Reported by Teresa Mardon, REALTOR, C.E.T., TOP 5% Edmonton Real Estate Board Yearly since 2001, Royal Lepage Director's Platinum Award!
Updated January 8, 2012.
Current Market Rating: 2
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5
Buyer's
Seller's
Current Price Trend: 3
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5
Falling
Rising
All statistics reported here are courtesy of the Edmonton Real Estate Board, (see my website at www.TeresaMardon.com).
As we embark upon another New Year, our news analysts reflect on the year just past, searching for meaning, trends and significance in our usually chaotic world. And it certainly has been an eventful year. Europe seems unable to solve its debt problems, the Middle East appears on the cusp of a brave new world as the "Arab Spring" unfolds, and our American friends continue to inch toward economic recovery while gearing up for elections next November. It all makes our Edmonton real estate market look like a sea of tranquility and consistency in comparison. We continue a trend established in late 2007, bobbing along unable to decide conclusively between a Balanced Market, (spring and summer months), and a Buyers Market, (fall and winter months), and with average prices confined to a narrow band around $325K. As I've said before, a trend line applied to our average prices over this time period would be completely flat. Sales volume fluctuations are totally seasonal. We have made little progress in dealing with our large inventory overhang. In a more ordinary environment the market would force a solution, most likely through price reductions. Historically low interest rates have been around so long the market has been artificially skewed and we have almost come to believe the current state of affairs is normal. It's not, and once rates start to rise, as they eventually surely will, we should expect real estate prices to adjust in response. Bank of Canada has made a few false starts in this direction, but has always been held back by the US Federal Reserve's refusal to lead the way. Fortunately for Canadian borrowers this isn't a step we can take independently from the US as it would send our currency soaring and cripple our export market - an extremely unpalatable outcome politically. The gathering strength of Alberta's economy as demonstrated by our rate of job creation, (Edmonton is second among Canada's metro areas, and fifth in unemployment rate), insulates us somewhat from economic reality, but we continue to languish at 14 out of 27 in MLS unit sales and 20 out of 27 in MLS prices. We are thirteenth in housing starts and fifteenth in building permits, putting us squarely in the middle of the national pack. We find ourselves slipping a bit deeper into a Buyers' Market in December. Average days on market is 65, (over 60 signifies a Buyers' Market). This is a good time and a good time of year to be a Buyer - if you're a Seller, proper pricing is critical. Not being priced on market is a recipe for frustration.
Location Characteristics: Spruce Grove is a city in the vicinity of Edmonton, Alberta. Like nearby Stony Plain it is surrounded by Parkland County.
With a population of 23,326, Spruce Grove is the 11th largest city in Alberta. The Horizon stage is a centre for performing arts here, and its Tri-Municipal Leisure Centre is a popular recreation facility. As it is 11 km west of Edmonton, many citizens travel there to shop. However, there are a great number of businesses on the west end that citizens commonly utilize.
The current mayor is Stuart Houston.
Spruce Grove is located near the province's geographical centre, at 30 kilometres (19 mi) from downtown Edmonton and 14 km (9 mi) from Edmonton's city limits. It is part of the Edmonton Capital Region.
According to the 2009 municipal census, the population of Spruce Grove is 23,326. This was a 19.6% increase from the official result of the Canada 2006 Census, 19,496. The city has a land area of 26.40 km2 (10.2 sq mi) and a population density of 883.6 /km2 (2,288.5/sq mi).
Two highways pass through Spruce Grove, Highway 16 and Highway 16A. Highway 16 has no traffic lights but has two exits into Spruce Grove, while Highway 16A has several traffic intersections. Travelling east of either of these highways will lead to Edmonton. Travelling west on Highway 16A will lead to Stony Plain, and going west on either highway will lead to Edson, Hinton, and eventually Jasper.
The majority of the streets in Spruce Grove use a standard naming system. Their names share a first letter with that of its subdivision. For example, all streets start with M in Millgrove subdivision; in Woodhaven, they all start with W. Only in the original subdivision of Broxton Park and the downtown core is this naming convention not utilized.
There is a railroad connection between Edmonton and Vancouver running through Spruce Grove. The majority of the rail road traffic is goods, however in the summer there is also passenger transportation between Edmonton and Jasper.
Edmonton Transit System offers a commuter transit route from Spruce Grove to Edmonton, peak hours only.
About Teresa Mardon:
Teresa Mardon, is a licensed agent in the province of Alberta. She has received numerous awards, in her real estate career. She has continuously been in the TOP 5% for the Edmonton Real Estate board since 2001, she continues to stay on track for this honour. She has also received the Royal Lepage Directors Platinum Award and Royal Lepage Award of Excellence
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
