During the last decade, the city of Edmonton has ranked second in the increase of home prices throughout Canada. Since 2000, the city has seen a 165 percent increase in home values, noted a Re/Max report released this past Monday.
Looking at Canada as a whole, for that period the average value of a home doubled, going from $163,951 to $339,030. In the Edmonton area, an average home in 2000 went for $124,203. In 2010, that same home went for $328,803, with the record pricing seen in 2007 when the average was $338,636. Prices have pretty much gained back losses from the recession and have stabilized.
Much of Edmonton’s home values can be attributed to the amount of new home construction being done in that decade, as much as the typical supply and demand issues. During that time nearly $19 billion in building permits in the residential market were issued, three times that of the previous decade.
Edmonton’s market is fairly balanced at the moment. Some 8,000 properties are currently on the MLS for sale list, which is more than the 5,500 to 6,000 homes usually listed during this time of year. Because of this, experts foresee buyers having a slight advantage and prices stabilizing, at least for the moment.
