Every year I look forward to the REALTORS® Association of Edmonton Annual Housing Forecast Seminar. It gives us a picture into the coming year about prices and market activity.
My summary of the predictions is simple. It’s going to be a flat year for Edmonton and area real estate.
Here are the predictions.
The NUMBER OF SALES, Single Family Dwellings are up .88% while PRICES are expected to soften by .9%.
Condos are predicted to fall 2.4% in NUMBER OF SALES while PRICES may drop by 2%.
Duplex and Rowhouses are up 3.74% in NUMBER OF SALES while PRICES will only increase by .2%.
All residential, for NUMBER OF SALES may increase by .73% while PRICES are expected to drop by .9%.
The story behind some of these numbers is the INVENTORY, which is expected to increase by 1.96% for Single family dwellings, 4.42% for Condos, and .68% for Duplex and Rowhouses.
What does all this mean? 2018 will be a great time to buy a condo. There will be stable prices for houses on both sides of the transaction. If one is downsizing from a house to a condo, you won’t see inflated pricing with your sell, but will get a good deal on your purchase. And the starter home market of duplex and rowhouses will be the hot spot of the market.