Paul Blais Top Edmonton Realtor

June 2011 Market Update

Posted on Jul 18th, 2011 by Shawna

Economic and other external indicators point to a strengthening of the local real estate

market according to the REALTORS® Association of Edmonton.

Statistics Canada reported that Alberta boasted the highest spike in population in the first

quarter with a 0.4% increase.

The Conference Board of Canada predicts that housing prices in Edmonton will increase

from five to seven percent in the short term although local prices are currently down when

compared to last year.

Although the Bank of Canada seems reluctant to raise interest rates because of the negative

impact on exports, CMHC reports that Canadians are budgeting for an interest rate hike.

While housing prices nationally are up by 8.6% (May figures) Edmonton prices are tracking

predictably in a stable market.

CIBC is of the opinion that Alberta home prices are over-valued by 17% yet RBC names

Edmonton amongst the most affordable major metro markets in Canada.

A report by Peters and Co. forecast that $180 billion will be spent on new oil sands projects

in the next decade with current oil sands operations and maintenance adding another

$30 billion a year.

There were 1768 residential sales in June with 3260 listings resulting in a sales-to-listing ratio of 54%.

This is compared to 53% in May. Days-on-market is slower at 53 days (up from 50 in May). ED-08/11