I normally update this post much more quickly, but I believe I found an error in the reported inventory and am waiting to hear back from our association about it. I've included what I can now and will update this again when I get an answer about the inventory. Sales were up 1.8% from last August - 1567 listings were reported sold in the Greater Edmonton Area last month. The average sale price was $423,878, down 3.4% from last August and the media price was $375,000, down 2% from last August. New listings were up 3% from last August - 3,050 new listings were added last month.
High inventory, but prices not going down much IMO.Posted by Mike on Tuesday, September 4th, 2018 at 4:01am
Bubu, you mean you expect this decline to continue for 3-4 years?Posted by Tim on Friday, September 7th, 2018 at 4:15am
Bubu, you mean you think the decline in prices will continue for another 3-4 years?Posted by Tim on Friday, September 7th, 2018 at 5:46am
Mike, 3.4% plus 3% inflation is 6.4% down from last year.. For a $400k average house it is a lot per year... Consider this situation for teh next 3-4 years and you have the full picture.. In reality some properties go for more than 10% less plus inflation... the 3.4% plus inflation is average....Posted by bubu on Friday, September 7th, 2018 at 7:44am
Yes, in real estate it is hard to see crashes as in the market.... interest rate will slowly go up, economy is stagnant in AB so prices will slowly go down... 3-5% nominal per year plus inflation another 3% is my prediction....Posted by BUBU on Tuesday, September 11th, 2018 at 5:05am
Economy is definitely not stagnant in Alberta. Supposed to lead of all canada in GDP for 2019. I would no call that stagnant.Posted by Karlhungus on Saturday, September 15th, 2018 at 5:27am
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