The September condo market continued to very active and provides good opportunities for both buyers and sellers.

Sales Prices

In September 2022, average sales prices were around $213,000 compared to $217,000 in September 2021. This is a decrease of 2%. However, the annual increase for condos for the entire year is at 1% UP.

Sales Volume

In September 2022, around 380 sales were registered compared to around 360 units sold in 2021.If sales volume for the last quarter equals that of last year, sales volume for the whole year will be around 700 units ABOVE last year or around 16% more than last year.

Days on Market

Condominiums sold in September 2022 after an average of 57 days, compared to 54 days in September 2021. This is…

378 Views, 0 Comments

The September market continued to perform strongly.

Sales Prices

In September 2022, average sales prices were very slightly UP compared to last year. And sales prices are trending 4% UP for the entire year. The average sales price for September was almost $458,000 compared to $457,000 in September last year.

Sales Volume

After the amazing start to the year, it should not be a surprise that volume would drop later in the year. Sales volume is now trending at around 83% when compared to the same time last year.

Overall volume for the year will in the end be about the same as for 2021 ie just over 12000 single family homes sold across Edmonton.

Condo sales are stronger. See my other report for details.

Days on Market

227 Views, 0 Comments

Some of us are chattier than others. Some of us are extraverts and reaching out to strangers and making friends is effortless and fun.

Other people are not quite so outgoing. Its an effort for us to start conversations, especially when we are looking for new clients.

For the introverts out there (although extraverts will love this too) I have a simple suggestion for you to start working on new habit.

Make a point to chat with one new person day.

Simply ask them questions about their life, their work, their family, their hobbies etc.

Listen for change.

Based on the fact that most folks in the Edmonton area move home every 10 years, for every 10 conversations you have, one of them will be interested in moving within the 12 months.

453 Views, 0 Comments

COMING SOON! An exclusive Ambergate Realty Advisors listing. This home may not yet be on the open market. To view it first, contact us today.

Move in before Christmas. Immediate possession. Situated in the popular family friendly Kilkenny community, this 4/5 bedroom, 2 bathroom home would be perfect for first time buyers, a young family or even investors. On the main floor you will enjoy a large living room, modern kitchen, 3 good sized bedrooms & a family bathroom. The lower level is partially finished & offers 2 rooms suitable for bedrooms, a bathroom & a wide open space ready for finishing. Outside the home offers a larger lot, attractive landscaping & an oversize double garage. The home benefits from a program of upgrading to include:…

465 Views, 0 Comments

Should you rent or buy? That depends on your circumstances.

First let’s consider the pros and cons of renting.

Pros

  1.        Short term fixed costs. You pay the rent and the landlord worries about the mortgage, maintenance and taxes.
  2.        Low commitment. Most leases run for one year and in some cases two years.
  3.        Easy qualification. Provided you can show income and a enjoy good credit record most landlords will welcome you with open arms.

Cons

  1.        Uncertainty. You could be moving in 12 months. If your lease is for only 12 months, the landlord has the option to ask you move out at the end. Moving is considered one of the most stressful things we ever do in life. Do you really want to move that often?
  2.       …

330 Views, 0 Comments

Can you trust the assessed tax value of your home to predict its value when you sell?

Probably not.

In many cases the market value of your home could be much more. Here’s why:

1. Over the last 3 years the market has performed particularly well. Sales prices for single family homes is trending 6% ABOVE last year’s average values. The City of Edmonton’s computers are working with old data, This will be true for outlying communities as well including Sherwood Park, St Albert. Spruce Grove, Beaumont and Fort Saskatchewan.

2. The tax value will not reflect any improvements you may have made. For example: new windows, doors, flooring and paint. None of these items will be reflected in the algorithm but you have added tens of thousands of dollars…

105 Views, 0 Comments

Have you noticed how much interest rates have crept up? Back in January the target rate (the value at which the Bank of Canada lends money to banks) was only .25%. Today its 3.25%.

In simple terms for every one percent increase reduces your ability to borrow at the same payment by about 10%. Let’s pretend you approved to borrow $400,000 back in January. Today you might be approved for only $360,000.

If you still want to buy a home what are your options? Here are two.

First you can bring more money to the transaction i.e., a bigger down payment.

Second you may have to consider a less expensive home.

What will happen to prices?

At the higher end of the market, we may see home values come down as there will be accelerated pressure on…

147 Views, 0 Comments

Have you noticed how much interest rates have crept up? Back in January the target rate (the value at which the Bank of Canada lends money to banks) was only .25%. Today its 3.25%.

In simple terms for every one percent increase reduces a home buyers borrowing ability by about 10%. A buyer approved to borrow $400,000 back in January today would be approved for only $360,000.

Therefore, buyers generally have two options.

Firstly, they can elect to make a bigger down payment. This is hard if not impossible for most people.

Secondly, they may have to consider a less expensive home.

What do I think will happen to sales prices?

At the higher end of the market, we may see home values come down as there will be accelerated pressure on…

92 Views, 0 Comments

The August condo market continued to do well and provides good opportunities for both buyers and sellers.

Sales Prices

In August 2022, average sales prices were $216,273 compared to $218,641 in August 2021. This is a decrease of 1%. This is only a marginal change in my opinion. The blended average increase for the year to date is about 2%.

Sales Volume

In August 2021 there were 407 total Edmonton sales registered. In August 2022, 409 sales were registered. This is a marginal increase but noteworthy against the drop of 20% for single family. Perhaps condos are now considered better value?

Days on Market

Condominiums sold in August 2022 after an average of 54 days, compared to 60 days in August 2021. In terms of speed 2022…

286 Views, 0 Comments

The August market continued to perform well compared to the same time last year.

Sales Prices

In August 2022, average sales prices decreased by around $26,000 when compared to July. However, sales prices are still 3% UP over August 2021. The average price was around $461,000. The ‘blended’ increase for the year so far is 6% trending down.

Sales Volume

The volume of sales was further reduced. In August 2021 there were a total 970 Edmonton sales registered. In August 2022, there was only 775 sales registered equal to a 20% reduction in sales volume year on year. This is the fourth month in a row that single family volume was less than last year.

My expectation is that volume will start to level up soon. Condo sales are stronger. See…

148 Views, 0 Comments