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‘It’s a buyer’s market’: Edmonton Real Estate Association

Click to play video: 'It’s a ‘buyers market’ in Edmonton real estate' It’s a ‘buyers market’ in Edmonton real estate
WATCH ABOVE: Home inventory is the highest it's been since 2008, according to Edmonton Realtors. As Albert Delitala reports, some are calling it a 'buyers market.' – Jun 17, 2018

If you’re looking to purchase a home this summer- the odds are in your favour.

According to the chair of the Realtors Association, housing inventory is at it’s highest peak since 2008.

“We had a little bit more in 2008. But it’s definitely the highest since then,” Darcy Torhjelm said. “There’s lots to choose from in just about every category.”

Despite the large volume of homes for sale, the average price for a single family home increased slightly to $442,348 in the month of May.

“Sellers have to be patient. It’s a competitive market,” Torhjelm added.

REAL ESTATE: Canadian home sales tumble to 7-year low in April, prices down 11 per cent

According to the Realtors Association, homes are typically taking about 53 days to sell. Just over 1,700 homes sold last month.

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The increase equals about 3 per cent month over month and an increase of 0.40 per cent year over year.

“I’m not seeing prices dropping drastically,” Torhjelm said. “Sellers are holding on to their prices- but there’s lots to choose from, so if you want a specific type of property, it should be out there for you.”

Torhjelm points to a number of different reasons why sales are up.

“There’s a number of people that want to downsize, maybe drop their monthly payments down a bit.”

Torhjelm has this advice for sellers eagerly awaiting their sale: “Sellers need to remember that this is a business! Take the personality out of the sale and you’ll be able to sell your home.”

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