Weekly Market Update Jan. 22/21

Agreed! Houses are white hot right now. Huge gains!!

Houses up, condos down.

Ouch. I didn't see the condo prices. Just one distressed seller who needs to sell below market hurts all condo prices in that neighbourhood. It's really a race to the bottom with condos. I don't understand why anyone would buy in that market thinking that prices would ever go up. Even in this red hot real estate market, condos are decreasing. I would say 95%+ of condo buyers will lose money.

Sara,
What's your prediction for SFH prices in Edmonton over the next year?
I realize interest rates are low so lots of people want to buy now, but the Keystone XL pipeline just got cancelled so that's not great for Alberta.
Will we be higher a year from now, lower, or the same?

Just trying to get a feel for the real estate market in Edmonton and Alberta right now.

Thanks.

GM,

We're still seeing a lot of pent-up demand for single-family homes, and the BoC has said they're going to keep rates low for the remainder of the year. However, if we want to see sustained demand, the market fundamentals need to improve, namely, employment. I could see single-family home prices increasing slightly this year, in the 1-2% range, but that's about it. Hope that helps,
Sara.

Thanks. Yeah, I don't see the job situation improving for quite a while.

Re: Thanks. Yeah, I don’t see the job situation improving for quite a while.

{Comment truncated by the moderator. Tony, please refrain from using racial slurs/slang or we will block your comments.}