Edmonton Market Report for October 2019
 
 
REALTORS From Across Canada Urge Governments to Reduce Costs & Remove Barriers to Home Ownership
 
 
REALTOR® associations from Canada’s largest real estate markets are calling on all levels of government to take meaningful action to make home ownership more accessible to people across the country.

With a federal election on October 21, the Toronto, Calgary and Vancouver real estate boards, together with the Quebec Professional Association of Real Estate Brokers, the REALTORS® Association of Edmonton and the Nova Scotia Association of REALTORS® are urging the federal political parties to commit to policies that will help remove barriers and reduce the cost of home ownership.

These organizations are asking the federal political parties to adopt the following housing affordability recommendations:
  
  • Revise the Office of the Superintendent of Financial Institution’s (OSFI) mortgage stress test to take into account its impact on different real estate markets across the country. The federal government should view the stress test as a flexible policy and adjust it based on changing economic trends and interest rates.
  • Replace the $750 First-Time Home Buyers Tax Credit with a $2,500 non-refundable tax credit for first-time home buyers.
  • Reintroduce 30-year mortgage amortizations.
  • Consider regional differences when implementing nation-wide measures that affect home buyers.
 
With housing affordability and supply a top-of-mind issue for Canadians, REALTORS® across the country want to work with federal, provincial and municipal governments to increase home ownership in Canada. There is too much regulation, at all levels of government, focused on curbing demand and providing “one-size-fits-all” solutions that do not take local market conditions into account. 
 
“Home ownership is a key component of the national economic fabric and its role in creating economic diversity cannot be overlooked. To help Canadians, the real estate market must have liquidity, but the federal government’s anti-homeownership policies have made it difficult for millennials to purchase their first home, difficult for families to upsize or downsize as their needs change and difficult for seniors to exit the market. For example, the mortgage stress test, implemented as national policy with total disregard for regional differences, has had a significant downward impact on the price point at which buyers can qualify and purchase. This has lowered prices and stolen equity from homeowners. Home equity is a substantial asset for many Canadians, and this equity will not be easily or quickly rebuilt,” said Michael Brodrick, Chair, REALTORS® Association of Edmonton.
 
 
MLS Sales Up Year-Over-Year While Market Remains Stable
 
 
Edmonton, October 2, 2019: Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market for the month of September 2019 increased 5.72% compared to September 2018. The number of new residential listings is also up, growing 1.67% from September 2018. Overall inventory in the Edmonton CMA fell 9.72% from September of last year.

Single family home unit sales are down 2.91%, unit sales of duplexes are up 7.52%, and condo unit sales jumped 26.78% from the same period of time last year.

All residential average prices are down slightly at $351,526, a 6.06% decrease from September 2018, and are down 4.30% from August 2019. Single family homes sold for an average of $420,406, a 2.16% year-over-year decrease from September 2018, and a 3.27% decrease from August 2019. Condominiums sold for an average of $217,665, a 9.82% drop year-over-year, and a decrease of 7.17% from the previous month. Duplex prices are virtually unchanged from last year at $343,230, which was a 3.17% decrease from the previous month.

“The Edmonton market continues to remain stable, with slight decreases in prices across all property types,” says REALTORS® Association of Edmonton Chair Michael Brodrick. “Single family home pricing dropped 2.16%, condos are down 9.82% from last month, and duplexes are virtually unchanged at -0.58% year-over-year.”

Single family homes averaged 59 days on the market, a one day decrease from last year. Condos spent eight days less on the market, from 67 to 75 days, while duplexes averaged 67 days on market, a three day decrease from September 2018. Overall, all residential listings averaged 63 days on market, a 1.56% decrease year-over-year, and increased by one day from the previous month.
 
