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Edmonton Realtors Market Report  June 2022

June 1st The Bank of Canada has raised its interest rate by 50 basis points, marking its second consecutive oversized hike – and third overall increase this year – as the central bank grapples with inflation that currently sits at a 30 year high. The 0.5% increase to that benchmark rate brings it to 1.5%, the latest step in the Bank’s efforts to get consumer price growth under control.

There are still many great opportunities for sellers with strong sales and good selection for buyers with interest rates still around 4%.  The market is constantly changing and if you, or anyone you know are thinking of making a move, please reach out to me with any questions to help you  get prepared. 

Alison Murray 
780-619-9812
alison@infoedmonton.ca

Housing Market Sees Cooling in the Month of May

Realtors Association of Edmonton | June 2, 2022: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market decreased 1.6% compared to April 2022, yet saw a year-over-year increase of 4.4% from May 2021.

For May, single-family home unit sales were down 3.4% from May 2021, but increased 1.9% from April 2022 at 1,736. Condo unit sales increased 28.6% from May 2021 but were down 9% from April 2022. Duplex/rowhouse unit sales were up 5.8% year-over-year yet decreased 1.4% month-over-month.

Single-family homes averaged $492,037, a 5.7% year-over-year increase and a month-over-month decrease of 3.7%. Condominiums sold for an average of $239,011, seeing a decrease of 1.2% year-over-year, with only an increase of 0.3% when compared to April 2022. Duplex prices increased 10.5% from May 2021, selling at $395,783, resulting in a 3.3% decrease from April 2022.

The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $417,300, a 9.2% increase from May 2021, with no change being recorded from April 2022.

“We’re starting to see a slow down of the real estate market in the Greater Edmonton Area as we head into the early days of summer,” says REALTORS® Association of Edmonton Chair Paul Gravelle. “While we continue to see a lot of activity in the market, we’re not seeing as big of month-to-month changes for pricing, sales and days-on-market that we did earlier this year.”

Single-family homes averaged 23 days on the market, seeing no change from April 2022. Condos averaged 44 days on the market, decreasing by one day month-over-month, while duplexes averaged 25 days on the market, a one-day increase compared to last month. Overall, all residential listings averaged 29 days on the market, decreasing by four days year-over-year and down two days as compared to April 2022.


MLS® System Activity 2022

 
May 2022

M/M % Change

Y/Y % Change

(for all-residential sales in GEA1)




SFD2 average3 selling price – month

$492,037

-3.7%

5.7%

SFD median4 selling price – month

$455,000

-2.4%

7.1%

Condominium average selling price

$239,011

0.3%

-1.2%

Condominium median selling price

$220,000

-0.2%

-3.0%

All-residential5 average selling price

$410,276

-1.9%

2.2%

All-residential median selling price

$392,000

-1.4%

4.5%

# residential listings this month

4,711

2.1%

13.1%

# residential sales this month

2,857

-1.6%

4.4%

# residential inventory at month end

7,546

16.7%

-5.5%

# Total6 MLS® System sales this month

3,500

-1.5%

0.1%

$ Value Total residential sales this month

$1,240,729,073

-2.5%

7.4%

$ Value of total MLS® System sales – month

$1,443,019,875

-3.5%

2.3%

$ Value of total MLS® System sales - YTD

$6,254,967,410

29.7%

17.8%

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Edmonton Realtors Market Report | January 2022


As we ring in the New Year, it is clear that we will see a continuing trend of increased demand. Total unit sales in the Edmonton real estate market increased 19.5% in December 2021 compared to December 2020.  “2021 was an incredible year for the Edmonton real estate market, including a record-breaking month in November”, says Realtors Association of Edmonton Chair Tom Shearer.


What’s Next?


According to Canadian Real Estate Association (CREA) demand remains strong, but a large number of households are waiting for new listings to show up. Housing markets will face headwinds in 2022, chief among them higher interest rates. While the Bank of Canada has set the stage for a tightening cycle of still indeterminant size to begin as early as April 2022, mortgage rates have already started to move higher, first this past spring, and again in the last few months.


Homes sell faster when buyers’ have less inventory to choose from. However, this market is fluid.   So, if you would like to discuss this market ahead, or would like some advice as to the best homes preparing strategy, please don’t hesitate to call me.


Thank you to our clients for this past year!  


Alison


January 5, 2022: Realtors Association of Edmonton 


Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for December 2021 increased 19.5% compared to December 2020 and decreased 27.6% from November 2021.

New residential listings increased 10.2% year-over-year from December 2020. However, new residential listings are down month-over-month, decreasing 33.8% from November 2021. Overall inventory in the GEA was down 14.1% from December of last year and decreased 22.6% from November 2021.

For December, single-family home unit sales are up 16.5% from December 2020 and down 29% from November 2021 at 790. Condo unit sales increased 25.6% from December 2020 and decreased 22.9% from November 2021. Duplex/rowhouse unit sales were up 16.8% year-over-year and down 34.3% month-over-month.

All residential average prices are at $381,868, a 5.3% increase from December 2020, and a 0.6% decrease from November 2021. Single-family homes averaged $462,110, a 7.7% year-over-year increase and a 1.1% increase from November 2021. Condominiums sold for an average of $217,065, a 0.1% decrease year-over-year, and prices are down 3.8% compared to November 2021. Duplex prices increased 9.6% from December 2020, selling at $362,906, a 4.3% increase from November 2021.

