The real estate market in Greater Edmonton continues to flourish in November 2024, with sales remaining higher than seasonal norms and prices considerably higher than last year. Single-family homes now have a benchmark price of $472,600, marking a 10% rise from last November. For those looking into apartment-style condos, the benchmark price has climbed 11% to $194,900. Meanwhile, townhouses have also experienced growth, with their prices up by 12%, reaching $269,500.
These price increases mirror strong demand for homes in the area amidst a backdrop of shrinking inventory. By the end of November, there were just 4,501 properties listed for sale, 17% fewer than the previous year. This scenario, where demand outpaces supply, solidifies a seller's market, characterized by only 2.3 months of available inventory. Indeed, sellers have been in a favourable position for almost two consecutive years now.
Looking ahead, the financial landscape might see further shifts ,with the Bank of Canada's next rate announcement on December 11, potentially bringing another interest rate cut. This follows four rate reductions we've seen over the last few months, actions that generally stimulate market activity and can make it easier for buyers to secure financing for their home purchases.
Sheldon Johnston, Broker/Owner of Liv Real Estate attended The Alberta Real Estate Association's Government Liason Days last week and had the opportunity to meet with government officials such as the Speaker of the House and the Minister of Service Alberta and listen to presentations from Danielle Smith and experts on various topics including CREA Economist Sean Cathcart (whose forecast last January was bang on). Cathcart said this spring will bring an even hotter market with higher prices than we’ve seen in recent months in the Edmonton area.
In summary, the conditions in Greater Edmonton’s real estate market are particularly advantageous for sellers right now, driven by rising home prices, strong demand, and low inventory. With the possibility of further interest rate cuts, and continued population growth in our province, we expect the market to maintain or even increase its current pace.
City of Edmonton Stats
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