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.
CTVNews.ca Top Stories
BREAKING Honda to get up to $5B in govt help for EV battery, assembly plants
Honda is set to build an electric vehicle battery plant next to its Alliston, Ont., assembly plant, which it is retooling to produce fully electric vehicles, all part of a $15-billion project that is expected to include up to $5 billion in public money.
BREAKING New York appeals court overturns Harvey Weinstein's 2020 rape conviction from landmark #MeToo trial
New York’s highest court on Thursday overturned Harvey Weinstein’s 2020 rape conviction, finding the judge at the landmark #MeToo trial prejudiced the ex-movie mogul with improper rulings, including a decision to let women testify about allegations that weren’t part of the case.
Residents of northern Alberta First Nation told to shelter in place
Residents of John D'Or Prairie, a community on the Little Red River Cree Nation in northern Alberta, were told to take shelter Thursday morning during a police operation.
Monthly earnings rise, payroll employment falls: jobs report
The number of vacant jobs in Canada increased in February, while monthly payroll employment decreased in food services, manufacturing, and retail trade, among other sectors.
Doctors say capital gains tax changes will jeopardize their retirement. Is that true?
The Canadian Medical Association asserts the Liberals' proposed changes to capital gains taxation will put doctors' retirement savings in jeopardy, but some financial experts insist incorporated professionals are not as doomed as they say they are.
Secret $70M Lotto Max winners break their silence
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
Remains from a mother-daughter cold case were found nearly 24 years later, after a deathbed confession from the suspect
A West Virginia father is getting some sense of closure after authorities found the remains of his young daughter and her mother following a deathbed confession from the man believed to have fatally shot them nearly two decades ago.
Something in the water? Canadian family latest to spot elusive 'Loch Ness Monster'
For centuries, people have wondered what, if anything, might be lurking beneath the surface of Loch Ness in Scotland. When Canadian couple Parry Malm and Shannon Wiseman visited the Scottish highlands earlier this month with their two children, they didn’t expect to become part of the mystery.
Metro Vancouver mayors call for serial killer Robert Pickton to be denied parole
A dozen mayors from around Metro Vancouver say federal Attorney General and Justice Minister Arif Virani should deny parole for notorious B.C. serial killer Robert Pickton, and reassess the parole and sentencing system for 'prolific offenders and mass murderers.'