Housing market to remain steady in 2011
The president of the Realtors Association of Edmonton predicts the housing market will hold steady in 2011.
On Wednesday, Chris Mooney addressed hundreds of realtors during the annual Realtors Housing Forecast Seminar.
He says prices for single family homes will increase about three per cent.
"The average price for single family detached homes over the entire year was up 2.5 per cent in 2010 and we expect that the trend will continue," said Mooney. "A single family home priced at $377,000 right now will likely sell for $388,000 next year."
And for the second year in a row, condo prices are expected to remain flat with no significant increase in the year-long average price.
Realtors Association of Edmonton predicts buyers can expect to pay an average of $240,000 for a condominium next year, which is about what they would have paid in 2010.