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Alberta Outlook from CMHC

http://www.box.com/s/ecefqvi5b8xuu1z1zsgo

February Housing Prices Rise with Sales - REALTORS®

February Housing Prices Rise with Sales - REALTORS®

Edmonton, March 2, 2012: The REALTORS® Association of Edmonton reports that housing prices were up in all housing categories in February in the Edmonton area. The all-residential average1 price, at $329,911, was up 3.7% from January and up 5.7% when compared to the same month last year.

“Average prices in February were higher than the year-long average price for last year,” said REALTORS® Association of Edmonton President Doug Singleton. “Buyers seem to have confidence and REALTOR® offices are reporting solid traffic. This is lifting prices up and they are already higher than at the same time in the past two years.”

In February, the average price of a single family detached (SFD) home was $375,268, up 3.1% from the previous month. The average price of a condominium in February was $234,973, up 8.5% from the January price. This is higher than all months except May of last year. Duplex and rowhouse properties sold on average for $306,491; a 1.4% improvement from the previous month.

Year-over-year prices were also up in all categories. Single family properties were up 4.8%; condos were up 1.7% and duplex/rowhouses were up 0.2% from the same month last year.

Sales and listings by REALTORS® on the Multiple Listing Service® System in February were both up from January and the sales-to-listing ratio recovered from 36% in January to 46% in February. This indicates that less than half of the residential properties listed were sold and provides fresh property options for buyers who may have been looking for several months. Sellers should be pleased to see that the average days-on-market in February was 54; down from 65 in January.

There were 5,976 residential properties in the local MLS® System at the end of January. Although the inventory was up from last month, it is lower than a year ago when there were 6,389 properties available for sale on the MLS® System.

“Nationally the housing still appears to be soft,” said Singleton. “But the local market is much more robust. Consult your local REALTOR® for the most comprehensive local market information. REALTORS® are here when life happens.”

Edmonton Real Estate Stats for the Month of December

Edmonton, January 4, 2012: The REALTORS® Association of Edmonton reported that the all-residential average price for real estate sales through the Multiple Listing Service® (MLS®) in December was up 1.7% ($316,415) from a year ago. The average price of a single family detached home was also up 2.0% to $364,803 from December 2010. Relative to last December housing prices were up overall as well. As typical for December when sales usually fall off, month over month sales were down 27% and prices dipped 1.5% as compared to the November figures.

“With economic uncertainty impacting Europe and depressed housing markets in parts of the United States, it is a relief to report on the stability and health of the local real estate market,” said REALTORS® Association of Edmonton President (2011) Chris Mooney. “With prices and sales varying within a small range there is a solid base going forward into the 2012 market.”

In November the average price of a single family detached home was $364,924 and dipped just 0.3% in December. A year ago the average price was $357,636. That stability was reflected in condo pricing as well. In November the average price of a condo was $228,689 and the December price of $227,679 was down just 0.4%. A year ago the average condo price was $225,641. Duplex and rowhouse properties sold on average for $282,620, a 9.7% drop from a year ago.

The average residential price (including all SFD, condo, duplex, townhouse properties sold in the Greater Edmonton Area) was $316,415: down from November by 1.5%. There were 1,085 properties listed and 827 sold in December. There were 1,088 listings and 829 sales in December 2010. With slower sales the Days-on-market was 65 and the sales-to-listing ratio was a high for the year of 76.2%.

Looking back over the year, Mooney was content. “Last January, I forecast a 3% increase in single family prices and no movement in condo prices when comparing December to December. We ended up with a change of about half that overall and condo prices up. Homeowners generally saw an equity increase in the value of their homes in 2011.”

The all-residential average price for the entire year was $325,457 as compared to $329,019 in 2010. There were 10,962 SFD sales (up 5.5%) in 2011 and 4,638 (down 0.4%) condo sales. Total residential sales were 16,893 units (up 3.8%) on listings of 30,906 units (down 2.0%).

Total MLS® sales (including residential, rural, recreational and commercial properties) were valued at $6.29 billion and represented 39,350 listings and 18,986 sales transactions. “REALTORS® were involved in almost 60,000 real estate transactions in 2011 and advised on thousands more that never materialized. There were tens of thousands of business people, families and individuals who met with one of our 3,200 REALTOR® members this year, and I am proud of their service to the community and the local economy,” said Mooney.

REALTORS® also provided funding of $300,000 to 44 community groups this year through the REALTORS® Community Foundation and supported arts, heritage and community events through marketing and individual contributions. The REALTORS® Association of Edmonton printed over 2.5 million copies of the Real Estate Weekly in 51 issues and 1,061 members participated in professional development courses including 225 new members and 20 new broker/managers.

To see the latest Stats please click link here

Hot Tips for a Cooler Kitchen

The warm kitchen that felt so snug when there was snow on the ground can rapidly become a sweltering oven in Edmonton's summer. The saving grace is that many of the tricks to keeping a kitchen comfortable in warm weather are also energy efficient and benefit the environment too. Sometimes you can kill two birds with one stone.

• Energy saving kitchen appliances such as electric skillets, slo-cookers, and toaster ovens can be used to make meals instead of firing up your large range top or broiler.
• Microwave ovens and pressure cookers can cook an item quickly, using less energy and saving a significant amount of time as well. Use them in place of your large oven.
• Foods cook more quickly when they are chopped into smaller pieces. Reduced cooking time results in less energy use and a more comfortable kitchen.
• Foods will cook in less time and save energy if you put lids on the pans and make sure that the burner size matches.
• The kitchen will remain cooler if you preheat the oven only when the recipe calls for it.
• Heating a second item in the oven at the same time also saves energy.
• Opening the oven door unnecessarily can cause an oven's temperature to fall by 50F (25C) or more. It is better to look through the oven window.
• Use the dishwasher only when packed with a full load and allow the contents to air-dry the old-fashioned way.

The Biggest First-Time Buying Errors

According to one advisor the six biggest mistakes made by many first time home buyers are:

1. Not taking care of their credit score. This can make a very significant difference to the interest rate a borrower is charged.
2. Making a big purchase just before or during a mortgage application. This will almost certainly be reflected in your credit score.
3. Not having a proper inspection done before the purchase. Missing a serious problem with the house can cost thousands - if not now, then when you go to sell the house.
4. Not having an experienced real estate attorney on your side. An attorney is objective. Everyone else wants to push the deal through as quickly as possible.
5. Not including the proper escape clauses in the initial contract. If you are not careful you could lose your deposit when things go wrong.
6. Not budgeting enough for insurance. In some cases special insurance such as flood insurance can cost thousands more than just basic insurance.

Source: CNNMoney.com

Uplifting & Encouraging Ideas

"A lot of little things can make a big difference". - Think of this in every aspect of life and it will go a long way.