Hello everyone! Here January real estate market update for Greater Edmonton.

Let's dive right into the numbers:

• Sales: We saw just under 1,600 sales in January, which is an increase of over 11% year-over-year from January 2024.
• New Listings: There were 2,448 new listings added to the market, up 13% compared to last year.
• Inventory Levels: The current months of inventory stands at 2.33 months, which is well below the balanced market threshold of 5 months, signaling that we are still in a seller’s market.

Market Breakdown:

• Single Family Homes: Sales of single-family homes are down 2.39% year-over-year, with 856 sales. Despite this, the average price of a single-family home has risen to $561,000, which is up 16% from last year.

• Condominiums: On the other hand, condo sales have surged, with 306 sales, a 36% increase from last year. The average condo price is now $226,630, a 5% increase compared to 2024.

• Duplex & Row Housing: Duplex and row housing sales are up 22% year-over-year, with an average price of just under $312,000, which reflects a 16% increase from last year.

Market Trends:

As home prices continue to rise, we're seeing more buyers gravitate toward condos and townhouses, which are more affordable options compared to single-family homes. This shift is helping to boost the condo market, which is great news for that sector but may make homeownership more challenging for some.

Population Growth & Impact:

Edmonton has experienced significant population growth, with 110,000 new residents over the past two years. While Calgary saw a population jump of 190,000, Edmonton’s growth trajectory is expected to continue. In fact, local planners project the city will grow by another 1 million people, which will further impact the housing market in the coming years. As Edmonton remains the most affordable major city in Canada, we're likely to continue seeing upward pressure on home prices.

Final Thoughts:

Despite challenges such as rising prices and potential tariff impacts, Edmonton's real estate market remains resilient. Sellers are still seeing favorable conditions, while buyers may face higher prices. We’ll continue to monitor the market closely and provide you with regular updates. Stay tuned for next month’s data, and stay warm out there!

Greater Edmonton and Area Market Update - January 2024