Posted on
February 11, 2019
by
Graham Ogden
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Edmonton Market Report for February 2018
Year Over Year Residential Unit Sales and Average Prices Decrease
Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market decreased 15.00% relative to January 2018. Single family home sales decreased 14.34%, condominiums decreased 18.56% and duplex/rowhouse sales decreased 1.02%. When compared to the previous month, residential unit sales increased, as is typical for this time of year. Single family home sales increased 1.51%, condominiums sales increased 22.16% and duplex/rowhouse sales increased 32.88%. Overall, residential unit sales increased 9.75% compared to December 2018.
Average prices declined in January. The average selling price of a single family home was $404,275, a decrease of 6.04% compared to January 2018 and a decrease of 5.52% compared to December 2018. Condominium average prices decreased 4.90% year over year and increased 6.18% month over month. Duplex/rowhouse average prices decreased 7.51% relative to January 2018 and decreased 6.85% relative to December 2018.
“The real estate market is still experiencing the consequences of high inventory and slow sales,” says REALTORS® Association of Edmonton Chair Michael Brodrick. “Buyers are benefiting from more choice but may be struggling with the mortgage qualification rules, while sellers will need to continue to be patient and flexible in this market.”
Listings for January were almost identical to January 2018, increasing by 0.08%. Inventory remained higher than average, with an increase of 6.10% relative to December 2018 and an increase of 9.31% compared to January 2018.
Average days on market are reflective of a sluggish winter market, with the residential average increasing to 84, up from 72 days in December 2018. Single family homes sold on average in 79 days, an increase of 10 days from December 2018. Condominiums increased to 93 days on market and duplex/rowhouses increased to 90, both categories up from 78 average days on market in the previous month.
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Modern Windermere Condo $289,999
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Greenfield Family Home $500,00
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Posted on
January 29, 2019
by
Graham Ogden
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Tips for a Safe Winter Road Trip
Here, some basic tips if you’re hitting the road this winter
Many of us will be hitting the roads this season, even if those roads are covered in snow and slush. Here, your basic checklist to stay safe on your next winter road trip.
10 tips for a safer winter road trip
1. Make sure your vehicle can handle the weather. Check fluids, tires, lights, wipers and brakes, and make sure your battery is in good working order. (Note: this should be done, preferably, in the fall.) Install four matching winter tires to improve vehicle handling. This means not mixing tires with different tread patterns, internal construction and sizes.
2. Check local weather reports before you leave home. Environment Canada issues warnings when it expects blizzards, heavy snow, freezing rain or drizzle, cold snaps and winds. Some weather services like The Weather Network let you sign up for alerts when severe weather is on the radar. You can also go online to check local road conditions through your province’s Ministry of Transportation website.
3. If driving is risky, consider staying at home or postponing your trip until the weather clears. If this is not possible, proceed with caution and keep your radio tuned to a local station for ongoing weather advisories. (Note: Watch for black ice at temperatures between +4°C and -4°C, where the road surface ahead looks black and shiny. It is often found on shaded areas of the road, bridges and overpasses long after the sun has come out.)
4. Pack an emergency kit. This should include a shovel, extra windshield washer fluid, sand or kitty litter, fuel line antifreeze, a thermal blanket, extra clothing and footwear and a first-aid kit. It is also a good idea to include water bottles, an extra supply of any necessary medications and an emergency food pack in the event you get stranded. (Pack foods that are filling but don’t require preparation such as sandwiches, fruit, energy bars, or a thermos of hearty soup or stew.)
5. Learn and practice winter driving techniques before you need them. In bad weather be sure to put more distance between you and the vehicle in front of you.
6. See and be seen. For better visibility, clear all snow from your vehicle before setting out. This includes the hood, roof, bumper and lights.
7. Be alert and well rested before starting out on any road trip. Give yourself extra travel time in bad weather and whenever possible, don’t travel alone. And try to plan your trip so you avoid driving at night.
8. If the roads are slippery, avoid using overdrive and cruise control. Slow down, and, as always, make sure your seat belt is secure. Also, once you’re on the road, keep a close eye on your gas gauge; it’s best not to let your tank get below half full.
