“The worst is in the rear-view mirror,” says a recently released report from TD Economics, referring to Alberta’s economic downturn since late 2014.
The BMO Blue Book report for October forecasts 2.3 per cent growth in Alberta next year — second only to B.C.’s mark of 2.5 per cent.
Last month, TD Economics forecasted that the province’s real GDP would grow by 2.2 per cent in 2017 and 2.3 per cent in 2018. (www.cbc.ca/news)
The report indicates that oil prices will continue to rebound, paving the way for growth in overall investment.
This, as Edmonton’s condo market boasts several new development offerings while interest rates remain as low as 2.29%. (source: TD Bank- October 2016)
September’s average price of single family homes was $430,461, while average prices for re-sale condos were $251,365. (ereb.com/news)
For new condos at an average selling price of $300,000, monthly mortgage payments can fall under $1000 /month, less than the average renter is currently being charged in the Edmonton Metropolitan Area. As Alberta’s economy rebounds, condo investments are sound.
“We are moving into the quieter real estate months with a healthy inventory, strong prices and slower listings and sales,” said Steve Sedgwick, Chair of the REALTORS® Association of Edmonton. “It continues to be a good time to buy. We usually see less inventory coming into winter months, so it is beneficial for buyers to have a respectable selection and reassuring for sellers to see continued stability in average sale prices.”