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Edmonton Realtors Market Report March 2023

Spring is here and the Edmonton real estate market is heating up! 

Here are some trends:

-  Migration from Ontario and British Columbia is still strong.
-  Interest rates are steady.
-  Single family homes are moving quickly.
-  Townhouse sales are doing very well.
-  Apartment style condo market is finally moving!
-  February condo sales numbers were the same as in February 2022.

We have developed our Proven Buy/Sell System over the last 18 years and over 600 sales that takes the frustration out of the process.

It takes approximately 2-4 weeks to properly prepare and photograph a home for sale. If you are thinking of making a move this year, please contact us early - we would love to help.


Alison Murray
alison@infoEdmonton.ca
780.619.9812


Realtors Association of Edmonton Statistic Summary , March 2, 2023: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for February 2023 decreased 43.4% compared to February 2022 but saw an increase of 31.2% from January 2023. New residential listings were down 12.9% year-over-year from February 2022, while also noting an increase of 15.1% from January 2023. Overall inventory in the GEA was up 20.8% from February of last year, and up 8.5% from the previous month.

For February, detached unit sales were down 50.9% from February 2022, but saw an increase of 24.4% from January 2023 at 725. Semi-detached unit sales were down 47.7% year-over-year but increased by 50% from January 2023. Row/Townhouse unit sales also decreased 33.9% year-over-year and increased 26.4% month-over-month. Apartment Condominium unit sales saw only a minimal decrease of 2.1% from February 2022 but increased 47.7% from the previous month.

Total residential average prices hit $369,286, a 13% decrease from February 2022, and a 0.2% decrease from January 2023. Detached homes averaged $459,600, a 9% year-over-year decrease and a 1.8% increase from January 2023. Semi-detached sold for an average of $357,611, resulting in a small 0.6% decrease year-over-year, with prices down 0.7% compared to January 2023. Row/townhouse prices were down 4.3% from February 2022, but were up 1.4% month-over-month, selling at $251,332. Apartment Condominium average prices hit $187,325, showing both a decrease of 0.1% year-over-year and 0.8% from last month.

The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $371,600 seeing a drop of 5.9% from February 2022, but an increase of 0.8% from January 2023.

“While numbers are not quite where they were at this time last year, we’re still seeing large percentage increases month-over-month in many of the categories,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “There’s lots to look forward to as we head into the warmer months and we’re feeling optimistic as we set our sights on the Spring market.”

Detached homes averaged 54 days on the market, an 11-day decrease from January 2023. Semi-detached homes averaged 56 days on the market, increasing six days from the previous month, with row/townhouses averaging 60 days on the market, a decrease of three days month-over-month. Apartment condominiums averaged 65 days on market, showing a large decrease of 17 days from January 2023. Overall, all residential listings averaged 57 days on the market, increasing by 10 days year-over-year and dropping nine days from January 2023.

MLS® HPI Benchmark Price*

 February 2023

M/M % Change

Y/Y % Change

(for all-residential sales in GEA1)




SFDbenchmark price

$421,800

0.8%

-5.8%

Apartment benchmark price

$178,700

1.9%

-1.3%

Townhouse benchmark price

$227,300

0.1%

-3.8%

Composite7 benchmark price

$371,600

0.8%

-5.9%


MLS® System Activity 2023

 February 2023

M/M % Change

Y/Y % Change

(for all-residential sales in GEA1)




Detached average2 selling price – month

$459,600

1.8%

-9.0%

Detached median3 selling price – month

$429,000

1.5%

-8.8%

Semi-detached average selling price – month

$357,611

0.7%

-0.6%

Semi-detached median selling price – month

$363,250

4.2%

0.9%

Row/Townhouse average selling price – month

$251,332

1.4%

-4.3%

Row/Townhouse median selling price – month

$248,500

3.5%

-4.4%

Apartment Condominium average selling price

$187,325

-0.8%

-0.1%

Apartment Condominium median selling price

$172,500

5.5%

-0.9%

All-residential4 average selling price

$369,286

-0.2%

-13.0%

All-residential median selling price

$356,500

2.0%

-8.8%

# residential listings this month

2,579

15.1%

-12.9%

# residential sales this month

1,291

31.2%

-43.4%

# residential inventory at month end

5,686

8.9%

21.3%

# Total5 MLS® System sales this month

1,551

31.6%

-40.8%

$ Value Total residential sales this month

$512,082,861

31.9%

-49.6%

$ Value of total MLS® System sales – month

$551,989,407

33.3%

-49.7%

$ Value of total MLS® System sales - YTD

$965,459,397

133.1%

-43.4%

Read

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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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.