The housing market in Edmonton has bottomed-out and will continue to grow next year, according to Canada Mortgage and Housing Corporation.
House prices are up about six per cent from February and will grow another 3.4 per cent next year, CMHC reports.
More houses are being sold this year than in 2008, and that's had a positive domino effect on the economy, said Lai Sing Louis, a CMHC regional economist.
"That's a good sign. It shows that after decreasing for a couple of years that sales transactions are improving. That's good for realtors, that's good for people in the banking business, and people who provide mortgages," he said Monday.
"When you buy a house it's not exactly the way you want it, you want to renovate it ... you might do some painting, change some of the flooring ... so all that ... expands the economy," Louis said.
The improving housing market is something being felt across most of Alberta, Louis said.
Grande Prairie is one city in the province that has seen a decrease in house prices, and will likely end the year down 18 per cent, he said.
That decrease is largely due to the sputtering natural gas market, but that market is expected to improve in 2010, Louis said.
