Hope you had a really great summer this year. Weather wise we have had lots of beautiful blue skies that Alberta is famous for, and gorgeous days with temperatures pushing 30. This month is extra special for me as I am celebrating 27 years in Canada. In 1995 when I first landed at Nova Scotia, I fell in love with Canada, and I’m so grateful to be living in Canada for the last 27 years. I lived both East Coast & West Coast which are both beautiful and now, settle at this lovely place call Edmonton. I’m so grateful and proud to be Canadian!
As we are still in August, we don’t have the full sales figures to give you just yet as the month is not over, but here is a running tally to summarize just the City of Edmonton Sales.
When we compare this to the previous month and also comparing year over year sales, we can see the number of new listings and the amount of inventory we have is still quite high while the number of sales and the sale price have been decreasing. As the market has been a little crazy lately due to a hot sellers market and then several interest rate increases, we need to put this into context by looking at previous years (Pre-Covid, 2017, 2018, 2019) so we can see when the normal slow down kicks in. Historically this compares to September so I say we are a month early. Our market has decreased by 11% since the high in April based on these average figures. Not as bad as some markets and performing better than the market prediction given by CREA.
Because we look at Real Estate every single day and are constantly aware of what the market is doing as this is our job, we knew a couple of months ago that the market switched from being a sellers market to a buyers market almost overnight. Edmonton is like that. Too much inventory available and more listings flooding the market while the bank of Canada keeps on raising interest rates in an effort to cool it down. As a result, we have been advising our clients the best way to sell their homes, including what renovations to do (if any) so they get the most value for money, how to prepare your home, and of course, what the suggested asking price should be along with a likely sale price. As a seller in a buyers market, you have to approach selling your home from a buyer’s perspective. What are buyers looking for? What do they want? And what is the competition offering? When you know this, you can market your home in the right way so it sells quick. Selling quick translates to selling for the best price as the longer most homes remain on the market, the more they have to reduce price in order to sell.
As we have been so busy this summer we were not able to have a major vacation so we had three mini vacations instead. It worked out well as the whole family enjoyed all three of them. Our last vacation was in the Calgary area and a couple of the highlights of this trip were Cat Café & downhill karting at Skyline Luge. If you are familiar with the winter olympics in 1988 the you will know the place, and skyline luge was developed in New Zealand in 1985 as a way to enjoy winter slopes in summer.
This article contains the opinions of Andrew Barrett and Selena Cheung. Licensed Realtors® with COLDWELL BANKER Venture Realty.
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