ZT: What is up with home prices in Edmonton?

edcn2004

(From http://www.edmontonrealestateblo ... hat-is-up-with.html)
) s7 m& r: ?5 J
. u3 Q% S! W6 b6 P% d" hMost people have gotten used to the fact that there are a lot of properties for sale in Edmonton. They've gotten used to sales being slower, and they've gotten used to homes taking longer to sell. I think there is one more thing Edmontonians have gotten used to: higher prices.
% G. Q5 m4 `8 i, x2 R; ]


( p9 N# ^5 \( f( @. S0 S/ m6 Q8 ]The number of homes for sale in Edmonton have gone through the roof, and it looks like there are still plenty more properties to come on the market. Why then, with all that choice, and so many motivated sellers dropping their asking prices, are the average prices in Edmonton basically staying put?

Well, thanks to Bob Trueman's daily stats something has become very evident - the average price per square foot in Edmonton has been on a steady decline:



I think that home buyers in Edmonton have gotten used to the fact that they have to pay $400,000 (or thereabouts) for a single family home, and therefore are willing to pay $400,000 for it, it's just that in recent months they are getting more for their money.