Sales have come down from the record-high levels earlier this year, but they are still up from last year. The Bank of Canada announced another 50 basis point rate hike last week and warned of another one to come, to rein in inflation. You may recall, earlier in the year, I shared opinions from economists that said the housing market can withstand rate hikes if they are in small increments (ie 25 basis points at a time). Today's hike was the second 50 basis point hike so far this year and will further reduce demand. Meanwhile, listings continue to come on the market well above normal levels causing inventory to climb from well below normal to a more typical level for this time of year. We're still in a seller's market, but I don't expect that to continue for much longer. Gone are the days when a seller could put their house on the market and start counting offers the next day; buyers have more time to make good decisions and sellers must price and market their homes well to have success in the current market.
I will update this post when the REALTORS® Association of Edmonton releases their monthly report on the real estate market.
City of Edmonton Stats
Single-family sales up 8% over last May; 1283 sales were reported.
Condo sales were up significantly from last year; 564 sales were reported in May, up 55%.
Posted by Liv Real Estate on