What’s really going on in Real Estate in Edmonton, now! Jeanine Osborne here with RE/MAX® Centre in Edmonton Alberta. I want to take a few moments to talk with you about how the market is doing. Wow, that’s the heated topic right now. What do you know?
November 2018 YEG Real Estate Market Statistics
I get all sorts of information from the Market stats, the Edmonton Real Estate Board, from Real Estate brokerages and even other colleagues and here’s what I’ll tell you. Every aspect is decrease, decrease, decrease! Condos, Single Family, Townhouse, Rowhouse all decreased, month over month and year over year. We’re just like so many other parts of Canada right now, and all the tight regulations they put into place to control the markets in Vancouver and Toronto have totally effected our market. Condos used to sell around 50 days on market and now we are sitting at over 70, and those are the units that have relisted with price reductions. Our product averages are okay. Real estate is a long term investment. There is no buying a property and then expecting it to sell in 3 months at a profit like in Vancouver. It’s fairly unheard of here in Edmonton, unless you’ve done a flip. Condos are sitting at about an average of $221,000 in the City of Edmonton, Single Family Homes, $425,000 and the average residential price in Edmonton is $358,000. So you can definitely get yourself a well priced home in our market, but for those of you that haven’t been in your homes long, now is NOT the time to sell… But hey, if you want to move forward and you do need to talk to a REALTOR® who is going to tell you the truth about where you can list at – then I encourage you to call me at 780-916-9739. Jeanine Osborne, REALTOR® RE/MAX® Real Estate