MARKET UPDATE

First let me tell you what’s happening here!

• Across Canada, pent up demand, low interest rates, vaccines creating optimism, and many people with savings from not doing as much during the pandemic is resulting in a lot of people wanting to buy real estate right now.

• There are slightly more buyers than sellers, creating a hot sellers’ market, even in Edmonton!

• Edmonton houses that are priced reasonably are selling quickly with multiple offers!

• Many buyers are flocking to Edmonton from Ontario and BC, where the hot market is really pushing prices up and nobody can find properties that cash flow.

• I have heard that some investors are selling their entire portfolios in Ontario to start buying apartment buildings in Edmonton and Calgary, as they see Alberta as a place with affordable prices and a market that is poised to recover out of the slump. These are sophisticated investors (whose job it is to do real estate market research on cities across the country), and they have chosen to come back to Alberta.

It’s all very interesting and exciting; however, we are staying realistic and conservative with our predictions and not getting swept up in the market hype.  We have lived through the recession of the last 6 years, and we understand the Alberta market well. It is poised to recover, but this hot real estate market is influenced a lot by pent up demand.