“Consumer confidence amongst home buyers in Edmonton and surrounding areas remains strong and is reflected by increased unit sales in the single family detached and duplex/rowhouse categories,” REALTORS® Association of Edmonton Chair Steve Sedgwick said. “Relative to other markets in Alberta, Edmonton’s resale housing market is solid.”

Total new listings were down less than 1% relative to last month and 2.5% compared to May 2015, with 3,233 new properties coming onto the market in May. The sales-to-listing ratio for single family detached homes was 61% for May 2016, up 10% from April and on par with May 2015. The sales-to-listing ratio for duplex/rowhouses was 73%, down 13% from May 2015 but up 22% from last month. Condo properties are entering a buyer’s market, with a 40% sales-to-listing ratio, up 2% from last month, but down 13% from last year.

The average single family detached home in the Edmonton CMA sold for $440,573 in May, virtually on par with April’s average price of $439,982, but down almost 3% compared to the average price of $453,748 in May 2015. Average condo prices at $254,555 are up over 1% month-over-month, and almost flat to last year. Duplex/rowhouse average prices increased compared to both the previous month and May 2015, up 3% and 1.5% respectively.

“While new listings coming onto the market were down this May compared to 2015, inventory continues to remain strong with more than 8,000 residential properties on the market at month’s end,” Sedgwick said. “The fact that we haven’t seen a significant decline in prices is giving buyers more assurance. They are making purchases based on market stability and good selection.”  

For visual learners, check out the infographic on the site:

Realtors have obligations, duties and responsibilities to their clients. Whether they are representing a buyers or a sellers, they are professionally and legally obliged to protect the best interests of their clients. They have fiduciary duties, which include:

1. Undivided loyalty: The realtor must act only in the client's best interests and put them above their own and other people's interests. The realtor must avoid conflict of interest and negotiate to the benefit of the client.

2. Confidentiality: The realtor must keep the client’s information confidential even after the relationship is over.

3. Full Disclosure: The realtors must disclose to their clients the services they will provide, everything they know that might affect the agency relationship or influence their decision in a transaction.

4. Obedience: The realtor must obey all the client's lawful, reasonable, and ordinary instructions.

Source: RECA: Cosumer Relatioship Guide

Buying and selling homes is a complicted and stressful  process. It requires a knowledge in the market conditions and an experience in the local community. Working with a realtor benefits the consumers and allows them to take advantage of the knowledge and expertiece of the a rael estate professional for the following reasons:

• Realtors hold themselves to a higher standard of professional excellence
• Realtors are life-long learners and undergo continuous professional development 
• Realtors are effective negotiators and ensure your best interests are represented
• Realtors have access to market and sale statistics so they can advice on  fair price for your property
• Realtors are up to date on the rules and regulations that govern real estate prictice in Alberta
• Realtors must adhere to a strict order of Code of Ethicss and Standards od Business Practices.

Here at Rafik Berjak Real Estate we pride ourselves in holding the rules and regulations of the Real Estae practice to the highest esteem. If you are looking for a real estate professional you shouldn't hestate to call us for free cosultation. 

Source: Alberta Ral Estate Association website