We all know the role that oil plays in Alberta’s economy. The soft price of oil has been well documented. While much of the province saw an impact in home sales and prices due to the changing economic outlook, Edmonton has once again proven to be a strong, stable Real Estate market. Home prices here in our region remain largely unchanged from a year ago.
Average Single Family home price in September – $432,150, down just .98% from Sept 2014
Average All residential property price in September – $368,874, down 0.75% from Sept 2014
Average Duplex/Townhome price in September – $364,203, up 4.28% from Sept 2014
There are parts of the province that have seen bigger drops, but here in Edmonton, our market remains stable and strong. We are likely to see prices dip as temperatures do, but that has more do with the seasonal trends that we always expect, as opposed to any kind of reaction to the economy. Buyers are able to enter the market now with confidence and take advantage of favorable interest rates. If you’d like to know more about the ways that oil prices are –or perhaps aren’t- impacting home prices here in Edmonton, talk to your local REALTOR® –here when life happens.