Fall is here whether you use September 1st or the 21st and already we have seen temperatures dropping since the summer highs and leaves already starting to turn yellow. Here in Edmonton, the change is quick. You can say the same about our real Estate market too. We are down from the summer highs and the change from seller market to buyer market was swift. For those who bought homes several months ago when the market was higher, take comfort in knowing your interest rate is much lower. There is always a balance.
Edmonton switched to Buyer’s market and on top of that, rents been increasing to outpace interest rate hike. Up 17% on average causing B.C. to implement stronger rent caps and rent control. Alberta is much more landlord friendly than B.C. so rising rents and heading into winter market indicate it is an ideal time to buy investment property in Edmonton.
Many investors from Toronto and Vancouver have been buying in Edmonton because prices are so much more affordable, and they kept on asking me when I would be hosting another free Edmonton information event so they can bring their friends. With so many requests, we set a date for Buy Edmonton – Buy now in Vancouver, so come and spend an evening with us Friday November 4th, enjoy some yummy Food, Tea / Coffee while you network and learn about Edmonton Market, different property types for investing, Cashflow and Property Management.
As usual, we check headlines for stories related to Real Estate.
Most of the articles are negative because bad news sells. What is interesting is that many articles have contradictory information in them so you have to delve deeper to find the truth. In fact, “Real Estate Housing Market Canada” rated in top 10 google search terms last week as people want to know what is going on. So what happened in August and are the numbers really as bad as the news makes it out to be. From CREA, (Canadian Real Estate Association) nationally, the average Canadian home price down 22% from February to August (start of interest increase) with the number sales down 24%. It doesn’t take a rocket scientist to figure that one out but we live in Edmonton and so like to focus on Edmonton.
Comparing to the above CREA numbers, the average price in Edmonton only decreased by 8.4% and number of sales down only 19.8%.
Because Condos prices are still softening, Single-Family homes in Edmonton actually performed better.
In Edmonton, 75% of people searching for a new home are looking for Single-Family with a further 10% looking for Townhouse, and only 5% are looking for Condo so it is no wonder condo prices softening.
Make sure to register for Buy Edmonton – Buy now in Vancouver. More than just learning about Edmonton market, you will learn how to make smart investment decisions & analyze properties so you can bring friends if you like. Members of our PowerTeam will join us so come spend an empowering evening learning about Edmonton & Investing.
Date: Friday, Nov 4th
Location: Element Hotel Metrotown
5988 Willingdon Ave, Burnaby, BC
6:30pm to 7:00pm – Networking
Event Start: 7:00pm
Finish: 9:00pm
Register
Back To School already and am so amazed at how quickly she is growing up. Not just physically, as she is almost same height as me, but she is more mature now and asks good questions proving she is aware of what goes on around her.
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
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