RE/MAX Edmonton Real Estate News

It is a common expectation for real estate sales to boom in the spring and summer and to then see buyers and sellers retreat for the autumn and winter months. Though certain years have proven to this to be occasionally true, September sales figures show the Edmonton region remaining very strong as it enters the fall season. According to REALTORS® Association of Edmonton president Greg Steele:

“There is a false idea out there that people only buy houses in the spring and summer. People buy and sell their houses when the time is right for them. Consulting with your local REALTOR® is the best way to see if the time is right for you.”

Expectations should remain high as we move towards the winter sales season. There is no reason to believe the economy within the industry will weaken anytime soon, based on recent statistics provided by the EREB. Averages appear to have remained the same, or even increased in some circumstances. Days on market have remained stable (at 49 days on average) carrying over from August to September, while prices, listings, and sales are all up when compared with September of last year.

For pricing details, click the following sales chart to expand:

Changes in the price of various residence styles showed negligible differences, with single family dwellings dropping a mere 0.4%, while duplex and row houses increased 0.3%. Sales of single family dwellings increased from August to September showing almost a 5% increase in total number sold.

Out of 2291 residences listed over the month, 1568 of those were reported sold. Steele commented that “we normally see a decrease in sales and average price when fall arrives. The strong market we saw in August continued on into September with surprisingly little to no changes in prices.”

Into our fall season interested buyers are continuing to snap up houses as quickly as they are listed while sellers continue to list their homes in record numbers. Click Here to view recent listings in your neighbourhood, or find an agent to help sell your home this October. 

Edmonton’s real estate market is holding strong as it comes into fall, however a rising market also means  larger price tags on residential and commercial properties. Current and prospective homebuyers can take comfort in their investments however, as statistics are showing the Edmonton market to be one of the most affordable in Alberta.

A recent article posted by Global Edmonton targeting the competitive nature of the Calgary and Edmonton real estate markets uses sales figures to show Edmonton in a clear win situation when comparing affordable housing prices. Additionally the Calgary Herald has made mention of record high prices in the large southern Alberta city.

Residences in Edmonton are Readily Available to Home Buyers. Image Credit: Global Edmonton

Calgary has seen a 10.48 % increase since the same time last year, nearly double the national average. When comparing 11 major centres across the country, the sales figures increase was about 5.33% on average, according to the MLS Home Price Index. Additionally price growth percentage in Calgary has increased 25% over the past 3 years, while nationally that number is hovering around 12.5%.

Economist Leslie Preston (TD Bank) explains the situation down south:

“Existing home prices . . . are on track to outstrip income growth for a second straight year in 2014, which adds to concerns about an already-overpriced market. Affordability, even at low interest rates, has become an obstacle in many markets.”

Global News reports that coming in to winter the average home price in Calgary will be approximately $99,000 higher than that of Edmonton, and about $103,000 in the new year. According to Edmonton’s Chief Economist John Rose:

“When you look at housing affordability issues, Edmonton is actually – among Canada’s major metropolitan areas – one of the most affordable in terms of housing. You have to bear in mind that incomes in Edmonton are about 20 per cent above the national average.”

The affordability and availability of housing in Edmonton can account for the latest population influx in the area, and the strong economic upturn, especially in the real estate industry. Click Here to search for properties for sale in the Edmonton area.

There’s a chill in the air in Edmonton, and it may be safe to say summer is over. On that (slightly sour) note let’s take a look at residential real estate sales over the summer months in Edmonton.

Fresh from all-time highs in spring, prices dipped a little over the summer months beginning in mid to late June, providing some relief to potential home buyers. Single-Family dwellings saw a slight decrease in average price, with July costs around $426,716. That shows just a  2% drop from June sales, with total residential sales showing an average price drop of around 2.6%.

Total Sales Statistics-Residential.

Interestingly, the changes in Condominum prices were quite negligible differences, seemingly unaffected by market influences.

Condominium Sales Statistics

Though prices are showing a temporary lull, there is still an overall trend of increased sales figures. REALTORS® Association President Greg Steele weighs in on the changes:

“Like the shortening summer days and the appearance of fall fashions, real estate prices begin to soften at this time of year. Despite the seasonal slide, prices in the Edmonton area are still up when compared to the same month last year. The local market continues to be very active and REALTORS® report having a busy month.”  

 

Single-Family Dwelling Statistics.

Steele has quite accurately described the seeming dip in the trend, whereas housing prices have the appearance of dropping, they are  statistically still showing an increase from the same time last year. Overall residential prices were up 3.3% from 2013, with the single-family dwelling up almost 4%. The most marked year-over-year upsurge appeared in condo prices, which are gaining increasing popularity in the city as a more viable residence option, showing an increase of about 4.6% from last summer.

