First-time buyers turn focus to townhomes and apartment-style condos

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Edmonton’s resale real estate market is experiencing a different kind of recovery after a short-lived dip in activity over the last several months resulting from rising interest rates.

Statistics for May from Realtors of Association of Edmonton reflect the surge in demand for apartment and townhomes.

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It’s an indication demand remains strong, says Melanie Boles, RAE chair and local realtor.

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“We still have the buyers, but buying power is down,” she says. “But overall, the market is really just now catching up to our predictions from the start of the year.”

Boles is referencing RAE’s forecast for 2023 that predicted buyers would gravitate to less pricey housing types from the traditionally popular single-family detached home segment.

In May, this trend

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