"Near-record January sales indicate that housing sales will remain strong in the Edmonton area as buyers and sellers adjust to the new pricing levels," Realtor Association of Edmonton president Marc Perras

Purchasing a property with great terms or at a reasonable price is a lot easier now than it was 6 months ago. Sellers are willing to make properties assumables or give you a nice reduction because they don't want their property sitting on the market any longer.

"Prices are stable and are not expected to drop sharply despite the large inventory," Perras said.

Single family dwellings showed a minuscule drop at 0.6%, duplexes and townhouses fell 1.7% and condos rose 1.9%. Overall residential properties rose 1.7%.