As the leaves begin their annual transformation, Edmonton's real estate market is still going strong. In September 2024, the benchmark price for single-family homes escalated by 9% year-over-year to an impressive $476,500. This upward trajectory was most pronounced in multifamily dwellings, with apartment-style condos and townhouses witnessing a 10% and 12% increase to $197,900 and $267,800, respectively.

Sales in the greater Edmonton area were up 10% compared to last September, well above the seasonal norm. Inventory remained well below traditional levels, with 5,692 active listings at the end of the month, dwindling by 13% from last year. We're in a persistent seller's market wIth 2.5 months of supply.

The Bank of Canada cut its benchmark rate by…

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In August 2024, the Greater Edmonton real estate market once again demonstrated robust growth amidst evolving economic conditions. The benchmark price for single-family homes reached a record high of $476,700, marking a significant 7.6% increase from the previous year. Furthermore, apartment-style condos and townhouses witnessed remarkable growth, with prices surging by 10.6% to $197,700, and 14.8% to $269,800, respectively.

Despite a seasonally typical 12% decrease in sales from the bustling activity observed in July, sales in August notably increased 15% from last year, substantially exceeding typical levels for the season. Even with a 5% year-over-year increase in listings, strong demand has ensured that inventory levels remain below the norm. By…

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Far from the anticipated seasonal slowdown, the real estate market was decidedly busy in the Edmonton area in July, reinforcing the seller's advantage that has characterized Edmonton's real estate landscape for the past 18 months.

A striking 27% year-over-year increase in sales this July, coupled with a modest but notable 3% rise from June 2024, paints a picture of a market buzzing with activity during a time usually marked by camping trips and summer vacations. Listings increased 11% over last year, which helped ease the pressure from buyers a bit, but strong sales led to a 17% drop in inventory (2 months supply). 

The Bank of Canada's decision to cut its benchmark rate by 25 basis points in late July — its second reduction in just two months —…

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In June 2024, the Greater Edmonton real estate market sustained its momentum, with a 10% increase in sales compared to the previous year, totalling 2,846 properties. This growth occurred alongside a modest 1% rise in new listings, tightening inventory levels significantly to 5,947 listings—a 17% year-over-year decrease. With only 2.1 months of supply, Edmonton's market dynamics firmly favour sellers, a trend that has persisted for over a year.

The backdrop to this market condition is Alberta’s notable population growth, reaching 4.85 million by April 1, 2024, an increase of 1.0% from the first quarter of 2023. This demographic trend is expected to keep real estate demand elevated well into the future.

Housing starts in Alberta were up 32% in May…

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The Greater Edmonton real estate market has showed remarkable resilience and growth in May 2024. Sales increased by 18% compared to last year, with a total of 3,220 properties changing hands. This growth has outpaced the addition of new listings, which rose by 10%, leaving the inventory at a decreased level of 5,836 listings - a 17% reduction from the previous year. This has solidified Edmonton's status as a seller's market, with only 1.81 months of supply.

The Bank of Canada decreased interest rates by 0.25% yesterday, yet fixed mortgage rates are expected to remain stable for the near term.

Vigorous demand for housing has been caused by the level of interprovincial and international migration to Alberta. Last year, Alberta experienced…

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In April 2024, the Greater Edmonton real estate market was characterized by high demand and record-setting prices. April witnessed a remarkable 54% increase in sales from the previous year, with a total of 3,128 transactions. This surge not only reflects robust demand but also highlights the increased interest in the Greater Edmonton area as a place to live and invest. A critical factor in this seller's market is the stark 1.75 months of supply, substantially below average and the lowest we've seen in April since I've been keeping track in 2008 (the only other times we've fallen below 2 months of supply was in February and March of 2022).

Inventory Dynamics and Market Pressures

With new listings up by 12% over the last year, relief in the tight…

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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…

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This morning, the REALTORS® Association of Edmonton hosted its Annual Housing Forecast, and I'm excited to bring you these insights. Specifically, we'll be diving into the presentation by Shaun Cathcart, Director & Senior Economist, Housing Data and Market Analysis at the Canadian Real Estate Association (CREA).

Long story short, Mr. Cathcart predicts a booming real estate market for Edmonton in 2024. He started his presentation by discussing interest rates, sharing that many economists anticipate the Bank of Canada will begin lowering interest rates in the latter half of this year. While only 1 or 2 rate cuts for this year were predicted as recently as November, the current expectation now stands at 4-6 rate cuts by year-end, which would make a…

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We saw an impressive surge in sales in the Greater Edmonton Area in December compared to a year previous, with a staggering 23.5% increase. New listings also experienced a remarkable 24% increase, giving buyers a wider range of choices to explore. Even with the jump in new listings, end-of-month inventory dropped 8% year-over-year, which remained well below the historical norm.

With 3.76 months of inventory, we find ourselves just under the 4-month threshold for a balanced market. In other words, it's still a seller's market, providing those looking to sell their homes with an advantageous position.

Across the board, benchmark prices have seen a positive upward trend. Single-family homes experienced a steady 3.5% increase in benchmark prices, while…

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The Edmonton real estate market in November was nothing short of extraordinary. Sales jumped by 31% compared to last year in November - 1,637 listings sold. Meanwhile, inventory took a bit of a dip, dropping 15% to 5,447 listings. New listings were up 6%, with a total of 2,126 new listings hitting the market in November. With a mere 3.33 months of supply, it's safe to say the ball is definitely in the sellers' court.

The benchmark price for townhouses shot up by an impressive 7.4% over last year. Apartment-style condos weren't far behind, with a 4.2% increase. And even single-family homes got in on the action, seeing a respectable 2.6% rise in benchmark prices. This suggests that there is more demand for more attainable types of housing, such as…

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