Low inventory and strong demand has pushed the average home price (i.e. all home segments combined) up to $555,300; an 11.80% increase since this time last year.
Ann-Marie Lurie (Chief Economist for CREB) states that "We have not seen March conditions this tight since 2006, which is also the last time we reported high levels of interprovincial migration." With mortgage interest rates set to begin dropping and no slow-down to new Alberta residents, we can expect prices to continue to climb; all the while, favoring the Seller.
