Housing market

Alberta housing markets recovering at a steady pace – Mortgage Professional America

Summary

“Moving into the fourth quarter, the pace of housing demand continues to exceed expectations in the city,” said Ann-Marie Lurie, chief economist at the CREB. “Much of the persistent strength is likely related to improving confidence in future economic prospects, as well as a sense of urgency among consumers to take advantage of the low-lending-rate environment.”

These trends pushed up the benchmark price by nearly 9% annually in October to re…….

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“Moving into the fourth quarter, the pace of housing demand continues to exceed expectations in the city,” said Ann-Marie Lurie, chief economist at the CREB. “Much of the persistent strength is likely related to improving confidence in future economic prospects, as well as a sense of urgency among consumers to take advantage of the low-lending-rate environment.”

These trends pushed up the benchmark price by nearly 9% annually in October to reach $460,100, the CREB said.

Read more: Most Canadians feel house prices will continue to surge – survey

Edmonton

Total residential sales in the Greater Edmonton Area last month grew by 11.7% annually despite a slight 0.6% downturn from September, according to Tom Shearer, chair of the Realtors Association of Edmonton.

The number of single-family property deals grew by 0.9% from last year and fell by 2.3% from September. Condo unit sales surged by 33.8% from October 2020 and ticked down by 0.6% from September, while duplex/rowhouse transactions increased by 31.3% year over year and grew by 12.4% month over month, Shearer said.

Source: https://www.mpamag.com/ca/mortgage-industry/market-updates/alberta-housing-markets-recovering-at-a-steady-pace/316994