To view and search all MLS listed homes in the Edmonton area visit us at: www.TeamLeadingEdge.ca
The Canadian housing market in 2007 set a number of MLS® sales records, and the re-sale housing market is expected to remain at near record sales levels in 2008, according to The Canadian Real Estate Association.
Annual residential MLS® sales activity totaled 520,747 units in 2007, up 7.6 per cent from 2006 levels. This was the largest annual sales growth since 2002, and the first time transactions via the MLS® systems of real estate boards in Canada have surpassed 500,000 units sold in one year.
“The results in 2007 show the strength and the affordability of the Canadian residential market,” says CREA President Ann Bosley. “The statistics again show just how different the housing markets are in Canada and the United States. Canadian REALTORS® know that Canadian mortgage lenders correctly see that home prices will continue rising. We know there is still strong competition for mortgage business in Canada.”
The REALTORS® Association of Edmonton president Marc Perras echoes the national association’s confidence. “Residential sales through the MLS® have set records at over 20,000 units per year in the past two years. Local REALTORS® expect that sales will remain strong even as prices increase slowly through the year.”
Three key economic ingredients will keep Canada’s housing market on a different track from the United States. One is consumer confidence, the second is employment, and third is affordable interest rates. The Bank of Canada cut interest rates on January 22nd because of weaker prospects for Canadian economic growth in 2008. “Those lower interest rates will also help temper the erosion in housing affordability due to additional home price increases,” Bosley added. The Bank of Canada is expected to cut its trend-setting rate again in March.
Despite the weaker prospects for Canadian economic growth in 2008, the Conference Board of Canada anticipates that Edmonton’s growth rate will be higher than the national average at four percent. Low unemployment and the availability of local jobs will promote in-migration and create a housing demand that will offset the rising prices.
CREA’s Chief Economist Gregory Klump says that the Canadian housing market in 2008 will pull back from the breakneck pace set in 2007, but this is still forecast to be the second-busiest year on record in almost all provinces, with residential unit sales reaching an estimated 512,705 units.
According to CREA’s Chief Economist, a larger supply of listings will be one of the balancing influences in 2008. New listings are forecast to rise in all provinces except Alberta, where they’re expected to retreat after spiking in late 2007.
There were over 7,000 homes (including condominiums and townhouses) available on the Edmonton-based MLS® on December 31, 2007.
“The challenge for the Canadian housing market will be the extent to which employment and consumer confidence may be affected by a slowdown in the U.S. economy,” Ann Bosley adds. “Slower job growth, not massive layoffs, is forecast for Canada in 2008,”
CREA’s Chief Economist Gregory Klump adds. “Consumer confidence may be sideswiped by stock market volatility, and reports that chances of a U.S. economic recession will put the brakes on the Canadian economy. With slower job growth, a low unemployment rate and the absence of widespread layoffs, consumer confidence will bounce back. The domestic economy and the housing market will weather the sub-prime fallout with the help of lower interest rates.”
Source: Realtors Association of Edmonton
Thursday, January 31, 2008
Monday, January 21, 2008
Edmonton Real Estate Statistic Ending Jan. 18, 2008
To view and search all MLS listed homes in the Edmonton area visit us at:
www.TeamLeadingEdge.ca
Currently in the Edmonton area there are 9,328 residential homes listed for sale. However there are only 4,586 listed in Edmonton proper. In the last 30 days we have seen 664 sales. That gives us a listings to sales ratio of 6.90 to 1. That ratio is still high and I would expect continued downward pressure on prices.
I am however seeing increased activity which is positive and hopefully we can get back to a 4 to 1 ratio where we have a balanced and neutral market.
www.TeamLeadingEdge.ca
Currently in the Edmonton area there are 9,328 residential homes listed for sale. However there are only 4,586 listed in Edmonton proper. In the last 30 days we have seen 664 sales. That gives us a listings to sales ratio of 6.90 to 1. That ratio is still high and I would expect continued downward pressure on prices.
I am however seeing increased activity which is positive and hopefully we can get back to a 4 to 1 ratio where we have a balanced and neutral market.