 
 
 
 
 
 
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5 Things to do in Edmonton with your Family This October
 

Peter (haunted) Pumpkinhead

Bring your family to Bon Accord for the Haunted Pumpkin Festival at Prairie Gardens Adventure Farm, until October 28, and enjoy a family-friendly haunted house, hayrides, corn mazes, pumpkin patches, pumpkin foods and more!
Haunted Pumpkin Festival, Prairie Gardens, 56311 Lily Lake Road, Bon Accord, prairiegardens.org

 

Take a spooky tour

Tour and learn about all the spooky spots in Old Strathcona, where people have reported ghosts, hauntings, murders and mysteries, led by a veteran storyteller with 12 years of experience. It’s spooky fun for the whole family!
Edmonton Ghost Tours, various dates, tours and locations, edmontonghosttours.com
 

 

Venture into the dark

Discover what’s lurking in Fort Edmonton Park during DARK, an evening of haunts, scare zones and spooky entertainment, October 10 to November 1.
Fort Edmonton Park, 7000 143 Street, 780-496-7381, fortedmontonpark.ca
 

 

Rev your winter engine

The Alberta Snowmobile and Powersports Show comes to the Edmonton Expo Centre, October 18 to 20, with the brand new line up of sleds and off-roads, along with presentations on avalanche education, pro-rider tips and more (including an all-day beer garden).
Edmonton Expo Centre, 7515 118 Avenue NW, 780-471-7377, edmontonexpo.com

 

Super heroes come to life

See all your favourite Marvel super heroes up close at Marvel: Universe of Super Heroes, starting October 19 at TELUS World of Science. Collectors and casual fans can explore over 300 artifacts, costumes, props and interactive elements from the Marvel Universe.
TELUS World of Science, 11211 142 Street NW, 780-451-3344, telusworldofscienceedmonton.ca
 
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10 Things to be Thankful For
 
Sometimes, it’s easier to focus on what we don’t have, rather than what we do have. It’s important to take time out and remember all of the things to be thankful for that many of us take for granted.
 
Here you’ll find a few very solid things to be thankful for in your everyday life. These are great reminders for you to treasure everything you have.
 

1. Good Health

Even if your health isn’t great, it could be worse and you likely still have some working parts to be thankful for.
 

2. Good Friends

Often, it’s the quality of friendships, not the quantity.
 

3. Your Parents

Even if they’re dysfunctional, they gave you life.
 

4. Having a Home

Whether you live in an apartment, a mansion, or a tent, having a place to call home is something to be thankful for.
 

5. Laughter

Without laughter, the world would be a sad place.
 

6. Time

Although we often don’t think there’s enough of it, time is something we shouldn’t take for granted.
 

7. Love

The world sure would be a different place if we lacked the ability to love.
 

8. Sunsets

Sunsets are a reminder that we should enjoy the simple things in life.
 

9. Children

Watching children laugh, grow, and dream can keep things in perspective.
 

10. Freedom to Vote

Being able to have a say in the laws should never be taken for granted.
 
 
 
 
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Edmonton Market Report for September 2019
 
 
August Residential Prices Remain Stable Despite Drop in Sales
 
 
Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market for the month of August 2019 dropped 6.38% compared to August 2018. The number of new residential listings is also down, dropping 4.73% from August 2018, and overall inventory in the Edmonton CMA fell 12.21% from August of last year.
Single family home unit sales are down 9.01%, while condo unit sales dropped 3.05%, and unit sales of duplexes fell 4.40% from the same period of time last year.

All residential average prices remained stable at $367,339, similar to August 2018, and are virtually unchanged from July 2019. Single family homes sold for an average of $434,634, a 2.24% year-over-year increase from August 2018, and a 1.14% increase from July 2019. Condominiums sold for an average of $234,480, a 5.16% drop year-over-year, but an increase of 5.19% from the previous month. Duplexes are up 7.00% from last year to $354,455, which was a 6.34% increase from the previous month.

