Market Updates Paul Zieba 15 Oct
New listings: 688 (-24% from last week)
Sales: 428 (-15% from last week)
Average price: $456K (-2% from last week)
Median price: $423K (-4% from last week)
The Market Hit Pause – And the Teacher Strike Is Why
This week, the Edmonton market hit pause – and the teacher strike is playing a bigger role than most people realize. In fact, with 50,000 teachers currently on strike, many lenders won’t accept their income for mortgage applications right now. As a result, that’s a massive buyer pool suddenly on the sidelines.
What’s Happening With Inventory
New listings dropped 24% week-over-week. Sellers are holding back – partly seasonal (we’re heading into fall/winter), but also because a significant portion of potential buyers are frozen out of the market during the strike.
Meanwhile, sales dropped 15%. Some deals were already in progress before the strike, but expect this gap to widen if the strike continues.
The Price Story
Both average ($456K) and median ($423K) prices dropped 2-4% in one week. Therefore, sellers who need to move are adjusting prices because their buyer pool just shrunk. Furthermore, the $33K gap between average and median tells us some higher-priced homes are still selling, but the typical home is trading at $423K.
What This Means for Buyers
If you’re a teacher, you’re likely waiting this out until the strike resolves and lenders will work with your income again.
However, if you’re not affected by the strike, you’re competing with fewer buyers right now, and sellers who need to move are pricing accordingly.
What This Means for the Market
This isn’t just seasonal slowdown – it’s disruption-driven. Nevertheless, when the strike resolves and teachers return to classrooms, expect pent-up demand to return to the market.
Questions About Your Buying Power?
Current market conditions create opportunities for those positioned to act. Whether you’re a first-time buyer or looking to upgrade, let’s talk about what makes sense for your situation.
📞 780-619-4901 📧 pzieba@mortgageconnection.ca