Wednesday, January 16, 2008
Edmonton Economic Outlook - Part One
To view and search all MLS listed homes in the Edmonton area visit us at: www.TeamLeadingEdge.ca
The economic outlook for Alberta looks very bright, and it looks like we will be isolated from any recession that might be experienced by the rest of North America. This will be driven by the strong oil and gas industry here in Alberta.
If Alberta was an independent country on a per capital basis the Edmonton - Calgary corridor would today be the world’s #1 economy.
Over $200 billion has already been committed to be spent in our service area by the following companies:
• Canadian Natural Resources
• Suncor Energy
• Shell Canada/Chevron
• Syncrude Canada
• ConocoPhillips Canada
• Alberta Infrastructure & Transportation
• OPTI Canada/Nexen Inc.
• SynEnCo Energy
• Petro-Canada Oil & Gas
• North West Upgrading
It is expected that Ft. McMurray will require an additional 400,000 workers in the next 10 years. Many of those workers will be living here in Edmonton and contributing to our local economy directly.
Lets not forget that 2 new oil and gas refineries, and one new upgrader are going to start construction in the next 5 years here between Edmonton and Red Water. That alone could be responsible for a significant boom here in Edmonton.
The economic outlook for Alberta looks very bright, and it looks like we will be isolated from any recession that might be experienced by the rest of North America. This will be driven by the strong oil and gas industry here in Alberta.
If Alberta was an independent country on a per capital basis the Edmonton - Calgary corridor would today be the world’s #1 economy.
Over $200 billion has already been committed to be spent in our service area by the following companies:
• Canadian Natural Resources
• Suncor Energy
• Shell Canada/Chevron
• Syncrude Canada
• ConocoPhillips Canada
• Alberta Infrastructure & Transportation
• OPTI Canada/Nexen Inc.
• SynEnCo Energy
• Petro-Canada Oil & Gas
• North West Upgrading
It is expected that Ft. McMurray will require an additional 400,000 workers in the next 10 years. Many of those workers will be living here in Edmonton and contributing to our local economy directly.
Lets not forget that 2 new oil and gas refineries, and one new upgrader are going to start construction in the next 5 years here between Edmonton and Red Water. That alone could be responsible for a significant boom here in Edmonton.
Saturday, January 12, 2008
Edmonton Real Estate Statistics ending Jan 10, 2008
To view and search all MLS listed homes in the Edmonton area please visit us at: www.TeamLeadingEdge.ca
As of this morning on the Edmonton Real Estate Board we had a total of 8,789 residential properties listed, of which 4,410 were residential single family, 2,171 were condominiums, and 752 were acrages.
However, there were only 2,581 single family dwellings in Edmonton proper and in the last 30 days we have had 370 sales. That give us a listing to sales ratio of 6.98 to 1.
With a ratio that high I expect continued downward pressure on prices.
As of this morning on the Edmonton Real Estate Board we had a total of 8,789 residential properties listed, of which 4,410 were residential single family, 2,171 were condominiums, and 752 were acrages.
However, there were only 2,581 single family dwellings in Edmonton proper and in the last 30 days we have had 370 sales. That give us a listing to sales ratio of 6.98 to 1.
With a ratio that high I expect continued downward pressure on prices.
Wednesday, January 9, 2008
Radiant floor heating
To view and search all MLS listed homes in the Edmonton area visit us at: www.TeamLeadingEdge.ca
Stone or ceramic floors look great, but they sure can be cold on the feet! The solution? Radiant floor heating.
Very popular in Europe, floor heating arrived in Canada some years back. Like the sun, it works by radiating heat. Unlike convection heating (electric baseboards, for example), radiant floor heating warms objects in the room (walls, floor, bath-tub) rather than the air. Once they are warmed, the objects themselves raise the room temperature. Radiant heating operates at a temperature that is never higher than that of the human body. It releases heat slowly, so it should not be turned off every time you go out for a few hours and can be left on throughout the winter.
