I've been wondering what this month's stats were going to look like, ever since we saw the absorption rate fall below the rates we've seen for the past three years last month, and Robert Hogue, senior economist with RBC Economics declared the housing correction of the last 18 months is over. (I will update this post the REALTORS® Association of Edmonton releases their monthly report on the Greater Edmonton area). Our market snapshot shows sales and new listings are basically unchanged from last August, while the benchmark price dropped 2.5%. Inventory dropped 8% from last year, keeping us in a balanced market for the 5th consecutive month.   The average price was up 0.7% from last August and the median price was up 1.5%:

City of Edmonton Stats

Breaking from the trend we've seen for the past few months, the average price is up year-over-year and sales are down. In August, 711 single-family homes were reported sold in Edmonton, down 7% from last year: 318 condos were reported sold in Edmonton in August, down 1% from last year. The similarity in condo sales between last year and this year is quite remarkable: The average sale price of single-family homes sold in Edmonton in August was up 2.8% compared to last year and the median price was up 2.7%. This is the first time we've seen a year-over-year increase in the average price since the mortgage stress test was introduced. The average price also rose in August compared to July, which is not normal for this time of year. It will be interesting to see what happens with the benchmark price when it is published. The average sale price of condos was down 5% compared to last year and the median price was down 4.5%. I've added a second average price chart to make it easier to compare the prices on a year over year basis. The average price per square foot for single-family homes was down $2 to $275 year-over-year and for condos was down $10 to $228. Posted by Liv Real Estate on
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People are buying now because there is light at the end of the tunnel - Trudeau is likely going to be gone in October.

Posted by GM on Monday, September 2nd, 2019 at 7:51am

It's sad the residents of Alberta are the last ones to figure it out. Rising home prices will push up rents. There's nowhere for anyone to go from Alberta unless they leave Canada altogether.

Posted by Tony on Tuesday, September 3rd, 2019 at 4:18am

Sure hope you're right GM. A lot of damage has been done especially to Alberta from Justin's stupid mistakes or better still, his deliberate actions to punish this province that has supported the rest of this country for decades now.. The NDP put us into so much debt, ran out of credit cards, and now we're left holding the bill. Now the UPC will have to work to keep our grandchildren in a place where they will be able to survive in a province that will still be having pipeline debates and wars well into their lives, a likely PST, higher taxes, privatization of Health Care, inflation, and on it goes. Maybe Tony is right this time. We may have to picture our descendants as refugees in Russia. So, let's not put our hopes too high on any magic happening to the Alberta Real Estate Market. One or two good weeks means nothing in a declining economic standstill. Economists are not near as optimistic. One day that hot and rising Dow and TSX is going to go down hard. Hope the forecastors are wrong but ????

Posted by Rick on Thursday, September 5th, 2019 at 11:31pm

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