“2014 was a very busy year for your local Realtor,” said Greg Steele, president of the Realtors Association of Edmonton. “Edmonton and the surrounding areas experienced a great increase in volume of sales, but also a healthy increase in price. We did not see the sudden spikes in prices that we saw in 2007, but we did surpass the single family record price in March of 2014.”
The average price of a detached single-family home did rise, hiking 5.6 per cent to $432,713, while condo prices were up 4.5 per cent to $252,175.
Sales for the year rose 11 per cent as real estate agents worked to sell almost 19,000 properties. Detached single-family homes saw a 9.8 per cent increase in the number of sales in 2014, while the number of condo sales rose more than 11 per cent. Sales of duplexes and rowhouses, meanwhile, hiked a whopping 25.4 per cent over 2013.
“An increase in newly built affordable condos and multifamily units coupled with historically low mortgage rates encouraged new buyers into the market,” Steele said. “We also saw great migration into the province and a very tight rental market. These factors all play into a very active market in 2014.”
Its oil-riding counterpart might get all the attention, but Edmonton silently posted a great year with increased home sales and housing prices across all property types.