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 2024 from the previous year. Regionally, Edmonton leads with a 69% year-to-date increase in housing starts, significantly outpacing even Calgary’s 35% rise. This increase in construction, contributing to a 53% surge in year-to-date averages, still struggles to meet the burgeoning demand fostered by Alberta’s expanding population.
In summary, Edmonton's June seller's market is driven by strong sales and lower-than-normal inventory against a backdrop of continuing population growth and significant construction activities. The ongoing trends in Edmonton's real estate market bring both challenges and opportunities, requiring informed, strategic engagement and knowledgeable advice.
City of Edmonton Stats
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