The signs show for a slight decline in the 2016 market.

REALTORS® forecast slight decline for 2016

Edmonton, January 6, 2016: The REALTORS® Association of Edmonton released their annual

housing forecast today at a seminar at the Northlands Expo Centre attended by 700 REALTORS®

and business leaders. Chair Steve Sedgwick forecast that sales of residential homes in the Edmonton

Census Metropolitan Area will remain relatively stable. A decline of about 2.3% from 2015 sales

levels will result in less than 17,000 sales in 2016.

Edmonton CMA had a good year last year with all residential sales at 17,298. That is down 9% from

2014 but up over 1% from 2013. Sedgwick expects another solid year in sales of single family homes

in the Edmonton area but with a small decrease of about 2.5%, as economic uncertainty continues.

“The continuation of low oil prices and economic decline have made buyers cautious. While much of

the decline is offset by record low lending rates, we don’t expect sales to pick up without a boost in

our overall economy. That said, Edmonton has fared much better than many other places in Alberta.

We expect continued growth and development in our city to continue to keep interest in our housing

market strong.” explains Sedgwick.

Condo sales are expected to decline by a modest 2.7% throughout the region as the rental market

eases up and migration slows down. The popular duplex/rowhouse category was strong in 2015 and

looks to remain so through 2016 as more inventory comes available in this category.

Duplex/rowhouses offer both affordability and an ownership model that appeals to many first time

buyers.

Prices, as usual, will fluctuate through the year but the 12-month average price for a single family

detached property is anticipated to decrease modestly about 2.7% as inventory grows. Condominium

property average prices are projected to decrease at the same rate with many higher priced options

keeping the average price inflated.

Sedgwick’s forecast was supported by four other speakers at the seminar including Todd Hirsch,

Chief Economist, ATB Financial; John Rose, Chief Economist, City of Edmonton; Bruce Edgelow, VP

of Strategic Initiatives, ATB Financial; and Christina Butchart, Senior Marketing Analyst Canadian

Mortgage and Housing Corporation.

There are 3,300 REALTORS® operating in the greater Edmonton area which extends as far as Cold

Lake, Wetaskiwin, Drayton Valley, Vegreville and Westlock.

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Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are

members of CREA (REALTOR®) and/or the quality of services they provide (MLS®). Article provided by the Edmonton Realtor's Association 2016.

Nathan Clark

Nathan Clark

REALTORĀ®
CENTURY 21 A.L.L. Stars Realty Ltd.
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