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2023 Edmonton real estate forecast released

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The value of an average detached house in Alberta’s capital is expected to drop by roughly three per cent in 2023, as rising interest rates and the cost of living drive buyers to seek more affordable options.

That’s the big-picture forecast from the Realtors Association of Edmonton, which revealed new numbers Wednesday to a packed ballroom of real estate agents at the Edmonton Convention Centre.

After the average price of a detached home in the city hit an all-time high of $510,000 in April 2022, the market started to slow as mortgage rates, grocery prices and utilities rates rose.

“We saw a lot of crazy things happen during the pandemic that I think were completely unexpected,” explained association chair Melanie Boles.

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“All of the sudden we had people working from home, kids homeschooling, there was no travel, there was no sports. So, I mean, they were all of a sudden saving money, staying home and they needed more space.”

That drove the prices up for houses with lots of space, Boles said.

It also led to the increase of realtors in the city. Boles said there are now 4,400 association members, another record high. She said a fall in sales this year will mean tough competition for business.

“As a consumer, you definitely have options to look for in professional realtors. And I think you have to, as a realtor, have a solid business plan for how you’re going to work your market,” Boles said.

“There’s still a buyer in the market but instead of maybe looking at a detached home, they’re looking for an attached house, a rowhouse and apartment/condominium, absolutely.”

Realtors Association of Edmonton forecast for 2023:

Prices:

  • Detached homes -2.9%
  • Semi-detached -2.4%
  • Row/townhouses -1.4%
  • Apartments/condos -1.1%

Amount of sales:

  • Detached -11.8%
  • Semi-detached -9.3%
  • Row/townhouse -2.4%
  • Apartments/condos +1.3%

Lower prices and fewer sales are expected in 2023, as the market returns to pre-pandemic conditions. Boles described the situation as “stable,” especially if interest rate hikes are nearing an end.

The Bank of Canada has hiked its key interest rate seven times since March to 4.25 per cent. Economists expect at least one more bump as the central bank tries to combat decades-high inflation.

Bole said that caused the number of the homes on the market to fall at the end of last year, as owners held on during uncertainty. She believes an end to rate hikes would get the market moving again.

“I think we’ll see the market and people stabilize. They’ll get more confidence. Again, we have people in Alberta that are continuing to work and we do have one of the highest incomes levels, so that will still keep people in the market, as well as the in-migration into the province,” she stated.

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'Echo chamber thinking': Real estate forum optimistic for Downtown rebound – Edmonton Journal

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‘Echo chamber thinking’: Real estate forum optimistic for Downtown rebound  Edmonton Journal

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Nanaimo Real Estate Market Report: January 2023

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NANAIMO – Calm start to the year indicates a great time to buy

In January, 46 single-family homes sold in Nanaimo, down 33 per cent from December and 26 per cent from the previous year.

Active listings of single-family homes on the Mid-Island rose 108 per cent year-over-year, but dropped by 4 per cent from December.

The average price for a single-family home in Nanaimo was $795,527 in January, a 23 per cent drop from last year.

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In a competitive market, it is key to obtain the advice of a REALTOR®, especially in a rapidly changing environment.

These are the benchmark numbers for Nanaimo in January 2022, as well as central and northern Vancouver Island:

  • Nanaimo’s benchmark price decreased to $755,300, a 7 per cent decrease from last year.
  • Campbell River’s benchmark price for single-family homes was $647,600, a 4 per cent decrease from the previous year.
  • Comox Valley’s benchmark price decreased by 4 per cent from last year to $784,700.
  • Cowichan Valley reported a benchmark price of $745,700, an decrease of 4 per cent compared to January 2022.
  • The Parksville-Qualicum area decreased 6 per cent from the last year to $856,100.
  • Port Alberni’s benchmark decreased to $518,300, a 8 per cent decrease from last year, the largest decrease on the island.

The monthly Nanaimo Real Estate report analyzes the Vancouver Island Real Estate market north of the Malahat and more precisely, the Nanaimo and greater area. The information included here does not reflect the actual value of any particular property. You can find out what your home is worth by contacting a RE/MAX of Nanaimo’s agents here.

Looking for listings? Start browsing Nanaimo’s Real Estate listings here

Want to know more? Find more Nanaimo Real Estate Market Reports here https://nanaimonewsnow.com/nanaimo-real-estate-market-report

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Montreal home sales down 36% from January 2022: Quebec real estate association

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MONTREAL — The Quebec Professional Association of Real Estate Brokers says Montreal’s January home sales fell to a level not seen since 2009 as the market slowdown continued.
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The Quebec Professional Association of Real Estate Brokers says Montreal’s January home sales fell to a level not seen since 2009 as the market slowdown continued. A woman walks by a house for sale in Montreal, Friday, March 4, 2022. THE CANADIAN PRESS/Graham Hughes

MONTREAL — The Quebec Professional Association of Real Estate Brokers says Montreal’s January home sales fell to a level not seen since 2009 as the market slowdown continued.

The association says last month’s sales totalled 1,791, down 36 per cent from 2,816 in January 2022.

Charles Brant, the association’s market analysis director, says these numbers mean activity is approaching a historic low for the month of January and come as rising interest rates are weighing on homebuyers.

He says first-time homebuyers in particular are taking a cautious wait-and-see attitude despite recent drops in prices.

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The median price of a single-family home edged down seven per cent to $500,000 year over year, while condos dipped three per cent to $370,000 and plexes dropped six per cent to $675,000.

As median prices fell so did new listings, which hit 4,598 compared with 4,808 a year ago.

This report by The Canadian Press was first published Feb. 7, 2023.

The Canadian Press

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