Archive for February, 2016

Oil Field Politics and the YEG Market

Friday, February 19th, 2016
How much will oil field politics impact Edmonton's Real Estate economy?

How much will oil field politics impact Edmonton’s Real Estate economy?

A February sales report published by the EREB titled “Home buyers continue to cautiously watch market” has left some feeling less than optimistic. There is no denying the ongoing concerns of Albertan’s over the economic future of the province, however the real question is, to what extent will recent political and oil industry events impact the province’s real estate industry? It is very plausible that the market, which has proven itself as more than a little resilient, is simply experiencing a predictable lull.

The recent economic downturn appears to be creating undue concern amongst market consumers and professionals; a concern that is starting to be reflected in market activity, as explained by REALTORS® Association of Edmonton Chair Steve Sedgwick,

“Sales volumes are down, relative to the same time last year…It is likely that home buyers are responding to current economic uncertainties. Although prices have dropped slightly, they remain stable. Growth in inventory may create more opportunities for potential buyers, and given the low interest rates, we remain optimistic about market growth as we head into the spring buying season”.

The report goes onto to show strong inventory numbers, with 5,751 MLS properties available going into February. This figure is almost a 40% increase from the same time last year, creating a great deal of consumer options for discerning buyers. This massive inventory increase hasn’t yet caused market saturation concerns, as sales from the same time last year are down a mere 7.21%. However in contrast to the month previous, December of 2015, sales dropped just over 14%.

Continuing in favour of a buyer’s market, a small decline occurred in residential sale prices. The average single family home price hovered at $418, 928 down 1.2% from the month previous, while condos show a larger 8.8% decline in the same time frame, for an average of $227, 052. The largest drop showed in the category of duplex/rowhouses which averaged out at $326, 885, a double digit decrease of just over 12%. All in all the residential category saw a 7.2% decreases in month over month sales, and a 6.3% decrease year over year for an average price of $339, 714.

The larger inventory is likely contributing to a rise in average days on market, which has increased to 71 days, up from December’s 62. Comparatively, this time last year, the average was about 58 days to market. The EREB report attributes this average rise mainly due to condominium sales “which sat at 85 for January, up from 62 from last month and 61 YoY” (EREB).

Concludes Sedgwick,

“The increase in the average days on market just appears to reflect that buyers are taking time to consider their options before purchasing a new home,”. He continues, “Clients are looking to their REALTOR® for advice and guidance as they navigate their own individual situations.”

Romance in Alberta’s Capital

Wednesday, February 3rd, 2016

Consider this a public service announcement: Valentine’s Day is just 10 days away and events are selling out fast. Fortunately, Edmonton is jam packed with events and activities for families, friends, and couples to celebrate the day. Here’s a list of the city’s best offerings:

Valentine’s Day Disco Skate

 

CityHallSkateThe City of Edmonton is hosting this free public event from 5-9 pm on Valentine’s Day. Public skating will be available at the outdoor City Hall Plaza Rink accompanied by a 70’s and 80’s music mix! Attendees can enjoy a warm hot chocolate while they roast bannock over an open fire. Skate and helmet rentals are also available free of charge.

Meet Me at Lover’s Lane

SilverSkate

Hosted by the Silver Skate Festival, this romantic day for the outdoors type is filled with all the wonders of Hawrylak Park. Enjoy a hot chocolate as you explore the park by lantern light, take a sleigh ride under the stars, or visit the magical Ice Castles at the park. You can even purchase boxes of chocolates right on site to surprise your sweetie with. Prices vary by package. Activities run from 4-9 pm.

Valentine’s Weekend at the Park

Fort EdFort Edmonton park is hosting a full weekend of jam packed weekend for family fun, or couples romance. Packages are selling out fast but there are still tickets to enjoy the Lover’s Getway and spend a night at the beautiful park hotel, enjoy a four course dinner and breakfast for two. Perhaps Cupid’s Dinner & Show is more your speed, which provides a delectable dinner followed by the radio-style musical ‘Song of the Martingale’.

Art Gallery of Alberta

AGA

There aren’t many more romantic ways to spend an afternoon then strolling through a quiet gallery, hand in hand, admiring the masterpieces of AGA’ spectacular collection. After your quiet tour, there are beautiful local artisan items available in the gift store, as well as postcards, books and other mementos to commemorate your visit. Then head over to Zinc, located in the same building, for a ‘relaxed, fine dining experience’. Sunday hours are 11am-5pm and admission prices range from $8.50 – $12.50 (Children 6 and under are free).

Fantasyland Hotel

FantasylandWhy not travel to farthest exotic reaches of time without ever leaving the city. The Fantasyland hotel offers spectacularly detailed theme rooms for a romantic night away (but not too far away). Theme rooms include Modern Polynesia, Hollywood Nights, Roman, Western, Arabian, Imperial, African, and Igloo, among others. The hotel offers multiple fine dining experiences, as well as all the amenities West Edmonton Mall has to offer. They also offer a “romantic rendezvous” package for any of the rooms which includes chocolates, sparkling wine, and of course, rose petals.

Sweetheart Snowshoe

SnowshoeThe city of Edmonton has another great offer for the outdoorsy type! A guided snowshoe tour of the scenic sprawling river valley. Snowshoes and a guide are provided, as well as hot choclate and bannock making to warm up after your walk. Tickets are $30 per person and are limited, however if you’d like to avoid Valentine’s day crowds, they have other dates available.

Paint Nite

Paint nitePaint Nite, the new social actitivy that has taken Canada by storm regularly selling out events nationwide, is hosting a handful of city wide painting events on Valentine’s Day. Paint themes include “An Undefended Heart”, “A Valentine Stroll” and “Love in Paris”. This is the perfect event for lovers of art, novices, and those who have never picked up a brush. Enjoy the activity in the comfort of your local pub, where you can enjoy food, drinks and all the regular amenities, while spending a wonderful date night out. Visit the Paint Nite website for locations and pricing.