Is Edmonton's Real Estate Market is Turning?
Timing is one of the key factors when it comes to purchasing real estate. The key to making money is buy low, sell high and real estate is no exception. RE/MAX.ca has just unleashed Canada’s Housing Market Outlook for 2017 and Edmonton is doing well. If you have been considering "up-sizing", now is a great time to invest before Edmonton's real estate market soars again.
Detached, single-family homes are the most sought after property type in Edmonton, and older homes in mature neighbourhoods typically receive multiple offers as a result of low inventory. A wide variety of inventory across the rest of the market provides good opportunities to move-up buyers who drive demand in Edmonton.
Stable prices have created good value in the upper-end of the market, resulting in 33 properties selling for over a million dollars in the first quarter of 2017. New approvals for high-rise condo developments in Edmonton’s downtown core and the Whyte Avenue district are expected to fuel condo market activity in the region moving forward.
The housing markets in Calgary and Edmonton remained relatively stable, with moderate declines in the number of sales and average residential sale price as a result of the prolonged recovery of the oil sector over the past two years. The average residential sale price in Edmonton decreased slightly, by two per cent year-over-year in 2016, while Calgary’s average residential sale price decreased by four per cent. Buyer activity is expected to pick up slightly in the second half of 2017 if employment opportunities in the oil sector continue to gradually come back to the province.
Highlites of Edmonton's real estate market for the first quater of 2017 include the stability of home prices, an increase of multi-million dollar homes being sold, more infills being built and several multiple offers on single family detached homes. Way to go Alberta!