“The uncertainty surrounding the COVID-19 pandemic and the energy industry is expected to cause a dramatic decline in housing demand over the second quarter,” said Lurie. “With social distancing expected to soften by the third quarter, the pace of the decline in sales will ease by the third and fourth quarter. However, a turnaround in sales is not expected by the end of the year, as the financial implications for many households will have lingering effects.”I think her outlook for Calgary is reasonably accurate for Edmonton as well. This suggests the issue will likely, once again be inventory, as the inventory will grow. We're already sitting at over 9 months supply, unheard of for this time of year. Here are all the stats for the Greater Edmonton Area in April:
Edmonton Stats
131 condos were reported sold in Edmonton in April, down 57% from last April and the lowest number of sales in one month since I started keeping track in 2005.
The average price of single-family homes dropped 2% from last April to $408,512 and the median price dropped 1.5% to $374,021. The average price of condos increased 1.4% from last April to $225,527 (this was due to one sale over $1million that inflated the average price) and the median price dropped 3.7% to $195,000.
The average price per square foot for single-family homes dropped $13 to $260 and for condos dropped $1 to $220.
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