A new survey on housing prices in Edmonton shows the city's housing market may be in nearly perfect buyer-seller balance.
A Royal LePage survey of housing prices for the second quarter of 2017 shows the cost of an average home in Edmonton went up slightly — 3.8 per cent to nearly $388,000 from the same period last year, reflecting a boost in consumer confidence and a recovering economy.
"When people start to buy and houses start to move … it shows optimism in the way that people are feeling about their job, about their income, about their stability in life," Tom Shearer, broker and owner of Royal LePage Noralta Real Estate in Edmonton, said Thursday.
It's also been an uneventful market for the past three years, Shearer added.
"While it's been boring, I think that's been good for the homeowner — they haven't seen their equity evaporate."
Unlike the highly competitive markets in Vancouver and Toronto, Shearer said Edmonton's has been stable, making for a healthy balance.
"The homeowner wins because they haven't lost any equity in their home," he said.
"Whereas the buyer has won because the house that they be thinking of buying hasn't escalated in price, so it's kind of like a win-win for everyone right now."
Popular neighbourhoods for housing sales are Parkview/Valleyview, Windsor Park, Glenora and Crestwood.
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The survey also showed:
- The average cost of a two-storey home rose by 5 per cent to $449,090
- Bungalows rose 3.7 per cent to $376,498
- Condominiums declined by 2.3 per cent to $234,697
Royal LePage said most Canadian cities are showing gains in their residential housing markets, signaling that the economy continues to recover.
The Royal LePage National House Price Composite, compiled from property data in 53 of the nation's largest real estate markets, showed that the price of a home in Canada increased 13.8 per cent year-over-year to $609,144 in the second quarter.
Royal LePage said they expect prices to continue rising for the remainder of 2017.