9. Travel with a fully charged cell phone (and don’t forget the vehicle cell phone charger.) Remember it’s not safe to talk and drive at the same time, especially when navigating slippery roads. Let someone with you make the call, or pull over to a safe spot to place a call.
10. If you do become stranded, it’s best to stay in your vehicle and keep warm while you wait for help. Experts say to run the car for 10 minutes each hour to warm it. Be careful, however, about carbon monoxide poisoning — check your exhaust pipe and clear away snow, ice, or anything that might be blocking it. As an extra precaution you may want to keep the windows open a crack to avoid poisoning.
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Modern Windermere Condo $289,999
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Posted on
January 15, 2019
by
Graham Ogden
Courtesy of Michelle Lapierre
Mortgage Tailors
michelle@mortgagetailors.com
What Is The Impact of Increasing Rates?
The story of 2018 was one of increasing interest rates and a tighter lending environment. I was recently asked - how much are buyers impacted if rates continue to move up? Your maximum mortgage is determined by two calculations. The first, called GDS (Gross Debt Service) is the percentage of your gross income going towards your housing costs, including the mortgage payment, property...
Posted on
December 24, 2018
by
Graham Ogden
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Seasons Greetings
To all my clients, colleagues, and business partners:
I would like to take this opportunity to wish everyone a wonderful holiday season. 2018 has been an outstanding year both personally and professionally. My wife and I continue to be grateful for a happy, active and healthy family.
It has been over 9 years since I was recruited by RE/MAX, and am pleased to say it has been beneficial to both me and clients. RE/MAX's market presence and additional resources ensure that my clients receive an unparalleled Real Estate experience. I remain committed to ensuring you have the most timely information, relevant resources and best team so you can buy or sell with confidence. Of course, it doesn’t happen without your trust and confidence in me. For this I am so grateful!
Thank you for your business, referrals and loyalty in 2018. I look forward to serving you in 2019.
Warmest wishes for the upcoming year.
Sincerely,
Graham Ogden – RE/MAX RIVER CITY
The right advice for buying or selling with confidence.
2018 New Years Eve Events in Edmonton
New Year's Eve Downtown Edmonton - Join the fun inside the Federal Building for actvities the whole family can enjoy, live music, roving performers, games, latern-making, a brand new light installation, and more! The celebration continues outdoors on the Capital Plaze with main stage performances featuring the band Rule of Nines, ice carving, fire pits and bannock-making. Details
Strathconan County New Year's Eve Festival - Say good-bye to 2018 with family on New Year's Eve with lots of activities including ice skating, ice slide, shinny hockey, face painting, contact juggling, games and crafts, sleigh rides and more! Details
Family Fest - Stony Plain New Year's Eve - Family Fest is the community's annual New Year's Eve celebration. Activities include live entertainment, hotdogs, popcorn and hot chocolate, kid's games and crafts, outdoor skating, horse drawn wagon rides, fireworks and more! Details
St. Albert New Year's Eve Fireworks - Bring your whole family and join us as we welcome 2019! Details
World Water Park's Family Beach Ball - Start the year off right at the annual New Year's Eve Family Beach Ball, presented by World Waterpark. Celebrate with family and friends in a tropical environment, splashing in the world's largest indoor wave pool and speeding down waterslides. The night will end with a bang and a one-or-a-kind indoor fireworks display. Details
BCL Family Friendly NYE Party - On New Year's Eve night come join in our community celebration with dinner, dancing, games, a photobooth, fireworks and more! Details
North Millbourne Community League NYE - Sleigh rides, fireworks, snow shoeing, kick sleds, fire barrels and more. Details
Countdown at the Conservatory - Come celebrate the end of 2018 and start of 2019 at the Muttart in style! There will be hourly countdowns during the event hours, where we'll celebrate the New Year with a cup of punch and a cupcake! Crafts, planting and a while lot of fun awaits those that don't want to wait until midnight to celebrate the New Year! Details
New Year's Eve at Fort Edmonton Park - Join us for a New Year's Eve experience you're not soon to forget! You'll enjoy and enchanting and elegant meal with loved ones, featuring a festive setting and the sounds of a violin playing in the background as you enjoy each other's company. The Hotel Selkirk's vintage and classy vibes serve as the perfect retreat for friends and family to gather, reminisce, and look forward to what 2019 has to bring. Details
