What’s Going To Happen To The Housing Market?

Good day to all of you beautiful people. I figured it was time to catch you up on the latest trends in the Edmonton real estate market.

 

COVID-19 and the YEG Housing Market

As many of you know we have been in a slight real estate boom every since COVID-19 came knocking on our doors. When the pandemic first hit our market was at a stand still. Sales were low and prices remained low. Inventory dropped as the world watched the affects of this virus. I mean at that point, no one knew what was going on. Then, unexpectedly in May of 2020 our market started to rise. Inventory was still low and the buyers were plenty. Good listings were selling with multiple offers in days if not hours. Our market has been drastically increasing ever since. Our average single family benchmark price went from $368,000 in April of 2020 to $408,000 in June of 2021. In my opinion Edmonton needed this boom. Since the small oil crash of 2014, we have been in a heavy buyers market, with sellers frankly not getting what I think the deserve for their homes… until now.

 

                Where is the market going?

In all honesty no one truly knows what is going to happen. Our real estate market is always affected by our global economy and markets. If you really want to know what is going to happen, I would be following our political election and global economy. Saying all that, I believe our market will be stagnant for a while. Our inventory is still low, so homes are still selling fast, and sellers are getting a good dollar for their homes. Buyers do have a little bit of an easier time than they did at the start of the pandemic, however it is still a seller’s market. I believe we will have a better idea of where our market is headed shortly after Christmas time. Remember that many people weren’t spending their money on things like travel, dining, and recreation. Many people saw this as the opportunity to buy a home. I truly believe Canada’s housing market will be on a slow increase now for some time to come. I also believe many people have their sights on Edmonton. All in all, time will tell!

 

As always, the Edmonton House Hunters Team and I will always be here for all of your real estate needs.

Thank you,

 

Ross Storoshenko

Edmonton REALTOR®©

 

 

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