When people ask me if it’s a good time to buy a home in Spruce Grove, Stony Plain, Parkland County or the Edmonton region, I usually tell them that the best time to buy is when they’re ready.  And that answer is true whether the market is up or down and whether the market favors buyers or sellers.

But sometimes it’s useful to take a look at current market statistics if you’re still trying to decide about becoming a homeowner.

The Real Estate Weekly regularly publishes information about residential home sales in our area.  The November 13, 2013 issue has an intriguing title for the most recent summary of market activity:  “Youthful buyers continue to drive housing sales in October”.  Darrell Cook, president of the Realtors® Association of Edmonton, points out that Edmonton residents are a youthful demographic with an average age of 36 and good job prospects so demand for housing remains high.  This translates into a brisk housing market.  In fact, Mr. Cook points out that “total annual sales are the highest they have been for five years and we had the best October in five years as well”.

And what about house prices?  In October 2013, the average single family home sold for $397,613, up 2.5% from a year ago.  The selling price of the average condo, at $235,680, was up 2%.  The total number of residential units sold in October was up a big 7% over the same time last year, while total number of units available for sale was down 3.8% from a year ago and those sold on average 6 days faster (on the market for 54 days compared to 60 days a year ago).

Good news for sellers, yes.  But still a reasonable market for buyers as well.  Buyers at present may need to be a little more organized (mortgage pre-approval in hand), as well as ready to act promptly when they find a house that suits them, but it’s just as possible to find your dream home now as at any other time.

Looking to sell your home?  I’d be happy to do a free home evaluation and advise you on getting it ready to sell.  If you’re in the market to buy a home, let me help you find just the right one!  Call or text me at 780-910-9669, email me at barry@barryt.ca, or contact me here. 

My clients in the Spruce Grove, Stony Plain, Parkland County and Edmonton area often ask me if “now” is a good time to buy a new home.  My answer to that question usually involves telling them that the best time to buy is when they feel ready to do so, no matter what the market is doing.  That may sound like a weasel answer but I believe people’s own finances and their needs and wants in housing are better for decision-making than any attempts to time or predict the market.

But “now” is an interesting time to be dealing in real estate in Alberta.  You’ve probably seen the gloomy news reports that the Canadian housing market is due for a major correction with house prices set to fall by about 20%.  That is not the case here!

In a recent article in the Edmonton Journal entitled “Alberta’s housing market still hot, whatever the media say”, Gary Lamphier reports on a conversation with Don Campbell, senior analyst and founding partner with the Real Estate Investment Network (REIN).  Mr. Campbell advises would-be sellers and buyers to “chill out”, suggesting that there is no such thing as a Canadian real estate market, but rather that each locality has its own unique market and conditions.  He goes even further when commenting about the Alberta market, saying that economic and demographic factors here are ripe for another housing boom, not bust.  He notes Alberta’s population continues to grow as workers come into the province while apartment vacancy rates shrink.  Many of these workers will decide to make Alberta their permanent home and that means they’ll be buying houses sometime in the next 2 to 7 years, fueling demand for houses and the subsequent rise in prices.

You may have heard or read that prices in Alberta have flat-lined so how can the dream of a new housing boom be true?  Mr. Campbell says Alberta’s boom-bust economy and the accompanying anxiety in people’s minds is to blame for this skepticism, along with tougher mortgage qualification rules and the negative national news.  He points out that Alberta’s population growth in 2012 was nearly triple the national average, putting a strain on housing capacity.  This situation tends to cause prices to rise.  While the average price of a house in Edmonton (about $401,000 in February) is still not as high as the peak prices in 2007, prices are definitely on the rise, according to another article entitled “Home prices flirt with record highs of ‘07”.

All of this suggests to me that now is indeed a good time to buy!

Let me help you find the home that’s just right for you.  Call or text me at 780-910-9669, email me at barry@barryt.ca, or contact me here.