Even heat is obtained by setting a thermostat connected to a sensor that measures the temperature between your floor covering and the subfloor (usually plywood or cement), where a very thin, winding heating cable is located. This cable heats the floor covering. The length of the cable varies depending on the heat-conducting properties of the floor, the heat loss in the room and the amount of space available for installing the cable. (It cannot be run underneath the bathtub or the cabinets.) Generally, a heating cable generates eight to 12 watts per square foot.This system can be used in conjunction with a baseboard heater, but it cannot be installed under wood flooring, as the wood might dry out and crack. To avoid unpleasant surprises, get an electrician to do the work.
The cost? It depends on the size of the room, but the greater the surface to be heated, the lower the cost per square foot. For example, the system could cost anywhere from $500 to $600 for a 50-square-foot bathroom. A solarium of 100 square-feet will cost between $600 and $900. However, your electricity bill should not increase. Love to have a radiant-heating system throughout the house? During your home's construction, you can have ceiling-mounted radiant panels installed (a cable is already integrated.) Or, you can opt for a "hydronic" or hot-water system, in which a plumber installs pipes under the floor.
To heat a house of 2,500 square-feet with a radiant-panel system, bank on spending between $8,000 and $9,300. A hot-water system will cost around $10,000 - $15,000 if you opt for a high-efficiency boiler. Uncoupling membraneMake sure an uncoupling membrane is laid between the heating cables and the floor covering, a step that many contractors disregard. "It provides more even heat, but more importantly, if there's a problem, the ceramic floor covering can be pulled up without damaging the heating cables," explains Leslie Szekely, a technical advisor with Ciot. The expense will be well worth it down the line!Hot-water heatIn homes with a hydronic heating system, the floor is warmed by small pipes instead of electric cables.
Source: Maryse Guénette of Option Consommateurs News (styleathome.com)
Stone or ceramic floors look great, but they sure can be cold on the feet! The solution? Radiant floor heating.
Very popular in Europe, floor heating arrived in Canada some years back. Like the sun, it works by radiating heat. Unlike convection heating (electric baseboards, for example), radiant floor heating warms objects in the room (walls, floor, bath-tub) rather than the air. Once they are warmed, the objects themselves raise the room temperature. Radiant heating operates at a temperature that is never higher than that of the human body. It releases heat slowly, so it should not be turned off every time you go out for a few hours and can be left on throughout the winter.
Even heat is obtained by setting a thermostat connected to a sensor that measures the temperature between your floor covering and the subfloor (usually plywood or cement), where a very thin, winding heating cable is located. This cable heats the floor covering. The length of the cable varies depending on the heat-conducting properties of the floor, the heat loss in the room and the amount of space available for installing the cable. (It cannot be run underneath the bathtub or the cabinets.) Generally, a heating cable generates eight to 12 watts per square foot.This system can be used in conjunction with a baseboard heater, but it cannot be installed under wood flooring, as the wood might dry out and crack. To avoid unpleasant surprises, get an electrician to do the work.
The cost? It depends on the size of the room, but the greater the surface to be heated, the lower the cost per square foot. For example, the system could cost anywhere from $500 to $600 for a 50-square-foot bathroom. A solarium of 100 square-feet will cost between $600 and $900. However, your electricity bill should not increase. Love to have a radiant-heating system throughout the house? During your home's construction, you can have ceiling-mounted radiant panels installed (a cable is already integrated.) Or, you can opt for a "hydronic" or hot-water system, in which a plumber installs pipes under the floor.
To heat a house of 2,500 square-feet with a radiant-panel system, bank on spending between $8,000 and $9,300. A hot-water system will cost around $10,000 - $15,000 if you opt for a high-efficiency boiler. Uncoupling membraneMake sure an uncoupling membrane is laid between the heating cables and the floor covering, a step that many contractors disregard. "It provides more even heat, but more importantly, if there's a problem, the ceramic floor covering can be pulled up without damaging the heating cables," explains Leslie Szekely, a technical advisor with Ciot. The expense will be well worth it down the line!Hot-water heatIn homes with a hydronic heating system, the floor is warmed by small pipes instead of electric cables.
