Edmonton’s housing business drives sudden demand
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Pandemic is putting unique pressure on the housing industry
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Edmonton’s housing industry is doing exceptionally well as it seeks to restore a new normal.
This was a key message as the local housing industry celebrated the best of the best with its 2021 edition of the Awards of Excellence last week.
“The housing industry is crazy right now, it’s so busy. Nobody really expected it, ”said Sydney Bond, President of the Canadian Home Builders’ Association-Edmonton Region, in an interview with Postmedia. “Everyone was prepared for it to go up slowly, but that didn’t happen.”
The need to catch up, says Bond, is one of the factors why the real estate market is hotter than expected. She said she heard from a few people that it was better than it had been in the past five or six years.
“Right now there is quite a lot of demand for new living space. People want to move, they have assessed their current life situation and a lot of people have made decisions about where and how to live and it was different from what they thought before, ”said Bond.
But as builders respond, they are also engaging in and trying to find ways to solve supply chain problems that involve rising timber costs.
However, demand continues to outstrip home supply, Bond said, and builders are deciding whether to increase supply. When the economy collapsed a few years ago, it meant they had inventory that they couldn’t sell.
“It’s this really hesitant place,” said Bond. “You don’t want to be back where you were, but you want to be able to sell houses when people want to buy, as is currently the case.”
Bond said it was also too early to say whether the current “perfect storm in housing demand” will continue when things open up with the recent wave of COVID-19 subsiding. She said builders are currently facing a balancing act and it’s hard to say what the future will bring, considering how the pandemic has turned almost everything upside down.
In the meantime, she congratulated all the winners of the online awards ceremony on June 19th.
“They are just fabulous examples of the beautiful homes that make Edmonton a great place to live,” she said.
See chbaedmonton.ca for results.