I don’t think anyone would be surprised to hear me say that the Edmonton real estate market continues to be weak, and continuing it’s downward trend.
The month of September has not been kind. So far with a couple days left in the month there has only been 332 single-family homes sold. That is a 14% drop in sales from September 2018.
Year to date we have had 3,702 in comparison to 3.953 last year. With that in mind based on the number of members of the Realtors Association of Edmonton that would equal to just one home sale per agent.
The other significant number is the average selling price, which this month has been at $362,000 a drop of 6.85% from the same time last year. But remember that average sales price is different from home valuations.
Some interesting news came out today. The bank of Canada has decide to hold their overnight interest rate at 1.4%. As you know, your variable rate mortgage, line of credit and/or student loans are all based on the Prime Rate and here is your personal update from me on the recent Bank of Canada announcement on changes to their Overnight Rate which in most cases impacts your Prime Rate.
You might have heard in the news, but we now have a new First Time Home Buyer Incentive Program that helps make owning a home more affordable! This program is specifically designed to reduce your monthly carrying costs. The Incentive enables first-time homebuyers to reduce their monthly mortgage payment, without increasing the amount that they must
The New Government of Canada First-Time Buyer Incentive Program Rolls Out Today!
As many you know the new Government of Canada First-Time Buyer incentive program rolls out today! But do you have all the information that you need to know?
More importantly do you have the answers to these questions, "Do I qualify for the program?", "Is the program right for me?", "Does the government now have a partial ownership in my home?, and "How do I participate in the program?"
You can answer all these questions by downloading this free information book. http://bit.ly/2jY63ZY
Good day everyone… Hi it is Serge here from FindMyHouse.ca and eXp Realty and this is your Edmonton Single Family Home real estate update for the week beginning Aug 19, 2019
Well as most people can feel out there we still have a weak local economy. The unemployment numbers are still very soft with really nothing to indicate that they are going to change anytime soon.
Now currently there are 4,237 active single-family homes for sale in Edmonton proper. That number has remained fairly stable ranging from 4,200 – 4,400 for the past 90 days.
In the previous 30 days 741 single-family homes sold in Edmonton. That number of sales has been on the decline since our recent peak of 906 sales in the month of June. This is a pretty normal seasonal slow
The last part of the month of August or the first part of September is a superb time to complete a full-out examination of the exterior of your Edmonton property with the goal that any vital repairs and improvements can be finished before winter time.
Make sure to check all your outside wood trim, especially around window and entryway openings. Where required, rub and paint all outside wood trim.
Uncovered wood will in the end weaken, bringing about wood decay and water spillage.
Check the caulking around entryway openings and outside window. Recaulk where you see degradation.
Supplant any harmed weather stripping to guarantee that your Edmonton house is water tight and energy adequate.
The battle lines have now been clearly drawn in our burgeoning trade fight with the United States and one of the first casualties appears to be consumer confidence.
Two key indicators of consumer confidence, released just prior to Canada imposing retaliatory tariffs on the U.S., show sharp drops.
The Conference Board of Canada’s monthly measure is based on four, forward-looking questions put to a random sample of households. Its June report registered a 4.5 point drop in consumer sentiment. Optimism was down in the responses to all four questions and sentiment sagged in every area of the country except Manitoba and Saskatchewan.
The Nanos-Bloomberg confidence poll for the week ending June 22 fell to 55.3 points, down from 57.1 the previous
Now is the perfect time to buy a home in Edmonton if you are planning to move up to a more expensive home. It is a buyer's market and valuations are going down. But that is a good thing if you are moving up. But why you may ask because your home is now worth less. Well that is the exact reason why you should move now.
Think of it this way. Let's assume that your home is worth $300,000 and the next home you want to buy is worth $500,000. Now let's assume that the market valuations have dropped 10%.
Yes your home has dropped $30,000 in value but the home you were wanting to buy has dropped $50,000. By buying now you are actually $20,000 ahead even though you sold you home for $30,000 less.
Now that the warm weather has arrived – we want to be outside enjoying it! However, mosquitoes can send us running back inside. Mosquitoes breed in standing or stagnant water by laying their eggs on the surface of the water. There are countless products available for combating mosquitoes but one way to reduce their numbers is to reduce their breeding sites. Mosquitoes roam a radius territory from their breeding site so cleaning up your property is important.
The common areas to regularly clean or possibly turn over so that they do not collect water when not being used: · buckets · children’s swimming pools or wagons · neglected birdbaths · uncovered boats · the bottom of plant pots · covers for swimming pools · wheelbarrows · sluggish drainage ditches
The Edmonton real estate market continues to be a buyers market. At this time the single family home market has a listings to sales ratio of 5.62:1 which is higher than the 4.00:1 we need for a balanced market. So there is significant downward pressure on valuations.
If you are a buyer in you in the driver’s seat allowing you to negotiate great deals.
If you are thinking about taking advantage of today’s buyers market give us a call at 780 - 995- 6520.
Come and follow the team on Twitter at @teamleadingedge. Make sure to subscribe to Team Leading Edge to get newsletters on the Edmonton Real Estate market.
Note: Remember, you can access all our available Homes For Sale in Edmonton through our Edmonton MLS Listings page.