REALTORS® Association of Edmonton
 
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REALTORS® forecast slight growth for 2018

Edmonton, January 10, 2018: The REALTORS® Association of Edmonton released its annual housing forecast today at a seminar at the Shaw Conference Centre attended by 600 REALTORS® and business leaders. Chair Darcy Torhjelm forecasted that sales volumes and prices of residential homes in the Edmonton Census Metropolitan Area will continue to remain relatively stable in 2018.

Single family homes performed well in 2017, with both an increase in year to date sales by 1.15% and an increase in year to date average prices by 0.77%. Unit sales are predicted to continue to remain stable throughout 2018, with a slight increase of 0.88% predicted.

In 2017, condominium year to date sales increased by 0.42% and year to date prices decreased 0.96%. In 2018, it is expected that unit sales will continue to decrease, by 2.42%, with a decrease in average sale price by 1.91% and an increase in inventory by 4.42%.

Duplex/rowhouses continue to gain in popularity as an alternative to single family homes, offering both affordability and an ownership model that appeals to many first time buyers. Duplex/rowhouse year to date sales increased by 5.42% and year to date average prices increased by 0.12% in 2017. Forecasts suggest an increase in unit sales by 3.74%, an increase in the average price by 0.14% and an inventory increase of 0.68%.

“For most of 2017, we continued to see home buyers take advantage of low mortgage rates and a slightly increased inventory, while sellers enjoyed stable prices for their properties,” said Darcy Torhjelm, Chair. “It is still too early to tell what impact the new mortgage stress test will have on the real estate industry. However, recent job gains coupled with rising oil prices gives us reason for optimism regarding forward growth in the Edmonton and area resale housing market.”

In addition to Torhjelm’s forecast, other speakers at the seminar included John Rose, Chief Economist, City of Edmonton; Brent Weimer, Senior Market Analyst, Canadian Mortgage and Housing Corporation; Doug Porter, Chief Economist & Managing Director, BMO Financial Group; and Dr. Jack Mintz, world-renowned economist, academic and public policy analyst.

There are 3,500 REALTORS® operating in the greater Edmonton area, as well as Cold Lake, Wetaskiwin, Drayton Valley, Vegreville and Westlock.

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MLS® System Activity Forecast

1 Census Metropolitan Area (Edmonton and municipalities in the four surrounding counties)
2 Average: The total value of sales in a category divided by the number of properties sold
3 Residential includes SFD, condos and duplex/row houses

2Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area. Sales are compared to the month end reports from the prior period and do not reflect late reported sales. The RAE trading area includes communities beyond the CMA (Census Metropolitan Area) and therefore average and median prices may include sold properties outside the CMA. For information on a specific area, contact your local REALTOR®.

The REALTORS® Association of Edmonton (Edmonton Real Estate Board), founded in 1927, is a professional association of real estate Brokers and Associates in the greater Edmonton area. The Association administers the Multiple Listing Service®, provides professional education to its members and enforces a strict Code of Ethics and Standards of Business Practice. The Association also advertises property listings and publishes consumer information on the Internet at www.YEGisHomeca and www.ereb.com, as well as in the Real Estate Weekly and www.REALTOR.ca. REALTORS® support charities involving shelter and the homeless through the REALTORS® Community Foundation.

Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR®) and/or the quality of services they provide (MLS®).

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REALTOR.ca

REALTORS® Community Foundation

Real Estate Weekly

Real Estate Council of Alberta

©2011 REALTORS® Association of Edmonton 14220 112 Avenue, Edmonton, Alberta T5M 2T8T: 780-451-6666 TF: 1-888-674-7479 F: 780-452-1135

 

Trademarks and their associated logos are owned and controlled by The Canadian Real Estate Association (CREA) and
identify real estate professional who are members of CREA (REALTOR®) and/or the quality of services they provide (MLS®).

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The REALTORS® Association of Edmonton (Edmonton Real Estate Board), founded in 1927 , is a professional association of over 3,200 Brokers and Associates in the greater Edmonton area. The Association administers the Multiple Listing Service®, provides professional education to its members and enforces a strict Code of Ethics and Standards of Business Practice.

The Association advertises property listings and publishes consumer information on the Internet at REALTOR.ca, as well as in the Real Estate Weekly.
The REALTORS® Association supports charities involving shelter and homelessness through the REALTORS® Community Foundation.