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Real eState
Affordable Edmonton’s real estate looks stable and confident
Edmonton real estate is in a holding pattern.
In the last month, we have seen fixed-rate mortgages fall below the five per cent rate again. With many predicting an elevated risk of recessions in the western world, we may see more downward pressure in fixed-rate mortgage rates over the next one to three years.
Single-family homes in our region are in a balanced market with about 4.5 months of supply. Single-family homes under $500,000 are in a mild sellers’ market with about 3.5 months of supply. And condos are back into a buyers’ market with about 5.8 months of supply.
Buyers can have confidence that they are less likely to get into bidding wars with several other buyers. Bidding wars were commonplace just a few months ago.
With prices stabilizing in Edmonton, buyers can also have confidence in the sale price of their existing home.
And many buyers may opt to simply port their existing low-rate mortgage to their new home.
In terms of values, we are still higher year over year for single-family homes. Condos, however, have dropped slightly in value year over year. Our average sale price for single-family homes peaked in March at around $535,000, which was a significant jump over the average sale price of $451,000 in December of 2021.
Buyers expecting or hoping for significant drops in single-family home prices in our region moving forward will likely be disappointed.
Our prices will likely be more stable with more upward growth potential than many other areas of Canada. We did not experience the rapid growth in real estate values over the pandemic or even in the last 10 years that many other regions in Canada experienced.
Edmonton remains the most affordable major city in the nation. We are even more affordable than Winnipeg.
As a nation, we still have a housing shortage. Canada is also significantly increasing our levels of immigration, which will not only sustain demand for housing but mitigate future value corrections in many markets in Ontario and British Columbia over the next year.
It is projected that Alberta will likely lead the nation in job growth and economic growth over the foreseeable future.
Our province will continue to be an attractive and affordable region for growing families starting their real estate journeys as well as investors who are hoping for future value growth of their holdings.
Dennis Faulkner works as a realtor at Re/Max River City and holds a Bachelor of Arts degree with a major in macroeconomics. He can be contacted with your questions or a market evaluation at hello@simplyrealestate.ca.
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OTTAWA – The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down.
The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year.
On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July.
CREA senior economist Shaun Cathcart says that with forecasts of lower interest rates throughout the rest of this year and into 2025, “it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country.”
The national average sale price for August amounted to $649,100, a 0.1 per cent increase compared with a year earlier.
The number of newly listed properties was up 1.1 per cent month-over-month.
This report by The Canadian Press was first published Sept. 16, 2024.
The Canadian Press. All rights reserved.
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
The Canadian Press. All rights reserved.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
The Canadian Press. All rights reserved.
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