Along with a sale price increases, total overall transactions are skyrocketing as buyers become more eager to invest in Edmonton’s booming real estate market. July saw the sale of 2,013 residences (639 of them condominium units); a 9.7 % increase from the 1,835 residences sold in July of 2013.

Steele also addressed this influx of transactions:

“The demand for real estate remains strong and in line with other market fundamentals. Fortunately, year-to-date listings are also up compared to last year and there is adequate supply with over 5,600 residential properties in inventory.”

Homes in June on average were selling in about 41 days, and in about 46 days for July.

Click here to create a custom property search for Edmonton and the surrounding area or visit our Market Stats page for more details and the most up-to-date numbers! 

It’s that time of year again.

With heads hung low, our young’uns are dragging their feet back for yet another year of schooling. For those of us with not-so-young’uns this might mean experiencing their first year of collage; some in a new city, or just a new part of the city trying to live life on their own. This is why the surrounding residential areas of the University of Alberta have become so desirable.

Aerial view of campus and surrounding neighbourhood. Image credit: University of Alberta

There are many tiers of residence options from condominiums to large family homes. Residences can be bought with the short-term goal of housing a son or daughter for the duration of their studies, and then flipping the investment for profit. It can be lived in by the family into the foreseeable future. Or any of these lucrative properties can be held on to, and rented out year after year for the throng of passing students always looking for temporary housing. The turnover of renters, and neighbourhood desirably  makes it equally easy to rent, sell, or live in the area.

This student turnover explains the high mobility of residents in the neighbourhood of Stratchcona. According to municipal census statistics, about 30% of residents had lived at the same address for 5 years or more, with 7 out of ten having moved within 3 years or less.

Row Housing near campus. Image Credit: University of Alberta

The area of residences near the University is considered to by part of the larger Edmonton neighbourhood, Strathcona. This historic area is quite old by Edmonton standards, around 15% of residences were built before 1946 and just over half were built in the 60’s and 70’s. This explains the eclectic architectural vibe of the neighbourhood and provides a wide array of housing options for interested potential residents. Around 44% of area homes are low rise apartment buildings, ideal for thrifty first years on campus. Approximately 24% of the area is comprised of single family dwellings, beautiful homes for the family or a comfortable, spacious retirement.

Saskatchewan Drive walking trail. Image Credit: University of Alberta

The University area’s desirability also has to do with it’s ample amenities. Designed as a neighbourhood for students with limited to access to their own transportation, almost every necessity is in walking distance, including grocery, restaurants, laundry, Edmonton’s popular Whyte Avenue district, multiple theatres, and of course all the buildings on campus. As well,  the University’s transit centre is a main hub for bus and LRT services to all access all parts of the city.

Click here to view properties in the University area. 

Over the past few weeks our blog has hi-lighted the merits of outlaying Edmonton communities and the attractiveness of permanent residency in these areas. Re/Max realtors not only focus neighbourhoods within city limits, but represent all local small towns and hamlets, and have the necessary skills to negotiate real estate deals in and out of the city. They always have an eye on where market trends are headed, and recently surrounding Edmonton municipalities have been the central point of an upward growth spurt.

According to the EREB (Edmonton Real Estate Board) the most active sales areas have been St. Albert, followed closely by Sherwood Park. These two municipalities represent about 14% of all real estate sales in Edmonton’s census metropolitan area for single-family dwellings. As the interested eye of buyers continues to move outside of city limits, the areas of Westlock, Beaumont, and Fort Saskatchewan lead nearby communities in unprecedented growth rates. While Fort Saskatchewan’s year-over-year sales climbed 24%, Beaumont grew by 55%, and Westlock showed a whopping 78% increase.

As one moves geographically futher from the metropolitan centre, there is a general tendency for prices to decrease. While St. Albert and Sherwood park top the charts for average home prices in outlaying areas, the lowest average prices can be found in Westlock and Wetaskiwin, each less than an hours drive from the city. This reasoning is likely behind the growth rate of these particular communities, and explains movement away from the metropolitan centre.

Another contributing factor is a slight increase in average home prices, allowing sellers to feel more confident in returns on their investments. This has allowed for more overall properties to become available on the market, as more sellers continue to emerge. According to REALTORS® Association President Greg Steele:

“People who bought at the peak have not been able to realize their original purchase price until these prices surpassed the earlier peak. Now people are confident in the market and feeling comfortable about making a move and those houses are being listed.”

