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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Here is our weekly update on the Edmonton real estate market. (Previous week's numbers are in brackets). For the past 7 days:

New Listings: 581 (539, 659, 660)
Sales: 511 (495, 536, 506)
Ratio: 88% (92%, 81%, 77%)
Price Changes: 271 (224, 227, 306)
Expired/Off-Market Listings: 164 (142, 129, 122)
Net loss/gain in listings this week: -94 (-98, -6, 32)
Active single-family home listings: 2169 (2148, 2139, 2036)
Active condo listings: 1460 (1441, 1444, 1424)
Homes 4-week running average: $527 ($518, $522, $518)
Condos 4-week running average: $236 ($231, $230, $234)

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Here is our weekly update on the Edmonton real estate market. (Previous week's numbers are in brackets). For the past 7 days:

New Listings: 539 (659, 660, 602)
Sales: 495 (536, 506, 534)
Ratio: 92% (81%, 77%, 89%)
Price Changes: 224 (227, 306, 246)
Expired/Off-Market Listings: 142 (129, 122, 204)
Net loss/gain in listings this week: -98 (-6, 32, -136)
Active single-family home listings: 2148 (2139, 2036, 1980)
Active condo listings: 1441 (1444, 1424, 1348)
Homes 4-week running average: $518 ($522, $518, $516)
Condos 4-week running average: $231 ($230, $234, $233)

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Here is our weekly update on the Edmonton real estate market. (Previous week's numbers are in brackets). For the past 7 days:

New Listings: 659 (660, 602, 596)
Sales: 536 (506, 534, 539)
Ratio: 81% (77%, 89%, 90%)
Price Changes: 227 (306, 246, 248)
Expired/Off-Market Listings: 129 (122, 204, 119)
Net loss/gain in listings this week: -6 (32, -136, -62)
Active single-family home listings: 2139 (2036, 1980, 1968)
Active condo listings: 1444 (1424, 1348, 1333)
Homes 4-week running average: $522 ($518, $516, $512)
Condos 4-week running average: $230 ($234, $233, $232)

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Here is our weekly update on the Edmonton real estate market. (Previous week's numbers are in brackets). For the past 7 days:

New Listings: 660 (602, 596, 610)
Sales: 506 (534, 539, 557)
Ratio: 77% (89%, 90%, 91%)
Price Changes: 306 (246, 248, 254)
Expired/Off-Market Listings: 122 (204, 119, 117)
Net loss/gain in listings this week: 32 (-136, -62, -64)
Active single-family home listings: 2036 (1980, 1968, 1990)
Active condo listings: 1424 (1348, 1333, 1282)
Homes 4-week running average: $518 ($516, $512, $500)
Condos 4-week running average: $234 ($233, $232, $228)

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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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Here is our weekly update on the Edmonton real estate market. (Previous week's numbers are in brackets). For the past 7 days:

New Listings: 602 (596, 610, 556)
Sales: 534 (539, 557, 488)
Ratio: 89% (90%, 91%, 88%)
Price Changes: 246 (248, 254, 211)
Expired/Off-Market Listings: 204 (119, 117, 100)
Net loss/gain in listings this week: -136 (-62, -64, -32)
Active single-family home listings: 1980 (1968, 1990, 1997)
Active condo listings: 1348 (1333, 1282, 1241)
Homes 4-week running average: $516 ($512, $500, $499)
Condos 4-week running average: $233 ($232, $228, $227)

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Here is our weekly update on the Edmonton real estate market. (Previous week's numbers are in brackets). For the past 7 days:

New Listings: 596 (610, 556, 568)
Sales: 539 (557, 488, 419)
Ratio: 90% (91%, 88%, 74%)
Price Changes: 248 (254, 211, 184)
Expired/Off-Market Listings: 119 (117, 100, 141)
Net loss/gain in listings this week: -62 (-64, -32, 8)
Active single-family home listings: 1968 (1990, 1997, 1959)
Active condo listings: 1333 (1282, 1241, 1208)
Homes 4-week running average: $512 ($500, $499, $489)
Condos 4-week running average: $232 ($228, $227, $227)

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Here is our weekly update on the Edmonton real estate market. (Previous week's numbers are in brackets). For the past 7 days:

New Listings: 610 (556, 568, 541)
Sales: 557 (488, 419, 488)
Ratio: 91% (88%, 74%, 90%)
Price Changes: 254 (211, 184, 171)
Expired/Off-Market Listings: 117 (100, 141, 90)
Net loss/gain in listings this week: -64 (-32, 8, -37)
Active single-family home listings: 1990 (1997, 1959, 1925)
Active condo listings: 1282 (1241, 1208, 1175)
Homes 4-week running average: $500 ($499, $489, $484)
Condos 4-week running average: $228 ($227, $227, $228)

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It's no secret that buying a home in a seller’s market can be extra challenging, but fear not! We’re sharing our top tips so you'll be well-equipped to conquer this exciting but challenging journey. Let's dive in!

1. Work with an Experienced Real Estate Agent

In a competitive market, having an experienced real estate agent by your side is a game-changer. They have the inside track to new listings, can quickly schedule showings, and, most importantly, help you craft a winning offer. Their expertise and negotiation skills will give you the edge in this challenging environment. So, choose an agent who's well-versed in the local market and understands your unique needs.

2. Be Prepared with Financing

In a seller’s market, time is of the essence,…

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