"I would wait at this time to see the budget and see if the price of oil levels," said Duane Ritter, a real estate agent with Re/Max in Edmonton. "The average single-family home in a good area is always the safest."
While sales are down slightly on last year, average prices in Edmonton
for both single-family homes and condos were up in January.
“We are starting to see numbers increase as we enter the spring season,” said Geneva Tetreault, president of the Realtors Association of Edmonton.
“It’s a positive sign to see that even though listings are up and sales are down from last year that prices remain stable and even slightly up from February 2014.”
The all-residential price in the city was up a mere $38 between January and February 2015, and nearly one per cent from February 2014.
Single-family home prices were up 0.84 per cent over January and 1.17 per cent over the same month last year, while condo prices continued upward, with a 1.2 per cent increase over January and a 4.7 per cent increase from February 2014.
Duplex and rowhouses in Edmonton
were down 10.55 per cent from January, but up 0.68 per cent from the previous year.
Alongside the good news on average prices, residential listings and sales were up in February 2015; there were 2,403 new listings on the MLS System in February compared to 1,955 in February 2014, and sales for February 2015 were up almost 40 per cent over January 2015.
“Another positive indicator is that our average days on the market for all residential types were down to just 48 days compared to 58 days last month,” said Tetreault.
“With a healthy inventory, low interest rates and stable pricing, we expect sales to continue to grow through the spring and into the summer.”
Find out more about median house prices, capital growth and demographics in Edmonton and other Canadian cities with CREW’s free online Investment Hotspot tool.
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It’s not all doom and gloom in the Alberta real estate market, but investors considering a property in Edmonton should still take a wait-and-see approach, says one expert.