Average Edmonton condo prices are expected to increase in 2014, according to a recent forecast by the Realtors Association of Edmonton. A two per cent year-over-year gain is anticipated.

The projected increase comes as a result of year-end statistics indicating an eight per cent boost in overall residential sales from 2012 to 2013. A total of 5,059 condominiums were sold during 2013, up 14.7 per cent from 2012. Condo prices dropped 2.4 per cent in December 2013.

“Realtors report that there has been a shortage of lower-priced homes all year which has pushed value conscious buyers up-market or into condos,” says Greg Steele, president of the Realtors Association of Edmonton. “New home builders are trying to fill the void by building more condos and single family homes at lower price points.”

The association predicts that average condo prices will reach $246,000 by the end of 2014. The average price currently sits at $241,377.