National headlines have focused on record real estate sales recently, and the Greater Edmonton Area is no exception - we haven't seen this many sales in August since the boom in 2006. After peaking in July, single-family sales in Edmonton came back down to normal levels in August while sales outside Edmonton skyrocketed. Sales in our neighbouring cities and towns such as St. Albert, Sherwood Park, Beaumont and Spruce Grove were up 66% compared to last year which lifted the overall Edmonton CMA sales up 20%. This is a trend we're seeing across North America as many people working from home don't feel the need to be as close to their workplace, and are opting for more space further from the core. According to an internal poll, the majority of buyers in the market right now are motivated by the low-interest rates, and some wanted to buy in the spring but were delayed to COVID-19 and the relatively low inventory. Edmonton's unemployment rate is well above the national average (15% compared to 11%); the job market is a leading indicator for the real estate market, and October will mark 6 months of high unemployment along with the end of many mortgage deferrals. It will be interesting to see what happens this fall.
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