The real estate market in Edmonton is a tale of two-time frames; when we look at the stats year over year things look very good, but compared to just a few months ago, things have really slowed down. This, of course, is actually good news because overheated markets are not good in the long run. Interestingly, Calgary sales are down about 2% from last year, while my preliminary look at the market shows sales of single-family homes and condos are still up in Edmonton (13% and 18%, respectively).
“As expected, higher interest rates are starting to have an impact on home sales. This is helping shift the market toward more balanced conditions and taking some of the pressure off prices,” said CREB® Chief Economist Ann-Marie Lurie. “While we are starting to see some transition, it is important to note that in Calgary year-to-date sales are still at record levels and prices are still far above expectations for the year.” I will update this post when the REALTORS® Association of Edmonton releases their monthly report on the market.
Now that I've had a chance to look at the report from the REALTORS® Association of Edmonton, I can see the Greater Edmonton area sales are actually down from the same time last year, due to a dramatic decrease in sales in the areas surrounding Edmonton. Is this because the "covid exodus" to the 'burbs is coming to an end, or simply because there is not enough inventory for buyers to choose from outside of Edmonton? I would hypothesize, that with the extremely high demand we've seen in St. Albert, Sherwood Park and other surrounding areas, prices have risen enough to discourage buyers from moving to the burbs.
City of Edmonton Stats
Posted by Liv Real Estate on