Unless you have sequestered yourself to a desert island somewhere you have probably heard that the housing market is on fire. And it is. Metro Edmonton home values are currently trending about 10% ABOVE last year’s values and sales volume is up by 67% too. It’s been a hectic year so. However, you should know some specifics about what is really going on and could happen as we move into the balance of the year.

1.  Its Single Family Specific

Its really a tale of 2 markets. Single family homes have become much sought after in the last 12 months perhaps due to Covid worries, and they are in short supply. At the time writing there is approximately 500 FEWER single-family homes for sale than last year and yet demand has exploded. Subsequently, values are up by at least 10% so far this year. The condo market is a different world. At the time of writing there was almost 800 MORE condos for sale and hence values have continued their downward spiral.

2.  Other Segments Will Catch Fire

Incomes are not increasing dramatically for most of us and there is talk of increasing interest rates. If this happens affordability at the higher of the market will reduce. If demand for ‘owned’ accommodation continues, (as opposed to renting) eventually lower priced homes will start to attract more attention and this segment of the market will lift in value perhaps faster than the middle and upper segments. If after that demand continues and particularly as the impact of COVID wains, the condominium market will pick up again and, in my opinion, it will start with the downtown core as people think about returning to enjoy ‘the buzz’.

About the author:

You can read more about the author of this blog by clicking this link – Stuart Neal Broker Owner & REALTOR^®.

Want more information about our transparent & affordable full service FL.AT FEE home selling programs? Please feel free to call our broker owner Stuart Neal at: 780-760-2014 or visit our home sellers page www.FlatFeeRealtyAdvisors.ca