St. Albert bucks housing trends

As the region experiences a slowdown in its condominium market, St. Albert continues to buck the trend with increasing sales.

While August real estate numbers show that Edmonton region condo sales were down six per cent from the previous year, St. Albert saw an increase of 18.2 per cent, from 22 units to 26, in August 2016.

Sales were also up by 23 per cent over July.

Condo prices, however, were more in line with the rest of the region. In July, a condo in St. Albert sold for an average of $291,000. Last month that price dropped 11.6 per cent to $257,207.

The average condo price for the Edmonton region was down two per cent month-over-month to $251,526 and one per cent year-over-year.

"While unit sales for condos have been impacted the most, prices remain stable," said Steve Sedgwick, chair of the Realtors Association of Edmonton. "This is thanks in part to the continuing trend of unit sales of over $750,000 that are keeping average sales price of condos elevated by almost three per cent."

But in St. Albert, where the median sale price was $235,750 this month, compared to $290,000 in July the same does not hold true.

Single family market

St. Albert single family home sales increased by three per cent over last year, compared to a three per cent drop from August 2015 experienced by Edmonton region.

But average single family home prices dipped 5.7 per cent from $508,053 to $479,279 over last year. This represents a bigger decrease than the Edmonton region as a whole, where year-over-year prices have remained stable decreasing by less than one per cent.

"Alberta's economy has been under enormous pressure for some time, but the residential real estate market in the Edmonton Census Metropolitan Area continues to hold," said Sedgwick. "Prices and unit sales for all residential homes are consistent with last year, down less than one per cent and two per cent respectively."

All new residential listings in the region were down five per cent month-over-month and over six per cent year-over-year.

Housing starts

According to Canadian Mortgage and Housing Corporation's latest numbers, the Edmonton region has hit the lowest level of housing starts since 2012.

"Slower economic conditions have tempered demand," said Christina Butchart, CMHC's principal market analyst for Edmonton.

Since the start of the year there have been 398 apartment and condo dwelling starts in St. Albert and 110 completions. There are currently 517 units under construction.

Single family dwellings counted for 69 starts and 96 completions in 2016. There are 84 units currently under construction.