In its latest House Price Survey and Market Survey Forecast, Royal LePage reported that lower housing costs observed in the third quarter could be attributed to a general guardedness among the Edmonton market’s would-be buyers.
“It’s a buyer’s market as economic uncertainty in Alberta and the new mortgage rules have eliminated some of the competition. Buyers have a lot of choice, and they are taking their time to find the right property,” Royal LePage Noralta Real Estate broker and owner Tom Shearer explained.
Lower employment numbers in the oil and petrochemical industries are also biting into the public’s purchasing power and keeping wary individuals from dipping into the market.
Read more: Edmonton’s prospective home buyers adapting to the ‘new normal’
However, Shearer went on to say that “sales activity has remained healthy in Edmonton, despite high inventory and declining prices.”
The average sale price of an Edmonton home moved down by a modest 0.9% year-over-year in Q3 2018, reaching $380,295.
By housing type, condos declined by 0.6% to $234,017, while two-storey homes had a more noticeable 1.9% drop to $432,789. Only bungalows benefited from median price increase, growing by 0.9% during the same time frame to reach to $379,782.
In Royal LePage’s forecast, the aggregate price of an Edmonton residential purchase will go up by 1.1% quarter-over-quarter by the end of December, reaching $384,486.
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