The Realtors Association of Edmonton projects that housing prices in the region will rise by 3 per cent in 2014, following $8 billion in sales earned for 2013.
First-time homeowners and investors are the key players who will fuel this growth, attracted by booming construction, low vacancies, and demand for properties. Industry players estimate that single-family homes will cost around $422,000 in 2014, while prices of condo units will reach around $250,000.
“Market growth is always good for the seller who can expect to see a capital gain on their property,” association president Greg Steele says of this development. “But it is also reassuring for the buyer who can expect steady growth upon entering the market.”
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