In October, the benchmark price for single-family homes in the Greater Edmonton Area dropped back to where it was about a year ago ($429,100 is down 0.3% from last October). Sales have cooled off to pre-pandemic levels in the Edmonton area, but the market hasn't cooled off nearly as much as in other parts of the country. The Calgary market is seeing a similar pullback in sales, while their prices are still higher than last year - detached homes in Calgary are nearly 12% higher than last October. CREB® Chief Economist Ann-Marie Lurie summed it up perfectly:
“Calgary hasn’t seen the same degree of pullback in housing sales like other parts of Canada, thanks to persistently strong demand for our higher density product. While our city is not immune to the impact that inflation and higher rates are having, strong employment growth, positive migration flows, and a stronger commodity market are helping offset some of that impact.”
I will update this post when the REALTORS® Association of Edmonton releases their monthly report on the market later this week.
City of Edmonton Stats
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