Edmonton’s housing market plateaued in 2018, with not much change expected this year.
According to CBC News, the Realtor Association of Edmonton (RAE) reported sales for houses and condominiums in the Edmonton area remained flat in 2018, while inventory remained at a record-high level. RAE pointed to higher interest rates and new mortgage rules as reasons why sales last year were lower overall.
"The real estate market in 2018 experienced record-high inventory levels, rising interest rates, and the effect of the mortgage stress test, resulting in lower sales in all property categories," said Michael Brodrick, chair of RAE.
"It was a challenging market for both buyers and sellers and it appears 2019 will be similar."
In Edmonton, the average price for residential properties was $369,607 in 2018, which represents a decrease of 1.28% from 2017. Broken down, single-family homes sold for an average of $434,028, and condominium averaged $236,008.
In 2018, 15,519 homes of all types were sold in Edmonton compared to 16,435 in 2017. The total number of listings was up about 3.5% from 2017, reported CBC News.
Housing units also remained on the market longer last year, with listings averaging 62 days – three days longer compared to 2017.
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