RESIDENTIAL PRICES STABLE
Strong sales of single-family homes in Edmonton area cited as cause for price increase
According to figures from the Realtors Association of Edmonton, the average residential price for the Edmonton Census Metropolitan Area (CMA) was up 1.72 per cent year-over-year in October.
“We continue to see stability in the all-residential average and median prices, and this stability has been primarily due to strong sales of single-family homes, which are a staple of our marketplace,” said James Mabey, chair of the Realtors Association of Edmonton.
The average price of all residential properties for October 2017 was $370,484, representing an increase of 0.06 per cent from September.
A single-family home sold for an average of $431,654, up 0.23 per cent from September and 1.44 per cent from October 2016.
The average price for condominiums was $242,887, which was down 3.74 per cent from the previous month and decreased 0.45 per cent compared to the same period in 2016. Duplex/rowhouses decreased slightly to an average of $340,740 — down 0.55 per cent from the previous month but up 1.15 per cent from 2016.
“Inventory is still higher than average, which has given buyers a larger selection and more time to make their choice,” Mabey said.
“We will likely see average days on market grow as long as the inventory remains higher than last year.”
There were 7,691 residential properties available in the Edmonton CMA at the end of October, down from September by 7.11 per cent but up 7.7 per cent from October 2016. That increased inventory has contributed to fewer transactions, as unit sales were down across nearly every category.
Condo sales were down 8.17 per cent month-over-month and down 7.12 per cent year-over-year. Duplex/rowhouse sales were down 10.06 per cent month-over-month and down 5.3 per cent year-overyear. Single-family home sales increased in October by 3.69 per cent and decreased slightly compared to October 2016, down 0.59 per cent.
BILD ALBERTA APPOINTS CHIEF EXECUTIVE
Building Industry and Land Development Alberta Association (BILD Alberta) has appointed Carmen Wyton as the association’s chief executive.
“I am thrilled to welcome Carmen Wyton to BILD Alberta,” said Wendy Jabusch, chair of BILD’s transition board. “Her wealth of knowledge from her past experience and volunteer activities will make her an asset to the team. With the CEO appointment and the slate of BILD Alberta directors in place, the association is now fully prepared to move forward as the unified voice for the land development, home building and renovation industry at the provincial level.”
Wyton is currently the chair of the Canadian Society of Association Executives – Edmonton, and founder of the Women’s Health Coalition of Alberta. She has a served as an adviser to government in several roles, most recently as the chair of the Premiers Council on the Status of Persons with Disabilities. Adding to her experience and passion for working with people with disabilities, Wyton has spent more than 20 years with Special Olympics as a parent, coach, board member, and president and CEO.
SPRING CREEK BREAKS GROUND ON $31 MILLION CANMORE CONDO PROJECT
Spring Creek, a luxury condominium project in Canmore, broke ground on its sixth building, White Spruce Lodge, on Nov. 15. A groundbreaking ceremony marked the beginning of construction on the $31 million luxury condominium project, and construc- tion on the 49-suite development is slated for completion in fall 2019.
“Our homeowners will be able to capitalize on the market and earn some revenue, or just enjoy the lodge’s amazing location in Canmore,” said Frank Kernick, president of Spring Creek. “It has been our fastest-selling lodge in 10 years.”
White Spruce Lodge offers one, two and three-bedroom homes startingat$379,000.Two-bedroom homes measuring 1,466 square feet are available for $739,000, while 1,697-square-foot two-bedroom penthouse suites are listed at $1,029,000.
We will likely see average days on market grow as long as the inventory remains higher than last year.