According to the Real Estate Investment Network (REIN), the city has weathered an economic storm better than other centers in the province, and is poised to be one of the first cities to exit the slump.
The city’s diversified economy is said to be one of its strong points, and its economic growth is expected to outpace the national average this year.
Its report found the average selling price for Edmonton residential listings showed a slight upward trend. “Condo prices saw the largest year-to-year increase, mostly due to the large number of new (and thus more expensive) units built and sold.”
Calgary stood at second place, despite prices being slightly lower than the same period last year. “[W]hen we look at the overall trend, we see prices took a strong move upwards in the first three quarters of 2017, indicating some confidence moving back in the housing market,” said the report. The trend demonstrates market appears to have hit a “longer-term trough” in real estate values.
Leduc stood at third, as the “dramatic growth” of the Edmonton International Airport helped to provide jobs for Leduc residents. According to REIN figures, the average residential selling price there was $364,272 last August – some 10.4% higher than the same period last year. “
"There are interesting times ahead for Alberta as a province. However, within these interesting times, trends are beginning to emerge that are pointing to some regions of the province showing signs of stabilizing while others are slowly beginning to enter a growth curve,” said REIN senior analyst Don Campbell.
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A recent study has ranked Edmonton in the top spot among Alberta housing markets with the most potential for growth over the next five years.