Edmonton’s housing market dropping after hot summer

Edmonton's housing market dropping after strong summer, Thursday, October 10, 2013. File photo, Global News

Edmonton – Edmonton’s housing market is on the decline after a hot spring and summer.

According to the Royal LePage House Pricey Survey, there is a drop-off in the number of multiple offers this fall.

“In the spring we saw frequent bidding wars with houses regularly going over asking price. Lately, multiple offers have been rare and often come with conditions attached and prices below asking,” explains broker Tom Shearer, Royal LePage Noralta Real Estate.

According to the Royal LePage survey, Edmonton has experienced a slight year-over-year price increase for all housing types.

Standard two-storey homes saw a year-over-year 1.5 per cent increase to $362,000, while condos witnessed a 0.5 per cent increase to $203,637. Prices for detached bungalows also went up slightly over the same period, rising 0.7 per cent to $337,804.

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“Compared to the third quarter of last year, home prices in Edmonton for all housing types have been relatively flat,” says Shearer. “Sales activity has also been fairly flat, except in standard condominiums where there has been a spike above regular levels.”

Nationally, the average price of a home in Canada increased between 1.2 per cent and 4.1 percent in the third quarter of 2013.

“Our housing market turned a corner in the third quarter. Buyers returned to the streets in droves, resulting in a sharp increase in home sales,” says Phil
Soper, president and chief executive of Royal LePage.

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