Alberta is expected to benefit from gradual recovery in its housing markets this spring, according to a recent Royal LePage analysis.
With the national aggregate home price growing by 2.2% annually in Q4 2019 (reaching $648,544), the Western Canadian province has seen modest housing growth levels in its largest cities – which can provide struggling home buyers in the region with much needed leg room.
In Calgary, the 2.1% price increase from Q2 2019 to the final quarter of that year has “been encouraging for homeowners,” Royal LePage stated. This helped offset the 2.3% year-over-year price decline in Q4 2019, down to $469,916.
“Sales have improved and inventory has gone down in both detached houses and townhomes. Buyers are taking advantage of reduced prices, primarily in the single-family home segment,” according to Corinne Lyall, broker and owner with Royal LePage Benchmark. “There is still a surplus of condos available offering excellent choice for buyers looking at turnkey properties with little maintenance.”
In Edmonton, home prices remained virtually flat during the fourth quarter, with a miniscule 0.7% annual decline to $379,426. The trend suggests a market steadily regaining its footing.
“Home buyers in Edmonton have adjusted to the mortgage stress test and sellers are making appropriate compromises,” according to Tom Shearer, broker and owner with Royal LePage Noralta Real Estate. “Sellers are optimistic when meeting buyers that they are ready to make a purchase.”