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2023 Edmonton Housing Market Outlook

Stability for both buyers and sellers.

During 2022, the Bank of Canada raised interest rates by 4.5% in nine months.  It does appear that Edmonton prices have stabilized in the second have of 2022, which leads me to believe that we will have a busy spring. Over the past 18 + years, I have guided my clients through four different market adjustments with attention to detail, market knowledge, superior marketing, and negotiation.

What is in store for 2023?

The 2023 Edmonton Real Estate Association Housing Forecast industry experts have forecasted that higher interest rates are predicted to hold for the rest of the year.  Resulting in a balanced market and allowing buyers more time to shop for a homes. However, some communities have less inventory and are selling faster.  There is also a shifting demand/product type in Edmonton for apartment/condos and continued growth in the luxury market.

The Canadian Real Estate Association (CREA) stated in their January 2023 Market Update, “It is the start of a turn around” with a national forecast of a 0.5%-unit sales decline in 2023 from 2022. With Canada’s immigration target to add 1.45 million people by the end of 2025. Edmonton housing market has proven to be resilient due to our support of affordable home prices, job growth, and a strong trend in migration from British Columbia and Ontario.

I believe the lowest inventory will be the first three months while sellers wait for the spring market. This is also a great time to list your home with less competition and views from serious buyers that have made purchase plans for new year.

Relentless and determination, year-over-year, I have consistently achieved over 90% sales to listing ratio.  I look forward to working with past and current clients in 2023.  I am never to busy to talk real estate and look forward to discussing your needs and how we can maximize your selling value.


Warmest regards,

Alison Murray


January 2023 Housing Statistics

YEG Housing Market Sees Stable Transition Into New Year

Realtors Association of Edmonton, February 2, 2023: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for January 2023 decreased 25.8% compared to January 2022 and saw a small decrease of only 0.2% from December 2022. New residential listings were up 8.5% year-over-year from January 2022, while also noting an increase of 94.8% from December 2022. Overall inventory in the GEA was up 13.2% from January of last year, and up 5.3% from the previous month.

For January, detached unit sales were down 32.1% from January 2022, but saw a small increase of 1.4% from December 2022 at 583. Semi-detached unit sales were down 35.9% year-over-year but increased by 2.0% from December 2022. Row/Townhouse unit sales also decreased 5.7% year-over-year and increased 10.4% month-over-month. Apartment Condominium unit sales saw no changes from January 2022 but decreased 12.9% from the previous month.

All residential average prices hit $370,068, a 6.2% decrease from January 2022, and 1.4% decrease from December 2022. Detached homes averaged $451,659, a 2.1% year-over-year decrease and a 4.2% decrease from December 2022. Semi-detached sold for an average of $355,086, resulting in a 5.2% decrease year-over-year, with prices down 0.9% compared to December 2022. Row/townhouse prices increased both 1.2% from January 2022 and 4.4% month-over-month, selling at $247,761. Apartment Condominium average prices hit $189,631, with a 5.5% increase from the previous month and a 2.3% drop year-over-year.

The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $368,800, seeing both a 3.7% decrease from January 2022 and 1.2% from December 2022.

“The Edmonton real estate market remained relatively stable from December as we transitioned into the new year,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “While many categories saw minimal decreases month-over-month, average prices for both the row/townhouse and apartment condominium categories saw increases when compared to December 2022.”

Detached homes averaged 65 days on the market, an 11-day increase from January of last year. Semi-detached homes averaged 50 days on the market, decreasing seven days year-over-year, with row/townhouses averaging 63 days on the market, an increase of five days from January 2022. Apartment condominiums averaged 82 days on market, showing only a one-day increase from last year. Overall, all residential listings averaged 66 days on the market, increasing by eight days both year-over-year and from December 2022.

 

MLS® HPI Benchmark Price*

 January 2023

M/M % Change

Y/Y % Change

(for all-residential sales in GEA1)




SFDbenchmark price

$418,400

-1.2%

-3.3%

Apartment benchmark price

$175,400

-0.6%

-3.0%

Townhouse benchmark price

$227,100

-0.8%

-1.9%

Composite7 benchmark price

$368,800

-1.2%

-3.7%


MLS® System Activity 2023

 January 2023

M/M % Change

Y/Y % Change

(for all-residential sales in GEA1)




Detached average2 selling price – month

$451,659

-4.2%

-2.1%

Detached median3 selling price – month

$422,500

-1.3%

-0.6%

Semi-detached average selling price – month

$355,086

-0.9%

-5.2%

Semi-detached median selling price – month

$348,650

4.1%

-4.3%

Row/Townhouse average selling price – month

$247,761

4.4%

1.2%

Row/Townhouse median selling price – month

$239,999

4.6%

3.7%

Apartment Condominium average selling price

$189,631

5.5%

-2.3%

Apartment Condominium median selling price

$163,500

0.2%

-2.1%

All-residential4 average selling price

$370,068

-1.4%

-6.2%

All-residential median selling price

$349,500

0.2%

-5.6%

# residential listings this month

2,297

94.8%

8.5%

# residential sales this month

986

0.2%

-25.8%

# residential inventory at month end

5,220

5.3%

13.2%

# Total5 MLS® System sales this month

1,179

1.9%

-26.8%

$ Value Total residential sales this month

$388,215,051

-1.7%

-30.2%

$ Value of total MLS® System sales – month

$414,099,090

-1.7%

-31.8%

$ Value of total MLS® System sales - YTD

$414,099,090

-96.5%

-31.8%

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