Tuesday, December 11, 2007

Mini Market Report

"Taking the Alberta side as an example, there was a 3.8 per cent decrease in unit sales in Oct. 2007 from Oct. 2006. However, new listings were up 39 per cent, indicating an increase in supply.
“We’ve had an under-supply for quite a long time so it’s not altogether a bad thing to have people having a choice,” “That’s what the buyers would say, it’s not so hot for sellers.” Kathy Harvey, president of the Lloydminster Real Estate Board Association

Buyers may have more choice, but it is unlikely they will be paying any less for their home as average listing price has increased 25 per cent from last year. The average home price for the Alberta side is $245,000 and $188,000 for Saskatchewan. These averages also take into consideration surrounding areas where house prices are lower."

Everyone seems to be of the same consensus the market is balancing from it's meteoric rise last year. We'll feel the softening for about 6 months but after that the market in Edmonton will pick up again.

Read More Here


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