The Edmonton real estate market had an overall positive performance in 2016 despite ongoing economic uncertainty throughout the province. Where are we headed in 2017?
Single family homes in Edmonton performed well in 2016, ( compared to the rest of Alberta ) with a slight drop in overall unit sales and average prices. The overall unit sales are predicted to continue to decline until the middle of 2017, ending the year approximately 1.7% under 2016 numbers.
Edmonton CMA Unit Sales Year over Year
Single Family Homes : -5.4 %
Duplex / Rowhouse: +8.3%
All Residential Real Estate Sales DOWN 6.7% in 2016.
A summary of the Edmonton Real Estate for 2016 from the 2017 REALTORS Forecast today :
Looked a lot like 2015
Consumer Confidence Waned
Reduced Capital Spending in the Oil Industry
Softer Rental Market
The 2017 Forecast for all Edmonton Residential sales is a decline of 1.3%
High Inventory and Slowing unit sales
Average prices still remain stable
Higher Priced homes continue to keep average up
Median Price also remained stable
0.5% increase in inventory for single family homes this year 2017
1% increase in Condominiums
0.5% drop in duplex/rowhouses for 2017
RISKS TO FORECAST
New Mortgage Rules
Employment / Migration
It was clear from all the speakers today at the 2017 REALTORS Forecast that 2017 is going to be a year of minimum / stagnate growth in the overall economy. Housing Starts are back to an a reasonable number to implies we will not have an issue with over supply of new homes. Edmonton Building permits have slowed down but are still in a healthy range. Unemployment should stabilize at 7.5% in early 2017. The Vacancy rate in Edmonton is expected to go down slightly from the 7% that it ended 2016 at. Net migration will slow the pace of population growth. Interest rates are expected to remain low, yet increase modestly. And of course oil prices ( who knows ) but the forecast is the $50 range for the time being.
To read the city of Edmonton's Chief Economist John Rose's full report visit edmonton.ca/EconomicNews
Top Edmonton Realtor Robert Fyfe on your side when Buying or Selling Edmonton Real Estate 780-700-4075
Interested in more information about The Edmonton Real Estate Market ? Contact Top Edmonton Realtor ® Robert Fyfe of Realty Executives Progressive via email, phone 780-700-4075 or try a custom Edmonton Area MLS ® Search