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

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.'

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.”

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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.”

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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.”