As the winter slowdown continues for Edmonton, it seems like there’s some good news for condo sellers this December. Fewer listings are, of course, quite common at this time of year, as people are more focused on Christmas than finding a new home. But that doesn’t mean the market has completely ground to a halt. And it seems that’s especially true when it comes to condos, which have seen a slight uptick in prices during this holiday season.
According to the latest numbers from the Realtors Association of Edmonton, condos saw a 3.8% increase in price, to an average of $253,600. The Association’s president believes the reason could be, in part, the warm fall weather, which extended people’s buying season by a few weeks. Strong inventory numbers, that perfect blend between availability and demand, were also likely contributing factors that led to the upswing. “During a time of year where we generally see the market slow down,” Chair of the Realtors Association of Edmonton Geneva Tetreault said in the report, “Consumers demonstrated confidence in the Edmonton and Area market.”
The upward swing for condos, however, has also come with a downward swing for houses in Alberta’s capital. 630 CHED reports that “numbers from the Realtors Association of Edmonton say the average price of a single family home in Edmonton in November dropped 1.4 percent from October to [$432, 862].” Similarly, townhouses and rowhouses dropped by 5.5%, to just below $340,000.
The winter usually brings a drop in housing prices simply because of a distracted market, so an increase in numbers for condos is a good sign for the market in general, especially as we head to a new year. The drop for the other kinds of housing, while seemingly difficult, are not unusual. In any case, the market is at a good point for buyers and, in the case of condo sales, sellers as well.Posted by Gurpreet Ghatehora on
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