Source: Maryse Guénette of Option Consommateurs News (styleathome.com)
Monday, January 7, 2008
Edmonton Real Estate statistics ending Jan 04, 2008
To view and search all MLS listed homes in the Edmonton area visit us at: www.TeamLeadingEdge.ca
Checking the my website this afternoon there were 8,521 homes listed on the Edmonton Real Estate Boards MLS system.
However there was only 4,207 listing in Edmonton proper on Friday with 608 sales in the last 30 days. That gives us a listing to sales ratio of 6.92/1. With that high of a ratio I would expect that there will be continued downward pressure on housing prices in the short term.
Checking the my website this afternoon there were 8,521 homes listed on the Edmonton Real Estate Boards MLS system.
However there was only 4,207 listing in Edmonton proper on Friday with 608 sales in the last 30 days. That gives us a listing to sales ratio of 6.92/1. With that high of a ratio I would expect that there will be continued downward pressure on housing prices in the short term.
Thursday, January 3, 2008
Edmonton MLS® Price Comparison 2006 - 2007
MLS® Price Comparison 2006 - 2007
Type /December 2006 /December 2007 /Peak Price /Peak Date
SFD /$341,933 /$382,022 /$426,028 /May
Condo /$227,428 /$253,270 /$271,908 /July
Duplex/Rowhouse /$295,178 / $306,967 /$367,964 / Oct
All Residential /$294,155 /$329,705 /$354,718 /July
Type /December 2006 /December 2007 /Peak Price /Peak Date
SFD /$341,933 /$382,022 /$426,028 /May
Condo /$227,428 /$253,270 /$271,908 /July
Duplex/Rowhouse /$295,178 / $306,967 /$367,964 / Oct
All Residential /$294,155 /$329,705 /$354,718 /July
2007 Housing Year a Roller-Coaster
Edmonton, January 3, 2007: In the beginning of 2007 housing prices continued to climb just like the year before but by mid-year the market had turned and prices cooled as the housing inventory quadrupled. Year end figures released by the REALTORS® Association of Edmonton reveal the largest swings ever experienced in the local market. Despite the roller-coaster-like rises and falls, the market still ended up 12% ahead of last year’s prices.
“REALTORS® were assisting sellers to handle multiple offers and unbelievable short sales periods for the first half of the year,” said Carolyn Pratt, President of the REALTORS® Association. “The summer it was a buyers market with ten homes available for every buyer.” The sudden changes in market conditions made both buyers and sellers anxious and increased their dependence on solid market advice from their REALTOR®. “Now the market seems to have stabilized and returned to what we call normal,” said Pratt.
PRICES
Single family dwellings listed on the Multiple Listing Service® which sold on January 1 for $341,933 on average* were priced at $382,022 at the end of December. Although 11.7% higher than a year ago the December prices were off 11.5% from the peak prices in May. December prices were 1.5% higher than November 2007.
Condominiums on MLS® sold on average for $253,270 in December after starting the year at $227,428. They peaked in July at $271,908. Condo prices were also up 11.4% over the year and up 0.4% from last month. Duplex/rowhouse prices jumped 4.0% from $295,178 last December to $306,967 in December 2007. Duplex/rowhouse prices peaked in October at $367.964. Despite price decreases in the last few months, year-over-year prices were up. The average residential sales price (which includes all types of residential property) was up 1.5% from last month at $329,705 and up 12.1% when compared to last December prices.
SALES
“The rapidly increases in housing costs forced more first-time buyers to consider the lower priced condominiums,” said Pratt. “As a result there has been a continuous increase in condominium sales in the past five years.” Total condo sales of 7,157 units in 2007 were up 6% from 2006 when 6,761 units were sold.
At the same time Single Family Dwelling sales on 2007 dropped back to 11,765 units sold. Sales of SFDS were higher in each of the past three years. SFDs now represent 69% of total residential sales as compared to 27% (up from 23% last year) for condos.
Total sales (including residential, commercial and rural sales) through the MLS® in 2008 were 23,333 units with a value of over $8.2 billion (up from $6.6 billion in 2006).
