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Gabriella Makar, MBA
RE/MAX Elite
14717 40 AV, Edmonton, Alberta
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Wednesday, May 4, 2011 - Edmonton Housing Market

As Alberta’s economy builds momentum in 2011, all eyes are on the residential real estate market. Debates rage between optimists who believe prices will continue to grow, and pessimists who fear prices are in for a downward correction. New data for Edmonton’s housing market in April tend to support the optimists.

The median price of all residential properties sold through the MLS® in Edmonton was $315,000 in April, a gain of $4,000 (1.3%) over the previous month. Sales fell slightly with a total of 1,487 in April, but remain only modestly below normal for this time of year.

Compared to April of last year, the median selling price in Edmonton is down by 3.9%. However, abstracting from the unusual price spike in spring of 2010 median prices are holding up fairly well. Compared to the median over the past two years, the price of residential properties in Edmonton is still 1.3% higher.

With global oil prices rising—and interprovincial in-migration returning to Alberta—the real estate market is seeing the benefits.

Going forward, it’s impossible to forecast with certainty what Edmonton’s housing market will do. Some price correction may yet be in the cards, and interest rates are likely to start rising in the second half of the year. Yet the supply and demand fundamentals suggest a reasonably healthy market; it seems improbable that any Arizona-style housing market collapse is imminent.

Courtesy of Todd Hirsch, ATB Daily Economic Comment. For more on this issue, visit www.atb.com
 

posted in General at Wed, 04 May 2011 21:57:51 +0000



Data last Updated: 2020-10-16 at 22:32:32 GMT America/Edmonton
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