Thursday, January 14, 2010

Edmonton Housing Market Forescast 2010

Hi everyone!

Happy New Year and all that jazz! It’s been a while since my last post so I figured it was about time I posted an article.
Yesterday I attended the 2010 Housing Forecast Seminar along with approximately 1,000 other industry members. It was very informative, and as always, I come back with a lot of helpful information.
Here are some of the highlights!

Hot Design Trends for 2010: presented by Guy St. Germain of the CHBA Edmonton Region
• Going green to save green is still very popular! I’m really glad to hear this as I am a strong believer in looking after our environment. Sustainable wood flooring is still very popular along with Energy Efficient appliances.
• Wide hardwood floorboards are still popular, especially patterned woods like oak and ash.
• Grey is the new neutral! But, not the yucky ‘80’s grey...more spa-like grey’s such as slate and charcoal.
• Wallpaper continues to be popular but there has been a shift away from big, bold patterns to more nature inspired designs that include textured finishes.
• Glass tiles in kitchens and bathrooms are an inexpensive way to add colour. A lot of the glass comes from recycled sources and metallic and glossy finishes are very common.
• High tech kitchens continue to be in demand. There are more built in gadgets such as flat screen TV’s and computers. Stainless steel appliances are now standard so watch for brass and copper finishes on appliances.
• Bathrooms continue to become more spa-like and important to new buyers. Watch for master bathrooms to become even larger and more spa-inspired with a greater emphasis on his and her spaces.
• Dog showers continue to be popular! When they first began to emerge they were seen as a novelty item but may be here to stay since they have become very popular with canine loving home owners. http://www.apartmenttherapy.com/chicago/pets-dogs-cats-snakes-etc/dog-shower-inspiration-061935

Market Forecast: presented by Larry Westergard, President (2010) Realtors Association of Edmonton• 2009 was a year of recovery. Prices were at their peak in May of 2007 and declined into 2008.
• The market is starting to rebalance itself and we are a lot better of in Alberta than in other parts of Canada and the United States.
• As of November 2009 Edmonton home prices ranked 5th compared to other Canadian cities.
• The residential sales forecast is that there will be a balanced and active market for single family homes while the market for higher end homes will be softer. The condo market is not expected to increase.
• In summary: buyers will have choice and sales will be steady. Prices will vary seasonally and will trend upwards throughout the year. Interest rates will remain low in the first half of the year.
• If you would like more information on the market, please contact a licensed real estate agent!

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