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
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.
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.