Edmonton Real Estate Market Update
Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New Listings: 404 (342, 333, 307)
# Sales: 235 (199, 168, 129)
Ratio: 58% (58%, 50%, 42%)
# Price Changes: 109 (93, 110, 88)
# Expired/Off Market Listings: 217 (98, 85, 125)
Net loss/gain in listings this week: -71 (45, 80, 53)
Active single family home listings: 1738 (1761, 1731, 1658)
Active condo listings: 1106 (1074, 1064, 1030)
Homes 4-week running average: $415k ($415k, $420k, $424k)
Condos 4-week running average: $241k ($231k, $230k, $234k)
Prices keep heading back towards normal and inventory is still low. I expect things will start to turn around in a few weeks. There was an interesting article in the Journal yesterday about building permits in the City of Edmonton. They're up, waaaaaay up.
“There is a feeling that there are going to be intense difficulties keeping up with building demand because of the shortage of skilled labour and every part of the construction. You’re going to need site supers and project managers and all these people to be spread thin in order to keep up. You know, Alberta is open for business.” Edmonton construction association executive director John McNicoll.
“The bottom line for people is this is a clear indicator that economic growth in Edmonton is going to be very robust,” said city chief economist John Rose. “It’s going to be very good news from the employment point of view. The great thing about the construction industry is that it has strong linkages to the local economy,” said Rose. “If you’re going to have an extra dollar of economic activity in the community, one of the best places to see it is the construction sector because it has such a direct impact on employment and related materials and services.
Have a great weekend.