A recent report shows there are a record number of unsold, completed new homes in the Edmonton area (7.5% above the previous record). This is due to a tough labour market, stagnant wages, higher mortgage rates and tougher federal mortgage rules, and all those factors are impacting the resale market as well. My initial looks at the Edmonton real estate market in February shows single-family homes sales were down 1.4% from last February, and below average for this time of year - 499 homes were reported sold in February: Condo sales were down 7% from last February and the lowest level we've seen in at least 10 years - 214 condos were reported sold in February: The average price of single-family homes was down 3.6% to $419,174 and the median price was down 0.7% to $380,000. The average price of condos was down 8% from last February to $219,538 and the median price was down 2% to $210,000: The average price per square foot for single-family homes was down $18 to $270 and for condos was down $10 to $219: Posted by Liv Real Estate on
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