Growth Or Recession For Edmonton's Housing Market?

Looking at the April's and the last few months numbers, one can only wonder if the current conditions and stats are indication of a stagnant Edmonton housing market to come. The increase in the residential inventory, average "days on market" and lower number of sales (except in April) compared to the past few years, definitely point towards it.  If we look at the current condition of our economy, rising interest rates and tougher mortgage rules, combined with record high personal debt, I think it may be a while before we will see any sight of expansion and increases in pricing. On a positive note, we all have to live somewhere and there are always buyers looking to buy that first dream home, move or down size!

Note: this is an opinion of just one person and you should consult your own realtor and/or news media for more information on current Edmonton's housing market.

The average price for a single family detached home in April of 2018 was $429,116 down by 3.37% from last month and down by 2.37% from April of 2017. The condo prices were up by 5.63% at 247,405 from $234,212 last month. Total of 1,555 residential properties have sold in the 4th month of 2018, 20% more than in March and 5.78% more than in same period last year. The inventory increased to 8,788 residential properties available compared to 7,963 last months and 7,612 in April of 2017. Average Days-On-Market were down by 1 day at 57.

All the information in this article has been provided by Realtors® Association of Edmonton!

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