Saw a report that Edmonton's average condo price dropped 4.5% last quarter

I was reading the latest market update from the Realtors Association of Edmonton. It said the average condo price in the city fell to $205,000 from the previous quarter. Is this a good time to buy a condo as an investment, or should I wait longer?

3 comments

3 Comments

lily3602mo ago

That report misses how many condos are selling for way under that average price.

dakota_singh392mo ago

Yeah, lily360 has a point... averages can really hide what's going on. Saw a unit in my own building go for almost 100k under the listed average last month. Makes you wonder what else that report is smoothing over.

miller.avery21d ago

Oh man, "smoothing over" is exactly the right way to put it. I had almost the same thing happen with a unit two floors down from me. Listed average in my building was around 450k, but this one went for 360k. It was in good shape too, nothing wrong with it. The report makes it sound like everything is fine and dandy, but in my experience, those numbers get pumped up by a few big sales at the top. It's like they're hiding how many places are actually selling for way less than that average. Drives me crazy how they never show the range of prices, just that one number.