With everything going on in the world around us it’s so important to keep focused on the most important things.
I had a professor that would always talk about keeping “the main things the main thing.” In this world with so much noise make sure you’re finding a way to keep “the main things the main thing” in your life.
My monthly SHOUT OUTS / THANKFUL THOUGHTS
Sunny weather ☀️
Chris and Kim on buying a BEAUTIFUL home in Sherwood Park!!
Jeremy, Gloriana, and Josh on selling your stunning home in St. Albert 🤩
Michelle and Raymond on selling your townhome
Bruno and Ana on also selling your place in quick order
Ryley and Sarah on selling and quickly buying another place to turn into something beautiful…you guys have serious renovation skills!!
L & M on selling the St. Albert condo (the highest priced sale in the complex in over 5 years)!!
If you have been reading online articles since the Bank of Canada raised it’s rate up another 50 basis points to 1.5% it’s probably filled with all kinds of “Doom and Gloom”. Headlines sell, keep that in mind when you read things like “The Canadian Real Estate Market is Crashing”.
– Canada intends to bring in over 400,000 immigrants every year, who will need places to live
– The Alberta market continues to outperform almost every other market in Canada right now, and investors are swooping in to take advantage of cheaper housing
– Some markets in Canada have gone up 70% (!!) in the last few years…may these see more of a correction?
– The pricing in the Edmonton, St. Albert, and surrounding area has come down month 3.8% over month to $492,000, but is still up over 5% year over year
– Sales have dipped month over month (1.6%) but are up year over year (4.4%)
– We are STILL in a SELLER’S MARKET at 2.6 months of inventory
What does this all mean??
We have to watch the market and how things are trending closely. Last month I noted the slow down in sales that could potentially see a dip in pricing (which happened). We are seeing some of the big push for buying up properties lessen and homes sitting on the market longer. I do believe we are still in for a busy summer as people try to get properties before their lower rates expire. There is a lot to love about our real estate market and it is one of the strongest markets in all of Canada (our office is continually getting calls from people moving from BC, Ontario, and across the country). Still, make sure you are making smart decisions! Don’t expect prices to fall dramatically and the good homes are still selling (quick)! I will keep my eyes on things and keep you informed!
Also, a reminder that real estate is a long term investment. If you’re thinking of buying, holding for a couple months and selling it for a $50k profit…that’s not wise. If you’re buying as an investor think longterm, or do a magnificent renovation like some of my friends have done (ie. Jeremy, Gloriana, and Josh, or Ryley and Sarah).
I hope this helps and as always, feel free to reach out with any specific questions 🙂
Last month’s prices for Edmonton and Area:
– Single Family (SF) prices are UP 5.7% year over year, and DOWN 3.8% month over month to $492,000
– Condo are DOWN 1.2% year over year, and FLAT month over month to $239,000
Inventory levels: SELLER’S MARKET Total Inventory sits at 7,546 properties for sale, DOWN 5.5% from last year, and UP 16% from April Total Sales for last month were 2,857, UP 4.4% from last year, and DOWN 1.6% from April Days on Market for single family homes sits at 23, same as last month and down from 28 last year
Months of Inventory are at 2.6 MONTHS OF INVENTORY
up from 2.2 MOI last month
We are STILL sitting in a Seller’s Market (anything under 4 months is a seller’s market)