Home prices in Edmonton continue to increase but are considered to be ‘stable’ and ‘normalizing’
Global News
In Edmonton, the housing prices have jumped, but prices are considered to be more realistic compared to some other cities such as Vancouver and Ottawa.
A new survey released Friday morning from Royal LePage shows housing prices in Canada have jumped 21.4 per cent since this time last year.
In Edmonton, the housing prices have jumped, but prices are considered to be more realistic compared to some other cities such as Vancouver and Ottawa.
“You talk to a lot of different people from across the country and they’re all saying this has been the craziest year in terms of activity and price escalation,” Tom Shearer, broker and owner at Royal LePage Noralta Real Estate, said.
The Royal LePage House Price Survey shows the aggregate price of a home in Canada has risen to $749,800, compared to $617,800 in the third quarter of 2020. In terms of major Canadian cities, the biggest jumps were in Greater Vancouver at 20.8 per cent and Ottawa at 20.7.
In Edmonton, the aggregate price of a home increased 9.7 per cent year-over-year to $431,500 in the third quarter of 2021.
The aggregate price is calculated using a weighted average of the median values of all housing types collected, according to Royal LePage.
“Prices are normalizing (in Edmonton),” Shearer said. “There’s realistic pricing happening right now. It’s not like parts of Canada where they’re seeing 10 offers every time a house comes on the market. You’re seeing prices remaining stable.”
However, the price of an Edmonton condo has dipped compared to this time last year.
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