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Edmonton Real Estate News Roundup – January 22 2010

A collection of real estate news found in the past week.


The year 2009 witnessed an increase the real estate sales In Edmonton. In fact, the sales exceeded the forecast made by the Realtors Association of Edmonton. In spite of the regular ups and downs in the market, December 2009 recorded a 5.4% jump in real estate activity in Edmonton as compared to November 2009.


Bank of Canada reveals that real estate in Canada is not sure of a housing bubble. According to their report, existing home sales were up by almost 73% on a year-over-year basis. The recent increase in the sales of homes in Edmonton and other parts of Canada has pushed the builders to increase their pace where making new homes is concerned.


Housing markets are expected to grow in 2010 although runaway sales are not on the forecast. The resale market in Edmonton is expected to be steady and stable and the sales of residential homes might very well reach 21,000 homes in 2010. It has also been forecasted that the condo prices will not be affected in 2010 and will hover around an average of $244,000.


December 2009 saw soaring home sales with 27,722 homes finding new buyers. Comparatively, this is a 72% increase from December 2008. The national average home price also increased in December 2009 to $337,410, which is a jump of 19% as compared to December 2008. Record sales were witnessed in New Brunswick, Quebec, Ontario, Saskatchewan, Labrador, and Newfoundland.


According to real estate experts, the real estate market in Alberta is on the rebound. In 2010, the market is expected to grow and witness and increase in housing sales by at least 10 percent. This in a way will bring buyers and sellers on an equal footing.


Former MP and best-selling author Garth Turner has warned investors regarding a real estate bubble expected in 2010. He made this statement on the Canadian real estate market on Tuesday January 19, 2009 at the Holiday Inn in Red Dear. Turner also mentioned that the financial crisis started with the real estate in the US, which led to a drop in housing prices. The same situation currently exists in Canada as well.


Housing bubble or not? The Canadian Real Estate Association has forecasted a housing bubble but Bank of Canada is still in disagreement. The Bank of Canada believes that it is still premature to predict a housing bubble even when the Canadian Real Estate Association has provided statistics regarding an increase in the overall housing prices.


Subsidized housing in Edmonton’s McCauley neighborhood is threatening the collapse of the community. Almost 1,621 units amounting to 54% of the homes in the McCauley neighborhood are subsidized. President of the Central McDougall Community League, Warren Champion said, “If you dump all your social challenges into a couple of communities, it doesn’t do the people or the communities any good.”


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