Edmonton, December 2, 2015: Edmonton’s housing market saw strong sales numbers in November. November’s all residential reported sales were down only 2.9% year-over-year (YoY), a notable improvement compared to October 2015 numbers which saw a 15% drop compared to October 2014. The average residential sales price in November for the Edmonton Census Metropolitan Area (CMA) dipped slightly by 3.1% YoY, however average year-to-date prices in November 2015 remain strong year-to-date (YTD) and are up 1.5% compared to November 2014 YTD.

“The warm fall weather we saw in November, coupled with healthy inventory numbers, were key factors in keeping buyers active in the market,” explains Geneva Tetreault, Chair of the REALTORS® Association of Edmonton. “During a time of year where we generally see the market slow down, consumers demonstrated confidence in the Edmonton and Area market.”

Average days on market for single family homes stayed virtually stagnant at 56 days, the same as October and up only one day (55) from November 2014. Condominiums averaged 62 days on market while duplex/rowhouses took an average of 57 days to sell, an increase YoY of 7 and 10 days respectively.

A single family home in the Edmonton CMA sold for an average of $432,862; down 1.4% from October and down 2.62% YoY. Duplex/rowhouses also dropped to an average of $339,454 – down 5.5% from the previous month and down 3.5% from November 2014. However, the average price for condominiums ($253,618) was up 3.8% over last month. All residential properties average price sat at $369,559, down a modest 0.59% from October.

All residential active inventory remains strong with 6,043 residential properties available in the Edmonton CMA at the end of November, down from October by 9% but still up over last November by 55%.

“While we continue to see strong inventory numbers, there are noticeably fewer listings coming onto the market in the fall, compared to our peak in the spring when we had more than 7,300 residential properties available,” said Tetreault. “We expect to see the average price to continue to adjust itself due to the slower winter sales season and higher inventory levels, as we approach 2016.”

Edmonton, November 3, 2015: The outlook for Edmonton’s housing market remains stable. The average residential price in October for the Edmonton Census Metropolitan Area (CMA) is up 1.72% year-over-year (YoY) despite reported sales being down 15%. Single family sales are down 14%, with prices up 3% YoY. Condo sales are down 17% YoY and prices are down almost 6% from October of 2014.  

“The average recorded selling price of single family homes in October was bolstered by the sale of two properties well over the $3.5 million mark. Even without these sales we are continuing to see strong prices in this category,” explains Geneva Tetreault, Chair of the REALTORS® Association of Edmonton. “We will likely continue to see average days on market grow as the inventory remains higher than last year and single family sales are down almost 15%.”

Average days on market for all residential properties was 57 this month, up almost 8% over last month and up from last year when average days on market was 51. Single family average days on market was up to 56. Condominiums were averaging 61 days on market compared to 57 in September, and duplex/rowhouses took an average of 49 days to sell in October, down from 51 days the previous month.   

A single family home in the Edmonton Census Metropolitan Area (CMA) sold for an average of $438,935; up 1.57% from September. The average price for condominiums ($244,225) fell 3.45% over last month. Duplex/rowhouses also dropped to an average of $359,130 – down 1.39% from the previous month but up 1.76% from 2014. All residential properties average price sat at $371,756, up 0.78% from September.

“It is common to see a dip in both sales and prices at this time of year, but condos have definitely been the most affected. The influx of inventory, both new and resale, has given buyers a bigger selection and more time to make their choice.” Tetreault continues, “There are buyers out there looking to take advantage of low interest rates and the great selection of inventory of all types of property. Sellers need to be competitive in a market with healthy inventory.”

All residential active inventory remains robust with 6,641 residential properties available in the Edmonton CMA at the end of October, down from September by 6.57% but still up over last October by 48.47%.

Let’s have fun on November 2015! 

• Beyond Rubik's Cube Exhibition - Saturday, November 7 to Monday, February 15, 2016 

• Roots, Shoots and Winter Squash Long Table Dinner - Sunday, November 8 

• Canadian Finals Rodeo - Wednesday, November 11 to Sunday, November 15 

• Farmfair International - Wednesday, November 11 to Sunday, November 15

• Christmas on the Square Holiday Light Up - Saturday, November 14 

• Santa's Parade of Lights 2015 - Saturday, November 21 

• The Festival of Trees - Thursday, November 26 to Sunday, November 29 

• Winterfest at Snow Valley Ski Club - Friday, November 27 to Sunday, November 29 

• Attic Insulation – 12-15 inches minimum of even insulation is needed to keep heat in the house and money in your pocket. Have your R-value checked by a professional if needed.
• Change Air Filter – For healthy, indoor air, change your air filter once a month in the winter months. Your furnace has to work twice as hard with an air-borne allergen clogged filter.
• Vacuum Vents – Take off the covers and hoses to your dryer, bathroom and stove vents and suction out lint and debris. This will increase efficiency and decrease fire hazards.
• Furnace Cleaning – Have furnace inspected and cleaned once a year – before winter. A dirty furnace is less efficient. Call ATCO Gas to inspect your appliances. Free of charge.
• Clean Gutters and Downspouts – Use a ladder, gloves and a garbage bag to remove debris from the past year. Run water from a hose through the downspouts to ensure they are unclogged.
• Install Gutter Guards – To minimize the amount of debris accumulated, gutter guards are a good idea but you’ll still need to check for clogs once a year in the fall.
• Seal Foundation – Cracks and holes in foundation are inevitable and can lead to significant damage if not treated. Repair and seal holes with a quality caulking material.
• Inspect Roof Shingles – Not just the shingles but metal flashing at all the roof joints to look for signs of leaking, rotting or damage. It protects everything in the home – don’t overlook it.
• Check Shut off Valves – An important line of defense and if not cared for, they can deteriorate. Wipe valves clean, and open and close. This deters corrosion and ensures they work.
• Drain Outside Faucets – Water pipes can freeze, swell and burst in the winter months, causing significant damage. Turn the external shut valve off and open the faucet until the drip stops.
• Replace Batteries in Detectors – October is Fire Awareness Month so use it as a reminder to replace batteries in smoke detectors, carbon monoxide alarms and other safety instruments.

As our local housing market is wide-ranging and regularly evolving. These figures in 2015, so far, give you a sense of the wide range of possibilities in the city.