Condo Sales Take Off in Edmonton
” In Canada there’s Alberta, and there’s everywhere else.” Financial Post, July 23 2014
“Alberta Highest Vacancy Rate of Unfilled Jobs. 63,000 Positions Available in the Province.” Calgary Herald, July 28, 2014
“Alberta Leads Country in Job Creation Thanks to ‘Perfect Storm’ of Economic Facts.” Edmonton Journal, July 11, 2014
Those three headlines pretty much sum up what’s been going on with the real estate market in Edmonton this year. Lots of jobs means lots of people moving here, which increases demand for housing. We continue to see sales of single family homes, and especially condos well ahead of the levels we’ve seen for the past six years. 1084 single family homes sold in Edmonton in July, up 7.6% from last July.
Sales of condos really took off in Edmonton in July. 618 condos sold in Edmonton in July, up 23.8% from last July. Condo sales were also unseasonably strong, up 11% over last month when we typically see month over month declines in sales. When the price of single family homes rises enough, condo sales typically improve as some buyers become priced out of the single family home market.
The average price for single family homes was $429,339 in Edmonton in July, up 5% from last July, while the median price also rose 5% to $395,000. The average price for condos also increased 5% year over year to $256,565, while the median price increased 5.5% to $240,450.
The average price per square foot for single family homes was $287 in July, up 4.7% from last July and for condos it was $251 (up 5.9%).
As always this is our preliminary report on the Edmonton real estate market, our final monthly report on the greater Edmonton area will be posted when the numbers are released by the REALTORS® Association of Edmonton.
About Sara MacLennan
Sara MacLennan is the Director of Marketing at Liv Real Estate and a licensed Real Estate Associate. The bulk of Sara’s experience and wealth of expertise lies in on-line technology and marketing both for agents and consumers. Sara is the former National Director for Interactive Marketing for Coldwell Banker Canada where she was responsible for an extensive training program traveling to offices across the country training agents and brokers on marketing and technology. Find Sara on Twitter @edmontonblogger.