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Edmonton Journal

Strong resale homes market forecast for Edmonton this fall

Article content Edmonton's resale real estate market has been a leader nationally in recent months, and a new report suggests that it will continue to be one of Canada's hottest markets for the rest of the year. Albeit it will not be as hot as it was even a few months ago, with the Royal LePage House Price Survey and Market Forecast predicting slowing growth. Article content 'We are now following a very normal trajectory where peak pricing happens in the spring and then comes off through the summer while picking up in the fall,' says Tom Shearer, broker/owner of Royal LePage Noralta Real Estate. Article content Article content Article content The report shows that Edmonton was a top market for percentage price growth in the second quarter of this year (ending June 30) with the aggregate price of a home up 7.5 per cent year over year, reaching $484,500. Yet quarter over quarter, growth slowed to 1.2 per cent. Article content Article content The national aggregate price is expected to gain about 3.5 per cent to reach about $848,000. The pace of price growth is an acceleration from the second quarter when prices gained 0.3 per cent, year over year, the report shows. Article content Toronto and Vancouver weighed on the national picture with both cities seeing aggregate price declines. The Greater Toronto Area saw its aggregate price decline three per cent to about $1.15 million year over year. In Greater Vancouver, the aggregate price fell 2.6 per cent to about $1.22 million. Article content Article content Canada's largest cities are expected to see growth, however, by the end of the year. Toronto's aggregate price is expected to grow two per cent to reach $1.17 million over prices at the end of 2024. Vancouver's aggregate price is forecast to climb 1.5 per cent to reach about $1.25 million. Article content Even with the recent price declines, both markets are still unaffordable for most families — at least if they are seeking a single-family home, says Kingsley Ma, area vice-president for Re/Max Canada. Article content 'Even if both parents are working, your chances of buying a detached home are slim.' Article content The median price for a single-family detached home in Greater Vancouver was about $1.74 million at the end of June, declining about two per cent year over year. Article content Ma adds more families seeking to purchase a first home are looking to the condominium and townhouse markets. Even townhomes, however, can carry $1 million price tags, he adds.