Noon Year's Eve - Join us at the Science Demo Stage for 12:00PM sharp when we celebrate Noon Year's Eve with a bang! We'll ring in the "noon year" with a countdown and never-before-seen Noon Year's Eve science demostration, featuring TWOSE'S own version of fireworks! Why wait until midnight to ring in the New Year, when you can celebrate All Day! Details
New Year's Eve Gala - Hosted by Portuguese Canadian Multiculural Society. Dj playing today's top hits and the most popular Portuguese and Latin music. Party favors, royal buffet dinner, door prizes, private children's play room featuring various children's movies, entrance security and special room rates for party guests. Details
Minutes to Midnight 2019 New Year's Eve Gala - Make plans to ring in your New Year at the beautiful banquet dinner buffet and complimentary wine and champagne, live band, unforgettable midnight celebration, dance party, a lot of entertainment, fun party activities for all, professional pictures taken, New Year's gifts and door prizes! Details
Edmonton International New Year's Eve Gala - A spectacular evening of food, fun and entertainment at the Fantasyland Hotel. In support of the Stollery Children's Hospital Foundation. One of the Top 10 New Year's Eve events in Canada. Entertainment includes circus variety shows performed by former members of Cirque Du Soleil. Experience an unforgettable evening of unparalleled entertainement at this highly exclusive event with many beautiful, highly unique acts and captivating displays of contortion and aerial acrobatics. Detials
Murder Mystery Dinner & Dance - Ring in the New Year with a little...murder! Includes: New Year's Eve themed Murder Mystery during cocktails and dinner with seven professional actors dispersed amongst the guests incognito until...all hell brakes loose. Prize for winning solution. Details
NYE at the Fairmont Hotel MacDonald - New Year's Eve will be here before you know it. Celebrate in style with a party like no other we have ever thrown at the Hotel MacDonals. Details
Teatro New Year's Eve - There'll be elegant amusements and celebratory music, and a special premiere offering by Stewart Lemoine - a small play with a very large cast! Plus snacks at intermission, and everybody's favourite Varsconan New Year's tradition...Celebrity Musical Chairs! Details
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Modern Windermere Condo $289,999
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Close to Mill Creek Ravine $428,000
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Posted on
December 8, 2018
by
Graham Ogden
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Edmonton Market Report for December 2018
All Residential Sales and Prices Decrease, Inventory Up
In the Edmonton Census Metropolitan Area (CMA), the all residential unit sales decreased 9.78% month over month and decreased 10.56% year over year. Single family home unit sales are down 9.22% compared to October 2018 and down 5.66% relative to November 2017. Condominium unit sales decreased 15.86% month over month and 19.5% year over year. Month over month duplex/rowhouse unit sales increased 14.14%, and decreased 6.61% year over year. Month over month declines are typical in late Fall.
New listings and active inventory are down compared to October 2018. Listings decreased 15.38% and inventory decreased 2.00% month over month. When compared to November 2017, both categories were up. New listings increased 9.97% and inventory increased 9.86% year over year.
“Compared to 2017, listings and inventory are increasing, which means there is plenty for buyers to choose from this year,” says REALTORS® Association of Edmonton Chair Darcy Torhjelm. “As we close out the year, average prices are decreasing slightly, likely due to the slower winter sales season and higher inventory levels, so sellers will need to be patient and flexible when it comes time to negotiate.”
Average prices declined in the month of November. The average selling price of a single family home is $421,715, a decrease of 0.97% month over month and a decrease of 4.55% year over year. Condominium average prices also decreased 1.29% month over month and 6.07% year over year. Duplex/rowhouses average prices increased 4.11% compared to October 2018, and decreased 3.36% relative to November 2017.
The average days on market for single family homes increased to 66 days, increasing by four days compared to October 2018 and seven days compared to November 2017. Condominiums sold on average in 80 days, eight days longer compared to October 2018 and four days longer relative to November 2017. Average days on market for duplex/rowhouses increased to 71, growing from 66 in October 2018 and 59 days in November 2017.
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Modern Windermere Condo $289,999
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Close to Mill Creek Ravine $438,000
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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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