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Edmonton Real Estate Forecast 2013


Blog by Sara Kalke | January 9th, 2013


The latest Edmonton real estate forecasts for 2013 are rolling in.  Predictions vary but are generally moderate.  Royal LePage is predicting a 1% increase (click here for the full Edmonton Journal article),  REALTORS® Association of Edmonton President Darrel Cook is predicting 2% increase for houses and 1% increase for condos in greater Edmonton, and CMHC's David Lan is predicting a 2% increase and a reduction in inventory.  We'll see what the future holds!

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Edmonton-area house prices to increase by less than one per cent in 2013: survey

 
 
 
Edmonton-area house prices to increase by less than one per cent in 2013: survey
 

In 2012, the average price of a detached bungalow in Edmonton increased 5.3 per cent year-over-year to $331,429. Standard two-storey homes went up 3.8 per cent to $356,286. Standard condos remained flat, increasing 0.2 per cent to $202,714, according a survey by Royal LePage.

Photograph by: Merle Prosofsky, Supplied , Edmonton Journal

EDMONTON - Edmonton home prices will rise slightly this year, while sales will decrease, says the latest Royal LePage House Price Survey released Tuesday.

The real-estate marketing firm forecasts Edmonton-region homes will sell an average of 0.6 per cent higher in 2013 than in 2012. Sales activity is forecast to decrease 3.4 per cent year-over-year.

Ken Shearer, a broker at Royal LePage Noralta Real Estate who compiled the Edmonton portion of the national survey, said the pace of home price growth and sales will slow down, despite an influx of people moving to Edmonton.

By the end of 2013, LePage expects the average national price to be one per cent higher compared with 2012.

“My experience is that I just don’t see that manifesting itself right now in the first to second quarter — maybe in the latter part of the year,” Shearer said.

“They are not necessarily all executive types.”

Sales activity in the last three months of 2012 decreased slightly because first-time buyers were deterred by new mortgage rules, harsh weather and concerns about Alberta’s energy sector, Shearer said.