Edmonton home sales down 20% in February

Sales in the city dropped 20% in February compared to a year earlier, and the average detached home price fell 3.1% over that period, according to the Realtors Association of Edmonton.

But the association stressed the more recent gains, noting the average detached home price was up 1% from January, while the condo price was up 4.5% from January.

“Sales and prices in early 2010 were pushed up by the impending mortgage rate increases and qualification changes,” said Chris Mooney, president of the Realtors Association of Edmonton. “Now that the market is stable, price levels have returned to 2009 levels.

Inventory was up in February, however, at 6,389 properties on the Multiple Listings Service, up 13.4% from a month earlier

As the Edmonton Journal reported this week, buyers are not rushing into the Edmonton market, despite the impending changes to the maximum amortization period, set to take place March 18.

Mooney told the paper that the changes have had a “nonexistent” effect on the local real estate market.

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