Latest news with #RoyalLePageNoraltaRealEstate
Edmonton Journal
31-07-2025
- Business
- Edmonton Journal
Strong resale homes market forecast for Edmonton this fall
Article content Edmonton's resale real estate market has been a leader nationally in recent months, and a new report suggests that it will continue to be one of Canada's hottest markets for the rest of the year. Albeit it will not be as hot as it was even a few months ago, with the Royal LePage House Price Survey and Market Forecast predicting slowing growth. Article content 'We are now following a very normal trajectory where peak pricing happens in the spring and then comes off through the summer while picking up in the fall,' says Tom Shearer, broker/owner of Royal LePage Noralta Real Estate. Article content Article content Article content The report shows that Edmonton was a top market for percentage price growth in the second quarter of this year (ending June 30) with the aggregate price of a home up 7.5 per cent year over year, reaching $484,500. Yet quarter over quarter, growth slowed to 1.2 per cent. Article content Article content The national aggregate price is expected to gain about 3.5 per cent to reach about $848,000. The pace of price growth is an acceleration from the second quarter when prices gained 0.3 per cent, year over year, the report shows. Article content Toronto and Vancouver weighed on the national picture with both cities seeing aggregate price declines. The Greater Toronto Area saw its aggregate price decline three per cent to about $1.15 million year over year. In Greater Vancouver, the aggregate price fell 2.6 per cent to about $1.22 million. Article content Article content Canada's largest cities are expected to see growth, however, by the end of the year. Toronto's aggregate price is expected to grow two per cent to reach $1.17 million over prices at the end of 2024. Vancouver's aggregate price is forecast to climb 1.5 per cent to reach about $1.25 million. Article content Even with the recent price declines, both markets are still unaffordable for most families — at least if they are seeking a single-family home, says Kingsley Ma, area vice-president for Re/Max Canada. Article content 'Even if both parents are working, your chances of buying a detached home are slim.' Article content The median price for a single-family detached home in Greater Vancouver was about $1.74 million at the end of June, declining about two per cent year over year. Article content Ma adds more families seeking to purchase a first home are looking to the condominium and townhouse markets. Even townhomes, however, can carry $1 million price tags, he adds.
Edmonton Journal
05-07-2025
- Business
- Edmonton Journal
‘Great time to be a landlord': many renters have no plans to buy homes
Many Edmonton renters may be considering home ownership, a new survey has found, but few plan to make the jump to ownership anytime soon. Article content That's good news for investors considering purchasing a property to rent amid strong economic conditions and continuing migration from other provinces. Article content Article content 'The first reason people move here is they want to get ahead in life,' says Tom Shearer, broker/owner of Royal LePage Noralta Real Estate in Edmonton. Article content Article content And the first they often do is rent, which has helped bolster the rental market demand in recent years. Article content Article content 'Because rent is so affordable, within a year, they can save enough money for a downpayment, qualify for a mortgage and move into their own place,' he adds. The new Royal LePage 2025 Canadian Renters Report found 34 per cent of respondents who currently rent in the city — new or long-time residents — have considered buying before signing or renewing a lease to rent. That is among the highest percentage of renters in any city in the survey. Article content But only about 15 per cent planned to purchase in the next two years. Article content What's more, 41 per cent of respondents had no intention of buying a property at all — also among the highest percentages of cities surveyed Article content That may be a reflection of lower average rental costs, which the survey did not reveal. Yet recent market data from show average rent in June for an unfurnished one bedroom apartment was $1,302 a month. Notably, average rents have trended slightly downward in recent months. By comparison, average rent in Toronto in June was $2,078 a month, despite trending downward over the last year. Article content Article content More broadly, Alberta has an advantage over Ontario and British Columbia, which are home to Canada's most expensive housing markets (Toronto and Vancouver), says Andrew Hanney, chief executive officer of Platinum Property Management Group in Calgary. Article content 'We're seeing a lot of migration because there is housing choice,' says the spokesperson for Royal LePage. Article content 'You're not forced to buy or rent — one way or the other.' Article content He further notes that 34 per cent of Albertans also considered purchasing a property before signing or extending a lease. Article content In Calgary, more respondents plan to buy with 63 per cent planning to do so in five years, versus 45 per cent in Edmonton. Article content What's more, a little more than one in five in Calgary aim to do so in two years versus 15 per cent in Edmonton. Article content One reason Calgary renters may be more apt to purchase is home prices have taken off more dramatically, including those for condominiums that often feed the secondary rental market, Hanney says.
