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Edmonton Real Estate Market Stats June 2009

07-02-09
Jason Thomas
Jason Thomas: Real Estate Sales Person in Edmonton, AB
  • view my blog
  • Office: (780) 431-1900

Listing inventory versus solds June 2009 EdmontonWell as we expected, June was a record breaking month for sales. Over 2400 sales this month, more sales than May (2161 sales). The other big story is how many listings are out there. Our inventory has dropped down to the 6500 range. That is much lower than last June (2008) when we had 10,817 homes for sale. Prices for both condos and single family both went up just under 1% for the month. Not as high of an increase as May (4% increase). This could be something to watch. The high sales volume units wise is not translating into a manic price increase (like 2006). In fact the percentage of the total sales are very similar to January 2009 numbers. We have been hovering around 50% of the market in that $300,000 or less price point. So the market has been very strong, but the prices have not gone crazy. A 5% increase in two months is still very substantial. I've attached some graphs that might be of interest. Happy Canada Day everyone!Price Range Edmonton Market

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Corporate Relocations: Relocating your family to Edmonton Part 2

06-27-09
Jason Thomas
Jason Thomas: Real Estate Sales Person in Edmonton, AB
  • view my blog
  • Office: (780) 431-1900

I've included some more question and answers relocation related.

Question: What if my employer doesn't pay for the move, are their any savings I can receive?

Answer: This is a question you should ask your accountant. If you are relocating a certain distance for work reasons Canada Customs and Revenue Agency could allow you to claim expenses such as flights, moving vans, hotel stays, meals, inspection costs, etc. Again I am not an accountant, but check with your accountant to see if these expenses can be claimed by you.

Question: I don't know much about the area I am moving to, how do I know what is good or a bad area?

Answer: The short answer here is find a good REALTOR®. A good REALTOR® will advise you on average sale prices in the area, crime concerns, commuting distances etc. A good rule of thumb is, the higher the average price of a neighbourhood, the better the neighbourhood. If it looks like it is a great deal, there is probably a location issue with the home. Your REALTOR® can help advise you on what the best area will be for your price range.

Question: What is the market like? I know where I am living everything is selling slowly.

Answer: Again a good REALTOR® will make you aware of what the average days on market is, how much the sellers are coming down in price etc. Really market education is the key.

Question: How should I pick a REALTOR®?

Answer: Referrals from a REALTOR® you know in your current area is one great way. That is how I am connected to most of my relocating clients. Also, maybe friends or family members know someone. Some companies have a relocation program that assigns you a REALTOR® as well. Be sure to check out the steps involved if you are part of a relocation program. For example, I know with the Canadian Forces you can not list your home before you have your posting message. If you don't follow the right steps, your relocation company may not pay for some of your moving expenses. The internet is also a good way to find a REALTOR®, you can create diaglogue through emails and by the phone. Don't be afraid to ask questions!

Questions: When choosing a REALTOR® what questions should I ask?

Answer: I would ask how many relocations they deal with per year. How experienced they are (important for neighbourhood knowledge). Do they personally work with you or do they put you in touch with a buyer's agent. If it is a buyers agent how experienced is that agent.

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Corporate Relocations: Relocating your family to Edmonton Part 1

06-27-09
Jason Thomas
Jason Thomas: Real Estate Sales Person in Edmonton, AB
  • view my blog
  • Office: (780) 431-1900

Each year I work with 10 or more families relocating from other cities and regions of Canada into the Metro Edmonton area. I've put together a few questions and answers that might be of help should you be relocating.

Question: Should I have my home sold first?

Answer: This is a big one. I highly recommend you sell your current home first. Even if you can financially swing buying before you sell, it converts you from a want to seller to a have to seller. Your negotiating power on the selling of your home is definitely weakened when you have the added pressure of paying for two households. The other problem is if you do have to sell your current home in order to buy the new home, the seller will most likely put on a 24/48/72 hour clause condition, which means your offer can be bumped at anytime by another buyer. This is a very emotionally draining position for a family to be in. You think you have your dream home tied up and it is pulled out from under you. Not fun.

Question: How many homes should I be looking at?

