As the leaves begin their annual transformation, Edmonton's real estate market is still going strong. In September 2024, the benchmark price for single-family homes escalated by 9% year-over-year to an impressive $476,500. This upward trajectory was most pronounced in multifamily dwellings, with apartment-style condos and townhouses witnessing a 10% and 12% increase to $197,900 and $267,800, respectively.
Sales in the greater Edmonton area were up 10% compared to last September, well above the seasonal norm. Inventory remained well below traditional levels, with 5,692 active listings at the end of the month, dwindling by 13% from last year. We're in a persistent seller's market wIth 2.5 months of supply.
The Bank of Canada cut its benchmark rate by 25 basis points in the first week of September. This decision marks the first time since the global financial crisis in 2009 that the Bank of Canada has cut rates at three meetings in a row. Economists widely expect rates to continue to drop well into 2025.
At a press conference at the end of September, officials from the city of Edmonton announced that housing starts in 2024 were already ahead of 2023 with three months left to go. With Canada's second-highest number of starts so far this year (just behind Calgary), they believe we will likely break the record number of starts we saw in 2015. By adding as much housing as possible, the city hopes that the housing supply will help to ensure the city’s affordable advantage.
City of Edmonton Stats
Leave A Comment