Edmonton residential sales and property prices down

The property scene in Edmonton continued its downward trajectory in October, with both sales and property prices down from last month. New data from the Realtor Association of Edmonton (RAE) also showed an overall dip from prices last year.

In its monthly update, RAE revealed that total residential sales in the Edmonton metropolitan area is down by 5.71% from last month, and 13.61% from October 2017. The average price of a residential unit of $358,000 is also down 4.01% from last month, and 3.08% from last year.

Read more: Edmonton would-be buyers guardedly eyeing their purchases

It’s also taking longer for realtors to sell property. In terms of listings, a single family home will stay in the market an average of 62 days, which is one day more than last month and seven days more from last year.  On the other hand, condominiums sold on average in 72 days, three days shorter compared to last month, but five days longer than last year.

“Some of the market decreases are a result of slower sales coupled with higher inventory and listings, as well, it is also common for both prices and sales to begin to decrease at this time of year due to seasonal market fluctuations.” said Darcy Torhjelm , chair at RAE. 

“As we move towards the end of the year, we will likely see average days on market grow with inventory remaining higher.”

 

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Industry news

Submit a press release

Poll

Do you invest in commercial properties?