4.37% decrease year-over-year, and prices are up 4.00% compared to January 2020. Duplex prices rose 0.19% from February 2019, selling at $321,892, which was a 4.99% decrease from January 2020.
 
“The Edmonton market prices remained stable this month and we saw an increase in year-over-year unit sales,” says REALTORS® Association of Edmonton Chair Jennifer Lucas. “We typically see an increase in activity at this time of year as we head into spring. There have been more sales of single family homes and condos than in February of last year while duplexes are down. Single family home pricing decreased 0.57%, duplexes are up 0.19%, and condos are down 4.37% year-over-year.”
Single family homes averaged 71 days on the market, a one-day increase from last year. Condos saw a two-day decrease at 74 days on the market while duplexes averaged 80 days on market, identical to February 2019. Overall, all residential listings averaged 74 days on market, a 1.37% increase year-over-year, and decreased by five days compared to the previous month.
 
 
 
 
 
Walk Out Bungalow $759,000
 
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Condo in Outstanding Location $275,000
 
SEE MORE DETAILS
 
Large Family Home $370,000
 
SEE MORE DETAILS
 
Bungalow in Colonial Estates $360,000
 
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Walkout Bungalow $490,000
 
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Large Family Home with Huge Potential $360,000
 
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...
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The Bank of Canada announced today that it is lowering the benchmark rate by 50 basis points as the coronavirus delivers a material negative shock to the Canadian and global economies. The rail blockades, Ontario teacher strikes, and winter storms in some regions have also dampened economic activity. The Bank indicated they are ready to further adjust monetary policy going forward if required.


The next rate-setting day is Wednesday, April 15th

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Spring Melt is Coming and It's Time to Prep Your Home
 
It’s been a long winter, and we’re so ready for some nicer, sunnier days – and so are our homes! That’s why you need this spring home maintenance checklist.
 

Outside Your Home

1. Clear Snow Away from Your Foundation

The less snow around your foundation, the less chance it will melt into your basement. Shovel it out and away.

 

2. Inspect Your Foundation

Once all the snow is cleared away, look for any cracks and holes that could let water into your basement. If you find something, contact a building foundation expert.

 

3. Double-Check Your Downspouts and Gutters

Your downspouts and gutters should be leak-free and clear of any obstructions. They should also be pointed away from the base of your house.

 

4. Look at Your Roof, Attic, and Ceilings

Leaks often happen during spring as the snow melts. We recommend thoroughly checking your attic/ceilings for any signs of water damage, including:
  • Visible stains
  • Mold
  • Peeling or bubbling paint
  • Warping
  • Spongy/wet to the touch
Once all the snow is cleared, you should also take a look at your roof through a pair of binoculars. Look for any missing, broken, or warped shingles. The earlier you can speak with a roofing company and get those fixed, the better.

 

5. Inspect Your Windows and Doors

Any leaky seals around windows and doors will let your perfectly cooled/heated air seep out – and you’re not paying for that! Resealing any problem spots will keep the air in and your monthly bills lower.

 

6. Clear Off and Reseal Any Exterior Woodwork

Long periods of exposure to moisture can impact porches and decks. Once everything is cleared away, have a professional treat and reseal any wood as needed. Depending on the time of wood, staining, and sealant you use, your deck needs to be treated every 1-4 years. However, this can vary depending on the amount of exposure to sun, snow, and other weather conditions. If you’re unsure, speak to a contractor or decking professional.

 

7. Examine Concrete for Any Shifting or Cracks

Ever tripped over a paving stone before? It’s startling, and if you aren’t able to catch yourself, incredibly painful.
Due to the ground thawing and freezing repeatedly during the transition from winter to spring, any concrete or pavement on your property can shift or crack.
Once the snow is cleared away, perform a walking inspection of your property. You may need to repair or even replace sections for safety.

 

8. Clean Your Home Siding to Prevent Mold

That’s right – even your house needs a bath every once in a while. By pressuring washing your siding each spring, your house will not only look better, but you’ll prevent mold from growing.
Tip: Remember to do this after the ground has dried up. You don’t want to add more water to the spring melt.

 

9. Inspect Outdoor Electrical Fixtures

Outdoor lights and electrical fixtures are exposed to some pretty rough elements during the winter. Now’s a good time to go around and test to make sure everything is working.
Replace bulbs (we recommend LEDs), and if any wiring or fixtures look loose, have an electrician come by and perform some maintenance.

 

10. Turn On Your Outside Water Supply

Once we’re past the risk of freezing temperatures, you can turn on your outdoor water supply. Generally by April we’re in the clear – although we recommend keeping an eye on the weather! Tip: Make sure your outdoor taps are in the closed position when you first turn on the outdoor water supply. Then open them slightly to make sure water can flow through

 

11. Start Your Landscaping

Not everyone has a green thumb, but there are a few things you can do to get your property looking its best.
  • Remove covers from bushes, and prune any damaged branches.
  • Clean up debris (leaves, sticks, etc.) from your yard.
  • Spread some fresh fertilizer and top soil around trees and your garden beds in preparation for planting season.
  • Place any of your lawn decorations you may have tucked away for winter.
  • Remove any standing water to help reduce your mosquito numbers. You can do this through adjusting the grade of your yard, aerating your soil, or working with a landscaping expert to install a better drainage system.
  • In April: spread grass seed on your lawn so it grows in nice and full.
These little things can make all the difference – plus it feels good to be outside in spring!