The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $410,900, a 5.2% increase from December 2020, and up 0.1% from November 2021.

“2021 was an incredible year for the Edmonton real estate market, including a record-breaking month in November,” says REALTORS® Association of Edmonton Chair Tom Shearer. “While we saw some substantial changes in the month-to-month activity, the year-over-year stats for residential unit sales and listings in the GEA were significantly higher than December of last year.”

Single-family homes averaged 46 days on the market, a seven-day decrease from December of last year. Condos averaged 65 days on the market, a three-day increase year-over-year, while duplexes averaged 47 days on the market, a 10-day decrease compared to December 2020. Overall, all residential listings averaged 52 days on the market, decreasing by six days year-over-year and increasing by three days compared to November 2021.

 

MLS® System Activity 2021  
December 2021
M/M % Change Y/Y % Change
(for all-residential sales in GEA1)      
SFD2 average3 selling price – month $462,110 1.1% 7.7%
SFD median4 selling price – month $423,000 2.7% 5.8%
Condominium average selling price $217,065 -3.8% -0.1%
Condominium median selling price $189,950 -8.0% -0.8%
All-residential5 average selling price $381,868 -0.6% 5.3%
All-residential median selling price $358,250 -0.8% 5.4%
# residential listings this month 1,411 -33.8% 10.2%
# residential sales this month 1,319 -27.6% 19.5%
# residential inventory at month end 4,495 -22.6% -14.1%
# Total6 MLS® System sales this month 1,676 -25.3% 20.3%
$ Value Total residential sales this month $530,908,673 -27.2% 27.0%
$ Value of total MLS® System sales – month $644,170,525 -26.6% 28.9%
$ Value of total MLS® System sales - YTD $12,055,993,056 5.6% 55.9%


Source:  Realtors Association of Edmonton

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Realtors Association of Edmonton May 2020 Housing Market Stats

Residential Unit Sales Up 54.27% from last month.

Edmonton, June 2, 2020: The REALTORS® Association of Edmonton reported great numbers in May with month-over-month, sales reached 1157, a 54.3% increase over April 2020 and year-over-year over all inventory decreased 18% from May 2019 and an increased of 7.22% from April 2020.


Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market for May 2020 decreased 41.51% compared to May 2019. New residential listings are up month over month, increasing 58.83% from April 2020. Overall inventory in the Edmonton CMA fell 18.63% from May of last year.


For the month of May, single family home unit sales are down 38.70% from May 2019 and up 60.08% from April 2020. Condo unit sales decreased 54.47% from May 2019 and increased 28.14% from April 2020.


All residential average prices are down to $353,953, a 4.04% decrease from May 2019, and up 0.11% from April 2020. Single family homes sold for an average of $412,329, a 4.49% year-over-year decrease from May 2019, and a 0.52% increase from April 2020. Condominiums sold for an average of $204,365, a 14.20% decrease year-over-year, and prices are down 8.77% compared to April 2020. Duplex prices dropped 2.82% from May 2019, selling at $325,252, which was a 1.38% decrease from April 2020.


“The Edmonton market experienced a significant decrease in year-over-year unit sales, with some downward impact on pricing,” says REALTORS® Association of Edmonton Chair Jennifer Lucas. “Of course, with COVID-19 and the social distancing measures currently in place, this type of market decline is not surprising. There have been significantly fewer sales of single family homes, condos and duplexes than in May of last year. Residential unit sales in May rose sharply relative to April. With COVID-19 restrictions slowly being lifted, I am cautiously optimistic that the market may be starting to move back toward normalized levels of activity. It is too early to draw any definitive conclusions but we will be monitoring developments closely.”


Single family homes averaged 60 days on the market, a seven-day increase from last year. Condos averaged 77 days on the market, an eight-day increase from last year, while duplexes averaged 63 days on market, a seven-day decrease compared to May 2019. Overall, all residential listings averaged 66 days on market, a 10% increase year-over-year, and increased by two days compared to the previous month.
REALTORS® Association of Edmonton.


  • Copyright 2020 by the REALTORS® Association of Edmonton. All rights reserved.

New CMHC Rules

Effective July 1, 2020, The Canada Mortgage and Housing Corp. (CMHC) says it will no longer allow home buyers to use borrowed funds for their down payment, will require a higher credit score from at least one borrower and will lower the threshold for how much debt applicants can carry compared to their income. CMHC’s new debt-ratio policy will lower home buyers’ purchasing power roughly 11 per cent compared to what would have been able to buy before the new rules. 

The last time that CMHC made changes to the qualifying rules we had the busiest January we saw in a decade. 
What this means to the Edmonton real estate market is that it is going to be VERY BUSY up to July 1st.


With the relaunch of hosting open houses we see another example of how well we are doing with keeping the Covid numbers way down and I want to thank everyone for doing your part. If you have any questions about the forecast, or specific questions about buying or selling an Edmonton condo or home, please feel free to reach out to me via email or call me direct. It is never too early to get prepared for a successful sale or purchase.


We are here to help!


Alison Murray, B.Comm, REALTOR
REMAX REAL ESTATE
C. 780.619.9812
E. Alison@infoEdmonton.ca

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Copyright 2024 by the REALTORS® Association of Edmonton. All Rights Reserved.
Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.