Edmonton market's inventory reaches decade-high levels

Edmonton market's inventory reaches decade-high levels

Edmonton market

In the second quarter of this year, the Edmonton housing market saw the greatest levels of supply since 2008’s global financial crisis, according to the latest Royal LePage House Price Survey and Market Survey Forecast.

However, “while this gave purchasers more selection and bargaining power when looking for a home, prices remained relatively stable due in part to sales activity, which hovered near the 5-year average,” Royal LePage stated.

Figures from the report noted that the aggregate value of a home in the Edmonton market experience a slight decline in Q2 2018, decreasing 1.4% year-over-year (down to $377,218).

The aggregate price of a two-storey home shrunk by 0.7% in the same time frame (down to $436,722), while the aggregate price of a bungalow decreased 1.5% (down to $369,100).

Condominium prices fell by 5.3% year-over-year (down to $223,787).

Read more: Edmonton market propelled by activity in apartment, townhouse segments

“Edmonton continues to be one of the steadiest real estate markets in Canada,” Royal LePage Noralta Real Estate broker and owner Tom Shearer. “Even with all of the selection available right now, there is enough demand present in the market that, when priced correctly, a home will sell relatively quickly.”

Royal LePage predicted that the aggregate housing price in Edmonton will increase 1.0% quarter-over-quarter by the end of Q3 2018, up to $381,177.

On the national level, price appreciation slowed to a relative crawl in Q2 2018, a development influenced mainly by what was characterized as “softness” in the Greater Toronto Area, where many markets have suffered year-over-year declines in home prices.

 

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