Real Estate sales in the Greater Edmonton area rose 37% in October, compared to last year - the most we've seen in October since at least 2008. With only a 7% increase in new listings from last year, inventory at the end of the month was down 18%, establishing a predominant seller's market with a scant two months of supply. The Edmonton market has favoured sellers for nearly two years, a trend reinforced by the recent Bank of Canada's interest rate announcement, which sparked additional activity from buyers anticipating future price escalations. The benchmark prices reflect tight market conditions, with single-family homes increasing 9% to $473,700, condos up 11% to $195,900, and townhouses climbing 14% to $268,300.
Edmonton's economic outlook is quite rosy for the foreseeable future, according to the latest insights from the Conference Board of Canada (CBOC).
CBOC economist, Robin Wiebe said the city is expected to have 58,000 newcomers in 2024, compared to 66,800 in 2023, a record-setting year for migration. International migration accounted for over 65% of newcomers; adjustments in federal immigration targets suggest there will be a moderating trend going forward. Edmonton averaged about 10,500 international migrants in the 20 years before the recent jump.
Edmonton's affordable housing market (compared to most of Canada's major cities) and healthy job market are big reasons people are moving to the city. The completion of the Trans Mountain Expansion pipeline more than doubles Alberta's capacity to transport crude oil to western markets and is significantly contributing to Edmonton's economic stability and growth prospects.
Meanwhile, housing starts are on track to reach a decade-high level, underscoring a vibrant construction and real estate landscape.
It’s evident the city is navigating through a period of economic expansion, underscored by a growing population and strategic infrastructural enhancements. The real estate market, in particular, stands to benefit immensely. It's looking like next spring could be a very busy market for real estate in the Edmonton area.
City of Edmonton Stats
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