Edmonton International Airport had three years of high flying success.  Then came the recession and the resulting numbers from 2009 are reflective of the economy as a whole. Canada’s fastest growing airport saw almost an 8 percent decrease in domestic passengers in that year and a one percent drop in international travelers. In 2008 6.5 million passengers passed through the airports gates.  In 2009 that number dropped to 6.1 million.

Passengers arriving into Edmonton from the United States increased by 6.3 percent to break the one million mark for the first time.  There are 10 United States destinations that have non stop service from Edmonton with over 40 arriving and departing flights a day, so that is a good incentive to “Fly Edmonton.”

Even with those numbers, Edmonton continued to add non stop service to more locations, including Costa Rica, Liberia and Huatulco, Mexico. Continental Airlines added a non stop flight to Houston this past November, expected to be a lucrative and popular flight. Houston is a hub for connecting flights to Central and South American countries.  Continental Airlines is also part of the Star Alliance that includes Lufthansa and Air Canada, giving Edmonton more access to global air coverage.

Edmonton International appears to be successfully getting the word out on its 50 non stop service destinations. A common practice in Edmonton was to buy tickets in town and then drive to Calgary because they offered better connections or service to places not offered through Edmonton’s Airport.  The number of people making that drive to Calgary is down 10 percent.

Airlines are also sweetening the pot and WestJet is among them. In the spring, seasonal service to Maui, Hawaii will start. The airline now offers service to San Francisco, California, Cancun, Mexico and Kamloops, B.C. on a year round basis.

Edmonton International is, in turn, doing what it can to keep its airline partners happy. A $1 billion expansion project is in progress to double the number of airline gates.  The more available gates, the quicker the flights get in, serviced and boarded. That makes the airlines very, very happy.  It seems to please the passengers as well.

Edmonton Investment Property

Real Estate Listings in Edmonton Double as Confidence in Industry Grows

Edmonton property owners, encouraged by the incredible rebound in sales by the end of 2009, are once again listing their homes on the market. Some listings also came from people who have been advised that their new homes, under construction, have finally been completed or nearly so.  This brings the number of market listings for January to 2,199, almost double from that of December 2009 which listed 1,118 homes on the market.

January sales of single family homes did decrease by 6.8 percent.  At least part of this can be attributed to the fact that buyers did not have that much to choose from. Now, with more availability, February is predicted to be a stronger sales month.  Even so, sales in January 2010 were 21 percent higher than in January of 2009.  That is cause for optimism.

The additional listings also kept the real estate market on more of an even keel.  It was feared that the lack of inventory might turn the industry into a seller’s market, thus increasing home prices to an unaffordable, perhaps inflated, level.

Pricewise, single family homes averaged $367,747 per unit, up about 4 percent from last year and just a fraction higher than the $366,761 from December of 2009.  Condos averaged out at $239,006 per unit which showed a 0.1 percent increase over last year.  Listings were on the market for an average of 57 days.

Edmonton Investment Property

Report - October 17th,2009

Resale Real Estate Market in Canada is Healthy

The Canadian Real Estate Association announced on Tuesday that Canada’s resale real estate market is continuing its upward trend. In August 42,483 homes were sold, making the monthly sales 18.5 percent higher than for the same month in 2008. August sales were not quite as strong as those in July, with the number of units dropping from 42,666 to 42,426.

Economists are cautiously warning that the market performance would most likely slow as home prices keep rising and the market stabilizes. Interest rates continue to be at low levels. Three quarters of the local markets experienced a growth in resale property. Vancouver’s increase was 117 percent over the same period last year. Toronto followed at 27 percent and Calgary at 17 percent. Montreal’s gain was 9 percent and Edmonton came in at an 8.6 percent increase. Sales rose by more than 15 percent in June, July and August over the same period in 2008.

Prices are on the rise as well, aided by the increased interest in Canada’s higher end home markets. CREA reported that the average national price was 11.3 percent higher than in 2008, topping off at $324,779 in the month of August. The market showed a 5.3 percent increase in prices throughout 2009 as compared with the same time period in 2008.

Edmonton Investment Property

Report - October 2nd,2009

The cost for police services will show up next spring on Edmonton residents’ tax bills.

In order to hold tax hikes to no more than five percent, three to fund city operations, and two for neighbourhood fix-ups, legislators agreed to the increase as part of the budget for 2010.

Mayor Stephen Mandel said Edmonton residents should know that the budget for the police force requires about 25% of city tax funds. The police budget is one of the city’s largest costs at $217 million.

Some officials are worried that police, library and some development agencies might not receive the funds they need to operate fully if they have to stick with the three percent increase. Some suggested that service cuts could arise due to the constraints.

Coun. Amarjeet Sohi said, “I think what will happen is we will fund the most popular, the most citizen-demanded areas, but we will not have any money for other items.”

City manager Al Maurer said council will look at extra services that require more funding than the three percent will provide and will decide if they warrant additional funds.

The city’s 2010 draft budget will be available Nov. 10.

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