Greater Edmonton's housing stock is decreasing
The market seems to be like a Goldilocks zone; it’s not too hot, it’s not too cold, it seems to be just right.”
Edmontonians looking to purchase a home may encounter a tightening supply in the housing market, according to a new report from the Realtors Association of Edmonton.
The report indicates a 13% decline in month-over-month residential unit sales for September, following a robust surge in summer sales.
Realtor Tina Joa notes that this decline aligns with seasonal patterns, stating, “Not everybody wants to move in the winter.
We go through this even flow no matter what. We have the surge that happened during the summer, and we can’t keep running at that. But right now, what is usually a quieter time, we’re still busy.”
However, Joa highlights a concerning trend: housing inventory is also down compared to last year. The Greater Edmonton Area has seen a 12% decrease in supply this September compared to the same month last year.
Joa warns that these lower supply levels could lead to increased home prices. “It’s concerning because we do have such a trend of new population coming in. We are becoming very busy, and we don’t have as much inventory to satiate that desire to be in this province,” she said.
Mark Rodier, president of Coventry Homes, offers a different perspective, describing the market as being in a “Goldilocks zone.”
He believes the current availability of homes is appropriate for meeting public demand, stating, “The proper amount of product is currently available to meet the demand of the public that is looking to purchase a house either on MLS as an existing house or a new build.
The market seems to be like a Goldilocks zone; it’s not too hot, it’s not too cold, it seems to be just right.”
Despite Rodier's optimism, Joa expresses concern for some buyers who are struggling to find their ideal homes within their price range.
“I wish I could agree, but right now I am dealing with people who want to buy and are currently searching for what they’re looking for. Some may have that Goldilocks moment, but it’s not universal right now; I don’t see it as a complete balance,” she explained.
Joa emphasizes the need for more housing development in the city to help keep prices down.
