Delta has carried out little to gradual the tempo of Edmonton actual property gross sales

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The demand for real estate remains strong, according to the Re / Max Canada report

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Joel Schlesinger for the Edmonton Journal Demand for all types of homes in Edmonton has remained strong this year. Demand for all types of homes in Edmonton has remained strong this year. Photo to file /Postal media

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The Delta variant of COVID-19 did little to slow the frenetic sales pace in the Edmonton real estate market, a new report shows.

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Re / Max Canada’s Fall Housing Market Outlook 2021 report found little evidence of delta pollution, which is currently devastating the province’s healthcare system and having a major impact on the city’s housing market or other markets across the country.

“Despite the Delta variant, the real estate markets continue to have very strong buyer demand and very low inventory levels – and increasing sales,” said Elton Ash, Executive Vice President of Re / Max Canada.

This applies in particular to single-family homes, it says in the report. The average price in Edmonton rose nearly seven percent year-on-year for single-family homes to nearly $ 459,000 from January to August this year.

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That is also reflected nationally, it says in the report.

“Buyer behavior is changing,” said John Carter, real estate owner at Re / Max River City in Edmonton. “The desire for more space, courtyards, home fitness studios and offices continues to drive the demand for a new or different home.”

Yet even Edmonton condominium and row house demand remained strong through the first eight months of 2021. The average price for condos rose five percent year-over-year to nearly $ 234,000, while the average price for townhouses rose nearly six percent to about $ 352,000.

“The interesting thing about this report is the inventory and why inventory is lower,” says Ash.

Low inventory slowed sales as sellers were less concerned about health and safety than they were at the start of the pandemic. Now they are “more concerned about what they will buy when they sell,” he says.

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The report also notes a return to more seasonal market demand, unlike last spring’s conditions – which is seen as the high point of the pandemic market.

“In other words, people aren’t in the crazy panic like they were in the spring with multiple supply situations,” says Ash, referring to record sales in the spring.

This means that the growth forecast for the rest of the year is below the previous price growth this year. The report predicts that the average price for all segments will increase by about four percent.

Despite rising prices and strong demand, Edmonton’s market should remain affordable.

“This is big news from an Alberta perspective,” says Ash, noting that the city is much cheaper than Greater Toronto and British Columbia’s Lower Mainland.

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It’s no secret for buyers in these larger centers, either, adds Carter.

“We continue to specifically monitor migration from Ontario,” he says.

The big driver is indeed pandemic, he adds.

Because “they can work from home permanently,” many look to the Edmonton market, where they can get more for their dollar.

Ash also points out another benefit of the report results: Although Alberta was badly affected by the Delta load, home demand remained robust. That bodes well for the rest of the country in the coming months and awaits a fourth wave, Ash says.

“COVID aside, Canadians are still passionate about home ownership – that’s the real bottom line of it all.”

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