You can revisit our blog posts featuring many of these local Alberta municipalities to learn more about community actives and daily life, including: Fort Saskatchewan and Beaumont, or check back for upcoming articles on the many other surrounding communities.

CLICK HERE to create a custom search of Edmonton and surrounding area homes to suit your particular needs.

The town of Gibbons lies about 30 minutes away from Edmonton to its North-East, situated on the Southern banks of the Sturgeon River. Just over 3000 people reside in the almost 7.5 square kilometres that make up the town. Though comparatively a very small community, it is by no means isolated, considering its proximity to Bon Accord, Namao, Fort Saskatchewan, Redwater, and Morinville. Not to mention the short drive to Edmonton, if the amenities of a larger city are necessary.

Restored Photo of the Gibbons Grain Elevator. Image Credit: Shaun Merrigan via Flikr

The small town is quite old by Alberta standards, and rich in history, as their official website will boast to you. In 1892 William Reynolds Gibbons, an adventurous pioneer, settled the area along with his wife and three kids. Apparently the group was headed for Edmonton but extenuating circumstances (induing the railroad being incomplete as of yet) fated them to start their own settlement, aptly taking the family name ‘Gibbons’.

Image Credit: City of Gibbons

The town, since its very roots, has been a family oriented community and carries on this tradition into present day. This means a focus on recreational and community activities, with a whole host of programs dedicated to children and youth. Not to be overshadowed, there is also a strong arts and cultural presence to delight children and adults alike.

According to the town’s extensive website:

Residents and visitors can fish for trout in the stocked fish pond, take a walk along the river valley, share a picnic in the park or just enjoy the unmatched scenery. Watch history come alive when you visit the Gibbons Museum or visit nearby Jurassic Forest and spend some time with the dinosaurs.

Among the plethora of recreational facilities and activities, one sport rises above. Hockey is an increasingly focal point for the community’s youth, with the CNN Spurs minor hockey program in effect. This caters to all levels from initiation to midget, and includes a female program as well. All housed in the Gibbons arena, which is also home to many other teams, as well as a mens league. Adjoining the arena is the Gibbons Curling Club.

Gibbons Broncos Hockey Team. Image Credit: The Morinville News

Gibbons is also home to a cultural centre, which puts on many events throughout the year and even houses the municipal library. There is a town museum open in the summertime which “Celebrat[es] the local Pioneer history of Gibbons and the surrounding Sturgeon river area”.

Gibbons Museum Grounds. Image Credit: Gibbons Museum

There are two elementary schools in town, a junior high, and a learning centre focused on the high school level as well as adult education. There are multiple doctor and dental offices, a pharmacy, and a medical centre.

CLICK HERE To view properties available in Gibbons.

Canadian homeowners have been pushing the housing market to new heights, proving that the interest in home ownership throughout western Canada tops the results from other regions. This is a welcome surge coming out of 2013, which had a much spottier regional and national outlook.

CLICK HERE to watch the accompanying video at our very own RE/MAX ON TV

Just over 30 kilometres north of Edmonton lies the town of Morinville, Alberta. The 11 square kilometres that comprise the town are inhabited by almost 8600 residents. The 36 minute drive time to the city makes Morinville a desirable location due to this proximity, yet distance from larger centres. In the near vicinity are Namao, Bon Accord, Gibbons, and Legal.

Current Day Jean Baptiste Parish. Image Credit WinterforceMedia

By the late 1800’s French settlements had begun to arise in the area led by Father Morin, the town’s namesake.  Following this influx, a large group of German pioneers arrived, contributing heavily to the town’s unique French and German heritage. Many family lineages still exist today with prominent names such as Riopel, Labonté, St. Laurent, Maisonneuve, Bokenfohr, Krauskopf, Rustemier, and Meyers.  The settlement became official in 1894 upon the opening of its first post office, and shortly after in 1907 the St. Jean Baptiste parish was built.

Main Street Morinville in 1910. Image Credit: Morinville Museum

Always an economic frontrunner, Morinville opened one of the first Royal Bank locations (1910) and a credit union (1940) as well as the original location of Champion Pet Foods (now a world-wide exporter). Presently Morinville is home to many chain and locally run businesses, as well as 18 restaurants, salons and spas, veterinarian clinics, art and music supplies, auto shops, and every other amenity a resident could have need for.

Aerial View of a Morinville Street. Image Credit: Morinville News

The cultural diversity of Morinville’s residents creates interesting and exciting community events. With a highly bilingual population (French/English) even the Catholic church hosts an exclusively French mass on Sundays. There are festivals and events year round expressing a variety of cultural facets including a Jean Baptiste festival, the “In Our Community” Fair, Oktoberfest, and many more.

