August Real Estate Market Report- Updated

Sales have cooled even further through August in the Edmonton area; single-family sales were down 7% from last August and 12% from last month. The average price of single-family homes increased 2% from last year, and the median price was up 5.6% to $420,500.  I'll update this post later this week when the REALTORS® Association of Edmonton releases their monthly report on the housing market. Benchmark prices continue to rise, up 4% overall from August last year, while home sales continue to decline. Active listings are still up over this time last year, and while we are seeing a slight decline in new listings coming onto the market, the larger decline in sales is keeping the months of inventory in a balanced market. The Bank of Canada has increased rates yet again, announcing a 0.75% overnight rate increase, and they don't seem to be done yet. The governing council notes that there will need to be additional increases to achieve the 2% inflation target. The next announcement is scheduled for October 26, 2022. 

City of Edmonton Stats

With the recent rate hikes, we're seeing an impact on the single-family resale market with sales dropping 7.5% from last August while condo sales are up 23% from last August.