register | confirm account | forgot password
Gabriella Makar, MBA
RE/MAX Elite
14717 40 AV, Edmonton, Alberta
P: 780-819-7877
F: N/A
Email

Wednesday, July 6, 2011 - Capital City Housing Activity Cools in June

Spring is almost always the busiest time of the year for real estate agents. But while the Edmonton housing market saw a large rise in activity in May, data just released by the Realtors® Association of Edmonton shows activity pulled back slightly in June.


A total of 1,768 residential properties changed hands in Edmonton in June, down from 1,857 in May but up from 1,619 sales in June 2010. Meanwhile average and median prices were fairly stable with the overall median residential price at $315,000.
 

Prices for different types of housing in Edmonton have diverged over the past year, with the median price for a single family home up 1% from June 2011 but the median condo price down 5%. Some of this deviation is due to a larger supply of condominiums and apartments in the city.
Housing has become a hot topic again recently with some analysts forecasting that an overvalued housing market in Canada is headed for a correction, while others have predicted a new economic boom in Alberta will lead to another surge in housing prices.


In fact, the most likely outcome is probably in the middle of these scenarios. A strong Alberta economy and an improving labour market means that prices are unlikely to fall by much while the fact that valuations are near the upper end of what many homebuyers can afford means prices have limited upside potential, especially with mortgage rates set to rise eventually.*

*Dan Sumner, Economist, ATB Financial

posted in General at Wed, 06 Jul 2011 15:51:43 +0000



Data last Updated: 2020-10-16 at 22:32:32 GMT America/Edmonton
This site's content is the responsibility of Gabriella Makar, MBA, licensed REALTOR® in the Province of Alberta.
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.
The trademarks MLS®, Multiple Listing Service®, and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.

© 2020, All Rights Reserved | Privacy Policy | Mobile Site | REALTOR® Websites by RealPageMaker