Here is a promo video for this years Saint Jean Baptiste Festival:

Due to the rural nature of Morinville, the area lends itself particularly well to recreational and outdoor activities. Along with extensive walking and running trails, the city has set up many clubs designed to specifically motivate and encourage recreation in a supportive and social environment. Additionally there is a trout pond, splash park, skateboard park, hockey arena, a curling rink, as well as new outdoor fitness areas.

CLICK HERE to view properties for sale in Morinville. 

The small community of Devon, Alberta, still considered a ‘town’ with a population of just over 6500, covers almost 12 square Kilometres of land southwest of Edmonton.  At about a 40 minute drive (26 KM) away, Devon provides an idyllic escape from city life.

Bridge at Devon, Alberta. Image Credit: Sean McCormick via flikr.com

Surrounded by agricultural communities, and residential sprawl from Edmonton, Devon is a hub of  not only shopping and amenities but is surrounded by world class golf courses and spectacular nature preserves.

By Alberta standards the town is relatively new, having almost sprung up overnight in the late winter of 1947. The Imperial Oil drilling company struck oil on the present day town site, and Devon developed to accommodate for the many site workers and staff necessary to maintain the drill. To this day the oil industry remains an important contributor to Devon’s economy.

Imperial Leduc #1 Oil Drill. Image Credit: Devon.ca

The Devonian Botanic Garden, facilitated by the University of Alberta, is a notable feature, and namesake, of the area around Devon known for its lush landscapes. The ‘Garden’ is in actuality over 190 acres of botany collections, indoor show houses, as well as an extensive trail system. Across the highway from the gardens lies the Clifford E. Lee Nature Sanctuary; nearly 350 acres of marshland, parkland, open meadows, and more. The varied terrain attracts a multitude of animal species, including over 100 varieties of birds.

The greenery around Devon is not only reserved for flora and fauna however, the Devon Golf and Country Club, as well as Blackhawk Golf Club are both found along the scenic Devon River. The Golf and Country club was also built in the interest of the early oil workers, to create a leisure time activity. As the sport escalated in popularity, it grew from a 9 to an 18 hole course.

View of the Devonian Botanic Garden. Image Credit: University of Alberta

Devon is appealing for those searching for a starter family home, or even more established buyers. The area is serviced by a general hospital, 3 public schools, 2 Christian academy, a Catholic School, and the Devon Dispatch newspaper.

CLICK HERE to view properties available in Devon.

Stony Plain, Alberta is a town located west of Edmonton within Parkland County. With less than a 40 minute drive to Edmonton and only 10 minutes from Spruce Grove, as well as many amenities of its own, Stony Plain has become a desirable area for those relocating from larger nearby cities.

The area was officially settled in 1892 by homesteaders Alex McNabb and John McPherson, however the origin of the name “Stony Plain” has been disputed. It is possible it relates to the Stoney people, indiginous residents of the area. Alternatively, it has been suggested it was named by geologists noticing the large amounts of scattered boulders in the area.

Main Street. Image Credit: Town of Stony Plain

Stony Plain’s population of around 15,000 spread over 36 square Kilometres make it one of the largest towns in Alberta, as it nears eligibility for “city” status.  However in relation to Alberta’s primary cities, this is a relatively low population count, allowing for a quality of life oft sought after in smaller communities.

Public Mural. Image Credit: 20@30

Stony Plain has an active arts community, and has been lovingly dubbed “The Town with the Painted Past” due to the large number of public murals splashed throughout the town. It also houses the diverse Multicultural Heritage Centre, which amalgamates the arts community with the town’s strong agricultural heritage. The centre offers many cultural programs, as well as an art gallery, and a museum.

Summertime in Stony Plain means plenty of festivals and celebrations including Farmer’s Days (including a parade, fairgrounds, and rodeo!), the Blueberry Bluegrass and Country Music Festival, and The Cowboy Poetry and Country Music Gathering.

Cowboy Poetry and Country Music Gathering

For those interested in raising families, the town is home to five schools, including private, public, and Catholic divisions as well as an outreach centre.  The Stony Plain Reporter and the Tri-Area News are local media outlets located in town, reporting predominantly on Stony Plain, and secondarily the neighbouring Spruce Grove. Additionally, Stony Plain also shares a recreation centre with Spruce Grove, the TransAlta Tri Laisure Centre.

Click Here to search for homes available in Stony Plain.