The REALTORS Association of Edmonton had their annual real estate forecast yesterday, where the President of the Association, and economists from ATB Financial, the City of Edmonton and CMHC present their latest data and predictions.
Notes from the presentation yesterday are here on my Facebook Page should you like to have a read.
All of the experts are predicting a continued trend into buyer's market land in 2016. They expect there will more listings on the market, more competition for sellers, but with low interest rates and excellent economic conditions in Edmonton, still plenty of activity.
The REALTORS Association of Edmonton predicts average residential prices (for single family homes and condos) to drop by about 2.7% in 2016. The caveat to that is the word AVERAGE...
What I am seeing out in the field is that Edmontonians are typically spending the same amount on homes, but there doesn't seem to be an index for how much house you are getting for that price. In my experience, I am seeing prices down somewhat more than that from what I would expect them to be in 2014 or early 2015, sometimes by drops as big as 10%. This is especially why having a professional do your evaluation is of critical importance.
Here are all of the articles that came out today in local media regarding the forecast yesterday, should you like to have a read:
Real Estate Sales expected to slide slightly in Edmonton in 2016
Edmonton realtors project decline in sales for coming year
Alberta needs a oil price sweet spot (how much do you want to correct "a" to "an"?!!)
Today we all received our City of Edmonton tax assessments in the mail. If you are thinking of selling this year, it may not be so bad to have a higher value on your assessment than last year. If you think your value is greatly off however, you can call the City, and I'm here to help as well.
Let me know if you have any questions, I am here to help!