Far from the anticipated seasonal slowdown, the real estate market was decidedly busy in the Edmonton area in July, reinforcing the seller's advantage that has characterized Edmonton's real estate landscape for the past 18 months.
A striking 27% year-over-year increase in sales this July, coupled with a modest but notable 3% rise from June 2024, paints a picture of a market buzzing with activity during a time usually marked by camping trips and summer vacations. Listings increased 11% over last year, which helped ease the pressure from buyers a bit, but strong sales led to a 17% drop in inventory (2 months supply).
The Bank of Canada's decision to cut its benchmark rate by 25 basis points in late July — its second reduction in just two months — resonated through the market. A decline in government bond yields ushered in the lowest fixed mortgage rates observed in the past 17 months. Still, record in-migration, mostly due to our relatively affordable housing, is the main reason there is so much demand for real estate in the Edmonton area.
The recent bylaw changes designed to increase housing density in mature neighbourhoods have stimulated investor interest in constructing infill townhouses.
Luxury homes, too, have not been left behind. July saw a noticeable jump in high-end property transactions, with 45 single-family homes sold over the $1 million mark (including 10 over $2 million) — a remarkable increase from June (37) and dwarfing figures from the same period last year (27)
The market shows no signs of slowing down, and we expect to see a busier-than-normal end of summer and early fall.
City of Edmonton Stats
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