Edmonton Real Estate Market Slows, but Remains Above Pre-Pandemic Levels

My analysis of the Edmonton real estate market shows that things have normalized in January. Sales of single-family homes and condos dropped below what we've seen for the past two years but above the levels seen for the previous 7 years. Strong fundamentals are keeping sales above average in Edmonton, even with higher mortgage rates than we've become accustomed to over the past few years. Between July and September, Alberta saw the largest net gain from interprovincial migration since 1980, adding more than 19,000 people. The vacancy rate is low, and rents are on the rise. We are currently working with buyers that are choosing to move for a variety of reasons - out-of-towners, first-time buyers that finally found something they like, homeowners running out of time to port their low-rate mortgages, buyers that plan to refinance in a few years when prices are higher but rates are lower, the list goes on. As often happens in Alberta, our housing market is behaving differently from the rest of the country.

I will update this report when the REALTORS® Association of Edmonton releases their monthly report on the Greater Edmonton Area Real Estate Market.