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Edmonton, AB Real Estate News

By Jason Thomas
(Royal LePage Summit)
  Aldergrove is a desirable area in the west end of Edmonton. The days on market for Aldergrove mirror the overall Edmonton market. Aldergrove is a more affordable area on average than the overall Edmonton market. Data is based on the last 90 days (as of December 21, 2010).  For more detailed statistics or a comparable market analysis please don't hesitate to contact me.
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By Jason Thomas
(Royal LePage Summit)
    Data is based on the last 90 days (as of December 21, 2010).  For more detailed statistics or a comparable market analysis please don't hesitate to contact me.
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By Todd and Danielle Millar, Nineteen years of excellence!
(Glenn Simon Inc.)
5 Ways to Save Money This Holiday Season - EPL I've always been a huge fan of the library and now I'm a huge fan of their newsletter. It's got so much great information, recommended book and interviews with your local librarian. Great job Edmonton Public library!   This month they've given 5 ways you can cut your holiday spending:1. Make your own egg nog at home. And cookies. And gingerbread houses. Pick up the how-to guides free at your local library.2. Make your own decorations and Christmas cards at home instead of buying them at the store.3. Give loved ones a Library card for Christmas - at only $12/year for adults, you'll be helping them to save money all year. Pick up a gift card at your local branch.4. Don't rent - borrow. Music, movies, video games and of course books. EPL carri...
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By Jason Thomas
(Royal LePage Summit)
Grovenor is a shoulder area that borders some of the most expensive homes in Edmonton.  Having Glenora and Crestwood as neighbours certainly helps bring the property values up!  Over the years selling homes in Grovenor, I have enjoyed watching the area transition from one of high rental homes to one of owner occupied dwellings.  The first graph shows the average sale price per sq ft going back to the first quarter of 2009.  As you can see, the price per sq ft has been fairly steady in the $300-$340 range this year.  The average tends to bounce around a bit as there are often quarters where less than 5 homes have sold in Grovenor. The average days on market graph below shows an increase, which could indicate more of a buyer's market.  The average of 55 is almost identical to Edmonton's a...
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By Jason Thomas
(Royal LePage Summit)
Inglewood is another neighbourhood that I have done a lot of work in over the years.  I've sold many homes in this area that borders Westmount, and always enjoy the diverse age range of properties in this neighbourhood.  It has the advantage of the convenient central location plus access to the Yellowhead is only a few blocks away.   The added perk is that the average price for this area is 25% less than Westmount (approximately $100,000). I've attached a couple graphs specific to Inglewood. The first graph shows what the average sale price per square foot has been doing since the first quarter of 2009.  As you can see it has been rising for the last three quarters.  This is interesting considering that the Edmonton market has seen prices falling in that same time period.   The next gra...
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By Jason Thomas
(Royal LePage Summit)
I've sold many homes in the Calder neighbourhood over the years.  It is an affordable area of Edmonton that at one time saw a lot of CN rail employees calling it home.  Currently, new homes are being built and older homes are being renovated by first time buyers.  I thought it would be of interest to Calder residents to see what the market has been doing specific to just this area.  I've attached a couple of graphs.  One is the sales price per sq ft for detached homes and the other is a days on market graph.  The graph below shows a real drop in the most recent quarter (up to Dec 8th, 2010 data).  That is a little misleading as there were only 6 sales in this quarter.  A smaller sample size can really swing the average.  The 3rd quarter had an average of $222/sq ft.  That is still up fr...
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By Todd and Danielle Millar, Nineteen years of excellence!
(Glenn Simon Inc.)
Yesterday was Edmonton Humane Society's famous Wish Upon a Whiskers Wednesday . In the spirit of Christmas/ the holidays all cats with white markings were up for fee free adoption. We went but fell in love with a beautiful black cat so we paid but it's for a great cause!I looked at their site today and they've hit an all time adoption record of 124 animals! What a huge success. We barely made it out of there with only one new friend (some chinchillas were beckoning). "124 animals were adopted out of the Edmonton Humane Society on Wednesday, December 1 setting a new adoption record for most animals adopted in one day. 45 cats, 72 kittens, 6 dogs and 1 puppy found their forever homes.... The previous adoption record of 82 was set on December 26 (Boxing Day) in 2008."I can't find my camera...
