Weekly Market Update Jan.7/22

RE/MAX's prediction has us around $500K for an average detached house this year. But by the look of it, we're going to blow by that half million dollar mark pretty early in the year once the Spring market starts up. There's so little supply of SFD!

What's up with SFH prices?
Jumping... for what reason?

GM: There's so little supply, and a lot of people are trying to buy before mortgage rates increase substantially later in the year. As well, there are a lot of investors from Toronto and Vancouver who are used to $1.5 million bungalows, and see bungalows in mature neighbourhoods in Edmonton as a steal for $500K to $600K. And Alberta is seeing a lot of net migration from people priced out of Toronto and Vancouver. For the few detached homes that are being listed, there's typically pretty intense bidding wars for them. It's crazy out there! I haven't seen the market this hot since 2006/07. I can't imagine how large of a jump in prices for SFDs we'll experience this Spring.

There have been a lot of $1million+ sales in the last 30 days, including one over $3million.

I think we need to know other stats like median, minimum and maximum to know if the trend is going up or down.

Hey Leily,
You're absolutely right, I post a much more thorough report the local real estate market on a monthly basis. You can check out the most recent one here - https://www.livrealestate.ca/blog/busy-december-real-estate-market-in-edmonton.html

The weekly updates are just a snapshot.
Thanks for your comment!
Sara.