Affordability and high-income employment draw hopeful homebuyers to the region
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The results of the latest Royal LePage House Price Survey, released last week, showed that the aggregate price of a home in Edmonton saw a steady 2.3% year-over-year growth in Q4 2017.
In the same time frame, the median price of a two-storey home and bungalow rose by 2.0% and 2.4% year-over-year, respectively, up to $443,553 and $374,412.
Meanwhile, the median price of a condominium has increased by 3.5% year-over-year, up to $245,804.
Read more: Home prices seen to rise by 4.9% in 2018 across 53 cities
“The Edmonton market has shown more stability in the past year than we have seen in quite some time,” Royal LePage Noralta Real Estate broker and owner Tom Shearer said. “We are no longer looking over our shoulders. In recent years, consumers were worried about losing their jobs or major employers leaving and we saw a lot of people exiting the province. In 2017, we saw buyers return to Edmonton to take advantage of its affordable cost-of-living and high paying jobs, resulting in a stable and healthy real estate market.”
On a national level, the median price of a condominium appreciated faster than any other housing type studied, rising 14.3% to $420,823 on a year-over-year basis.
“To prospective homeowners in our largest cities, condominiums represent the last bastion of affordability,” Royal LePage president and CEO Phil Soper stated. “This is especially true for first-time buyers whose purchasing power has been reduced by tightening mortgage regulations.”
Related stories:
Edmonton commercial property market’s prospects looking up – report
Calgary and Edmonton commercial markets enjoying renewed strength
In the same time frame, the median price of a two-storey home and bungalow rose by 2.0% and 2.4% year-over-year, respectively, up to $443,553 and $374,412.
Meanwhile, the median price of a condominium has increased by 3.5% year-over-year, up to $245,804.
Read more: Home prices seen to rise by 4.9% in 2018 across 53 cities
“The Edmonton market has shown more stability in the past year than we have seen in quite some time,” Royal LePage Noralta Real Estate broker and owner Tom Shearer said. “We are no longer looking over our shoulders. In recent years, consumers were worried about losing their jobs or major employers leaving and we saw a lot of people exiting the province. In 2017, we saw buyers return to Edmonton to take advantage of its affordable cost-of-living and high paying jobs, resulting in a stable and healthy real estate market.”
On a national level, the median price of a condominium appreciated faster than any other housing type studied, rising 14.3% to $420,823 on a year-over-year basis.
“To prospective homeowners in our largest cities, condominiums represent the last bastion of affordability,” Royal LePage president and CEO Phil Soper stated. “This is especially true for first-time buyers whose purchasing power has been reduced by tightening mortgage regulations.”
Related stories:
Edmonton commercial property market’s prospects looking up – report
Calgary and Edmonton commercial markets enjoying renewed strength
