Uncertainty over oil prices will drive Edmonton resale home prices down by 3.5 per cent in 2016, says a report by real estate company Re/max released on Thursday.
The average residential sale price for the city is forecast to be $360,379, said the Re/max Housing Market Outlook. That’s down from $373,450, the estimated average selling price for 2015.
In previous years, the average residential sale price was $367,038 in 2014, $351,000 in 2013, and $334,318 in 2012.
“The drop in oil prices has led to uncertainty in Edmonton’s housing market,” said the report.
It noted the market’s resilience during 2015 despite a sudden drop in oil prices.
Full Story (Edmonton Journal)