• Edmonton Home & Condo Specialist
    Edmonton Home & Condo Specialist

Edmonton Realtors Association 2020 Real Estate Forecast – By Alison Murray Edmonton Realtor– Cautiously Optimistic


Since I began my career as an Edmonton Realtor 15 years ago, I have been attending our annual Realtors Association of Edmonton Forecast. These sessions are valuable because senior economists project key economic indicators that could influence our Edmonton Housing market this coming year.


Overall, the Senior Economist for the City of Edmonton, Felicia Mutheardy, and Chief Economist with Alberta Treasury Board and Finance, Catherine Rothrock, both stated that some of the fears around trade with China and low oil prices have died down since the beginning of 2019 and there are stronger market indicators that have created a reason for optimism. However, 2020 is still a year to be cautious. Below is a list of Edmonton Real Estate Market Strengths and Challenges for the up and coming year.

 

Market Strengths for 2020

  • Edmonton will lead with strong GDP growth 2.7%
  • Lower interest rates
  • Slightly lower housing inventory
  • Manufacturing exports are increasing
  • Migration of 20,000 people to Edmonton area (mostly international)
  • Residential vacancy rates have dropped

Market Challenges for 2020

  • Mortgage stress test eroding buyers purchasing power
  • Potential provincial job cuts in the public sector
  • Unemployment rate
  • Pipeline delays
  • Oil Prices

What Alison Murray, Edmonton Realtor Predicts for 2020 Edmonton Real Estate Market 

Edmonton Realtors are seeing a reduction in inventory coming on the market and a slight increase in sales. This is a nice trend, because it looks like prices will stabilize.


2020 is projected to be a buyer’s market again, similiar to 2019, with no projected price increase until the economy improves. First-time and foreign buyers are expected to drive demand in 2020. This could even lead to price increases in certain types of homes, such as 2-storey detached, luxury and infill homes. Foreign buyers who previously flocked to Vancouver are now looking at the Edmonton real estate market for value in the coming years (RE/MAX 2019, Edmonton Housing Market Outlook).


Seller’s advice is hang in there, sales were slower around Christmas and the new year. Good news is homes aren’t losing their value as rapidly, and demand is increasing. If you are priced right; and presented and promoted well, you will sell!

Edmonton Realtors Association of Edmonton Forecasted 2020 Real Estate Statistics.

 

Listings Forecast

Sales Forecast

Prices Forecast

Single Family

-0.2%

+0.6%

+0.4%

Condo

+1.1%

+0.6%

+0.2%

Duplex

+0.4%

+1.4%

+0.3%

 

If you are thinking of buying or selling in 2020, please reach out to me early so I can help you tailor a plan for your success!

 

Alison Murray B.Comm.

Edmonton Realtor

Condo and Home Specialist

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Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.