Average sale price jumped for Edmonton’s housing market last month to three per cent, despite the 13 per cent drop in the number of housing sales.
Data from the Canadian Home Mortgage Corp. (CMHC) also found that single family homes are sold $438,641 on average.
Geneva Tetreault, president of the Realtors Association of Edmonton, partially credits the price rise “to a record setting tight market last year with low inventory,” Edmonton Sun
"It was a really tight market," Tetreault was quoted as saying. "What's happening now is as the inventory is increasing, it is giving some of those people that couldn't get into the market last year an opportunity to get in."
CMHC’s House Price Analysis and Assessment Framework stated all of Edmonton’s residential categories, except for duplexes and rowhomes, suffered dramatic falls in sales. The study also placed Edmonton at a low risk for all factors like acceleration in house prices, overvaluation and overbuilding.
In addition, condominiums in the area had the biggest blow with 20% less sold this April when compared to the same period of 2014.
Meanwhile, real estate investing in other cities including Quebec, Winnipeg, and Regina were categorised under a high risk of overvaluation. The housing markets of Toronto, Montreal and Calgary presented a moderate risk.
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