Edmonton housing market seeing "more value" than Calgary
A new real estate report compares the markets of Alberta’s major cities, and while Calgary is becoming increasingly out of reach for many locals, Edmonton is experiencing a more stable situation.
According to Zoocasa, sales in Edmonton are not outpacing supply too much, meaning the market is benefitting from much more balanced conditions than our neighbours to the south.
The real estate company suggests that as Calgary becomes more competitive, prospective buyers might find more value and less competition in the Edmonton market.
With an average rate of increase in new listings at 72%, Zoocasa predicts that new listings in Edmonton this month will reach around 4,310. It would be a drop compared to the number of new listings seen in the last three years, though sales are not outpacing supply.
“In March, the sales-to-new listings ratio in Edmonton was 65%, while in Calgary it was 84%,” Zoocasa writes.
Zoocasa
Zoocasa says that Calgary has been a seller’s market over the past few years following “an influx of out-of-province buyers,” which has left inventory struggling to catch up.
The real estate listing site predicts 4,358 new listings for Calgary in May, a significant spike from January when only 2,736 new properties were listed. That number is slightly lower than in May of last year but within the average for the past decade.
The headline of the website’s blog asks if Canadians can expect “a return to normalcy” this year, and the answer appears to be “yes” in Alberta.
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