Posted on
December 9, 2020
by
Graham Ogden
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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.
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Posted on
April 27, 2020
by
Graham Ogden
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Spring Yard Clean Up
It makes sense why you typically focus your spring cleaning efforts on the inside of your house: More often than not, the start of the season is still too cold to spend hours outdoors. But you don't want to rush to get your backyard ready for the summer and completely miss out on spring planting season. That means that as soon as the last frost hits and the temperatures stay above freezing, you should get ahead on your spring yard clean up.
Since tackling your entire house and yard at once can be overwhelming, take things one step at a time by following this checklist.
Lawn - Your lawn is the first place you should start. Once the last of the snow is gone, survey your yard for any for any trouble spots and then tackle problems head-on with these tips and tricks:
- If heavy traffic and pet messes have ruined your grass, sprinkle soil over the area with a combination of grass seed and fertilizer. Keep dirt moist until the seeds sprout into grass.
- Remove any debris cluttering your lawn: Pick up any fallen branches or twigs, clean leftover pet messes, and rake leaves when the ground is completely dry. (FYI, raking over wet grass can tear grass from the roots, leaving you with even more bare patches.) Instead of bagging up leaves and twigs, use them as the foundation for a compost pile.
Trees, Shrubs & Perennials - Give your plants a solid foundation to build upon by clipping away any dead, dying, or diseased branches. While you're at it, cut back any branches that are encroaching on walkways or high-traffic areas, so they don't get accidentally broken off during the spring and summer months. Not only will this make your backyard more inviting, but it'll also allow more sunlight and air to reach the center of trees and shrubs.
Not all plants are created equal, so follow this handy pruning guide to make sure you treat yours right:
- Ornamental Grasses: Tie the tops of the grasses for quick and easy cutting, and then snip as close to the ground as possible.
- Semi-woody Perennials: Cut back butterfly bushes and Russian sage to about 4 inches tall.
- Broad-leaved Evergreens: Prune any injured foliage from evergreens like boxwood or holly firethorn. Wait until early summer to hedge.
- Flowering trees: Before roses and hydrangeas fully bloom, remove dead, damaged, or crowded stems, and shape or cut back as desired.
Garden Beds - Flowers need room to grow, so it's important that you clear garden beds of fallen leaves, dead foliage, and unruly weeds before spring is in full swing. Not sure when it's time to get to work? Start raking fallen leaves and digging up dead plants as soon as the soil has thawed and the last frost has passed. Then, overhaul your garden beds by following these tips:
- Dig up perennials, including daylilies and hostas, and divide them into three-stem groupings. Use them to fill in any sparse spots in the garden bed.
- Shovel out last year's mulch to provide a blank slate for a new layer, which should be added once spring planting is complete.
- Want to add more plant beds this year? Use a tiller to break new ground, or build raised beds to make a bigger statement. Starting in early spring, plant trees, shrubs, and hardy perennial flowers (bleeding heart and geraniums, for example). Wait until the last frost of the season to plant annuals and tender perennials (begonias and calla lillies, to name a few).
Patio & Pathways - Before you really take advantage of your outdoor space, make sure that it's ready to entertain. Use these tips as your guide to spruce up dirty patio furniture, wooden decking, outdoor patios, or paver walkways:
- Clean Dirty Patio Furniture: If your metal and plastic outdoor furniture needs a good clean, mix a generous amount of dish liquid soap with warm water in a bucket. Then spray the furniture down with a hose. Using a nylon scrub brush, wash the chairs with the solution; then rinse thoroughly. Cut the drying time by tipping the furniture on its side in the grass to let the water drain off.
- Remove Mildew on the Deck: Moisture trapped beneath planters and debris can cause mold to grow. To remove mildew stains, mix 2 cups of liquid chlorine bleach and 2 1/2 tablespoons of powdered laundry detergent into 1 1/2 quarts of warm water. Saturate the area with the solution and allow it to set for 10 to 15 minutes. Scrub the stains with a stiff broom and rinse thoroughly.
- Refresh Wicker and Rattan Furniture: Dip a soft cloth in mild soap and water, and wipe off the furniture surface. Remove any dirt in the grooves with a toothbrush. Let the furniture dry completely in the sun before using.
- Get Rid of Mud and Grime: After clearing the patio, sweep any debris and hose down until clean. Create a mixture of one cup baking soda with two cups distilled white vinegar, and spread over the concrete patio with a mop. Let sit for 30 minutes, then use a nylon-bristled scrub brush to scrub clean.
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Walk Out Bungalow $750,000
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Walk Out Bungalow $464,900
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Large Family Home with Huge Potential $339,900
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Bungalow in Colonial Estates $360,000
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Condo in Outstanding Location $275,000
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Double Wide Mobile Home $85,000
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Posted on
April 10, 2020
by
Graham Ogden
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Edmonton Market Report for April 2020
Residential Unit Sales Down 2.6 % From This Time Last Year
Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market for March 2020 decreased 2.59% compared to March 2019 and increased 10.31% from February 2020. The number of new residential listings is down year over year, decreasing 14.01% from March 2019. New residential listings are up month over month, increasing 7.72% from February 2020. Overall inventory in the Edmonton CMA fell 12.66% from March of last year but increased 5.75% from February 2020.
For the month of March, single family home unit sales are down 2.02% from March 2019 and up 13.59% from February 2020. Condo unit sales decreased 2.04% from March 2019 and increased 1.41% from February 2020.
All residential average prices are down to $343,951, a 3.78% decrease from March 2019, and down 1.97% from February 2020. Single family homes sold for an average of $404,344, a 4.64% year-over-year decrease from March 2019, and a 5.13% decrease from February 2020. Condominiums sold for an average of $218,613, a 2.50% increase year-over-year, and prices are up 2.87% compared to February 2020. Duplex prices dropped 6.28% from March 2019, selling at $313,443, which was a 2.62% decrease from February 2020.
“The Edmonton market prices have declined in March and we saw a slight decrease in year-over-year unit sales,” says REALTORS® Association of Edmonton Chair Jennifer Lucas. “Of course, with the outbreak of a global pandemic and a hard hit to Alberta’s oil and gas sector, this type of market slowing is not surprising. There have been less sales of single family homes, condos and duplexes than in March of last year. Single family home pricing decreased 4.64%, duplexes are down 6.28%, and condos are up 2.50% year-over-year.”
Single family homes averaged 54 days on the market, a six-day decrease from last year. Condos saw an eleven-day decrease at 66 days on the market while duplexes averaged 68 days on market, a three-day increase compared to March 2019. Overall, all residential listings averaged 60 days on market, a 9.09% decrease year-over-year, and decreased by fourteen days compared to the previous month.
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Posted on
March 16, 2020
by
Graham Ogden
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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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Posted on
March 14, 2020
by
Graham Ogden
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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.
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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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