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Edmonton Realtors Market Report February 2024


The demand for homeownership grew strongly, January's sales came in at an impressive 46.8% higher than January 2023. The key driver of the housing market is the number of people moving to Alberta.

The City of Edmonton and Canadian Real Estate Association senior economists agree, Edmonton’s real estate market is forecasted to have a strong year. With over 1.2 million new people moving to Canada last year and a number of them moving to Alberta.

 If you are thinking of making a move in 2024, the early trend of strong real estate sales is an indication that we are in for a fast-moving year. Buyers should prepare by prequalify with their banks or mortgage brokers. Also, sellers to start early with a complimentary comparative market evaluation and a staging strategy.

 If you have any specific questions regarding your real estate goals, please call me direct, or email me at Alison@infoEdmonton.ca to schedule a complimentary consultation.

All the best,

Alison


Realtor Association of Edmonton, February 2, 2024: 

 “Edmonton real estate market is off to a good start for the year, with strong sales and prices compared to last year”, says Realtors Association of Edmonton.

  • Total residential unit sales in the Greater Edmonton Area (GEA) real estate increase 46.8% higher than January 2023.
  • New residential listings are 49.3% higher than in December 2023, and 2.3% lower than January 2023.
  • Overall inventory in the GEA decreased 12.1% from January 2023.
  • January detached unit sales are up 51.0% from the previous year.
  • Semi-detached unit sales showed an increase of 41.0% year-over-year.
  • Row/Townhouse unit sales had a similar nominal increase of an increase of 31.1% from the previous year.
  • Apartment Condominium unit sales also saw a significant year-over-year increase coming in at 50.0% over January 2023.
  • Total residential average prices came in at $398,724, a 2.5% increase from December 2023, and a 7.6% increase from January 2023.
  • Detached homes averaged $484,365, decreasing 1.0% from December 2023 and up from the previous year by 7.3%.
  • Semi-detached units sold for an average of $378,421, resulting in a 6.6% increase year-over-year, and a 4.0% increase from the previous month.
  • Row/townhouse prices were up 2.8% from December 2023 and 8.6% when compared to January 2023, selling at an average of $268,948.
  • Apartment Condominium average prices hit $192,660, increasing 12.8% over last month and 1.1% higher than the previous year.
  • The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $376,700, decreasing 0.1% from December 2023, and a year-over-year increase of 2.9% from January 2023.
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Edmonton Realtors Market Report December 2023

The Edmonton economy is doing particularly well with higher employment, GDP growth, oil prices, and a strong net migration. This past months Realtors Association of Edmonton statistics are also signs of a stronger housing market with November 2023 sales 28.5% higher than November 2022; and overall inventory in the Greater Edmonton Areas showed a decrease of 12.9% from November of last year.  

Pricing your home is always location and product specific. If you are thinking of making a move in the coming year and would like an accurate market evaluation of your property, please reach out to us.  We would love to help.

Alison


Realtors Association of Edmonton, December 4, 2023: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for November 2023 came to 1,637, decreasing from October 2023 by 9.1%, but showing an increase of 28.5% over November 2022. New residential listings amounted to 2,126, which is 20.8% lower than October 2023, and 7.9% higher than November 2022. Overall inventory in the GEA showed decreases of 14.5% from November of last year and 12.9% from October 2023.

For November, detached unit sales totalled 932, a decrease of 11.7% from October 2023, but up 22.1% from the previous year. Semi-detached unit sales were down 15.2% month-over-month but showed an increase of 21.7% from November 2022. Row/Townhouse unit sales were down 10.1% from October 2023 and up 32.4% year-over-year. Apartment Condominium unit sales saw numbers increase 55% from last year and 1.7% since October 2023.

 Total residential average prices came in at $380,827, a 0.4% decrease from November 2022, and a 3.9% decrease from October 2023. Detached homes averaged $478,874, amounting to a 2.4% year-over-year increase, but a 1.6% decrease from October 2023. Semi-detached sold for an average of $362,209, resulting in a 0.3% increase year-over-year, and a 6.1% decrease from the previous month. Row/townhouse prices were up 4.8% from October 2023 and increased 12.3% when compared to November 2022, selling at an average of $271,092. Apartment Condominium average prices hit $172,024 showing decreases of 15.5% from last month and 10.5% from last year.

