2022 Edmonton Real Estate Market Forecast
Posted by Liv Real Estate on
Well, it's that time of year when I get to try and predict what's going to happen with the real estate market and check back on last year's prediction. I attended the REALTORS® Association of Edmonton annual forecast last week and the Calgary Real Estate Board (CREB®) forecast earlier today, and I have some interesting insights to share with you. But first, let's have a look at my prediction from last year:
"We don't expect the pace of sales to stay ahead of previous years for much longer, we're still dealing with pent-up demand due to extremely low-interest rates and people wanting more space for working and learning from home. The Bank of Canada has committed to keeping rates low for 2021, but the Alberta economy is not expected to get back to…
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A friend of mine recently moved to a Vancouver suburb and I was shocked to hear how much it really costs to buy a home there. I think everyone has an idea how expensive homes are in and around Vancouver and Toronto right now, but many people aren't aware of the additional closing costs buyers face across the country. With so many people working remotely, we're starting to see people moving based on housing affordability, so I wanted to share what it actually costs to buy a typical single-family home in major Canadian cities, including the extra expenses buyers pay at closing that are not included in their mortgage.
Since averages and medians can be misleading, I'm going to base these calculations on the MLS® Home Price Index. The HPI basically…
April 29 updates in green.
When I first wrote this article, we had been socially isolating for just over a week. No one knew what it was going to be like, or how long it would last. While we still don't know the answer to how long this will last, we have a pretty good sense of what it's like, and we've gotten pretty used to sanitizing, wearing masks and staying physically distant from each other. Agents have found creative ways to show homes online, and reduce the number of properties that are actually shown in person. No matter what's happening in the market, buying or selling a home is a personal decision, that only you can make.
We are here to help our clients in any way that we can, but we do want to let you know there is good reason to hold off…
We missed the Edmonton forecast this year, so we came to Calgary to see what's expected to happen to the real estate market in Calgary at the #CREB2018 Economic and Housing Forecast. I'll be updating this post as information is shared.
The forecast was provided by CREB Economist: Ann-Marie Lurie, here is a summary of her remarks:
Calgary was on a path of recovery in 2017, which is expected to continue in 2018 (more of the same) with so new challenges. Alberta has the strongest growth in GDP in the country, but we're not back to where we once were. Energy prices are far better than what we've seen over the past couple of years, but challenges still exist. Modest gains are expected in the energy sector in Alberta.
"Housing market conditions are expected…
For the first time in a long time, I'm seeing a lot of positive headlines related to Edmonton, and Alberta as a whole, the economy and the real estate market. I don't know about you, but I kind of forgot what that's like! Here's what people are saying...
A report released Monday by the Real Estate Investment Network named Edmonton the top spot to invest in Alberta, and one of the top 10 in Canada, saying Edmonton is poised to outperform the rest of the province for the next 5 years or so. Our stable economy, affordable housing, falling rent and rising vacancies indicate that Edmonton is in the middle of a slump, making it a good time to buy.
“The fix-and-flippers, the HGTV-watching guys, it’s not the greatest market for them, because it’s a slower…
Today we're attended the always informative Housing Forecast Seminar put on by the REALTORS® Association of Edmonton. We always get tons of insight on the market and what to expect at the seminar that I'll be sharing here.
James Mabey; Chair, REALTORS® Association of Edmonton
Single-family home sales were down 5.4% in 2016 compared to 2015, and condos were down 14%. A further decline of 1.7% in single family home sales in 2017 is predicted. Mortgage rates are expected to have minimal impact in 2017. Condo sales are expected to remain stable in 2017. Total residential sales are expected to decrease about 1% in 2017. Single family home sales hot spots were Summerside, Windermere and The Hamptons in Edmonton in 2016 and Westpark in Fort…