In March 2024, the Greater Edmonton real estate market offered a favourable landscape for sellers and attracted the interest of investors from other markets. Let's examine the latest trends, challenges, and opportunities that define the market.
March witnessed a remarkable 35% increase in sales compared to the previous year, with 2,467 transactions. The surge in sales activity reflects the relative affordability of the Edmonton area compared to other large cities across Canada.
New listings rose 8% from last year, which is a healthy influx of properties. However, strong demand led to a 16% decrease in inventory; the month ended with 5,315 listings - only 2.15 months of supply - and a strong seller's market.
For over a year, the Edmonton real estate market has consistently favoured sellers due to a significant migration influx over the past two years. This migration wave has fueled demand, leading to a decline in re-sale and rental supply. Supply adjustments take time to materialize, so it's no surprise housing prices are rising.
Compared to Calgary, Edmonton presents a more favourable landscape for buyers as Calgary grapples with less than one month of supply. This disparity highlights the differing dynamics between these cities and continues the long-term trend where Calgary sees higher highs and lower lows while Edmonton remains relatively steady.
The spring market is certainly here, and demand for housing continues to increase in the Edmonton area.
City of Edmonton Stats
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