 

12. Prep Your Air Conditioner for Summer

By getting your air conditioner ready now, you avoid any unexpected problems on the first hot day of the year.
First, you’ll have to remove your air conditioner cover, and any debris within a 2 foot area around your condenser.

 

13. Pull Out Your Spring/Summer Furniture

Hello, BBQ parties! When the birds are chirping, the sun is shining, and the temperatures are above zero, we like to get our patio furniture out – generally mid-to-late April. Whether it’s been in storage or covered all winter, give your furniture a clean so it’s nice and fresh.
 
 

Inside Your Home

14. Change or Clean Your Air Filter

The changing of the seasons is a perfect time to replace or clean your furnace’s air filter. Your air conditioner uses it too, and when it’s free of dust and debris, your AC will actually be more efficient.
 
 

15. Test Your Sump Pump

One of the most important parts of spring home maintenance is making sure you’re ready for all the meltwater.
Vaughan is surrounded by some flood plains. If you aren’t sure whether you’re in a low-lying area. We got a ton of snow this year, and it all has to go somewhere. We’d rather it not be the basement. A sump pump and a battery back up pump will help keep your basement dry – but only if they’re working. You can test your sump pump by pouring a little water into the pit. It should turn on automatically. If it doesn’t, your should call a plumber to come either repair or replace it.

 

16. Check Your Backwater Valves

Backwater valves keep sewer backflows from entering your home. Think of it as a door that you can only open one way. Water is able to flow away from your house: not towards it.
This helps keep your basement yuck-free should the sewer system become clogged or overflow (which can happen when there’s a lot of meltwater). You can perform backwater valve maintenance yourself following manufacturer guidelines, but if you’re at all unsure about what to look for, we recommend getting a plumber to perform an inspection.

 

17. Inspect Your Hot Water Heater

Your water heater’s been working hard on those extra-hot showers this winter. This is the perfect time to check for leaks, and overall make sure everything is working properly. Tip: You should also make sure to check the temperature on your hot water heater. 120ºF is the ideal temperature for everything you need. Plus, the lower the temperature is, the more money you can save on heating it!

 

18. Clean Out Your Basement

While these tips do help keep your basement dry, there’s no 100% guarantee your basement won’t flood. So with that in mind, we recommend doing the following (if you’re in a flood-area):
  • Remove any valuables and bring them upstairs.
  • Unplug appliances that could be exposed to water.
  • Put any appliances on a raised platform or cinder blocks to help keep them out of water.
  • Elevate or move any furniture that could be damaged by water.
It’s always better to be safe than sorry!

 

19. Review Your Insurance Coverage

In Canada, not many policies include coverage for flood damage. This isn’t something you think about until you experience a flood. That’s why we’re including a review of your insurance policy on this list. It’s important to know what’s covered and what’s not.

 

20. Test Your Smoke and Carbon Monoxide Alarms

Alarms should be tested at least every 6 months. All you have to do is press the ‘test’ button on all the alarms in your house and listen for the tone.
 
 
 
 
Walk Out Bungalow $759,000
 
 
Walk Out Bungalow $490,000
 
 
Large Family Home with Huge Potential $360,000
 
 
Bungalow in Colonial Estates $390,000
 
 
Condo in Outstanding Location $285,000
 
...
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Edmonton Market Report for February 2020
 
 
MLS Sales Up and Listings Down to Open 2020
 
 
Total residential unit sales in the Edmonton Census Metropolitan
Area (CMA) real estate market for January 2020 increased 0.50% compared to January 2019 and
decreased 5.44% from December 2019. The number of new residential listings is down, decreasing
11.58% from January 2019. Overall inventory in the Edmonton CMA fell 11.76% from January of last
year.
 

For the month of January, single family home unit sales are up 2.52%, and condo unit sales
decreased 5.94% from the same period of time last year.
 

All residential average prices are up slightly at $351,002 a 3.85% increase from January 2019, and
are down 0.75% from December 2019. Single family homes sold for an average of $413,954, a
2.52% year-over-year increase from January 2019, and a 0.64% increase from December 2019.
Condominiums sold for an average of $204,355, a 5.94% decrease year-over-year, and prices are
down 9.95% compared to December 2019. Duplex prices rose 5.21% from January 2019, selling at
$338,815, which was a 4.23% increase from the previous month.
 

“The Edmonton market prices remained stable this month while we saw an decrease in year-overyear
residential listings and sales,” says REALTORS® Association of Edmonton Chair Jennifer
Lucas. “There have been slightly more sales than in January of last year, and single family home
pricing increased 2.52%, duplexes are up 5.21%, and condos are down 5.94% year-over-year.”
 

Single family homes averaged 73 days on the market, a five-day decrease from last year. Condos
saw a ten-day decrease at 83 days on the market while duplexes averaged 85 days on market, a
five-day decrease from January 2019. Overall, all residential listings averaged 79 days on market, a
5.95% decrease year-over-year, and increased by ten days compared to the previous month.
 
 
 
 
 
Walk Out Bungalow $775,000
 
SEE MORE DETAILS
 
Affordable Pristine Condo $125,000
 
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Foreclosed Bungalow $180,000
 
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Bungalow in Colonial Estates $390,000
 
SEE MORE DETAILS
 
Walkout Bungalow $490,000
 
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Large Family Home with Huge Potential $360,000
 
SEE MORE DETAILS
...
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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 2020 by the REALTORS® Association of Edmonton. All Rights Reserved.
Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.