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
$317,422).
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”
itself.
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
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