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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After bottoming out in December 2019, single-family home prices have rebounded. The benchmark price for single-family homes in the greater Edmonton area is up 5.4% from the same time last year. Homes in lower price ranges continue to move quickly, often selling with multiple offers. Fixed-rate mortgage rates are on the rise, which could spur even more activity over the next few weeks (if you're looking to buy, now is the time to get a rate hold). I'll update this post when the REALTORS Association of Edmonton releases their monthly report on the market later this week. The areas surrounding Edmonton continue to see the most sales activity. Edmonton single-family home sales were up 28% in February compared to last year, while the market as a whole was…

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Sales in the Greater Edmonton area were up 46% over last January! We don't expect the pace of sales to stay ahead of previous years for much longer, we're still dealing with pent-up demand due to extremely low-interest rates and people wanting more space for working and learning from home. The Bank of Canada has committed to keeping rates low for 2021, but the Alberta economy is not expected to get back to pre-pandemic levels for a couple of years, and a weak labour market is expected until the end of next year. Some fundamental shifts are needed (employment, migration) before improvements in the market will be sustainable. I'll update this post with the Greater Edmonton Area stats after the REALTORS® Association of Edmonton releases their report later…

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The real estate market finished out the year strong with the most sales we've seen in the Greater Edmonton Area (GEA) in December since 2007. After a rocky start, total sales in 2020 finished 3% ahead of 2019, with single-family homes in the communities outside of Edmonton - particularly St. Albert and Sherwood Park - seeing the largest gains. The benchmark price for single-family homes was up 4.1% compared to last December, while apartment-style condos continued to see declines (3.5% down from last year). The REALTORS Association of Edmonton® will hold their annual forecast on January 13 and will include a forecast from Benjamin Tal of CIBC World Markets Inc., who happens to be my favourite economist, and I will be liveblogging the event right here.…

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