Edmonton housing boom to continue into 2015 despite oil skid

Edmonton realtors expect the citys bullish housing market to continue into 2015 despite dropping oil prices.

Low unemployment and a strong economy will push the values of homes up by four per cent with the average residential price climbing from $374,000 in 2014 to $389,000 in 2015.

With oil selling close to$60US per barrelmany expect the oil industry to slow down, but realtors say that won't have a large impact on the housing market.

Weve got away from being solely dependent on oil in the Edmonton market, with $5 1/2 billion in infrastructure.construction projects going along in the downtown core alone, said Greg Steele, presidentof the Realtors Association of Edmonton.

Thatll be sustained for the next three to five years."

Steele saidthe Edmonton market is far from saturated, despite the rapid growth in downtown condos and single family homes on the citys outskirts.

Right now were taking everything, he said. Were like a sponge. Everything being built is being sold.

While homes priced below $400,000 make up 65 per cent of the market, luxury home sales have been growing for the past three years.

Realtors reported a 29 per cent increase in sales over $1 million in 2014 compared to last year.