November 2018 Monthly Real Estate Report
December 8, 2018 9:55 amWelcome to My Monthly Real Estate Report
It’s December and it really is the most wonderful time of the year. I enjoy all the lights, decorations and opportunities to reconnect with family and friends.
The overall home sales in November were down 9.78% from October as we moved into the winter season and off by 10.56% when compared to November 2017. Prices held more or less steady month over month with even an increase in the Duplex/Rowhouse category. Compared to 2017 however, prices are lower by about 5%.
It’s easy to believe the declines are only an Alberta issue but the trend in slower sales and decreasing prices is fairly consistent across Canada. In fact, the Greater Vancouver sales in November were the lowest since 2008 with 1608 units sold. For context, we sold 1042 in the Edmonton area. No doubt it’s related to the impact of the mortgage rules along with a lack of confidence in the direction of the market.
If you’re looking for a glass half full, the Bank of Canada just announced they will be holding rates steady for the January. For those in mind of a glass half empty, the reason for the rate hold is the risk of slower economic growth and falling oil prices.
That said, the number of unemployed Albertans dropped by 14.2% in November with the addition of 23,700 jobs. That’s unexpected good news which could help stabilize home sales into next year.
I wish you all a very Merry Christmas a great start to the New Year.
Categorised in: Real Estate Market Updates
This post was written by Cat and Chris