Selena’s July 2023 Newsletter

Andrew Barrett

2 years ago

Selena News July 2023 Edition

ISSUE: 164

Happy Summer

July got off to a great start. How was your Canada Day? For us it has been so extremely busy that we are already half way through July before I have time to write my newsletter. It could be because the Bank of Canada raised interest again. Only by 1/4 point this time and perhaps the last increase for some time but we assume it is those pre-qualified buyers wanting to buy something while they still have a better rate.

Market Update

Not just half way through July, we are half way through the year. In the below graph you can see the average price is still above 2021 levels, and that was a pretty crazy year if you remember. It is below 2022 numbers which is not unreasonable given the Bank of Canada has been raising interest rate through out this whole time in an effort to cool the market, and given we can see the graph starting to curve over it would appear they have succeeded.

It looks like our market peaked in May and historically, May is the best time to list a home for sale in Edmonton because the grass is green and the prices are highest. How the rest of the summer fares requires dusting off the crystal ball making an educated guess. Given the amount of jobs, immigration and in-migration, we still expect to see a strong finish to the year even if it does swing from seller’s market to balanced market but either way it does confirm our view that the best looking homes sell first and for the best prices.

Travel

I have always loved to travel but since Covid I have been a stay at home mom. Early July I went to Vancouver for a Real Estate conference and it was so nice there. Beautiful blue skies, not all smokey from the wild fires like Alberta. Conference was excellent and I learned some new tips as technology is constantly changing in this industry. After it was finished I had some time off for good behaviour so went to Seattle. My first international trip since Covid. The train ride down was really peaceful and a pleasant way to travel but the highlight is certainly all the wonderful restaurants and places to see.

Latest Sales Data

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.

School Is Out

With school over for the year we have been looking for summer activities to do and just after her graduation we took her to Telus World of Science to see the Art Of The Brick display. It really is amazing to see famous works of art reproduced with Lego. Yes that simple plastic building block most people encounter in their childhood is capable of so much more than just building houses and cars. It really is limited only by your imagination. Ok, and the amount of Lego you have, and your budget, and how much space you have to build it. But other than that, it truly is amazing to see some of these creations up close and in person.

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
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