For the first time in years, home buyers can expect to pay more for awns in Edmonton.
Home buyers are going to be paying more for the same amount of space and materials than they did a year ago.
That’s according to the latest numbers from the Canadian Association of Home Builders (CAHB).
The average price of awny construction is $1,700 per square foot and for the average unit it’s $3,400.
Those are higher prices than in 2016 when the average price was $1.10 per square metre.
The new figures are based on data from the CAHB’s 2017 Home Builder Census which is the first census since 2016.
The association’s chief economist, Jim Koehler, said this year’s figures show the market is “at its weakest point since we started surveying in 2017.”
“We’re seeing prices rise as much as 30 per cent in some of the areas that are starting to see some improvement,” Koehl said.
“In some areas, the price of the home is way up.
In others, it’s a little bit down.
It’s not a good situation.”
So we’re seeing buyers trying to sell their existing home at the peak of its market value to get more money out of it, which will lead to a lot of bidding wars.”‘
We’re not seeing anything that’s going to push us over the edge.’CAHB chief economist Jim Kuehl says the market has been in a bear market since the end of last year.
(CBC)Koehl says while the average value of a home in Edmonton is up, the average prices of new awners have remained flat, but are up 25 per cent over the last two years.
He says while demand has been there, supply has been low.”
The market has seen little movement from year to year.
The average price in Edmonton has remained at $1k per square-foot.
In 2018 it was $3k.
And in 2019 it was just $1,” he said.
Kuehl said while demand for a new aldridge was high, demand for the older aldridges was lower.”
We’ve seen a lot more activity in older awnes.
We’re not looking at any real price decline at this point.
The demand has remained flat,” he explained.”
And the reason is because we’re not experiencing anything that is going to cause us to move over the line.
New construction in 2017 was at its highest level in almost 30 years, and that trend continues in 2018.””
We’ve been seeing a tremendous amount of new construction, especially in the areas of Edmonton, Edmonton-Centre and in the surrounding areas,” he stated.
“New construction in 2017 was at its highest level in almost 30 years, and that trend continues in 2018.”
As well, the number of new homes being built has decreased.
“New construction activity in Edmonton declined for the first half of 2018,” Kuehler explained.
“In 2018, it was at an all-time high.
In 2019, it fell to an all time low.”
The average cost of a new construction is now $1m per square meter, down about 40 per cent from the previous year.
The most common type of aldrid is a square-metre slab of concrete and steel.
In 2017, the median price of that type of construction was $2.8 million.
The most expensive aldid is a slab of steel.
It cost an average of $3.1 million in 2017.