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

06-23-09

Jason Thomas: Real Estate Sales Person in Edmonton, AB

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Office: (780) 431-1900

Elvis Edmonton mortgage media headline I 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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Edmonton Real Estate Average Condo Price Mid June 2009

06-17-09

Jason Thomas

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Office: (780) 431-1900

The condo market has strengthened as well. I've put together another graph showing the condo price increase in the Edmonton real estate market. (Note: the June stats are all based on data up to Jun 15, 2009) Again this clearly shows the impact the upswing in sales and constant listing inventory has had on the prices in the area.

Average Price Edmonton Condo June 2009

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Edmonton Real Estate Average Sale Price Mid June 2009

06-16-09

Jason Thomas

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Office: (780) 431-1900

Hi again! I've put together a graph to show the rapid price increases we have seen in the last 60 days in the Edmonton real estate market. (Note: the June stats are all based on data up to Jun 15, 2009) From the SFD graph it appears as if we hit the lowest price for single family in February of 2009. This falls into line with the continual shrinking of the months of inventory in the Edmonton area.

Average Price Single Family Edmonton June 2009

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Mid June 2009 Edmonton Real Estate Market Update

06-15-09

Jason Thomas

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Office: (780) 431-1900

Sales continue to be strong. Currently we are on pace to sell over 2300 homes this month. That is even stronger than May (2161). So, unless things tailoff, we may beat May's numbers. As for listing inventory, we are currently sitting at 7562 properties for sale. The number of new listings is keeping the inventory level constant and close to what we ended May with (7435 properties). I expect the inventory level to drop to close to 7000 by the end of the month. This follows seasonal trends of the listing inventory peaking in the month of May.

The market is very brisk under $300,000. In above average areas the market is also very strong up to $400,000. Multiple offers are fairly common, but it is rare to see unconditional offers. Good well priced properties aren't lasting long, on average they are going pending in the first week on the market. I'm working with a couple buyers in the lower price ranges tonight, and hopefully we can find something to offer on where we are not in competition with other buyers.

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Edmonton Alberta Real Estate Market Gets Good Reviews from CREA - July 11 2009

06-12-09

John Carle

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Office: (780) 457-3777

Mobile: (780) 231-7534

There’s all sorts of signs that the Edmonton real estate market is recovering, and here’s one more…

This morning, during my daily personal education (reading blogs, listening to podcasts, etc.) I had the pleasure of listening to CREA (Canadian Real Estate Association) update their forecast for 2009.

What makes this significant in my mind is that they had to revise the forecast; this means we’re doing better than they expected! This really is good news for the real estate markets across Canada, and special mention is made of the Alberta and BC real estate markets.

http://www.knock-knock.ca/documents/crea-podcast-june-11-2009.m4v

(warning: this is a podcast, so it’s a seriously big file… 54MB)

Have a listen, and let me know your thoughts!

- John Carle

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