Edmonton housing market remains strong despite gloomy energy sector
Edmonton’s housing market showcases strong growth amid uncertainties in its energy sector, a study by Royal LePage has revealed.
Bungalow properties saw the highest jump to 6.8 per cent to $364,906. Two-storey homes and standard condo units have increased by 5.5 per cent and 3.1 per cent, respectively, or $391,378 and $231,093.
"We have a lot of momentum in the housing market," said John Rose, chief economist with the City of Edmonton.
"You're going to continue to see particularly at the lower end, condos, town houses, you'll see sustained demand in spite of the fact we might see an uptake in unemployment in the region."
He told CBC that the “people who have moved to the city, opting to rent and have now decided to buy a home” were the main factor for the increase.
However, one of the realtors who spoke to CBC said he is starting to see a slowdown in the housing market.
"Last year at this time, the buyer was not worried about not having a job tomorrow," said Abe Hering, a 35-year veteran realtor.
"He knew he was going to have a job tomorrow and so he had a lot of confidence."
Hering added his home’s been sitting on the market for two months now, an extended time from the usual four-week timeframe when selling in the city’s west end.