Even while the economy is ebbing and flowing in a sea of uncertainty, right here in Edmonton Alberta the average price of a single family home stood its ground and made some headway, creeping up from October's reported average price of $362,097 to Novembers reported price of $363,274 (a .33% increase).
The condo market that has been fairly stable, experienced its largest single month drop this year resulting in condo prices down by 5.8% with an average price of $237,590 during October.
As it is now for every 10 properties listed 4 have sold resulting in a 40% sales-to-listing ratio - which denotes that we are still in a buyers market.
Housing starts are dramatically down this year. Lot prices are still high resulting in builders pulling back. Now is the time to buy a new home. Once this supply runs out there will be a shortage in about 6 months.