“Edmonton real estate prices have remained relatively stable” says REALTORS® Association of Edmonton Chair Michael Brodrick. “Single family home pricing is virtually unchanged, condos are up 5.19% from last month, while duplexes increased 7.00% year-over-year.”
 
Single family homes averaged 57 days on the market, a one day decrease from last year. Condos spent one day longer on the market, from 73 to 74 days, while duplexes averaged 61 days on market, a two day decrease from August 2018. Overall, all residential listings averaged 62 days on market, a 1.59% decrease year-over-year, and remained the same as the previous month.
 
 
 
 
 
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How Parents are Preparing for Back to School Time
 
While children are filled with excitement and first-day jitters, parents are filled with thoughts of “Am I prepared enough?” To help eliminate these thoughts, and help you and your child prepare for the new school year, all you need is a little organization and forethought.
 
Here are 10 back to school tips to kick-start the new year and get you prepared for a fresh start.
 
 
1. Get back into your sleep routine. To help eradicate those stressful school mornings, set up a regular bedtime and morning time routine to help prepare your child for school. Begin your usual school sleep routine about a week or so before school starts.
 
 
2. Shop for school supplies together. To get your child excited about starting a new grade, shop for supplies together. Allow them to pick out their own backpack, lunchbox, etc. This is a great way to give them a little bit of responsibility too!
 
 
3. Re-establish school routines. Have your child practice getting back into the rhythm of their daily school routine. You can do this by having them wake up at the same time every day, and eat around the same time they would at school. About a week or so before school starts, plan a few outside activities where your child will have to leave and come home around the same time they would if they were in school. This will help them be rested and ready for the big day.
 
 
4. Set up a homework station. Sit down with your child and together designate a time and place where he can do his homework each day. This can be somewhere quiet like in the den, or even in the kitchen while you are preparing dinner. Make sure to choose a time where you are available in case your child needs your help.
 
 
5. Prepare for the unexpected. Working parents know that it can be difficult to find a sitter when your child is sick. Before school even begins, it’s a good idea to have a sitter already lined up in case you get that phone call home from the nurse saying your child is ill.
 
 
6. Make an after-school game plan. Make a plan for where your child will go after school lets out for the day. Depending upon the age of your child, figure out if they will go to a neighbor’s house, an afterschool program, or be allowed to stay home by themselves. This will help eliminate any confusion during the first few weeks.
 
 
7. Turn off the TV and video games. For a lot of children summertime is filled with endless video games and TV programs. Children are usually in shock when they begin school and realize that six hours of their day is going to spent learning and not playing games and watching TV. Ease your child into the learning process by turning off the electrics and encouraging them to read or play quietly.
 
 
8. Review school material and information. For most parents, schools send home a packet with a ton of information regarding their child’s new teacher, important dates to remember, emergency forms, and transportation routines. Make sure that you read through this information carefully, and mark down all important dates on your calendar.
 
 
9. Get organized. The best way to prepare for back to school time is to be organized. With school comes a massive amount of paperwork which can consume your household. Designate a spot in your house for homework, permission slips, and any other school-related papers. This can help eliminate all of that paper clutter and make your life less stressful.
 
 
10. Get your child’s yearly checkup. School and germs go hand in hand, so it’s best to get your child’s yearly checkup before school even starts. Get any required vaccinations and ask your pediatrician the best ways your child can stay healthy throughout the school year.
 
Through preparation and organization, you can ensure that your child will have a smooth transition to the start of the new school year. By doing so, you and your child can enjoy the rest of your summer break.
 
 
 
 
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The Bank of Canada announced today that it is keeping its benchmark rate unchanged as persistent trade tensions are having a material effect on the global economy. These ongoing trade conflicts cloud the outlook for the Canadian economy, which is returning to potential growth. As a result, the Bank deems that the current accommodative interest rate policy remains appropriate.


The next rate-setting day is Wednesday, September 4th.  

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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 2019 by the REALTORS® Association of Edmonton. All Rights Reserved.
Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.