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.
Share Tools
Latest Edmonton News Headlines
- Heart-shaped cucumbers a hit for Alberta grower
- Doef's Greenhouses in Lacombe, Alta. is the only Canadian grower of those heart-shaped cucumbers you see at the grocery store. more »
- Messam leaves Esks to try out with Dolphins
- The Edmonton Eskimos tailback signed a multi-year contract with the NFL's Miami Dolphins on Tuesday. more »
- Sherwood Park poodle wins big at famed dog show
- A poodle owned by a Sherwood Park veterinarian and breeder has won top honours at the world-renowned Westminster Dog Show in New York City. more »
- Truck, rifle found in connection to Killam RCMP shootings
- RCMP have found the black 2000 Chevrolet Silverado truck they were seeking in the shootings of two officers near Killam, Alta. last week. more »
Top News Headlines
- Air Canada confident it can reach deal with pilots
- Travellers flying Air Canada can keep booking their flights as negotiations continue with a new federally appointed mediator to help resolve an ongoing contract dispute between the airline and its pilots. more »
- Legalize pot, say former B.C. attorneys general
- Four former B.C. attorneys general are joining a coalition of health and justice experts calling for the legalization of marijuana. more »
- Whitney Houston's funeral to be held Saturday
- Pop star Whitney Houston's funeral service will be held Saturday in the New Jersey church where she first showcased her singing talents as a child. more »
- Online surveillance bill targets child porn: Toews
- A bill that would give police and intelligence agencies new powers to access Canadians' electronic communications is needed to protect against child pornography, says Public Safety Minister Vic Toews. more »
- Leduc, Alta. train victim identified
- Mother in court to see man charged in daughter's death
- Pedestrian struck and killed by train in Leduc
- Truck, rifle found in Killam RCMP shootings
- ETS introduces cash-counting fare boxes
- Museum founder Stan Reynolds dies at 88
- Alberta bus crash survivor wants to thank rescuer
- Alberta's proposed Education Act targets schoolyard bullies
- Enbridge offered First Nations cash to study pipeline

