Edmonton Housing Boom Expected
Monday, March 24th, 2014Has the Edmonton housing market made a full economic recovery?
Insider sources seem to think so.
Reports from the Edmonton Journal, the Edmonton Real Estate Board, and the Bank of Montreal, have determined this spring could mean some of the highest sales rates we’ve seen in recent history.
Alberta is emerging as the country’s leader in real estate sales, with the major markets of Edmonton and Calgary topping the charts. According to BMO Reports, Alberta is leading the provinces in retail sales, employment rate, and real GDP. These strong economic indicators, combined with a soaring population have created an ideal climate in which the housing market can not only survive, but thrive.
With 2014 numbers already on the rise, it’s difficult to dispute these speculations. According to the Edmonton Real Estate Board listings sales have increased more than 24% since this January with a slight increase in residential property prices, while residential listings increased by more than 10% in the same period.
However, a moderate increase in home prices is not expected to deter buyers explains EREB president Greg Steele,
“confidence in the strength of our local economy and a shortage of attractive properties at the lower end of the price range are both moving consumers to consider higher priced properties if their budgets allow”
Steele concludes “sales activity will continue to increase as they do every spring.” This should leave Edmontonians, especially those looking to sell their home, with an optimistic outlook for the coming months.
