Edmonton’s home real estate market is considered to be quite stable. This is also good for the economy because one of the benchmark points in determining consumer confidence is a healthy real estate market. Both owners and buyers in Alberta’s capital city show a considerable amount of that confidence.
In August, the average selling price for a home was $315,000. That is almost the same as in July and on par with the prices seen over the last five months. Single family homes were going for an average of $355,000, which is down just a tad from the $360,000 seen in July. But condos, coming in at an average of $225,000 per unit, were up from the average of $223,000 seen in that same July.
It was not that long ago that home prices in Edmonton were on a literal rollercoaster ride. That ride peaked in 2008 when prices were at their highest. After that there was a considerable correction in those prices when the recession hit. Now, despite the global economic flux, those prices have seen a recovery and are now holding steady.
This is further testimony that the economy in Alberta is doing much better than other locales throughout North America, particularly when compared with areas in the United States. Chris Mooney, from Edmonton’s Realtors Association, sees growth potential for Edmonton throughout the next few years.
Great post James. It is certainly better than getting the bad news about the housing market. Let’s hope it’s going up from here on. Thanks for sharing.