The Edmonton housing market has seen its average residential sale price rise by a healthy 7.4 per cent year-over-year across all property types, between January 1 and July 31 (from $409,986 in 2024 to $440,446 in 2024).
The number of sales has also increased by a considerable 30.9 per cent for the same time period (from 13,713 sales in 2023 to 17,951 sales in 2024). The number of listings rose 6.9 per cent (from 22,241 in 2023 to 23,775 in 2024).
Average sale prices across all property types are anticipated to increase by six per cent through the remainder of 2024, while the number of sales is likely to see a 15-per-cent bump.
Edmonton is currently experiencing a seller's market, conditions that are anticipated to persist this fall. There is not enough inventory to match buyer demand, and additional interest rates cuts will see new more buyers entering the market and putting additional strain on inventory levels. There are a number of factors contributing to Edmonton's housing shortage.
HIGH-DEMAND PRICE POINTS: The highest demand in the market right now is for single-family homes priced between $300,000 to $500,000, and condos under the $200,000 pricepoint. Luxury homes valued at more than $1 million is also in short supply.
DWINDLING INTEREST IN OLDER HOMES: There is an oversupply of older, outdated homes sitting on the market, especially in the $500,000 to $999,000 price range. However, there is high demand from real estate investors and developers for properties where legal secondary basement suites can be added or available land for infill, albeit most of that demand is in the under $500,000 price point as well.
NOT ENOUGH NEW CONSTRUCTION: Edmonton can’t build quickly enough to meet demand, due to a skilled labour shortage. Edmonton homebuyers are responding/adapting to the housing shortage with aggressive offer strategies, bully offers and escalation clauses. This is a direct result of many sellers looking to run a multiple offer process to get the highest and best offer, where it’s imperative to have a knowledgeable and experienced agent guiding you on both sides.
INTEREST RATES: On September 4, the Bank of Canada will make its next interest rate announcement. This is expected to continue driving buyer demand and confidence. Inventory is already moving quickly, so additional interest rate cuts will likely add more buyers to the market as their purchasing power increases as rates drop. Homeowners who took a three- or five-year term fixed-rate low mortgage in the fall of 2020 and 2021 post pandemic market boom, are coming up for renewals this year and next, prompting selling considerations and impacting the market.
MOVE-OVER BUYERS: Edmonton’s sales are primarily driven by Ontarians moving and investing in real estate. Local buyers typically lose in multiple-offer situations to Ontarians, and out-of-province buyers are open to investing in up-and-coming areas. In addition, Calgary’s market boom seems to have levelled off somewhat, and priced out some buyers. As a result, these buyers are now looking at Edmonton as an alternative.
blog.remax.ca
blog.remax.ca
Edmonton 2024 Fall
Housing Market at a Glance
Browse Local Listings
Find an Agent
Back to National Outlook
