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Thursday, January 11, 2018 - Expect a level, buyer's market in 2018

Jessee and Kevin attended the 2018 REALTORS® Housing Forecast Seminar Wednesday at the Shaw Conference Centre.  REALTORS® Association of Edmonton Chair Darcy Torhjelm said the strength in the Edmonton market is single family homes between $375,000 and $425,000.  

You can expect the average price of a home to be $437,744 and Condo prices to average $243,390 which will be a slight decrease in pricing from 2017.

John Rose with the City of Edmonton sees a potential 3% growth in the Edmonton economy.  New housing starts have rebounded back to the third quarter 2014 levels.  The rise in the price of Oil isn't having a big an impact here at home because of pipeline constraints -- the pipelines are at capacity.

Brent Weimer from CMHC says the economic and demographic outlook for Edmonton should show a 1.5% to 2% increase in jobs for 2018-2019.  He sees Edmonton as a buyers market.  Prices will remain stable but with increased inventory, the days on market will increase.  

Doug Porter from BMO Bank of Montreal feels the new mortgage rules (Jan 1-18) will likely dampen the market.  His single biggest concern is the outlook for NAFTA and potential changes.  Mortgage interest rates will likely increase 3 times in 2018 -- possibly a 1/4 point increase next week.

posted in General at Thu, 11 Jan 2018 19:39:20 -0700



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