Homes on Edmonton MLS
Alberta Job Growth Leading Canada
You wouldn’t know there was a recession in Edmonton or Fort McMurray. The Oil Sands is driving spectacular growth and since the price of oil hasn’t shown much weakness, you’d have to think this will continue. Federal jobs stats show the Alberta’s unemployment rate lowered to 5.4% in September — down from 5.6% in August. That’s 5 straight months of employment improvement. Alberta recorded 8,600 new jobs, and has seen 98,000 new jobs created in fast-growing Alberta within the past year.
It’s believe the proposed Keystone-XL oil pipleine to the US will create an additional several thousand jobs. It will produce about 100k jobs in the US so the Americans will certainly want to increase investment to support those jobs and continue their own oil gravy train.
With Canadian debt levels in Canada very high and with unemployment being a constant problem, many Canadians will choose to migrate to Alberta and some will buy homes. The rental market has heated up and buying may be the only option in 2012. It is certain to dry up some of the available housing on the Edmonton MLS.
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The average home price in Edmonton rose to $321,500, its highest level since early 2010. That is up about $12,000 since September 2010. Residential sales volumes are up just under 4 per cent and single family home sales volumes are up 5%. The average price for a single family detached home on the Edmonton MLS database in September was $375,738, up 1.4% from August. Total MLS listings numbered 3,292 with total Edmonton MLS sales of 1,536 properties.
We have to keep in mind that the entire Canadian market with the exception of Toronto and Vancouver has been subdued due to the recession. So the increases in Edmonton are far above what other Canadian cities are experiencing.
REALTORS® Association of Edmonton President Chris Mooney says “The consumer is price conscious and with 8,062 homes currently on the market, the buyer has lots of choice. Sellers should ensure that their home price is based on current market reality and not a fantasy if they want to sell in a reasonable time period.”
2012 Housing Forecast Seminar
The Edmonton 2012 REALTORS® Housing Forecast Seminar will host real estate industry experts who will share their predictions and forecasts for home sales in 2012.
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