Monday, July 9, 2007

Edmonton Comfree Numbers for June

While Canada is getting ready for the long anticipated interest rate hike, there's more somber news from the Edmonton world. Comfree report for June this year reports the inventory at the end of June at 2179(which has increased to around 2300 as of today) and a mere 405 sales. There were 1234 listings last month, brining the sales to list ratio to below 40%, a clear buyer's market.
To put into perspective, last year there were 487 sales for a mere 572 listings.
And while inventory is now openly being acknowledged at an all time high, the end result that usually occurs after such high levels of inventory is still being massively discounted. Prices will adjust minimally, excess inventory will be cleared off by the droves of buyers coming from all over the world to buy $300k Edmonton condos and the party will begin all over again by this fall. May be it will. But more likely, it won't.

Also, the loonie is rising unabatedly, or more like US dollar is falling incessantly, and it's going to have major consequences for Canada as a whole. If loonie reaches parity and God forbid, goes beyond parity, it's certainly going to have major ramifications for not only Eastern Canada, but also for our province in the form of higher project costs and lower government royalties.
blog comments powered by Disqus
Real Estate Blogs - Blog Top Sites