Edmonton and Area Real Estate Market Update- September 2023

Posted on: October 1, 2023

Hello everyone, Happy Thanksgiving! The September stats are in for the Greater Edmonton  area and we're seeing a little bit of a different trend now. Essentially, we have a healthy number of sales. The sales from September this year are significantly higher than the sale numbers from September of 2022. However, the year-to-date sales are still lower. So the trends have changed a little bit in terms of when these sales are happening.

Total inventory is down 15% from this time last year as well. Supply and demand is staying really quite stable. It's still technically a bit of a seller's market. I would say it's really leaning on the balance side of things. So what we're noticing is a significant amount of Ontario, B.C buyers have said it in the last few months it's still happening and it's still trending or snowballing I should say more and more sales so essentially in a strange way the interest rates that have gone up a lot have really caused the local buyers to pull back a little bit on sales but it's caused the out of province buyers to come in because it's so much more affordable here than in most major markets. In fact there was a release that had come out in terms of how much price growth each city in Canada has seen and Edmonton was by far the lowest and I believe that's about to change and one of the reasons that it's happening is because we have so much land.

So we're essentially able to sustain the demand by building more supply, and in most cities you don't necessarily have that luxury. That's going to come to a stop and I believe that we're in  for essentially a few good years ahead of us and because we're going to have to catch up to  the rest of the country. So overall things are going well. I suspect that they'll be a little bit boring  over the next few months and next year is going to be the real tell in terms of which direction  we go. Interest rates are suspected to stay high for at least the next 18 months. We're probably  a good year and a half away before we start to see those really reasonable numbers. So, all in  all I think it's essentially just the new norm that we're gonna get used to eventually and things  are still rolling along. So we'll see you next month.

Greater Edmonton and Area Market Update- September 2023

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