Is this the new norm in real estate?

Often as real estate professionals we are often asked for insight into what the overall real estate market is doing and going to do in the future especially when things slow down slightly in the overall market. While this can vary drastically from region to region and town to town with current statistic's we can help shed some light on what "might happen" Let's take a closer look at some of the stats in Alberta

-According to Statistics Canada's October 2022 Labour Force Survey, Alberta had an unemployment rate of 5.2 per cent last month, down 0.3 percentage points from September and better than last year's 7.8 per cent.

-Alberta Housing Market as of October 2022. The average price of a home in Alberta was $430,964 in October 2022, a 2% increase year-over-year and a 0.2% decrease compared to last month.

-The average house price in Calgary is $513,000. In October 2022, average home prices in Calgary up by 10.3% compared to the previous year.

-The average house price in Edmonton is $372,400. In Edmonton, the average house price down by -0.6% in October 2022 -compared to the same month of the previous year.

Looking at the above numbers, while Edmonton is down slightly by 0.6% year over year the overall numbers are fairly strong. Even with current interest hovering around 5% the Alberta economy seems to be stable. We are still seeing a good influx of interest from BC and Ontario residents looking to cash out and move to Alberta. With the overall demand of interest from these buyers as well a strong labor market we are expecting to still see the overall Alberta real estate market remain stable for the next 6 to 8 months.

Posted by Cole Walker on November 28th, 2022

Camrose Real Estate Blog

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