Weekly Market Update Mar24/23

The 5-year Canada bond yield hit a 12-month low last week, causing fixed mortgage rates to drop.  This unexpected turn of events may be jump starting the spring market as potential buyers can now secure attractive rates. We saw many homebuyers putting their plans on hold due to high interest rates last year, but we're now seeing many of those buyers back are ready to jump into the market.

Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:

New Listings: 521 (589, 526, 524)
Sales: 334 (306, 292, 279)
Ratio: 64% (52%, 56%, 53%)
Price Changes: 295 (250, 241, 250)
Expired/Off-Market Listings: 159 (171, 138, 266)
Net loss/gain in listings this week: 28 (112, 96, -21)
Active single-family home listings: 2683 (2644, 2544, 2481)
Active condo listings: 1611 (1590, 1528, 1506)
Homes 4-week running average: $451 ($445, $442, $444)
Condos 4-week running average: $209 ($212, $212, $208)