Condo Prices to Remain Stable in 2016
Posted by Gurpreet Ghatehora on Tuesday, September 8th, 2015 at 8:33am.
Oil prices may be falling, but that doesn’t mean Edmonton’s going to see a drop in housing prices this year, or even the next. According to the latest from the Conference Board of Canada’s Summer 2015 Metropolitan Condo Outlook, released by Genworth Canada, many people’s fears of an overheated market nation-wide may be a little unnecessary.
The report, which looks at indicators for apartment condos in eight of Canada’s major metropolitan areas, reported that every market, from Victoria to Quebec City, are all expected to see a rise in housing prices. The reasons vary city by city, but with an expected population increase to each and every region, Edmonton is expected to keep housing prices growing even as Canada descends into another recession.
For sellers, that’s a good sign, especially resellers. Country-wide, every market predicts an increase, with Vancouver and Quebec City leading price gains with 2.7 per cent and 2.5 per cent, respectively. For Edmonton specifically, the market’s predicted to be pretty much flat. So if you’re selling an apartment condo, you will probably avoid taking a hit.
Part of the resale value in Edmonton specifically is thanks to the dropping price of oil, which is more or less grinding new condo construction to a halt. That means more and more people, including those expected to move to our fair city, will have limited options on the new condo front, and be seeking older condos instead. With more eyes on the resale market, the sales will help the market avoid dropping like the barrel prices. Transaction numbers, according to the survey, could go up two percent and finally recover from this year’s low.
While the cooling energy sector has impacted many Albertans over the past year, it seems a portion of the population could come into some unexpected good news as we head into the new year. So if you’re selling an apartment condo, or looking to move into one, there could be plenty of options available, and the prices may not be what you were expecting.