Tuesday, October 16, 2007

Edmonton Housing Market - Balance Shifts

As we all have seen, the Edmonton housing market went from a frenzy of multiple offers to large amount of product sitting on the market. The shift in the market leaves sellers having to reduce their listing price or offer buyer bait in the form of assumables.

CREA's third quarter report puts Edmonton at a middle ground between a buyer's and seller's market. With increased listings on the market at 21% to 41% higher than last year buyers are taking their time before purchasing.

“I think it's quite remarkable how quickly those markets have shifted from sellers' to balanced. This is a good thing. I believe buyers will take their time and shop around, and that should take some of the steam out of price increases,” said Gregory Klump, chief economist at CREA.

Read Full Article Here

No comments: