Buying a Condo or Home in Edmonton for the First Time

January 16, 2009 · Filed Under Buying a Condo, Condos 101 ·
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Author: Nathan Mol

If you are thinking of buying a home for the first time in Edmonton, whether its a condo or single family detached home, I recommend taking advantage of our Online Seminar for First Time Home Buyers which will put on by my partner Sheldon Johnston who is also the Broker of Coldwell Banker Johnston Real Estate.

Often people who are thinking of buying for the first time email us with many questions which are similar to one another so this is good opportunity to have your questions answered by an experienced Edmonton REALTOR® and to learn from other home buyers questions as well.

The seminar will cover aspects of buying a home which are common to both detached homes and condominiums. There are also unique challenges buyers can face when purchasing a condo that don’t apply to detached homes. For example each condo complex is different in how they are managed and their current state. If you have specific questions about certain condos in Edmonton you can also ask me.

Tags: Buying a Condo, Edmonton Condos, Online home buyers seminar

Edmonton Condo Market: Weekly Update

December 12, 2008 · Filed Under Edmonton Condo Market, Weekly Condo Stats ·
2 Comments
Author: Nathan Mol

Sales were down for most types of Edmonton condos this week. The drop in condo sales was most noticeable for Edmonton townhouses. Although inventory is down (Edmonton low rise condos have dropped below 1000 units) I expect that will increase substantially in January once people have digested their Christmas turkey. Buyers are continuing to have lots of choice with strong negotiating positions.

(Previous week’s numbers are in brackets). For the past 7 days:

New Condo Listings:

Edmonton All Types - 109 (106, 98, 116)
Edmonton High Rise - 17 (19, 21, 18)
Edmonton Low Rise - 64 (46, 49, 64)
Edmonton Townhouse - 28 (41, 28, 34)
Surrounding Areas - 16 (19, 17, 24)

Sold Condos # of Units:

Edmonton All Types - 38 (44, 64, 50)
Edmonton High Rise - 7 (4, 9, 9)
Edmonton Low Rise - 21 (23, 34, 25)
Edmonton Townhouse - 10 (17, 21, 16)
Surrounding Areas - 5 (7, 10, 5)

Sold Condos Avg Selling Price (000’s):

Edmonton All Types - 236 (227, 231, 237)
Edmonton High Rise - 230 (253, 249, 210)
Edmonton Low Rise - 233 (243, 211, 227)
Edmonton Townhouse - 249 (206, 254, 268)
Surrounding Areas - 262 (235, 251, 229)

Active Condo Listings:

Edmonton All Types - 1977 (1987, 2156, 2179)
Edmonton High Rise - 330 (322, 343, 338)
Edmonton Low Rise - 988 (1001, 1083, 1099)
Edmonton Townhouse - 655 (664, 730, 742)
Surrounding Areas - 348 (347, 391, 385)

Price per square foot for the past week reversed its declining trend and was up overall for condos in Edmonton, and was up fagain for Edmonton low rise condos. There was a noticeable drop in the price per sqft for condos in places like St. Albert and Shewood Park. Below is a comparison of the Avg $ / Sqft: 60 days vs. the past 7 days.

December 12 Avg Selling PRice per Sqft

Tags: Edmonton Condo Market, Weekly Condo Stats

Edmonton Condo Market: Weekly Update

December 5, 2008 · Filed Under Edmonton Condo Market, Weekly Condo Stats ·
1 Comment
Author: Nathan Mol

Not a steller performance for the Edmonton condo market this week. Continued economic uncertainty, mixed with some political instability poured on top of what’s typical for the time of year and you end up with lacklustre condo sales.

Condo sales were down for Edmonton highrise, lowrise, and townhouses. Average price was also down. The bright spot was the drop in inventory of condos in Edmonton and the surrounding areas.

(Previous week’s numbers are in brackets). For the past 7 days:

New Condo Listings:

Edmonton All Types - 106 (98, 116, 118)
Edmonton High Rise - 19 (21, 18, 22)
Edmonton Low Rise - 46 (49, 64, 54)
Edmonton Townhouse - 41 (28, 34, 43)
Surrounding Areas - 19 (17, 24, 26)

Sold Condos # of Units:

Edmonton All Types - 44 (64, 50, 42)
Edmonton High Rise - 4 (9, 9, 7)
Edmonton Low Rise - 23 (34, 25, 25)
Edmonton Townhouse - 17 (21, 16, 10)
Surrounding Areas - 7 (10, 5, 11)

Sold Condos Avg Selling Price (000’s):

Edmonton All Types - 227 (231, 237, 208)
Edmonton High Rise - 253 (249, 210, 267)
Edmonton Low Rise - 243 (211, 227, 194)
Edmonton Townhouse - 206 (254, 268, 205)
Surrounding Areas - 235 (251, 229, 259)

Active Condo Listings:

Edmonton All Types - 1987 (2156, 2179, 2217)
Edmonton High Rise - 322 (343, 338, 341)
Edmonton Low Rise - 1001 (1083, 1099, 1125)
Edmonton Townhouse - 664 (730, 742, 751)
Surrounding Areas - 347 (391, 385, 386)

Price per square foot for the past week continues to decline, down another $2 / sqft, although it was up for Edmonton low rise condos. Below is a comparison of the Avg $ / Sqft: 60 days vs. the past 7 days.

Tags: Edmonton Condo Market, Weekly Condo Stats

Edmonton Condo Market: Weekly Update

November 28, 2008 · Filed Under Edmonton Condo Market, Weekly Condo Stats ·
1 Comment
Author: Nathan Mol

This week new condo listings are down again which is to be expected considering the time of year, and condo sales saw a respectable uptick of 14 units over last week (64 compared to 50 last week).

The average selling price for the overall condo market was down, including Edmonton townhouses and low rise condos, but actually rose in the surrounding areas, and for high rises in Edmonton. Inventory is declining very slowly with a drop of 23 units over last week. (Previous week’s numbers are in brackets). For the past 7 days:

New Condo Listings:

Edmonton All Types - 98 (116, 118, 181)
Edmonton High Rise - 21 (18, 22, 34)
Edmonton Low Rise - 49 (64, 54, 83)
Edmonton Townhouse - 28 (34, 43, 64)
Surrounding Areas - 17 (24, 26, 30)

Sold Condos # of Units:

Edmonton All Types - 64 (50, 42, 44)
Edmonton High Rise - 9 ( 9, 7, 3)
Edmonton Low Rise - 34 (25, 25, 25)
Edmonton Townhouse - 21 (16, 10, 16)
Surrounding Areas - 10 (5, 11, 12)

Sold Condos Avg Selling Price (000’s):

Edmonton All Types - 231 (237, 208, 229)
Edmonton High Rise - 249 (210, 267, 204)
Edmonton Low Rise - 211 (227, 194, 223)
Edmonton Townhouse - 254 (268, 205, 241)
Surrounding Areas - 251 (229, 259, 245)

Active Condo Listings:

Edmonton All Types - 2156 (2179, 2217, 2222)
Edmonton High Rise - 343 (338, 341, 338)
Edmonton Low Rise - 1083 (1099, 1125, 1140)
Edmonton Townhouse - 730 (742, 751, 744)
Surrounding Areas - 391 (385, 386, 426)

Price per square foot for the past week continues to decline, down another $1 / sqft which doesn’t sound like much but is a decline of over $4000 per month on a 1000 sqft condo. Below is a comparison of the Avg $ / Sqft: 60 days vs. the past 7 days.