Edmonton housing market cools off in August

The Edmonton real estate market, normally one of the best in Western Canada, cooled off during August, according to a recent report from the Realtors Association of Edmonton.

In total, there were 1,430 sales of residential properties, a 17.4% decrease from July, and a 10.7% decrease from August 2011.

The amount of active listings in Edmonton also took a tumble, but not quite in the same way at the number of sales.

There were 2,732 total listings within the city in August, a 2.2% decline from the previous month, and a 5.6% drop from last year.

Also down was average selling prices.

The average price of a single-family detached home fell 0.15% to $384,477despite a 3.8% increase from last year.

Condos saw their average prices slide by around 1% to $237,042, but compared to last year’s statistics, the prices increased by 2.6%.

Edmonton is usually a relatively stable market, which makes it attractive to prospective buyers. However, given the decreases in August, investors may want to look elsewhere for properties until Edmonton’s real estate market begins an upward trend.

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