Sales have come down from the record-high levels earlier this year, but they are still up from last year. The Bank of Canada announced another 50 basis point rate hike last week and warned of another one to come, to rein in inflation. You may recall, earlier in the year, I shared opinions from economists that said the housing market can withstand rate hikes if they are in small increments (ie 25 basis points at a time). Today's hike was the second 50 basis point hike so far this year and will further reduce demand. Meanwhile, listings continue to come on the market well above normal levels causing inventory to climb from well below normal to a more typical level for this time of year. We're still in a seller's market, but I don't expect that to continue…

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Edmonton Real Estate sales in April are almost always higher than in March, but this year it appears as though the market has peaked quite early. Many buyers moved their purchase decisions earlier in the year as interest rates are on the rise. Meanwhile, listings are pouring on the market, no doubt fueled by rising prices, but this rising inventory is what will keep prices in check in the coming months. I will update this post later this week, when the REALTORS® Association of Edmonton releases their monthly report on the real estate market. 

Edmonton Stats

 1343 single-family homes were reported sold in Edmonton in April, up 14% from last year but down 17% from last month. The average price of a single-family home in…

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Record-setting single-family home sales might sound like old news in Edmonton right now, but this month single-family home sales set a new record in Edmonton, and condo sales took a huge jump nearly reaching the previous record set in 2007. This is not an April Fool's joke... Much of the activity in our market appears to be coming from out of Province Investors - I will update this post when the REALTORS® Association of Edmonton releases their monthly report on the real estate market next week.  Our brokerage has seen a big jump in inquiries from outside of Alberta as well as buyers interested in purchasing multiple properties. 

The benchmark price for single-family homes was up 11% over last March and jumped nearly 5% in a single month. Luckily, we…

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The real estate market is on fire in Edmonton, with record sales and prices. While we saw record sales in the Edmonton area last year, we were nowhere near as hot as other markets in Canada, and we may be playing a bit of "catch up" now with sales up 85% over last February. In Calgary and Edmonton, there is less than a month's supply of single-family homes on the market. While some of the demand is due to interest rate increases (the Bank of Canada increased its policy rate by 25 basis points this morning with more increases expected this year) there are a number of other trends we are seeing that are affecting our real estate market.

Lower New Listings

Last year, listings took off in March to well above normal levels, which would typically be a…

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A record number of single-family homes were reported sold in January in Edmonton. 713 sales were reported, up 33% from last January and 10% from the previous record in 2007. Based on our weekly reports, I was expecting sales to be up compared to last year, but I wasn't expecting an increase of over 30%. Condo sales were up to the highest level seen since 2008; 267 condos were reported sold in Edmonton in January, up 45% from last year! If you missed it, be sure to check out our 2022 forecast to learn what is driving demand in Edmonton.

In the Greater Edmonton area,New listings and inventory were both down 10%, and sales were up 14%, leaving the absorption rate at 3.5 months which is significantly lower than we've seen in January for the past five…

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It was a busy December for real estate agents in Edmonton with more sales than we normally see during the holiday season. Higher than normal luxury sales brought the average price of single-family homes up, while the average price per square foot declined. Unlike many other markets in Canada, new listings also increased (although not as much as sales) so the upward pressure on prices was not as great in the Edmonton area as it was in Calgary and other markets.  I will post a market forecast after the REALTORS Association of Edmonton Housing Forecast on January 19, it will be interesting to hear what the experts have to say about the economy and housing market. I will update this post with the Greater Edmonton Area stats when the REALTORS® Association of…

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Warnings of impending interest rate hikes have motivated home shoppers across Canada to move ahead with purchases during what is typically the slowest time of the year for real estate sales. Although new listings were up 15% from last year, they did not keep up with demand creating an unexpectedly hot market in Edmonton in November. The absorption rate has fallen to 3.18 months of supply. At this time of year, we would often tell clients to hold off listing their property until the new year, because demand is typically quite low going into the holiday season. It will be interesting to see if more holiday shoppers put "new home" on their lists this year, or if this surge in demand will cool off until the New Year.


Here is our monthly update on the…

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Interesting times in the Edmonton real estate market for sure... sales of all property types were well ahead of the past few years, and while single-family prices were up, condo prices are still lagging due to higher than normal supply. The biggest real estate related news this month comes from the Bank of Canada, which gave a surprise warning last week that rates are going to rise significantly next year. We often see an increase in demand before rate hikes, followed, of course, by lower demand. This could move the spring market earlier next year since the hikes will begin in April. I will update this post when the REALTORS® Association of Edmonton releases their monthly report on the market later this week.    

City of Edmonton…

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Sales cooled off in September in the Greater Edmonton area but we're still well above normal. 1883 homes sold, roughly equal to last year. More listings are coming on than normal for this time of year, which has pushed us almost to a balanced market with 3.9 months of supply. Luxury sales remain strong, with one bungalow selling for almost $4million and more sales over the million-dollar mark than normal. Demand for apartment-style condos remains low, only 5% of realtor.ca users searched for apartments in the Edmonton area last month.

City of Edmonton Stats

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Both listings and sales remain above normal levels in the Greater Edmonton Area, which kept the inventory in the normal range (although slightly up from last year). Things shifted closer to balance but we're still hanging on to a seller's market with just under four months of supply (3.74 months to be exact). The benchmark price was up 5.7% from last year with single-family homes leading the way (up 6.8%).  There is more interest in condos than we saw last year, but sales are still well below the normal level.  

 

City of Edmonton Stats

Single-family home sales in Edmonton were in the normal range in August - 813 homes were reported sold, up 12% from last year. The normal decline in sales between July and August was not as steep this…

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