Housing inventory in the Greater Edmonton is in decline

Edmontonians looking to buy a home may find a tight supply.

A new report for the Realtors Association of Edmonton shows a 13 per cent decline in month-over-month residential unit sales in September, coming off a strong surge in summer sales.

But realtor Tina Joa says this is part of a pattern. 

“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,” said Joa.  

But housing inventory is also down from this time last year, Joa expects, lower supply levels could push up home prices.

“It’s concerning because we do have such a trend of new population coming in. And we are becoming very busy, and we don’t have as much of an inventory to satiate that desire to be in this province.” 

The Greater Edmonton Area overall, seeing a  12 per cent decrease in supply this September compared to last year.

“The market seems to be like a Goldilocks zone,” said Mark Rodier, the president of Coventry Homes.

But Rodier believes this is a sign of a more balanced market for sellers.

“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.”

But realtors like Joa disagree, seeing some buyers struggling to find their ideal home, in their price range.

“I wish I could agree, but right now I am dealing with people who want to buy and right now searching for what they’re looking for so some may have that Goldilocks moment but it’s not universal right now, I don’t see it as a complete balance,” explained Joa.

Adding that more houses need to be built in the city to keep the prices down.