Edmonton sees a rise in house gross sales and a rise within the common worth
Reviews and recommendations are impartial and products are independently selected. Postmedia can earn affiliate commission from purchases made through links on this page.
Real estate remains one of Canada’s strongest sectors, with sales increasing across the country over the past month, new data shows.
A recent compilation of data on several Canadian Real Estate Association listing services showed that October sales rose about 32 percent nationwide compared to the same month in 2019.
And Edmonton was among the stronger markets, says Phil Soper, President and CEO of Royal LePage.
“The highly unusual pattern of home sales that we saw emerge after the pandemic lockdown months (April and May) continued well into autumn,” he says
Resale property sales in Edmonton rose more than 26 percent in October, according to data from the Realtors Association of Edmonton.
Although the city is below the national average, it appears to be one of the main hubs in the country, which doesn’t lose momentum during the seasonally weak period, as sales in October rose about 0.2 percent from September.
The national average was a 0.7 percent increase, led by Montreal and the Fraser Valley. However, the pace of sales slowed in the Greater Toronto and Greater Vancouver regions.
Overall, however, the picture for Canada’s resale market remains good, adds Soper. “It is pretty obvious that by 2020 we will be well above typical real estate sales values.”
Share price gains were also considerable.
The MLS Home Price Index, which measures prices across Canada, rose one percent month-over-month, while prices rose more than 10 percent in October compared to the same month last year.
The biggest year-on-year price gains included Barrie, Hamilton and Montreal, along with other communities in the east, with increases of between 15 and 20 percent.
The average price in Edmonton for the month rose nearly eight percent last October year over year to $ 382,060, RAE data shows.
Edmonton real estate agent Elisse Moreno says the momentum in the market right now is mainly being driven by the relaxation of state stress testing rules to lower fixed and variable mortgage rates.
“But people are also thinking about what home means to them, especially in the face of another lockdown as home is again largely our only safe place to live, work and play,” says Moreno of TrueHome Real Estate.
This has resulted in more buyers in the single family home market.
The segment accounted for the largest proportion of transactions in the city in October, with more than 1,500 sales. Condominiums were the second largest segment, with more than 850 resale units changing hands.
“We see a lot of young people reviewing their budget and deciding whether to go for a condominium or a single-family home solution,” she says. “But if you can afford a single-family home, then definitely take a look.”
Still, first-time buyers have plenty of opportunity in the city’s housing market, as new listings increased 30 percent year over year last month, compared to single family home listings up about 11 percent.
“There are still great opportunities for younger people or anyone to use multi-family houses,” says Moreno.