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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 January 2023

REALTORS Association of Edmonton, January 3, 2023:Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for December 2022 decreased 26.1% compared to December 2021 and decreased 22.1% from November 2022.


New residential listings were down 12.9% year-over-year from December 2021. New residential listings were also down month-over-month, decreasing 38.8% from November 2022. Overall inventory in the GEA was up 6.1% from December of last year but decreased 21.8% from November 2022.

For December, single-family home unit sales are down both 31.9% from December 2021 and 24.2% from November 2022 at 537. Condo unit sales were down 2.8% year-over-year and decreased 15.5% from November 2022. Duplex/rowhouse unit sales also decreased 41.9% year-over-year and 33.6% month-over-month.

All residential average prices are at $361,172, a 5.2% decrease from December 2021, and a 1.9% decrease from November 2022. Single-family homes averaged $457,371, a 1.0% year-over-year decrease and a 0.6% increase from November 2022. Condominiums sold for an average of $207,114, resulting in a 4.6% decrease year-over-year, with prices down 4.4% compared to November 2022. Duplex prices decreased 1.9% from December 2021, selling at $356,822, with a 0.7% decrease from November 2022.

The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $373,200, seeing both a 0.9% decrease from December 2021 and 0.1% from November 2022.

“The Edmonton real estate market continued to cool into the month of December as listings and sales slowed for the holiday season,” says REALTORS® Association of Edmonton Chair Paul Gravelle. “While we saw substantial changes for residential listings, sales and inventory last month, average prices for single-family homes, condos and duplex remained relatively stable both month-over-month and year-over-year."

Single-family homes averaged 52 days on the market, a six-day increase from December of last year. Condos averaged 70 days on the market, increasing five days year-over-year, while duplexes averaged 47 days on the market, with no change being reported from December 2021. Overall, all residential listings averaged 58 days on the market, increasing by six days both year-over-year and from November 2022.

*The MLS® Home Price Index (HPI) is a measure of real estate prices that provides a clearer picture of market trends over traditional tools such as mean or median average prices. It is designed to be a reliable, consistent, and timely way of measuring changes in home prices over time. You can find more information on the following pages.

MLS® HPI Benchmark Price*

December 2022

M/M % Change

Y/Y % Change

(for all-residential sales in GEA1)




SFD2benchmark price

$423,300

0.0%

-0.3%

Apartment benchmark price

$176,500

0.7%

-3.0%

Townhouse benchmark price

$229,000

0.4%

-0.6%

Composite7benchmark price

$373,200

-0.1%

-0.9%


MLS® System Activity 2022

December 2022

M/M % Change

Y/Y % Change

(for all-residential sales in GEA1)




SFD2average3selling price – month

$457,371

0.6%

-1.1%

SFD median4selling price – month

$425,000

-0.8%

0.5%

Condominium average selling price

$207,114

-4.4%

-4.6%

Condominium median selling price

$190,000

1.1%

0.0%

All-residential5average selling price

$361,172

-1.9%

-5.2%

All-residential median selling price

$340,000

-4.2%

-5.0%

# residential listings this month

1,211

-38.8%

-12.9%

# residential sales this month

973

-22.1%

-26.1%

# residential inventory at month end

5,018

-21.8%

6.1%

# Total6MLS® System sales this month

1,157

-25.5%

-30.7%

$ Value Total residential sales this month

$366,645,549

-23.9%

-30.6%

$ Value of total MLS® System sales – month

$421,123,803

-28.0%

-34.4%

$ Value of total MLS® System sales - YTD

$11,824,904,951

3.6%

-1.8%

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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.