The RE/MAX 2018 average residential sale price expectation for Canada is an increase of 2.5 per cent as the desire for home ownership remains strong, particularly among Canadian millennials.
As oil prices continue to stabilize, both Calgary and Edmonton have experienced modest average residential sale price increases in 2017
The first-time buyer demographic are single millenials, young families and young couples with a typical purchase range from $300,000 - $400,000. Typically they are purchasing detached single-family homes or condos.
Single milennials and retirees are the most common buy demographic for condos with the average sale price seeing a 1 % increase going from $247,647 to $250,380.
The expected sale price for the average residential home in Edmonton is an increase of approximatesly 2%. New infrastructure projects, including construction on the Valley Line expansion of the LRT, are expected to contribute to increased activity in the Edmonton real estate market in the next few years.