Well, the trend is continuing from last week and the number of single family home listings in Edmonton proper is still on the rise. Last week we had 2,919 active listings and as of this morning there are 3,353. This is almost a 14% increase in inventory.

In the past 30 days the number of sales has increased from 550 to 590 as buyers are taking advantage of the buyer’s market.

With 3,353 listings and 590 sales that would give us a listings to sales ratio of 5.68:1, an increase again from last week’s ratio of 5.30:1. With a ratio this high we can expect more downward pressure on valuations.

This is a perfect situation for buyers as they have more homes to choose from and they can more competitive pricing as it is a buyer’s market. I still think that this is a temporary situation and there will be an increase in valuations later this year because of the increased activity/expansion in the oil and gas industry in Fort McMurray.