In December the residential sales to listing ratio was 62% with 1,388 listings and 857 sales. For the year there were 41,030 residential listings with 20,544 sales for a S/L ratio of just 50%. The average days-on-market at the end of December was 56 days with 7,094 residential units in inventory in the wider Edmonton market.
Despite the wildly dynamic nature of the market in the past 24 months, the number of REALTORS® (i.e. members of the Association) increased through the year from 3,104 to 3,241 which indicates some optimism in the market potential.
* Average prices indicate market trends only. They do not reflect actual prices, which may vary.
“REALTORS® were assisting sellers to handle multiple offers and unbelievable short sales periods for the first half of the year,” said Carolyn Pratt, President of the REALTORS® Association. “The summer it was a buyers market with ten homes available for every buyer.” The sudden changes in market conditions made both buyers and sellers anxious and increased their dependence on solid market advice from their REALTOR®. “Now the market seems to have stabilized and returned to what we call normal,” said Pratt.
PRICES
Single family dwellings listed on the Multiple Listing Service® which sold on January 1 for $341,933 on average* were priced at $382,022 at the end of December. Although 11.7% higher than a year ago the December prices were off 11.5% from the peak prices in May. December prices were 1.5% higher than November 2007.
Condominiums on MLS® sold on average for $253,270 in December after starting the year at $227,428. They peaked in July at $271,908. Condo prices were also up 11.4% over the year and up 0.4% from last month. Duplex/rowhouse prices jumped 4.0% from $295,178 last December to $306,967 in December 2007. Duplex/rowhouse prices peaked in October at $367.964. Despite price decreases in the last few months, year-over-year prices were up. The average residential sales price (which includes all types of residential property) was up 1.5% from last month at $329,705 and up 12.1% when compared to last December prices.
SALES
“The rapidly increases in housing costs forced more first-time buyers to consider the lower priced condominiums,” said Pratt. “As a result there has been a continuous increase in condominium sales in the past five years.” Total condo sales of 7,157 units in 2007 were up 6% from 2006 when 6,761 units were sold.
At the same time Single Family Dwelling sales on 2007 dropped back to 11,765 units sold. Sales of SFDS were higher in each of the past three years. SFDs now represent 69% of total residential sales as compared to 27% (up from 23% last year) for condos.
Total sales (including residential, commercial and rural sales) through the MLS® in 2008 were 23,333 units with a value of over $8.2 billion (up from $6.6 billion in 2006).
In December the residential sales to listing ratio was 62% with 1,388 listings and 857 sales. For the year there were 41,030 residential listings with 20,544 sales for a S/L ratio of just 50%. The average days-on-market at the end of December was 56 days with 7,094 residential units in inventory in the wider Edmonton market.
Despite the wildly dynamic nature of the market in the past 24 months, the number of REALTORS® (i.e. members of the Association) increased through the year from 3,104 to 3,241 which indicates some optimism in the market potential.
* Average prices indicate market trends only. They do not reflect actual prices, which may vary.
Wednesday, January 2, 2008
Housing Starts Decline in November
To view and search all mls listed homes visit us at: www.TeamLeadingEdge.ca
According to Canada Mortgage and Housing Corporation...
Total housing starts across the Capital
region declined in November
compared with an exceptional
performance reported in the same
month last year. Housing starts within
the Edmonton Census Metropolitan
Area (CMA) totalled 1,091 units in
November, representing a 42 per
cent decline from November 2006.
To view complete report click onto the following link: http://www.cmhc-schl.gc.ca/odpub/esub/64171/64171_2007_M12.pdf
According to Canada Mortgage and Housing Corporation...
Total housing starts across the Capital
region declined in November
compared with an exceptional
performance reported in the same
month last year. Housing starts within
the Edmonton Census Metropolitan
Area (CMA) totalled 1,091 units in
November, representing a 42 per
cent decline from November 2006.
To view complete report click onto the following link: http://www.cmhc-schl.gc.ca/odpub/esub/64171/64171_2007_M12.pdf
Subscribe to:
Posts (Atom)
