The REALTORS® Association held their annual Housing Forecast on January 10, 2018. The overall feeling this year was a feeling of optimism for the 2018 Housing Market The presentation began bright and early with the 2017 Review by James Mabey, Past Chair of the REALTORS® Association of Edmonton.
2017 Looked similar to 2016 with stable prices, higher inventory and dipping sales. However, consumer confidence slowly increased, the unemployment rate decreased and mortgage rates increased.
Here's how 2017 looked overall:
- Stable Average / Median Prices
- Increased Sales Volume year over year
- Declining Inventory
- Increased activity for high priced and entry level homes
- Stable Prices
- Slower Pace
- Increased Bank of Canada Interest Rate
- More Balance and Stable Prices
- Sales Up Year over Year
- Another Bank of Canada Interest Rate Increase
- Strong Sales in the $350,000 - $450,000 Price Range
Overall Residential sales Increased 1.5%
Overall Single Family sales increased 1.15%
Overall Condo sales decreased 0.42%
Overall Duplex/Rowhouse sales increased 5.42%
Overall Residential Inventory Increased 9.2%
Overall Single Family Inventory Increased 11.8%
Overall Condo Inventory Increased 8.2%
Overall Duplex/Rowhouse Inventory Increased 1.5%
Next up was Darcy Torhjelm, 2018 Chair of the REALTORS® Association of Edmonton with the MLS® System Forecast for 2018.
Looking into the future, we are looking at a similar market to those of the past 2 years.
- Single Family Sales are expected to have a small increase less than 1% (0.88%), with the $350,000 to $450,000 price points remaining strong.
- Condo Sales are expected to fall -2.42%
- Duplex/Rowhouse Sales to remain strong with a 3.74% increase, with entry level home buyers looking at these options in place of Single Family Homes because of the limiation caused by mortgage rule changes.
- Overall all Residential Sales to increase slightly in 2018 by 0.73
For Detailed Information on your Neighbourhood or to request a Property Evaluation on your property contact me today 780.819.2374.