Edmonton Real Estate During Pandemic Update March 24 2020

Hello!

If that isn’t a gripping title, I’m not sure what is. Personally, I have taken a but of a hiatus from showing homes to curb the spread of the illness. I could not help but notice several people still buying and selling, so reasonably, please see below as a response. I would like everyone involved with to be taken care of during this time.

60 or so homes a day are selling in Edmonton and have been since last Monday. During the spring and summer, it is not uncommon to see 100-200 homes sell a day. None-the-less this number of transactions is significant. I suspect this number to start coming down, as transactions usually take a week or so to close, so some transactions in the air are closing. I will be surprised if the market keeps pace in the coming weeks with new sales.

What to take from this? Parts of the country have shut down real estate transactions, others have mandated it an essential service. I suppose it means if your move is a priority right now, it is entirely possible as we as a community still have a choice.

Details in the market?

  • Prices are still coming down (although slower) while sales are steady.
  • Meeting with Sellers the consensus is the prices in the market will continue to go down into next year, although projecting past that is difficult. As a result, those downsizing or moving into rentals are choosing to sell this year, those wanting to unload investment properties are holding off and finding quality tenants.
  • Interest rates dropped, again. Banks are overwhelmed with calls from people wanting to renegotiate their mortgage with the new rates
  • Open homes were banned province wide yesterday.
  • Our physical office has closed; agents are still discerning best practices during this rapidly changing environment. I strongly suggest consulting government websites and publications on to how to best behave during this time. I have attached out practice guide for buyers and sellers during this time.

If there is anything I can do to help during this time, please let me do so.

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