Prices In Edmonton Steady Despite Low Inventory

The real estate market seems to be doing extremely well and shows signs of stability during last year despite the economic challenges that took place in Alberta. The prices in Edmonton’s housing market faced no significant decline in the midst of inventory being low.

In the report made by the Edmonton Real Estate Board, the prices for condo went down by 0.53 per cent over the year, while there was a decline of 0.86 per cent in the price of single-family homes. Duplexes and rowhouses faced a larger decline in prices, with 5.22 fall compared to 2015.

Over the year, sales went down from 17,325 in the year 2015 to 16,170, there was a mild increase of 0.53 per cent during the month of December. Compared to the previous year, inventory went down by 2.4 per cent. The Chair for Realtors Association of Edmonton, James Mabey said; “2016 was a steady year for real estate in Edmonton and many of the surrounding communities. The ongoing economic instability certainly affected unit sales and inventory, but sale prices have continued to hold.”