The Edmonton real estate market in November was nothing short of extraordinary. Sales jumped by 31% compared to last year in November - 1,637 listings sold. Meanwhile, inventory took a bit of a dip, dropping 15% to 5,447 listings. New listings were up 6%, with a total of 2,126 new listings hitting the market in November. With a mere 3.33 months of supply, it's safe to say the ball is definitely in the sellers' court.
The benchmark price for townhouses shot up by an impressive 7.4% over last year. Apartment-style condos weren't far behind, with a 4.2% increase. And even single-family homes got in on the action, seeing a respectable 2.6% rise in benchmark prices. This suggests that there is more demand for more attainable types of housing, such as condos.
Over the past year, we've seen record net migration into the province. That means more people than ever are flocking to this wonderful corner of the world, creating more demand for housing in the province.
Higher interest rates have caused a bit of a dilemma for some homeowners. Many have been reluctant to list their properties, as it would mean giving up their current extremely low rates, which, in some cases, are under 2%.
Now, let me put on my prediction hat for a moment. You see, in any given year, roughly 20% of Canadian mortgages come up for renewal. So, brace yourself for what 2024 might bring. As renewal time rolls around for some homeowners, they might just decide to switch gears and put their home (or second home/investment property) on the market. Get ready for a fresh wave of listings... the question is, will demand keep up?
Market Snapshot
Benchmark Price
Greater Edmonton Area Sales
Edmonton Single Family Sales
Edmonton Condo Sales
Inventory
Months of Inventory
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