balance_800According 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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