According to Dan Sumner, an
Economist at ATB Financial, Edmonton’s housing market is continuing to “correct” itself
after about year and a half of sizzling growth.
Referring to data recently
released by the Realtors® Association of
Edmonton, Sumner noted that in October, the average home price in Edmonton fell about $10,000 or 3% vs. September ($327,235 to
The decline was noticed
across the board among residential properties, including condos, town houses,
row houses, single-family dwellings, and rural properties.
At the same time, house
sales in October dipped slightly from September, from 1,187 to 1,077. However,
Sumner sees this as a normal seasonal shift that typically occurs when fall
sets in, and not a trend related to prices.
Fortunately, Sumner notes
that the dip in home prices is not an indication that the Edmonton market is headed for a US-style meltdown. He notes
that interest rates are still attractively low, and the Alberta economy is growing – not shrinking. Still, Sumner suggests that there could be
more price adjusting on the horizon as the market continues to “correct”
In my view, if you’re in the
market for a new home, then this is an ideal time to take advantage of two
factors that are working together at the same time:
1. A relatively good amount of inventory (i.e. homes) available to choose from.
2. Historically low interest rates, which can save you thousands of dollars – plus help you fully own your home years sooner.
Call me today at 780-709-0811 to learn how to put these factors to work for you – because you want to find and lock into your great new home before the market rebounds and prices rise, inventory shrinks, and interest rates increase.Posted by Chris Proctor on