Current Real Estate Trends in Edmonton
Edmonton is the northernmost city in North America, with a population of over 1 million. With beautiful sights, low taxes, plenty of parking spaces, and a friendly community, Edmonton has seen a 0.87% year-over-year population growth. Additionally, despite the recent economic difficulties, Edmonton's work market is still diverse, so there are opportunities in various fields for individuals who wish to call Edmonton their home. So, whether you're looking into buying or selling your Edmonton home, here are the current real estate trends in Edmonton you should be aware of.
Median Price of Homes
Interestingly, while official inflation for the previous 15 years is 32%, Edmonton property prices have only climbed by 14%. In the past month, the median price of a home in the Great Edmonton area was $388K. This means the prices have gone up 1.2% since last year and 0.2% since last month. However, it decreased by 4.5% in the previous quarter. Currently, the housing market makes Edmonton one of the top Canadian cities to invest in, and another thing that makes this a great place to invest is the current rent rates. The average rent price for a 1- bedroom apartment currently sits at $1,010, which is a 7% increase from last year.
Median price depending on the type of property:
- The average price of single-family homes is $489,370, up 5.0% from last year and 1.0% from last month.
- Condominiums sold for an average price of $229,463, with a little decline of 4.4% from the previous year and 3.7% from June 2022.
- Duplex prices rose from July 2021 to July 2022 by 4.3%, selling for $372,864, although they fell by 3.9% from June 2022.
Canadian mortgage rates
Increasing mortgage rates is the obstacle that all Canadian home markets presently face. Canada's CPI (Consumer Price Index) inflation is currently near 8%, significantly higher than the Bank of Canada's (BoC) target of 2%. As a result, the BoC has raised its mortgage base rate over the previous six months from 0.25% to 2.5%. Additionally, the BoC has begun a quantitative tightening (QT) program. The term QT indicates that the BoC has stopped purchasing government bonds. Rate increases and balance sheet reductions are anticipated to continue until inflation modifies. Such actions would push up mortgage rates and hurt the Canadian housing market. However, you may still be able to get a better deal on your mortgage payments by asking the right questions and finding a broker that will be able to make your housing or investment dreams come true.
Edmonton Housing Inventory
The housing inventory in Edmonton is changing daily; however, there are statistics over the past months that may help you.
Current number of active listings
At the time of writing, there are 5823 active listings for homes in the City of Edmonton. This number includes three different types of homes: detached, townhouses, and condos.
- Detached: Detached homes appear to be growing in popularity, as evidenced by their 3193 active listings. After all, the number of such listings increased 24% over the previous year. Most of the listings are comprised of 3-bedroom (1163 active listings) and 4-bedroom ones (1112 active listings).
- Townhouses: there are presently 1106 active listings for townhouses in the Edmonton region, a 9% drop from the previous year. Among these, the most common listings are for 3-bedroom homes, with 657 active listings.
- Condominiums: The most recent real estate trends have also impacted condominiums. Currently, there are 1524 active listings for such properties. Compared to active listings last year, there has been a significant 10% decline. The most popular condos on sale are 2-bedroom ones with 1049 active listings.
Number of new listings
From August 13 until September 10, there have been 2003 new listings.
These are the statistics based on the type of property:
- Detached: With 1172 new listings in the last month, detached homes have made up the majority of new listings. This number has grown by 8% over the previous year. Similarly to active listings, the number of new listings is the highest for 3-bedroom (415 new listings) and 4-bedroom homes (425 new listings).
- Townhouses: Only 409 new listings were placed for townhouses in the past month. This is a 4% drop from the same time last year. Among these new listings, 56.7% of them are for 3-bedroom homes.
- Condominiums: In the past month, there were 422 new listings for condos in the Edmonton area. Additionally, there have been 10% fewer new listings since last year. Two-bedroom condominiums make up 51.8% of all new listings for condos.
The average number of days on the market
The average number of days on the market can help you decide if you want to go forward with a property sale. For example, the moving experts from Number 1 Movers Canada suggest weighing in the typical days on the market if you wish to sell your home before moving. By knowing the average number of days on the market, you will have no difficulty making the preferred timeline for your future move.
- Detached: 39 days on the market
- Townhouses: 45 days on the market
- Condominiums: 51 days on the market
Number of Sales
The number of sales is the next crucial factor that influences the real estate trends in Edmonton. Although there are plenty of listings ready for you in the Edmonton area, 1701 homes have been sold in the past month. This is 21.5% more than August 2021's 1371.
These are the statistics based on the type of property:
- Detached: From August 13 until September 10, 1043, detached homes have been sold. This indicates that detached residences made up 63% of all sales. In addition, the number of detached homes sold has increased by 35% from the previous year. And the majority of detached homes sold were 3-bedroom ones, with 401 homes sold.
- Townhouses: The number of townhouses sold in the past month is 202. Unfortunately, only 11,9% of the homes sold were townhouses. Additionally, among all the townhouses sold, 66.3% of them were 3-bedroom homes.
- Condominiums: Condos have grown in popularity since the previous year, with the number of them selling during the past month being 456. This is 45% more than the last year! Furthermore, the fact that 57.5% of all condos sold were 2-bedroom units demonstrates the appeal of these residences.
Now that we have covered the current real estate trends in Edmonton, we hope you have a better idea of what the housing market looks like. Remember that the real estate market has undergone frequent changes over the last few years. Therefore, it would be best if you regularly check the current state of property prices.
Photo credits: https://www.pexels.com
These trends are accurate.
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