Royal LePage has raised its forecast for housing price growth in the Edmonton market this year after increases in its benchmark price for both new and resale homes during the second quarter of 2021.
"Real estate activity in Edmonton has not been this brisk in 15 years. Buyers who have not been able to find what they are looking for or who have not been successful with offers are hoping that the summer months will be less competitive," Tom Shearer, owner of Royal LePage Noralta Real Estate, said in a news release announcing the latest aggregate price trends.
The median price of a single-family detached home increased 16.1% to $467,000 in Q2 and the median price of a condominium rose 12.9% to $201,000 during the same period. The overall market rose 11.3% to $430,000 in the second quarter of 2021.
"The shift in demand remains towards value and it's putting significant upward pressure on home prices in Edmonton's suburbs and neighbouring communities," Shearer said.
Royal LePage is forecasting that the aggregate price of a home in Edmonton will increase 7% in the fourth quarter of 2021 – up from its 4% price rise prediction in April – compared to the same quarter last year.