Answer: The average number of homes a local buyer will physically look at when they are utilizing the internet in their search is 8. I find that my buyers that are from out of the area normally look at double that number (15 or so). That does not mean everyone looks at that amount, as it depends on how many homes are for sale in your price range and area, but it is a fairly accurate average.

Question: I have a week to find a home. Is a week enough time?

Answer: Surprisingly yes! I have actually found that 2 or 3 days of power shopping (looking at 8 or more homes per day) normally is enough time to pick your new home. That still gives you time to line up a building inspection and be present for the inspection before you have to return to your current home. In fact, I do not ever remember having a client not being able to find a home in the week they were given.

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An event not to miss

06-24-09
Todd & Danielle Millar
Todd & Danielle Millar: Real Estate - Other in Edmonton, AB
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  • Office: (888) 780-5940 x251

If you really want to know what's going on with the economy in Canada and aren't afraid of knowing the REAL facts not the hype then you must go to this event:


Real Estate Investment Network(TM) (REIN(TM)) will host the Canadian Economic Summit on June 26th in Edmonton. Some of Canada's top economists will be providing unbiased opinion and analysis on the fundamentals of the Canadian economy (locally and nationally) and its impact on the bottom line for investors and business owners. Among the speakers will be Mary MacGregor, Chief Economist for the Government of Alberta.

Other speakers include:

Carl Gomez, Bentall Capital's Vice President, Research.

Ron Gilbertson, President and CEO of Edmonton Economic Development Corporation

Todd Hirsch, Economist and Media Commentator

Peter Kinch, Author and Canadian mortgage expert

Don R. Campbell, Bestselling author & market analyst

"The market will no longer cover up mistakes and blind guesses. Actions and investments must be better planned, and better planning comes from knowledge," said Don Campbell, President of REIN. "These experts will provide unbiased analysis of where we are heading as a country and how that will affect you and your business."

Topics on the agenda include:

- Long-term effects of high unemployment rates, cancelled capital projects and economic stimulus packages

- Today's world economies, how long will the turbulence last

- Will lending environment continue to tighten

- Positioning your company and investments for recovery

- Assessing the real estate market - when should you invest

- Inflation? Deflation? Recession? Depression? What the economic fundamentals really tell us and the affect on businesses, labour markets, oil prices and retail sales

Complete information at

REIN ECONOMIC SUMMIT

WHEN & WHERE: June 26th at 7:00 PM

Shaw Conference Centre in Edmonton Alberta - Hall D

Contacts:
Real Estate Investment Network
Kelly Marvetz-Todd
604 856-2825
kelly@reincanada.com

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Edmonton Mortgage Defaults Soar in 2009!!! Wait a second....

06-23-09
Jason Thomas
Jason Thomas: Real Estate Sales Person in Edmonton, AB
  • view my blog
  • Office: (780) 431-1900

Elvis Edmonton mortgage media headlineI just came across a "news" article in the Edmonton Journal today. The title is Mortgage Defaults Soar!!!! http://www.edmontonjournal.com/Business/Mortgage+defaults+soar/1723557/story.html I like to present facts and stats, but this stat can be very misleading. I really had to laugh at some of the "stats" the article brought up. One that really stood out was, and I quote "ForeclosuresCanada.com,which tracks Alberta court filings for property investors--but doesn't provide data with the same level of detail as the province--listed two-and-a-half times more Edmonton foreclosures between this January and early May than in the same period two years ago." Now, anybody that had a remote involvement in Edmonton real estate in early 2007 knows that this was the hottest period of sales we have ever had. In fact, the most homes we ever sold in one month was in May 2007 (2839 sales). Sale prices were climbing 5% per MONTH in early 2007. To see a home go into foreclosure in early 2007 was a complete oddity. So, any market would have more foreclosures than that time, I am actually surprised there were only 2.5 times as many in 2009. To be fair, I also know that Real Estate Boards tend to put a positive spin on everything. I'm not defending that either. But, this headline is just sensationalism. If the reporter did half a second of research they may not of even written the story. I guess it gets attention, kind of like Elvis is Alive, or I am Bigfoot's love child.

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