Susan Paulsen | Edmonton Real Estate

Edmonton Real Estate News


780-990-7657
RSS

2013 REALTORS® Housing Forecast Seminar

REALTORS® Association 2013 Housing Forecast is bullish on Edmonton

Edmonton, January 9, 2013: The REALTORS® Association of Edmonton released their annual housing forecast today at a seminar at the Northlands Expo Centre attended by 700 REALTORS® and business people. President Darrell Cook forecast that the value of MLS® sales in 2013 will increase by about 3% for the year after sales of $7 billion in 2012. This is based on a three percent increase in the number of homes sold and increased prices. Cook expects that single family homes, duplexes and rowhouses will increase on average by 2% while the average price for condos will increase by one percent next year.

“We are positioned in the best economy in Canada and perhaps the world,” said Cook. “It is hard to make a restrained forecast when we have job growth, in-migration, low vacancy rates and continuing low interest rates.”

His remarks echoed the predictions of five other speakers at the seminar including Premier Alison Redford who highlighted the value of the housing industry to the Alberta economy. Also presenting at the event were John Rose, Chief Economist for the City of Edmonton; Angus Watt from National Bank of Canada; Brad Ferguson, the President and CEO of Edmonton Economic Development Corporation; and David Lan, Senior Market Analyst from CMHC.

Cook forecast that the year-long average selling price for a single family home, sold through the Multiple Listing Service® in 2013 will increase from $382 thousand to $390 thousand. The average price for a condominium property will increase from $235,500 to $237,800. Although the inventory of available housing is low at this time of year, Cook suggested that increasing prices in the first six months will convince owners to begin listing their property and increased choice for buyers will result.

Cook suggested that, because of our solid economy, the strong interest in acreage properties will continue in 2013 and sales of recreational and vacant properties will also increase as the prices of properties in sun-belt destinations recover and local recreational properties become more comparable in price.

Commercial and industrial sales through the MLS® were up 25% in 2012 and REALTORS® expect the trend to continue next year with an increase in total value from $310 million to $320 million. There will be demand for small office/warehouse lease properties as our strong economy spawns new and expanding businesses.

The role of the REALTOR® has been much discussed in the past two years. Cook urged the members of the REALTORS® Association of Edmonton to focus on client service, education and satisfaction and to continue to demonstrate the value that the REALTOR® has brought to the community and the real estate transaction for the past 85 years.

View Mr. Cook’s entire speech online and download the presentations.

 

Forecast summary

Comments:

No comments

Post Your Comment:

* indicates required fields.
Your Name: *
Your email will not be published
Your Email: *
Comment: *
Please type the text as it appears above:
Copyright 2024 by the REALTORS® Association of Edmonton. All Rights Reserved.
Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.