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Edmonton Real Estate Market

When house prices go up beyond a certain level, condos become the option for more people. Here that has not happened yet.
Owning a single family home is a no-go for me. I'll never do it. It's not a money thing for many people that like cities.
 
Most buyers just want a reasonable price for accommodation no matter the type. Do you think that buyers are really waiting for prices to go up in Edmonton; more likely they are waiting for prices to go down in the rest of the country? Economic dictates, as I have said before, is more of an academic study -- one factor in a host of possibilities -- to focus on one segment as a barometer for all 21 or 22 of the other factors is a fools game. There are new systems coming onto the market (e.g. CLT for one) that promise reductions in cost -- those that can implement new systems (and I have only named one out of several dozen) will see their prominence rise in the market!
People have been waiting for prices to go down in Toronto and Vancouver for a very long time. If it hasn't happened with the recent sharp rise in interest rates, I doubt it will happen when interest rates start to go down again soon.

That is also why a lot of people from there are moving to more affordable places elsewhere like here. If the high prices there were felt to be temporary, they would just wait it out.

Most people do have limits on what they can spend for housing and when prices exceed that, as they have in many places elsewhere in Canada, people end up making different choices (condo vs SFH, moving elsewhere, living with parents, etc ... ).
 
People have been waiting for prices to go down in Toronto and Vancouver for a very long time. If it hasn't happened with the recent sharp rise in interest rates, I doubt it will happen when interest rates start to go down again soon.

That is also why a lot of people from there are moving to more affordable places elsewhere like here. If the high prices there were felt to be temporary, they would just wait it out.

Most people do have limits on what they can spend for housing and when prices exceed that, as they have in many places elsewhere in Canada, people end up making different choices (condo vs SFH, moving elsewhere, living with parents, etc ... ).
Yep, at some point financial reality will hit and places like TO/ Vancouver will flatline, but, I doubt prices will drop. Maybe some categories, but overall, I'm thinking thy wont. We are probably closer to rates coming down ( a little) than when rates went up.
During the pandemic, rural properties increased a little ( I heard of a few people moving back to where they came from, eg, NS, NB). Prices may not trend much lower. Not a good feeling for people wanting to buy. It is not cheap nor easy nowadays to buy a place.
 
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Two people I have spoken to in the last week have mentioned a lack of housing inventory for sale, so I think this may be becoming more of an issue than recent past monthly figures suggest.

If migration is not increasing demand enough already, I suspect rents currently increasing in double digit percentages will also lead to more people looking to buy in the upcoming months.

 
First the CBC amd now this….”80% of all YEG construction is rentals in 2023.” So maybe we’re coming out of funk? Or we’re building lots of rentals but not enough? So which is it?
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Our have remain stagnant and ~25%-30% below pre-covid but 2 units have sold in 2024 so that's something, I guess.
 

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