Supply is down, demand is up compared to last year - will this trend continue? If it does, we should start to see prices moving upward. A few interesting reports came out this month, first, the federal first time home buyers incentive has been declared a "flop" by Sherry Cooper, chief economist at Dominion Lending Centres. With that said, Edmonton has had the second-most applications in the country, so perhaps it's helping first time buyers overcome the stress test in our market a bit. I would think hard about sharing a chunk of my equity with feds before I applied for that program. The other interesting news is that the vacancy rate has dropped, even with tons of new rental units being built in the city; 40% of condos in Edmonton are designated as rental units. Here's all the details on the Greater Edmonton Area real estate market in January:

Edmonton Stats

Our preliminary look at the real estate market in Edmonton in January shows a slight improvement in single-family home sales and a decline in condo sales. I will update this post when the REALTORS Association of Edmonton releases their monthly report on the real estate market. 391 single-family homes were sold in Edmonton in January, a 6% increase over last year. 160 condos were reported sold in Edmonton in January, a 13% decrease from last year. The average sale price of single family homes rose 6% to $415,271 and the median price was basically unchanged at $369,500. The average price of condos dropped 5% to $201,608 and the median price 6% to $184,750. The average price per square foot for single family homes rose $8 to $260 and for condos dropped $10 to $203. Posted by Liv Real Estate on
Email Send a link to post via Email

The Corona virus changed everything, home prices are now in free-fall as oil has plunged 20 percent in price. As well natural gas prices have cratered also due to the Corona virus and the mild winter. It still costs about 2 or 3 times more to rent than to own a resale apartment or resale townhouse. Either rents will fall or resale apartment and resale townhouses prices will rise.

Posted by Tony on Thursday, February 6th, 2020 at 1:59am

Leave A Comment

Please note that your email address is kept private upon posting.