New numbers from the Realtors Association of Edmonton paint a grim picture of the city’s housing market in comparison to 2017.
Realtors said the current market, which is a “combination of slower sales and a combination of a higher level of inventory”, is causing some problems for sellers.
According to the Edmonton realtors association, residential unit sales have decreased almost 14 per cent year over year.
Single family home sales have also dropped by about 15 per cent.
Even duplex sales are seeing a hit, dropping more than 30 per cent since last October.
The most consistent sales have been seen in the condominium market, which has only dropped five per cent since 2017.
“Buyers are really taking their time,because they can,” Real Estate Agent Jaclyn Baillie said.
Realtor Mark Radloff calls the month-over-month and year-over-year decreases a “significant drop” that make for one of the worst sales periods he’s ever seen.
The economy, job numbers, price of oil and rising interest rates are all factors, he said.
“[The Bank of Canada] raised the qualifying rate, which is the benchmark for buyers to afford, so a lot of people lost their affordability and maybe decided to wait.”
That inventory is skyrocketing means the Edmonton area is a buyer’s market, which can pay off for those who exercise patience.
“If you used to be able to afford a certain number, and now that number is much less, you might not be as willing to pull the trigger on a purchase.”
However, Radloff recognized homes are still being sold—but that it’s both a beauty and pricing contest.
“You really [have] to win both these days.”
Baillie was optimistic also, noting how quickly things can shift: “The real estate market can change overnight.”
With files from Timm Bruch
