Edmonton Market Update October 2020


As Fall 2020 continues, people are staying close-to-home. You can smell the wood fires burning and we’re looking forward to Halloween (however it looks this year), Thanksgiving and other cozy gatherings with family & friends. 

October can be a great month to search for your dream home. That’s because in Canada we’re blessed with beautiful changes of season. The transition from late summer to the ski & snowboard season can be dramatic. October lets you see what your future property will be like in different weather. We get four seasons in one month, sometimes! 

We hope you enjoy our story about the skyrocketing sales in July (during a pandemic) and how that is even possible! The “Summer of Record Sales” (with a 40-year spike in July) might be over, but you can still expect plenty of real estate activity. Families are looking to improve the stay-at-home lifestyle. They’re in the market for larger homes and renos to accommodate work studios and home gyms. 

As always, I’m here for you with tips, contacts and action to get your home sold or find that new abode.

Highest July sales in 40 years! 

For real estate agents and everyone who bought or sold properties during Summer, 2020, the message was clear: It’s always possible to do great real estate deals, even during a pandemicThat’s because in Calgary, Edmonton and Metro Vancouver, combined sales through June, July and August were much higher than they were in 2019. 

In Calgary, there were 5,179 versus 5,002 sales a year earlier. In Edmonton, sales hit 4,146 versus 3,690 the previous year. And in Metro Vancouver, there were 8,618 sales, up from 6,865. Those are all major increases. From coast-to-coast during July, sales hit 62,355, the highest tally in more than 40 years and a 30.5 percent year-over-year increase, according to a Canadian Real Estate Association report. 

Many industry professionals were wondering – and you might still be, too: “How could this happen? What about COVID-19?” Some industry watchers say the sales spike was a “delayed Spring.” 

When everything re-opened in the summer, it prompted an immediate increase in real estate activity, one that usually happens in March, April and May. Others say it was because the home – as a safe haven for families and as a remotely-connected new business location -- is more important to everyone now than it was last year. Some buyers went on an immediate hunt for a larger, more luxurious home, one with extra space for a new or expanded home office and state-of-the-art personal gym. Of course, low mortgage rates can also help to drive higher volumes of sales just about any time. As the summer wound down, five-year fixed-rate mortgages became available at lower than 2 percent. 

While general market indicators are important, to keep your real estate dreams alive, stay connected with your agent. If you’re selling, you’ll get advice on how to price, how to stage for optimal appeal and how to get the deal done on your terms. And you’ll get action, selling the property. 

If you’re looking to buy, agents keep dreams alive because they know about the neighbourhoods (including details on transportation and amenities), the available properties and the comparative pricing in your market.

Selling a home is not always easy if you have pets. In fact, some experts warn that owning a pet can reduce your home's value. Not if you’re proactive. Here are five tips on making the sale while you and your pet are out for walk in the park!

Always leave – with your pets – during showings. Let your agent make the sale and then return with all people and pets refreshed and relaxed.

Hire a handyman to replace structural elements of your home that your pets might have trashed. Start by inspecting baseboards, floors and doors for scratches and bite damage.

Bring in the movers! You might not have sold yet, but you need to get any chewed-up furniture out the door and into storage… pronto!

Replace carpets and subfloors if they’ve been soaked by your pet. Talk to a carpet retailer about replacement solutions.

Paint the place neutral with odor-free primer. Make it look and smell like new, free of any offensive stench!

There’s a nice curve in the North Saskatchewan River that runs through southeast Edmonton, close to ravines. On the south shore of the bend, you’ll find Gold Bar, a residential area named after gravel bars where prospectors panned for gold in the 1800s. Beautiful Gold Bar Park is on the east side of this community, connecting further south with another gorgeous greenspace called Goldstick. 

The community runs east from 50th St. to the ravines of these parks and south to 101 Ave. It boasts off-leash areas for dogs, networks of urban trails and cross-country skiing in the winter. Single-family homes -- many built during the 1950s when the area developed rapidly -- typically run from the 300’s to the 600’s, averaging out somewhere in the middle. It’s peaceful and full of beautiful views. 

For shopping, there are businesses at 50th St and 101 Ave and Capilano Mall is nearby, in the community of Ottewell. There are two schools here: Gold Bar Elementary (run by the Edmonton Public Schools Division) and Mount Carmel Bible School, a private Catholic post-secondary school.


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