Radon is a naturally occurring radioactive gas produced by the breaking down of uranium in soil, rocks and water. It is believed to be in all homes in Canada BUT at varying levels. Alberta and
November Market Report
Dated: November 21 2016
Views: 90
Rush of Buyers
The new high ratio lending rules requiring hopeful mortgagees to qualify at 4.64% instead of the lending rate; caused a rush of sales in October that spilled in November. First time buyers pushing to find their before their purchasing power eroded up to 30% fueled a flurry of sales in the sub $450000 markets citywide and in the detached sector in particular. This burst of sales led to more sales in the coming weeks as Octobers $400000 sellers became early Novembers $500000-650000 buyers. This short intense burst led to a year or year increase of 15.61% in sales in October and November numbers are trending that way. But what about price? City Centre and West zones saw boosts of 11% and 8% for the average home over September. This increase was spurred by the burst of $500000-600000 mentioned earlier who look to settle near the cities core. Wheres SW, NE and NW communities head par or saw slight increases or decreases. NE and far east prices. The most surprising stat was new SE homes dropped 12% average. That stat is purely do the high volume of starter homes selling compared to higher end inventory.
What does it mean?
The surge of buyers coupled with a lower than expected amount of new listings in October (12.3% less year over year); removed the top quality and above average listings in the majority of the cities sub markets, particularly in the under $450000 detached. Lowering the total residential inventory to 5427 down from the typical 6000+ of this year. November has followed the yearly trend of fewer home starts and resell listings, keeping the supply in check with lower demand for housing. As long as there is not a spike in listings price will hold steady with a slight downtrend rooted in weak inventory and provincial economic conditions. Overall the stats point to balanced market conditions.
 If you have any questions about what is happening in your market feel free to contact me anytime.
Cheers
Todd Renneberg
Before a home owner or buyer can make a good decision about buying or selling a property, they require relevant and high quality information. Providing clients with accurate information about the mark....
Latest Blog Posts
Rush of Buyers The new high ratio lending rules requiring hopeful mortgagees to qualify at 4.64% instead of the lending rate; caused a rush of sales in October that spilled in November. First time
How do the new mortgage rules affect you? Last week the Federal Government introduced new mortgage rules that will take effect Oct 17, 2016. These new rules only apply to buyers who have less then
Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS® System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.