Weekly Market Update May 11, 2018

Keep voting Liberal, folks. If they're in power long enough they should be able to get the average house price down to $25.

Nice rebound in both house and condo prices this week. Hopefully this trend keeps up!

Tom, you’re delusional if you think the most noteworthy trend is a small pause in the running avg price decline. The trend that matters is the mouniting inventory and continued week demand. The trend is unmistakably bearish. That said, the day will come when it’s time to grab a set and buy some unloved assets sitting on the market for too long. Could be this winter.. Could be 2021. But there’s opportunity coming.

Only 2375 sales? Of curse the price is up.. if you sell only one house in Edmonton for $1M the average will be $1M right? :) Next week will have to change the scale for the new listings:) Ooohhh... and 536 price changes? It starts to look like US 2007-2008...

Tom, if you think one week with a slight spike in price means all is well, you are being overly optimistic. There is no hope for the real estate market this year. Place your bets for next year. Anyone that needs to sell this year better hope they have lots of equity so they can take the hit. I know of people who will be writing a cheque to their banks to cover the shortfall between net selling price, realtor fees, early mortgage cancellation penalty and what's left on their mortgage.
Glad I'm not a realtor this year as well. I know one who is crazy busy with listings but not so much with sales as the charts Sara puts out clearly indicate.

Birdland,

Next year will be far worse than this year in Edmonton with the UCP likely slashing government workers, and higher interest rates.

Yes because more government workers = a more robust economy...

@KarlHungus

In the short-term, yes it does.

Karl,

Yes, without a doubt it does for Edmonton.

Housing price could just be a bounce. So many people relocated for job and move around, house will be a burden.

Karl, private economy who has contracts with the government.... that is not healthy long term....

The private sector drives the economy

Not good time to buy , interest rate going up an listings as well , looks like folk realised that life time opportunity can be over faster then they thought and rushed to the door but not everyone will squeeze through .

Tom, it looks like you will be happy this Friday with the price :) Few good sales already...

I guess with oil price continuing to rise and residential real estate going for pocket change in Edmonton money is now flowing in from outside the province.

Tony, there is no connection to the oil... .If that would be true, Calgary prices would go up faster.. they actually go down....