Edmonton’s housing market is still growing: CMHC report
House construction in Edmonton
Published Tuesday, October 8, 2019 3:14PM MDT
EDMONTON -- A new report from the Canada Mortgage and Housing Corporation (CMHC) shows that housing construction in Edmonton is still on the rise despite the amount of property already available.
CMHC reports that in September there were 920 new housing projects, a 54 per cent increase over September 2018.
The CMHC report is projecting Edmonton to have 10,731 new housing starts by the end of the year.
The growth in Edmonton’s housing market is reportedly due to the rising demand for multi-family units, such as condominiums and rental properties.
“Our market is stable, we’ve had slight decreases in prices across all categories,” said Michael Brodrick with the Realtors Association of Edmonton. “I think stable is something we can be happy with at this time.”
The year-to-year trend for all types of housing has also been rising.
Brodrick says that while the market is growing housing prices have declined slightly.
“We’re still seeing the market down from where is has been in the past and that’s challenging for people.”
Bordrick expects there to be a shift in the market following the upcoming federal election, as there have been changes promised to federal housing policy during the election.
“The focus of all three parties seems to be focused on both millennials and through millennials first-time buyers, and those are not the only people affected by housing policy.”