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Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New Listings: 410 (469, 418, 296)
Sales: 212 (166, 156, 116)
Ratio: 52% (35%, 37%, 39%)
Price Changes: 234 (268, 230, 145)
Expired/Off-Market Listings: 149 (198, 185, 667)
Net loss/gain in listings this week: 49 (105, 77, -487)
Active single-family home listings: 2364 (2335, 2280, 2252)
Active condo listings: 1463 (1470, 1438, 1388)
Homes 4-week running average: $440 ($425, $428, $444)
Condos 4-week running average: $201 ($200, $201, $195)
Prediction for mid-year peak price in 2023: $470k. About the same as it hit at peak 2021. Prices will come up from where they are currently, but we'll avoid the froth of early 2022. Sales will be strong, with decent interprovincial and international immigration, and a resilient economy. I see prices headed up in Alberta in general over the next several years as long as rates and inflation are now stabilized (fingers crossed). My gut tells me the province will be unleashing some money on healthcare education facilities over the next several years, which will benefit Edmonton. Need more docs and nurses, and this is where we'll school them. Public sector will remain strong with good provincial resource revenue, so I see good times ahead at interest rates in the high 4s. Low by historical standards.
Posted by Trev on Sunday, February 5th, 2023 at 11:06pmLeave A Comment