Selena News August 2021 Edition
ISSUE: 146
What happened to Summer? It’s almost September and back to school for most folks and if you are like me, you are thinking what happened to summer as I hardly got out to enjoy it. Admittedly, we were very busy with Real Estate so didn’t get a chance to get away but even if we did, where to go? There were so many bush fires burning in BC and Alberta from the heat wave and the air was so smokey you couldn’t be outside long.
Buying Local
I have seen several news articles recently about Canadian Real Estate by reputable journalists at Reuters and CBC news commenting on the latest update from Canadian Real Estate Association (CREA). As the name suggests, it’s Canadian and it covers all Real Estate in Canada. The summary of the articles state housing prices and sales have fallen for the 4th consecutive month in a row. A little clarification first. 4 months ago was the peak spring market, same as it is every year. Of course we can expect prices and sales to soften as we head towards September as this happens every year. Secondly, that is the national average and there are two large markets driving those figures, namely Toronto and Vancouver. Real Estate is a very local thing. As the saying goes, Location Location Location. Once again, Edmonton is bucking the trend. For the past several years while national prices were increasing, Edmonton did the opposite. Now Edmonton is seeing some recovery and doing the opposite to the national trend. How long it will last I do not know because there are people reading these articles and they believe the market is crashing.
Inflation
It’s nice to feel justified sometimes but it also depends on the topic. Back in May we wrote an article about inflation where prices were going up but apparently not core inflation. A recent article in the Canadian Press commented the Consumer Price Index (CPI) rose by a record 3.7% in July and the 3 core measures of inflation looked at by the Bank of Canada rose by 2.47%. The central bank said it expects overall inflation to remain above 3% for the remainder of the year and return to the target 2% by 2024. Thats 2 more years! So if core inflation is 2 ½ % what does that mean for consumers like ourselves? The construction costs for new homes has risen by 13.4% year over year. Cost for furniture is up by 13% year over year. Cost for new vehicles up by 5.5% year over year. Gasoline prices up by 30.9% year over year (this is not oil price, but what you pay at the pump) but the price had dropped last year due to very low demand early on in the pandemic so we can expect a bigger jump now. And finally, food prices rose by 3.1% to 1.7% depending on the types of food but I still don’t think this is an accurate reflection of actual food prices as they only track certain products and brands.
Every Month the Edmonton Real Estate Board gathers the latest sales figures sorted by property type, price ranges, listed and Sold. Click the above link to download a copy.
25 years
I have been in Canada now for 25 years. Wow, I can’t believe it been that long and I’m very grateful to be living here as Canada is very multi-cultural place and full of opportunity.
Drumheller
Dinosaurs have a particular fascination for children and this summer Fionna wanted to go to Drumheller again and visit the Royal Tyrrell Museum. There were no crowds or line ups as the tickets are timed entry and she really enjoyed herself walking through and looking at the fossils on display. By the time she finished she wanted to go dig up a fossil herself. There is a play area outside where children get to do this, and then afterwards we took one of the interactive walks surrounding the museum. Right by the trail she found a piece of fossil bone that had been uncovered by the previous day’s rain. It is only a fragment but she was very excited by her discovery.
Disclaimer: Not intended to solicit buyers or properties under contract.
This article contains the opinions of Andrew Barrett and Selena Cheung. Licensed Realtors® with COLDWELL BANKER Venture Realty.
The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Service®, and the associated logos are controlled by
The Canadian Real Estate Association (CREA) and identify real estate professionals
who are members of CREA or identify the quality of
services provided by Real Estate professionals who are members of CREA
Copyright © 2019 Wealthyhome. All rights reserved.
This article contains the opinions of Andrew Barrett and Selena Cheung. Licensed Realtors® with COLDWELL BANKER Venture Realty.
The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Service®, and the associated logos are controlled by
The Canadian Real Estate Association (CREA) and identify real estate professionals
who are members of CREA or identify the quality of
services provided by Real Estate professionals who are members of CREA
Copyright © 2019 Wealthyhome. All rights reserved.