Edmonton housing market flat in 2018, with more of the same expected this year

The market for houses and condos in Edmonton levelled off over 2018, leaving a record-high inventory, according to the Realtors Association of Edmonton.

At the same time, higher interest rates and new mortgage rules helped contribute to lower sales overall, the association said in a news release Tuesday.

"The real estate market in 2018 experienced record-high inventory levels, rising interest rates and the effect of the mortgage stress test, resulting in lower sales in all property categories,"association chair MichaelBrodricksaid in the release.

"It was a challenging market for both buyers and sellers and it appears 2019 will be similar."

On Wednesday, the association will present its outlook for 2019 at its annual housing forecast seminar.

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The average sale price for residential properties of all types in 2018 was $369,607, a decrease of 1.28 per cent compared to 2017.

Single-family homes sold for an average $434,028, a dip of less than one per cent over average prices in 2017.Condominium average prices decreased 4.9 per cent to $236,008.Duplex/townhouse average prices were down 1.75 per cent to $342,150.

Residential units sat on the market longeran average of 62 days, up three days over2017.

Over the year 15,519 homes of all types were sold, compared to 16,435 in 2017.

The total number of listings was up about 3.5 per cent over 2017.

The association said the annual sales-to-listing ratio was 47 per cent, "indicating a buyers' market."