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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During one of the hottest months Edmonton has ever seen, the real estate market certainly cooled off in July. While it's normal for sales to drop from June to July, a 19% drop is bigger than normal, however, we did come down from an all-time high and sales were up 2% from last July. The drop is due at least in part to summer holidays - with travel options finally opening up a bit, many Edmontonians have hit the road and put house hunting on the back burner for now. The inventory of homes on the market increased 4% over last year and was basically the same as last month - we typically see the inventory start to decline in July. With 3.6 months of supply, we've almost edged back into a balanced market, bringing some much-needed relief to buyers that have…

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The average price of single-family homes sold in Edmonton reached a new all-time high in June - $473,876, up 15% from last June! The median sale price also reached a record high - a 12% year-over-year increase at $418,000. Luxury sales were well above normal levels with a home selling for $5million, another for $3.15million and 27 houses in total selling for $1million or more. In comparison, 9 homes sold for over $1million last June and in June 2019. Our market has gotten the attention of investors, according to Patrick Francey, CEO  of the Real Estate Investment Network: "Investors can expect to generate a positive cash of about $300 to $700 a month after costs in monthly rent based on the average price of a home in the city. At the same, investors…

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The average price for residential real estate hit a new high in the Greater Edmonton Area (GEA) in May - $401,390, up 23% over the last year and the median price was up 8% to $375,000. Admittedly, averages can be very misleading, which is why the benchmark price is a much better indicator of what's going on in the market. The benchmark price for single-family homes was up 9.3% over last year in May, and the composite benchmark price was up 8.4%. As I already mentioned in our weekly stats, I believe the market peaked early this year in terms of listings and sales as many buyers moved their purchases up to take advantage of historically low-interest rates. While things are slowing down a bit, we are coming off of all-time highs, so there is still a ton of…

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April saw the most sales in any month since at least 2008 (that's as far back as my spreadsheet goes). There were 2,868 residential sales in the Greater Edmonton Area in April, up 104% over the 5-year average (last April was an anomaly due to COVID so it's more reasonable to compare to the 5-year average).  To put things in perspective, in June 2007 when the market was as hot as we'd ever seen, there were 2203 sales. Most affordable listings are pending within a day or two of hitting the market, often with a backup offer in place. The good news for buyers is that most are still able to get offers accepted with conditions whereas most homes sold without conditions back in '07.

City of Edmonton Stats

Single-family home sales set a new record…

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Well, I knew the market was hot, but I didn't think we'd see sales more than double what they were last year at this time - residential sales in the Greater Edmonton area were up 109% in March. The benchmark price for single-family homes is up 5.6% year over year and 1.7% over last month.  It's a solid seller's market with less than three months of supply, even with new listings up 51% over last year. Compared to other places in North America where inventory is incredibly tight, the good news is that we actually have new inventory coming on the market.

City of Edmonton Stats

1102 single-family homes were reported sold in Edmonton in March, up 105% from last year. Granted, last March was not a good year for sales, so if you compare this…

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