Edmonton, January 8, 2014: The REALTORS® Association of Edmonton released their annual housing forecast today at a seminar at the Northlands Expo Centre attended by 600 REALTORS® and business people. President Greg Steele forecast that the value of MLS® sales in 2014 will increase by about 3% for the year after sales of $8 billion in 2013. This is based on an overall increase in the number of homes sold and increased prices.
Steele expects that the sale of single family homes in Edmonton will be static, at about 10,500, but that sales in the rest of the CMA will increase by about 1,000 units. The number of sales of condo, duplex and rowhouse sales will increase by 2.5% throughout the region as these properties become the de facto entry point for first time buyers.
Prices, as usual, will fluctuate through the year but the 12-month average price for a single family detached property is anticipated to increase about 3%. Condominium property average prices are projected to increase about 2% over the year.
“Market growth is always good for the seller who can expect to see a capital gain on their property,” said REALTORS® Association of Edmonton, President Greg Steele. “But it is also reassuring for the buyer who can expect steady growth upon entering the market.”
His remarks echoed the predictions of seven other speakers at the seminar including John Rose, Chief Economist for the City of Edmonton; James Cumming, the President and CEO of Edmonton Chamber of Commerce; and Christina Butchart, Senior Market Analyst from CMHC. The mayors of the counties of Parkland, Leduc, Sturgeon and Strathcona also gave presentations about the expected growth in their respective county.
“The REALTORS® Association of Edmonton operates throughout the Edmonton Capital Region and beyond. We have the same rules and operating procedures throughout the region so that clients can be assured of similar practices and conditions no matter where they transact real estate,” said Steele. “Quite frankly, we promote our organization to all the municipalities in the area as a model of good cooperation and business practice.”
There are 3,200 REALTORS® operating in the greater Edmonton area which extends as far as Cold Lake, Wetaskiwin, Drayton Valley, Vegreville and Westlock.
|YTD Average||Change||At year end|
|SFD Prices (CMA)||$409,824||Up 3%||$422,000|
|Condo prices (CMA)||$241,377||Up 2%||$246,000|
|All Residential Prices||$349,202||Up 2.5%||$357,932|
|Rural/Recreational||$548 million||Sustaining||$550 million|
|Commercial sales||$225 million||Stronger||$250 million|
|Total MLS® Sales||22,932||Up 2%||23,390|
|Value of Total MLS® Sales||$8 billion||Increase||$8.6 billion|