August's Sales Reach Record Highs Despite Low Inventory

The Greater Edmonton area experienced a surge in sales this August, reaching a record high of 2250 sales. Meanwhile, inventory is at its lowest level for August since 2014, with 6768 properties available at the end of the month.

While new listings did show some improvement compared to last year, the market continues to favour sellers, with only 3 months of inventory available. Additionally, lending rates have caused buyers to delay their purchases or opt for more affordable products.

Within our brokerage, many clients who bought this past summer were new to Canada or moving from another province. Still, just as many were local buyers looking for a new home because of lifestyle changes such as marriage, divorce, children, or work. Similarly, many sellers are moving due to lifestyle changes. Interestingly, many buyers and sellers reported being unable to find what they were looking for due to the low inventory.