- The CMHC report for Edmonton is reassuring that our market is unlikely to see a major correction. While it is wise to remember that real estate is an excellent long term investment, it is good to read that a slowdown of price growth is the major CMHC prediction, rather than a major tanking of values.
- Prices remain strong in Edmonton, up 3.13% for the all residential average from last year. My experience is that there are a number of areas in the market that are seeing strong growth still, especially central, walkable areas. The outskirts seem to be slightly slower, and condos seem to be holding fairly steady, but note the big drop of 20% reduction in sales from the same time in 2014.
- Inventory is up to 6,782 properties for sale in greater Edmonton. This signals that we are overall headed toward more of a balanced market, rather than a seller's market which we have had over the last several years.
As always, my eyes are on the statistics but also on the activity I am seeing on the "front lines". Well priced homes are still selling, but now it is more important than ever to have the best marketing, the best strategy and the best advice when it comes to selling or buying.
Questions? Thinking of buying or selling? I am here to help.
Edmonton, May 4, 2015: Canadian Home and Mortgage Corporation (CMHC) released the Updated Results of its House Price Analysis and Assessment Framework for Canada and 12 Markets last week. The report focused on housing market risk factors such as overheating, acceleration in house prices, overvaluation, and overbuilding. Their conclusion about the Edmonton market was that it presented a low risk in all these factors.
|April 2015||M/M % Change||Y/Y % Change|
|SFD2 average3 selling price – month||$438,641||-0.05%||2.39%|
|SFD median4 selling price – month||$410,000||-0.61%||2.24%|
|Condominium average selling price||$252,935||1.24%||0.21%|
|Condominium median selling price||$235,000||1.29%||0.00%|
|All-residential5 average selling price||$377,270||1.14%||3.13%|
|All-residential median selling price||$359,000||-0.28%||2.57%|
|# residential listings this month||3,298||4.63%||10.78%|
|# residential sales this month||1,597||9.91%||-13.02%|
|# residential inventory at month end||6,784||14.13%||38.17%|
|# Total MLS® System sales this month||2,082||12.18%||-21.14%|
|$ Value Total residential sales this month||$673 million||12.90%||-18.83%|
|$ Value of total MLS® System sales – month||$792 million||13.34%||-19.22%|
|$ Value of total MLS® System sales - YTD||$2.4 billion||53.48%||-14.55%|
1 Census Metropolitan Area (Edmonton and surrounding municipalities)
2 Single Family Dwelling
3 The total value of sales in a category divided by the number of properties sold
4 The middle figure in a list of all sales prices
5 Residential includes SFD, condos and duplex/row houses.
6 Includes residential, rural and commercial sales
3 Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area. Prior period sales figures have been adjusted to include late reported sales and cancellations and therefore reflect a more accurate view of the period than previously reported at month end. The RAE trading area includes communities beyond the CMA (Census Metropolitan Area) and therefore average and median prices may include sold properties outside the CMA. For information on a specific area, contact your local REALTOR®.