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Edmonton: One Of The Cities Most Affected In The Real Estate Market By COVID-19

Sometimes people need to search online any information regarding a real estate agent, either to sell any property that they have or otherwise sell it to buy another better.

Due to the global pandemic that we are currently experiencing, many markets that are dedicated to the purchase and sale of real estate have had a considerable drop in their income.

Alberta’s oil and gas sectors have dealt with the consequences of the drop in oil prices; this has had a great impact on the province’s economy and real estate markets.

Due to this reason, these real estate markets have been largely affected by the public health crisis known as COVID-19, since before the pandemic, they were trying to recover due to a fall in the market.

Since 2018 Edmonton’s average sales prices have been steadily decreasing This is because the city is dealing with an economic recession, resulting in decreased activity in the city real estate market. It should be noted that this generates controversy in the price of local real estate since many consider it undervalued.

In 2020, the Edmonton market’s city looked promising; increased sales gave us that confidence to believe that in the spring, we would have a healthy real estate market. Due to the COVID-19 pandemic, this perspective has radically changed, due to the suspension of all these procedures that we have with consumers.

Edmonton A Buyers Market

Before delving into the activities within this market, we must understand the existing dynamics in it. This market has been trending for years, thanks to its annual sales and lower average prices.

At the beginning of this year, its market was finally showing improvements, as tourists began to arrive in the city buying their houses for the first time. Thanks to this, all our buyers will have a wide variety of homes that fit their budget, this will undoubtedly continue to attract investors and buyers.

Pricing Activity Within The Edmonton Market

The average price level of all Edmonton homes has been declining in recent years; the pandemic we are currently experiencing has made this decline noticeable.

However we can notice an improvement, in April our average residential price increased by 2.8%, compared to exactly a year ago it is still a deterioration. But any increase will be welcome as a good sign within this great market.

Optimism With The Edmonton Real Estate Market

Despite the large drop in the market, Edmonton remains optimistic due to its promising future. It is important to note that before the crisis, we experienced an increase in investors within the city.

Because Edmonton is one of the most accessible cities, as long as prices stay low, this will certainly attract investors looking for a good deal. It is important to highlight that the Alberta government announced that the province began a plan to implement in several stages.

It is planned to open the shopping centers in May, although public meetings will be limited. If there are no problems and those infected continue to decline, it is expected that the economy of the province will recover for the summer.

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