We've been hearing lots of good forecasts for the Alberta economy lately, but the real estate market remains relatively slow in Edmonton. The real estate market tends to lag behind other economic factors, so I'm not surprised that the market is a little slow, even though the year started off showing lots of positive signs. The REALTORS® Association of Edmonton released their report on the Greater Edmonton Area:
“We are in the middle of our busiest season for real estate,” says James Mabey, REALTORS® Association of Edmonton Chair. “More sellers are entering the market and are motivated to move their properties before the summer months, which provides the best selection of properties for buyers who are actively looking and taking advantage of the increased number of listings typical for this time of year.”
New listings and inventory jumped up in May (to the highest levels we've seen in ten years), and for the first time this year we finished out the month with more listings than we had on the market last year. For the first few months of this year, we saw lower supply and higher demand than last year, but that trend has now reversed.

Greater Edmonton Area Real Estate Stats

Sales in the greater Edmonton area were in the normal range for May, but down 2.8% from last year: The average price was down 1% to $379,018 and the median price was equal to last May at $360,000: The inventory of listings on the market hit its highest level in years; there were 8,385 homes on the market at the end of the month: The inventory was mostly influenced by the high number of new listings; 1,853 new listings came on the market in May:

Edmonton Real Estate Stats

Single-family home sales were down 6.4% from last May - 871 homes were reported sold in Edmonton in May: Condo sales were on par with last May, which had the lowest sales of condos in many years - 365 condos were reported sold in Edmonton in May: The average price of single-family homes was $435,874 in May, down 1.2% from last May, while the median price was up 0.5% to $400,000. The average price of condos was $250,596 in May, down 1.8% from last May while the median price was down 1.8% to $227,250: The average price per square foot for single family homes was up $1 from last May to $283 while the average price per square foot for condos was down $9 (3.7%) to $233: Posted by Liv Real Estate on
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Notley was why oil prices declined too? Put any govt in power and it would not change anything. Notley did not need to put in that carbon tax, because her Kinder Morgan pipeline is going to be a pipe dream. I do not think the alternative is going to be better but Notley needed to see with her rose colored glasses off to be re-elected you cannot add more taxes. Wont mention a few other policies. Now a mandate she started will come to short order.

Posted by Vault on Thursday, June 1st, 2017 at 8:13pm

This market will explode once Notley is gone.

Posted by GM on Friday, June 2nd, 2017 at 3:16am

When Notley will be gone, the new government will not borrow like crazy, the gov jobs will be reduced and real estate will collapse... The only thing keeping the market stable is the money borrowed by Notley

Posted by Bubu on Friday, June 2nd, 2017 at 4:07am

No panic guys! This stagnation in prices is gonna be temporary just 4 to 5 more years and prices will start to pick up again. Just be patient that's real estate 20 to 30 years sometimes to see real price increases. What happened in Vancouver and Toronto the last few years already happened in Alberta from 2001 to 2007 when prices doubled and even tripled so it's reasonable to think this cycle will not happen for another 20 to 30 years counting from 2007

Posted by Wally on Friday, June 2nd, 2017 at 5:41am

The Chinese buyers have been chased away from Vancouver. Now they're chasing them away from Toronto. Perhaps they'll now focus their buying on Calgary and Edmonton. That is, before Nutley puts the kaibosh on it and puts in a house purchase tax.

Posted by GM on Monday, June 5th, 2017 at 4:59am

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