Edmonton house prices hold steady despite economic downturn



Edmonton-area home prices rose slightly in March compared to the same month last year despite Alberta’s economic downturn, Realtors Association of Edmonton figures show.

The average home in the region sold for $379,524 last month, up nearly two per cent from $372,289 in March 2015, statistics released Monday say.

Single-family houses had the best performance, increasing to an average sales price of $439,815 in March from $437,359 a year earlier, although that was boosted by two houses that each sold for more than $3 million.

However, prices for the first three months of the year were down about one per cent from the first quarter of 2015. Association chairman Steve Sedgwick said the drop wasn’t significant.

“While other Alberta housing markets are feeling more pressure from the economic downturn, prices within the Edmonton metro area haven’t realized as much of a change,” he said.

There were 7,294 homes for sale in the area, the highest level since 2009 and up 23 per cent from March 2015.

This is likely a result of the downturn, although it’s difficult to determine all the factors that lead people to buy and sell property, Sedgwick said.

“It would be naive to say current economic conditions aren’t an influencer for everyone making a purchase decision of any kind.”

He expects activity and prices during the traditionally busy spring season to be roughly the same as they were for the first quarter of the year.

“I think we’re going to see pretty consistent numbers with what we have seen so far. I think pricing is going to remain relatively stable … to what we’re seeing so far in Q1.”

Home sales

Average days on market, all types of homes

•March 2016: 53

•March 2015: 45

Average selling price, March 2016:

•All residential properties: $379,524

•Single-family house: $439,815

•Condo: $251,093

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Tom Lowe

Tom Lowe

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CENTURY 21 1st Choice Realty
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