Edmonton’s housing market began to pull itself out of a slump during the second quarter of 2017, according to numbers from the Royal LePage house price survey, although condo numbers slid slightly.
Year-over-year, the aggregate price of a home in Edmonton rose 3.8 per cent to $387,989. Two-storey homes saw the biggest jump at five per cent, to $449,090. Bungalow numbers rose 3.7 per cent to $376,498 while condominium numbers slid 2.3 per cent to $234,697.
“With prices having relatively stabilized, people aren’t looking over their shoulders as much anymore,” Tom Shearer, a Royal LePage Noralta Real Estate broker, said in a news release. “Instead, they are coming into the market in order to capitalize on slightly depressed home values.”
Shearer said that although people are still able to take their time while making a purchase, homes in Edmonton at certain price points have begun to see multiple offers, promoting more aggressive bidding. He said sales activity has been surging in some neighbourhoods.
Royal LePage expects Edmonton home prices will continue to see modest gains through the end of 2017. The company is forecasting prices will grow by 2.5 per cent year-over-year.
The price survey found Canada’s hottest regions slowed slightly while many depressed areas picked up steam during 2017’s second quarter, beginning to normalize the country’s real estate market.
“Canadian housing is in great shape — a statement that I certainly did not make last quarter,” Phil Soper, Royal LePage’s president and CEO, said in a news release.
Edmonton’s housing market still lags well behind national numbers. The price of a home in Canada jumped 13.8 per cent year-over-year to $609,144, fuelled in large part by red-hot markets across southern Ontario.
Royal LePage’s house price survey tracks housing prices in 53 of the country’s largest markets. It is released quarterly.
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