We are all interested in the real estate market and what turns in might take in 2021.
The Edmonton Housing Forecast, which took place January 13, 2021, helps with answering some of those questions.
As we are never quite sure what the future has in store for us, I wanted to share with you the information that we currently have available so we can all make the best decisions for ourselves and our families.
The Realtors Association of Edmonton (RAE) provided an update on last year’s housing market as well as a forecast for 2021. The average price of a single-family home in 2020 rose about one per cent from 2019 to more than $429,430 while condo prices dropped roughly two per cent to approximately $220,500. Duplexes also dropped less than a percentage to about $332,000.
RAE chair Tom Shearer said 2020 finished surprisingly strong following a year of uncertainty. He said forecasting 2021 is particularly hard because of a number of factors from job losses to current COVID-19 restrictions.
Shearer said Edmontonians have managed to push through hardships before such as during the 2008 financial crisis.
“I think a lot of people have been very careful with their finances,” he said. “Canadians have been very stable in their delinquency in the mortgage payment and (when) you look all the way to 2008 (during) the financial crisis we came through that not so bad. I like to think we’ll manage.”
For more detailed information you can watch the full housing forecast here: 2021 Edmonton Housing Forecast
If you have any additional questions on the market or would like to discuss listing or buying, please call or text me at: 780-222-8222. I would be happy to assist you with any real estate concerns you might have.