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By Jason Thomas
(Royal LePage Summit)
There are some positive signs out there. The number of sales for November are close to the average, and the number of new listings are low versus previous Novembers.  Meanwhile, the inventory continues to come down.  The only negative is prices have slipped, although that is fairly common in the fall.  SALES: Nov 2010 1120 solds Nov 2009 1261 solds Nov 2008 891 solds  (Financial crisis period)Nov 2007 1223 solds The sales were 1120 sales. This is almost identical to the previous 3 year average of 1125. The sales were actually higher in November than in October.  That is another positive sign.NEW LISTINGS:Nov 2010 1860 new listings Nov 2009 1894 new listings Nov 2008 2036 new listings Nov 2007 2729 new listings   The new listings for the month are lower than the previous 3 year average o...
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By Todd and Danielle Millar, Nineteen years of excellence!
(Glenn Simon Inc.)
Are you scared to show your face at libraries in Edmonton because of huge fines? Today November 27th, and today only, you can take a food donation to any Edmonton Public Library and decrease your fines to a max of $25.It's a great way to reduce that nagging fine and help the Edmonton Food Bank.Go here to watch the video JUMP!
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By Todd and Danielle Millar, Nineteen years of excellence!
(Glenn Simon Inc.)
The Edmonton Real Estate Board reports that Edmonton market's key word would be stability. Although prices are the same as October 2009, meaning we've seen little appreciation in our investments, the market is moving and houses are selling. With many of our investments the fact the mortgage being paid is one of the three ways you profit. If one way falters you still have the other two:1. Cashflow2. Mortgage pay down (forced savings account)3. AppreciationThere is no huge inventory like we saw last year. As the inventory decreases prices will increase. Probably not this winter but from spring 2011. So if you want to sell you're not going to get a price that is way out of line with the market but if you want to buy you can probably find some great deals. Everybody else stay tenanted and k...
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By Todd and Danielle Millar, Nineteen years of excellence!
(Glenn Simon Inc.)
We've been locking into many of our variable rate mortgages because the rates are so incredible right now. I was offered 3.69% for a 4 year rate the other day at the TD.While riding the variable is always a good way to increase the cashflow a property produces there comes a time when you have to determine how high your variable rate threshold is. Everyone is saying mortgage rates are going to start rising. If you can withstand that then keep going with the variable.Rates like this remind me of the early 2000`s when we moved our investment focus from Winnipeg and Hamilton to Edmonton. With the lower prices and low interest rates it's a perfect time to purchase in Edmonton.
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By Todd and Danielle Millar, Nineteen years of excellence!
(Glenn Simon Inc.)
We're getting ready to have a chilly winter here in Edmonton according to the Farmer's Almanac and the local paper. One headline read "Winter fit for a devil" and a witty reader commented, "Does that mean Hell's going to freeze over?" Whatever the case, we had our first sprinkle of snow last week and it has since melted.This can be a blessing or a curse. If you have vacancies, the start of November is the big PUSH to get everything tenanted as many folks tend not to move in December, and January can be too cold and awkward to move. Imagine lugging that big screen TV up a frozen flight of stairs in minus 40 weather. Of course there are exceptions, and working with relocation services can aid in winter tenanting.If tenanting is the curse, then what is the blessing? Seller's become more mo...
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By Jason Thomas
(Royal LePage Summit)
Well the stats are out.  The sales were 1077 for October of 2010.  Comparing that to other Octobers in previous years we are a little lower than the previous 3 year average of 1312 sales. October 2010 1077 solds October 2009 1529 solds October 2008 1195 solds October 2007 1214 solds The new listings for the month are starting to taper off finally.  2269 listings in the month of October is actually lower than the previous 3 year average of 2795 listings. October 2010 2269 new listings October 2009 2109 new listings October 2008 2938 new listings October 2007 3340 new listings Inventory of properties for sale has dropped to 7698 from 8602 in September.  That is a big drop and mainly the result of properties failing to sell and coming off the market, plus the lower number of new listings h...
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By Jason Thomas
(Royal LePage Summit)
This week the market has continued to improve. As of yesterday we have sold 727 homes so far this month. Based on that pace, the projected month end number of sales would be 1073. This is far higher than the pace we are on in the first week of October (projecting only 943 sales). The bigger news is the number of new listings coming on the market has really slowed. We've listed 1,670 homes so far this month, at that pace the projected month end number of new listings would be 2465 (vs 2800 projection based on the first week of October's pace). Finally, inventory levels are slowly starting to come down. We now have 7970 homes for sale versus 8035 last week. I did another search to see how many homes are failing to sell and coming off the market for the last few months. August 2010: 1791 h...
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By Jason Thomas
(Royal LePage Summit)
Well things are getting a bit better. The sales pace is picking up a little bit. Last week we were on pace to sell only 943 homes, now we are on pace to sell 1000 (there were 452 sales in the last 14 days in the Metro Edmonton area). Another positive development is that the new listings pace has slowed. We were on pace last week to list 2800 homes this month, this week we are on pace to only list 2480 (1120 listings in the last 14 days). This is still a high number of new listings, but hopefully the slowdown continues. There are 8035 properties for sale as of October 14, 2010. 60% of this inventory is single family, 30% are condos, and the balance is made up of duplexes and other (mobiles, rowhouses etc). I have noticed more offers coming in on my listings in the past 7 days, and it def...
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By Mark Walker, We Love our Clients... They love our results.
(RE/MAX Real Estate Centre)
Housing prices in the Edmonton area remained stable as we enter the final quarter of the year. Single family dwelling prices in September mirrored prices in August and condo prices rose slightly after four months of decline. Both listings and sales declined in September as compared to a month ago. "The market seems to be resting," said Larry Westergard, president of the REALTORS® Association of Edmonton. "After the turmoil of the past couple of years and the rush to buy in the early part of the year, it seems that consumers are just sitting back and waiting to see what comes up next." There are still over 8,600 residential properties in the local inventory and buyers have lots of choice. The average* price of a single family property was up $472 and sold for $370,653 in September. Condo...
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By Jason Thomas
(Royal LePage Summit)
Well September wasn't much different then August.  We saw 1187 sales in September (1285 in August) and there were 2668 new listings in September (2708 in August).  So the supply continues to outpace the demand.  Our listing inventory actually did fall in September from 8822 to 8607 properties for sale.  That certainly wasn't due to sales, it was due to sellers taking their homes off the market.  I hear a lot of people saying that they will take their home off now, and then put it back on in the spring of 2011.  The only problem with this theory, is that was what everybody did in the fall/winter of 2007.  Our inventory built up in the spring of 2008 to a peak of 11,006 homes for sale which was a huge oversupply.  It is hard to predict what is going to happen at any time, but I'm pretty c...
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By Todd and Danielle Millar, Nineteen years of excellence!
(Glenn Simon Inc.)
I've done a lot of ad posting for rentals in the last six month and the worst thing you can do besides not knowing your price is not putting up great pictures. If they look bad, under-lit or just messy you won't get the tenants you want.I found a great article from the Canadian Real Estate Magazine on getting the premium price for a premium property. I dare say these tips would help you get the price you want for anything you've been trying to sell.Basically if you don't....*Price it right*Show it in a great light (great photos)*Fix what matters - know what improvements have the biggest payout* Advertise where your buyers are... you're not going to sell for the price you want. You can read a portion of the article here or get the whole piece in October's issue of Canadian Real Estate M...
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By Mark Walker, We Love our Clients... They love our results.
(RE/MAX Real Estate Centre)
Investing in Edmonton Real Estate is a good way to make money and build up your net worth. It is a very safe option of getting rich over the long term, as real estate values generally increase over time. However, returns are not very fast and you have to wait for considerable time before you make substantial money from real estate. To make the most of your investment into real estate, follow the six simple rules below. 1. Use Your Expertise and Knowledge When purchasing investment property, look into your areas expertise and knowledge. Do you know about vacation homes, single-family homes, multi-family buildings, or commercial properties? You should know how and when to sell the property to earn the highest returns. If you are unaware of all rules and regulations relating to that prope...
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By Jason Thomas
(Royal LePage Summit)
Well high inventory levels continue to be the story the latter half of this year.  We are now at 8822 homes for sale in the Metro Edmonton market.  This is down only marginally from July's 8892.  Normally we see the inventory fall as we go into the fall.  This year things are different.  So what is going on?  It is actually a combination of two things.  The sales were very low, we only saw 1195 homes sold in August.  In the last 4 years, we've averaged 1635 sales for August.   The other stat that jumps out is the increase in new listings in August.  Normally we see about 1582 new listings (average of previous 4 years for August), in August this year we saw 2700 new listings.  That is why our inventory has crested but not started to fall.  How is this impacting prices?  Well they are sta...
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