The final numbers for February were released by the Realtors Association of Edmonton the other day. Inventory, compared to last year is lower, and so far is increasing at a slower rate, but it is still much higher than normal:
The biggest difference between this month and last month seems to be the absorption rate, which has dropped from 9 months (very high) to 6.6 months (closre to the normal range). The absorption rate gives you an idea of how many months worth of inventory are on the market (if sales continue at the same pace).