The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $375,000, resulting in a decrease of 0.5% from October 2023, and a year-over-year increase of 1.5% from November 2022.

 “In real estate, the rhythm of the market often shifts with the seasons. As we transition into the colder months, it’s not uncommon to witness a predictable decrease in available listings. Yet, what’s remarkable about Edmonton’s current housing landscape is the continual demand despite this seasonal ebb,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “Buyers continue their search for their dream home, eager to secure properties even amidst a tighter inventory.”

 Detached homes averaged 46 days on the market, increasing three days from October 2023. Semi-detached homes averaged 39 days on the market, a decrease of eight days from the previous month, and row/townhouses showed no change, averaging 42 days on the market. Apartment condominiums averaged 54 days on the market, showing a seven-day decrease from October 2023. Overall, all residential listings averaged 46 days on the market, showing no change month-over-month and dropping by seven days in comparison to November 2022.

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Edmonton Realtors Market Report September 2023

Despite higher interest rates, the Edmonton real estate market is still strong and affordable. Compared to August 2022, we are seeing stronger sales, lower inventory and prices are holding steady.

Realtors Association of Edmonton, September 1, 2023: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for August 2023 hit 2,250, increasing 21.8% compared to August 2022, dropping marginally from July 2023 by 3.1%. New residential listings were up 3.7% year-over-year from August 2022, and increasing 0.3% from July 2023. Overall inventory in the GEA was down 15.5% from August of last year, and down 2.7% from the previous month.

For August, detached unit sales were up 16.8% from August 2022 and decreased 5.8% from July 2023 at 1,311. Semi-detached unit sales were down 11.6% month-over-month but increased by 12.9% from this time last year. Row/Townhouse unit sales were up 50.0% from August 2022 and up 23.2% from July 2023. Apartment Condominium unit sales had an increase of 25.1% from August 2022, while noting a decrease of 6.9% from the previous month.

Total residential average prices came in at $397,811, a 0.5% increase from August 2022, and a drop of 2.7% from July 2023. Detached homes averaged $495,005, noting a 2.1% year-over-year increase, but a 1.4% decrease from July 2023. Semi-detached sold for an average of $373,175, resulting in a 4.3% increase year-over-year, and a decrease of 1.5% from the previous month. Row/townhouse prices were up 3.6% from August 2022 and down 4.1% month-over-month, selling at $253,345. Apartment Condominium average prices hit $192,815 showing a decrease of 1.0% from last month and an increase of 0.5% from August 2022.

The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $380,600, resulting in a decrease of 0.3% from July 2023, and a drop of 3.9% from August 2022.

“It’s not unusual to see a lot of activity in the market before we head into the cooler months, but it seems that buyers are sending a clear message that smaller, more affordable properties are what they want right now,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “Unit sales for all categories are up from last year, but Row/Townhouses were the clear winner selling 50% more units than the same time last year and jumping 23.2% from the previous month. Condominium Apartment units continued to perform well, with units selling 25.1% better than August of 2022.”

Detached homes averaged 45 days on the market, increasing one day from July 2023. Semi-detached homes averaged 42 days on the market, increasing seven days from the previous month, with row/townhouses averaging 44 days on the market, an increase of three days month-over-month. Apartment condominiums averaged 56 days on the market, showing a two-day decrease from July 2023. Overall, all residential listings averaged 46 days on the market, increasing by four days year-over-year and one day from July 2023.

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Edmonton Realtors Market Report June 2023

Edmonton Forecasting Strong Summer Sales

After a few months of holding rate hikes, the Bank of Canada has announced a 25 basis-points increase to its benchmark interest rate, creating a serge in home and condo sales.

Historically, rate hikes stimulate sales activity as buyers rush to secure properties before the rates rise further. It's not uncommon for there to be a spike in sales during the months following a rate hike as buyers try to take advantage of the lower rates available before the increase. 

