Edmonton Real Estate Market Update — October Snapshot
After one of the hottest 18-month stretches our market has ever seen, the shift everyone’s hearing about in the media has officially arrived. The October stats are in, and while I’ll keep the detailed numbers to the infographic and data section below, I want to share the bigger picture—what the market feels like right now, and what that means for buyers and sellers heading into the end of the year.
A Normal Slowdown… That Kept Going
Every year, we expect a mid-August slowdown. It’s predictable, and I prepped all my clients for it. Normally, activity picks up again by mid-September—but this year, it didn’t. That alone made October especially interesting.
Even so, the market isn’t weak. We’re still seeing a healthy number of sales, and inventory remains low. October finished with 3.23 months of inventory, which still technically places us in seller’s market territory. But despite what the stats say, the energy of the market tells a slightly different story.
The Energy Has Shifted
Multiple offers haven’t disappeared, but they are no longer the norm—they’re now the outlier. Strong listings can still move quickly, particularly in the average-priced single-family category, which remains consistently active. But sellers are negotiating again, and homes that would have flown off the shelf earlier this year are now lingering just a little longer.
Condos continue to chug along steadily, but there’s a new dynamic at play: builder inventory. During the boom, builders were behind on supply. Now, they’ve ramped up production—and possibly overshot. With build costs still high and a wave of new housing starts coming, I expect builders to get creative with incentives rather than raise prices. This extra inventory should help keep pricing stable.
What Does This Mean for Prices?
Even with the changing pace, current inventory levels don’t support a price decline. My outlook for the next few months is stability rather than significant movement up or down.
That said—just like forecasting the weather—nothing is guaranteed. Political uncertainty, economic shifts, and changes in migration patterns all influence our market. For example, net migration into Alberta is starting to slow, and some agents are anecdotally reporting that a handful of people who moved here during the peak are returning to their original markets now that prices in Vancouver and Toronto have softened.
Still, Edmonton remains one of the strongest and most affordable markets in Canada.
Looking Ahead
My hope is that we settle into a more balanced, relaxed environment where:
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Buyers have a moment to breathe and make decisions without pressure.
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Sellers can still achieve strong results with the right pricing and presentation.
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Everyone feels like they have options again.
Right now, frustrations exist on both sides for different reasons—some sellers expected the spring frenzy to continue, and some buyers have been waiting months for the right home to hit the market. I suspect this dynamic will stay relatively unchanged until the new year.
Forecasting the real estate market is a lot like forecasting the weather: trends help, patterns help, but the future always has surprises. I’ll keep you updated month by month as it unfolds.
Stay tuned for next month’s update—and as always, if you have questions about your specific neighborhood or property type, I’m here to help.