January Market Report – UPDATED
Supply is down, demand is up compared to last year – will this trend continue? If it does, we should start to see prices moving upward. A few interesting reports came out this month, first, the federal first time home buyers incentive has been declared a “flop” by Sherry Cooper, chief economist at Dominion Lending Centres. With that said, Edmonton has had the second-most applications in the country, so perhaps it’s helping first time buyers overcome the stress test in our market a bit. I would think hard about sharing a chunk of my equity with feds before I applied for that program. The other interesting news is that the vacancy rate has dropped, even with tons of new rental units being built in the city; 40% of condos in Edmonton are designated as rental units.
Here’s all the details on the Greater Edmonton Area real estate market in January:
Edmonton Stats
Our preliminary look at the real estate market in Edmonton in January shows a slight improvement in single-family home sales and a decline in condo sales. I will update this post when the REALTORS Association of Edmonton releases their monthly report on the real estate market.
391 single-family homes were sold in Edmonton in January, a 6% increase over last year.
160 condos were reported sold in Edmonton in January, a 13% decrease from last year.
The average sale price of single family homes rose 6% to $415,271 and the median price was basically unchanged at $369,500. The average price of condos dropped 5% to $201,608 and the median price 6% to $184,750.
The average price per square foot for single family homes rose $8 to $260 and for condos dropped $10 to $203.
About Sara MacLennan
Sara MacLennan is the Director of Marketing at Liv Real Estate and a licensed Real Estate Associate. The bulk of Sara’s experience and wealth of expertise lies in on-line technology and marketing both for agents and consumers. Sara is the former National Director for Interactive Marketing for Coldwell Banker Canada where she was responsible for an extensive training program traveling to offices across the country training agents and brokers on marketing and technology. Find Sara on Twitter @edmontonblogger.
Comments 1
Tony
The Corona virus changed everything, home prices are now in free-fall as oil has plunged 20 percent in price. As well natural gas prices have cratered also due to the Corona virus and the mild winter. It still costs about 2 or 3 times more to rent than to own a resale apartment or resale townhouse. Either rents will fall or resale apartment and resale townhouses prices will rise.