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Market Statistics November 2020

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Edmonton Market Report for November 2020
 
 
Residential Unit Sales Up 27.18% Compared to November 2019
 
Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market for November 2020 increased 27.18% compared to November 2019 and decreased 16.23% from October 2020. The number of new residential listings is up year over year, increasing 3.05% from November 2019. New residential listings are down month over month, decreasing 31.57% from October 2020. Overall inventory in the Edmonton CMA fell 15.07% from November of last year and decreased 10.94% from October 2020.
 
For the month of November, single family home unit sales are up 36.10% from November 2019 and decreased 19.41% from October 2020 at 901. Condo unit sales increased 6.73% from November 2019 and decreased 8.38% from October 2020.
All residential average prices are up to $376,636, a 6.47% increase from November 2019, and down 1.42% from October 2020. Single family homes sold for an average of $439,103, a 4.39% year-over-year increase from November 2019, and a 0.86% decrease from October 2020. Condominiums sold for an average of $230,688, a 1.18% increase year-over-year, and prices are down 0.40% compared to October 2020. Duplex prices increased 4.79% from November 2019, selling at $337,784, which was a 0.44% increase from October 2020.
 
“The Edmonton market has seen an increase in year-over-year unit sales, compared to a decrease in month-to-month sales,” says REALTORS® Association of Edmonton Chair Jennifer Lucas. “There have also been more sales of single-family homes, condos and duplexes compared to November of last year, while we’ve seen decreasing month over month sales in all markets, which is typical for this time of year. We’re pleased to see year-over-year increases in pricing across all markets, with single family home pricing up 4.39%, duplexes up 4.79%, and condos up 1.18%.”

Single family homes averaged 49 days on the market, a fifteen-day decrease from last year. Condos averaged 63 days on the market, a fifteen-day decrease from last year, while duplexes averaged 54 days on market, a ten-day decrease compared to November 2019. Overall, all residential listings averaged 54 days on market, decreasing by 15 days on market year-over-year and increasing by four days compared to the previous month.
 
 
 
 
 
 
Condo in Outstanding Location $250,000
 
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Edgemont Ravine Condo $299,900
 
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Gorgeous Walk-Out Bungalow $699,900
 
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Outstandingly Beautiful Townhouse $269,900
 
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For more information on these properties or to request a free home evaluation, please contact Graham Ogden today!
 
         
 
 
 

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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.

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