The real estate market in Edmonton, Alberta has been showing steady signs of improvement throughout the year 2016. After suffering for multiple years due to the economic downturn, the number of home sales went up by 3.8% as of June, 2016. The market is expected to remain stable going into 2017, and we are unlikely to see anything change drastically unless there is a huge economic event. Demand has remained low while supply has remained high.
Good market for renters
The market has continued to remain a good market for renters as the number of rental homes on the market as of November, 2016 is 5,211. The figure this time last year was 3,820 and the median price of rent is $1,168 as of November, 2016. As renters have a greater variety of options, the figures are a little alarming for landlords. The rent market is expected to remain the same for at least the next couple of months.
The luxury market is holding the fort
As of the week ending December 9th, 2016, the average price of a single-family is around $440, 496 for a single-family home. This high figure is in part due to the increased sales of luxury homes in Edmonton, and the number of luxury units sold in November, 2016 was nearly double the amount sold in November, 2015. This is why the average price of a resident property is relatively high, but this figure will go down in the coming months as luxury sales normalize.
How are the other figures?
The average price of a condo is $241,569 as of this November which is a 4.75% decrease from last November. The spike in the luxury market hasn't really affected condo prices, but it has impacted the price of a single-family home which is now $440,496, an increase of 1.76% from November, 2015. By factoring out the luxury market, the average price is expected to be lower by up to 3%. However, the number of confirmed residential sales in November was only 978, an 11.41% decrease from 2015.