Considering that the rest of Canada is facing a situation of limited supply and strong demand, Edmonton presents attractive opportunities for homebuyers. With Alberta's higher job growth and intermigration gaining momentum, Edmonton's home sale numbers are forecasted to be robust throughout the summer.

While these trends suggest a positive outlook for Edmonton’s real estate market, conditions vary from property type, price range and location. It’s always advisable to stay informed and consult with a local real estate professional for the most accurate and up to date information regarding opportunities in Edmonton.

If you or someone you know is thinking of making a move, please feel free to reach out for a complimentary market evaluation with a home preparation strategy that can set you up for success.

Have a wonderful summer!

Alison Murray


Realtors Association of Edmonton Statistic Summary , June 2, 2023:

"Edmonton Market Sees Strong Year-Over-Year Growth in Detached Average Price"

Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for May 2023 hit 2,719, decreasing 6.8% compared to May 2022 but increasing 34.4% from April 2023. New residential listings were down 17% year-over-year from May 2022, while also noting an increase of 14.2% from April 2023. Overall inventory in the GEA was up 10.2% from May of last year, and up 2.6% from the previous month.

For May, detached unit sales were down 9.6% from May 2022, but saw an increase of 37.7% from April 2023 at 1,692. Semi-detached unit sales were down 12.8% year-over-year but increased by 38.4% from April 2023. Row/Townhouse unit sales saw increases in both year-over-year and month-over-month, noting improvements of 4.1% and 27.8% respectively. Apartment Condominium unit sales also had increases of 3.7% from May 2022 and 22.2% from the previous month.

Total residential average prices hit $420,507, a 1.5% decrease from May 2022, and an increase of 2.8% from April 2023. Detached homes averaged $512,338, a 1.2% year-over-year increase and an increase of 2.3% from April 2023. Semi-detached sold for an average of $381,968, resulting in a small 0.7% decrease year-over-year, but saw an increase of 0.8% from the previous month. Row/townhouse prices were down both 4.3% from May 2022 and 3.1% month-over-month, selling at $253,417. Apartment Condominium average prices hit $193,218, showing decreases of 0.3% from last month and 8.1% from May 2022.

The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $378,800, resulting in an increase of 0.5% from April 2023, but a decrease of 8.4% from May 2022.

“We’ve certainly seen the real estate market come to life in the month of May,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “Although small, there were improvements in the year-over-year detached average prices as well as row/townhouse and apartment condominium unit sales.

Detached homes averaged 40 days on the market, a two-day decrease from April 2023. Semi-detached homes averaged 37 days on the market, decreasing four days from the previous month, with row/townhouses averaging 42 days on the market, a decrease of three days month-over-month. Apartment condominiums averaged 56 days on market, showing no change from April 2023. Overall, all residential listings averaged 42 days on the market, increasing by 13 days year-over-year and dropping two days from April 2023.

MLS® System Activity 2023 May 2023 M/M % Change Y/Y % Change
(for all-residential sales in GEA1)      
Detached average2 selling price – month $512,338 2.3% 1.2%
Detached median3 selling price – month $470,000 2.7% 1.1%
Semi-detached average selling price – month $381,968 0.8% -0.7%
Semi-detached median selling price – month $370,000 -1.3% -0.9%
Row/Townhouse average selling price – month $253,417 -3.1% -4.3%
Row/Townhouse median selling price – month $250,000 -5.3% -4.2%
Apartment Condominium average selling price $193,218 0.3% -8.1%
Apartment Condominium median selling price $174,900 -1.5% -7.7%
All-residential4 average selling price $420,507 2.8% -1.5%
All-residential median selling price $389,500 0.9% -3.1%
# residential listings this month 3,918 14.2% -17.0%
# residential sales this month 2,719 34.4% -6.8%
# residential inventory at month end 7,101 2.6% -5.9%
# Total5 MLS® System sales this month 3,223 34.1% -7.5%
$ Value Total residential sales this month $1,242,733,569 39.0% -8.8%
$ Value of total MLS® System sales – month $1,311,930,946 38.8% -8.7%
$ Value of total MLS® System sales - YTD $4,036,704,337 48.0% -35.2%
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