The RE/MAX Canadian National Spring market trends report for 2017 is out.
Read the full report on all major centers in Canada at the link below. We've provided an excerpt of the Edmonton, AB real estate market updates below.
Older homes in mature neighbourhoods are receiving multiple offers as a result of low inventory whereas single family homes are the most sought after properties in Edmonton.
In the first quarter of 2017, 33 properties were sold over a million dollars. Large variety of inventory is driving demand for buyers in Edmonton. The top 3 neighbourhoods to buy a luxury home in Edmonton are Windermere, Mactaggart and Old Glenora.
There have been new approvals for high-rise condos in Edmonton's Downtown and Whyte Avenue districts. This will effectively fuel the condo market activity in the area. The majority of people driving demand for the condo market tend to be young couples, single buyers and retirees, also the average condo price has gone down in the last year by 1%.
First Time Buyers
First time buyers typically are young couples looking to buy in the $200K-$400K market. The typical property type purchased by first time home buyers are townhomes, detached single family homes, or condos.