Edmonton Realtors forecast 13 per cent drop in single-family sales in 2022

Sales of single-family homes in Edmonton will fall by nearly 13 per cent in 2022, according to a forecast by the Realtors Association of Edmonton.

The group released Wednesday what it terms a “fairly conservative” projection for real estate sales in the city over the next 12 months that included a 12.9 per cent fall in single-family home sales and a seven per cent drop in condo sales.

“While there are still some concerns with COVID and the emergence of new variants, we’ve seen a strong regional real estate market rebound,” said association chair Paul Gravelle.

The group forecasts average prices for single-family homes and condos will go up by three and 1.4 per cent, respectively.

Those increases will be driven in part by a four per cent decrease in the number of listings, according to the association’s projections.

“Supply and inventory will continue to be a challenge and continue to drive prices up,” said Gravelle.

“When we have a shortage of homes, that's when we see an increase in prices.”

The projected increases would amount to average sales prices of $472,000 for a single-family home and $234,000 for a condo.