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Edmonton Real Estate Market News October 2016

Blog by Sara Kalke | November 3rd, 2016

Here are the top details from the REALTORS® Association of Edmonton for October 2016.  The full details are HERE.

The main points are:
  1. Total sales this month were up by 5% over last year, which may be in large part to the new mortgage rules coming into effect,
  2. Prices across the board were down, 1.75% for houses, condos were steady, and duplexes were down 6% from 2015,
  3. Inventory is still up, 8.6% over last year.

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Year-over-year sales up and prices holding for October

Supply remains balanced in favour of both buyers and sellers; prices stay stable.

Edmonton, November 2, 2016: Edmonton’s housing market remains constant for another
month with residential unit sales increasing in October by 5.5% year-over-year (YoY). Single
family unit sales increased by 7.1% YoY, condominium unit sales were down 3.9% YoY, and
duplex/rowhouse unit sales climbed 17.4% over reported unit sales in October of 2015.

“The housing market in Edmonton continues to experience relative stability, with increased
sales and steady prices year-over-year for October,” said Steve Sedgwick, Chair of the
REALTORS® Association of Edmonton. “We typically see the market slow during the colder
months, so it is encouraging to see us moving into late fall with strong numbers.”
A single family home in the Edmonton Census Metropolitan Area (CMA) sold for an average
of $423,755, which is down 1.6% from September and down 1.75% YoY. Condominium
prices were up year-over-year by 0.5% and down by 2.3% month-over-month.

Duplex/rowhouse average prices also decreased 7.7% from the previous month and 6.9%
from October 2015. However, all residential property prices were mostly unchanged in
October, only down 0.64% compared to 2015.