June home sales in Edmonton were down by more than 8% from May, according to the Realtors Association of Edmonton.
Todd Bradley, a real estate agent, said the latest figures show that Edmonton’s housing market is flat or in slight decline, with no signs of recovery in the near future.
"There has been a precipitous and serious decline in market value since 2014, but that being said, it has been very much like a leaky toilet or a dripping faucet," Bradley said.
Edmonton’s housing market tends to go up and down gently, as opposed to spiking dramatically. The price drops add up, and this is the fifth straight summer of “softening prices.”
Last month, residential properties were listed for an average of 59 days, slightly up from 55 in 2018. Bradley said that number isn’t entirely accurate because it’s based on the properties that are actually sold.
"So really that statistic of 59 days ... is a little bit misleading. In actual fact, lots of these places have been in the market for double that time, sometimes triple," Bradley said.
Some people might also be trying to sell their property for the second time after taking it off the market for some time.
"Although it's a little bit flat, the market is still moving OK," said Michael Broderick, Realtors Association of Edmonton’s chair.
Broderick said that it’s typical for the housing market to slow down at this time of the year. He expects it to pick up once people are back from holidays and families are preparing for the school year, according to a CBC report.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate