edmonton real estate market news

tap here to see other videos from our team. Condo prices also saw an increase of 1.79 per cent month-to-month, but a 2.23 per cent decrease from last year, to $229,172. The Edmonton housing market will lean toward buyers in 2020 with the average residential sale price expected to drop by one per cent. Leading indicators from RE/MAX brokers and agents across Canada’s housing market point to a strong market for the remainder of 2020. We’re seeing more listings come on the market, and buyers now have the benefit of extremely low mortgage rates and more listings to choose from. Move-up buyers in the Edmonton housing market are typically young couples. Transactions are also back to pre-COVID-19 levels and the region continues to see multiple offer situations, with sellers’ market-like activity in various neighbourhoods and property types. Move-up buyers in Edmonton have changed the criteria on what they look for in a home due to COVID-19. Copyright © 2020 RE/MAX Ontario-Atlantic Canada Inc. All rights reserved. Edmonton housing market in 2020 a ‘pleasant surprise’ for buyers and sellers, says monthly report. A 1% increase in average residential sales price is expected in Edmonton, Alberta for the remainder of the year. Many move-up buyers are looking for yards, more space, separate offices and finished basements. “I think the numbers are showing a good-news story here. Edmonton housing market sees decline in March The number of home sold in the Edmonton Census Metropolitan Area real estate market for March 2020 decreased by nearly three per … According to the RE/MAX Fall Market Outlook Report, RE/MAX brokers suggest that the average residential sale price in Canada could increase by 4.6% during the remainder of the year. In today's competitive real estate market, timing is everything. First-time and foreign buyers are expected to drive demand in 2020. (I think that’s) what consumers want to know about when they’re either buying or selling or considering putting their house on the market.”. If you own real estate that you're thinking of selling, I would be happy to provide you with a FREE Home Evaluation. These buyers are not looking at one property type specifically and are buying across all property types. Visit our Community Guidelines for more information and details on how to adjust your email settings. Edmonton real estate market burdened by job losses, stunted growth He expects some homeowners will be hit harder than others. Housing Market Report for November 2020. When it comes to the prospect of a second wave of COVID-19, 56% of Canadians who are feeling confident in Canada’s real estate market are still likely to buy or sell. Edmonton Is Now the Country’s Most Affordable Urban Real Estate Market! Area house sales increased more than 50 per cent in May from last month but continue to struggle year-over-year, according to the latest figures from the Realtors Association of Edmonton. Edmonton’s housing market showed a big jump in August compared to last year but appeared to struggle month-to-month when compared to July. Has Edmonton’s real estate market bounced back despite the COVID crisis? His family has been heavily involved in the home building industry for over 30 years. Many good homes are sold before they are ever advertised. Contact Me today and begin your Edmonton real estate experience. The 2020 RE/MAX Fall Market Outlook Report includes data and insights supplied by RE/MAX brokerages. In August the average residential price rose 1.86 per cent from last year, to $374,409, which is 1.24 per cent more than when compared to July. Here is our update on the Edmonton real estate market. Comments may take up to an hour for moderation before appearing on the site. Apartment condos are in oversupply. According to the REALTORS® Association of Edmonton, total residential unit sales surged 26.34 per cent last month from the same time a year ago. I look forward to serving you. Jennifer Lucas, chairwoman of the Realtors Association of Edmonton, said she’s still cautiously optimistic the market is rebounding. Join the mailing list to receive daily email updates. For the past 7 days: New Listings: 322 (313, 320, 377) The average sales price in Edmonton increased by 1% to $364,820 in 2020 (Jan. 1 – Oct. 31), compared to $361,152 in 2019 (Jan. 1 – Dec. 31). Edmonton’s housing market quickly bounced back to pre-COVID levels in June, while Saskatoon experienced its busiest June in years; this momentum is anticipated to continue into the fall market, with  RE/MAX brokers and agents estimating a three-per-cent increase in average residential sale prices for the remainder of the year. © 2020 Edmonton Journal, a division of Postmedia Network Inc. All rights reserved. A welcome email is on its way. December 4, 2020 admin The hot streak in Edmonton’s real estate market is likely to fizzle early into next year, a new report suggests. This is due to average values declining, at least until the oversupply of inventory is absorbed. One new-home construction trend that has emerged throughout 2020 has been the need for home office space options, which is directly related to COVID-19. I look forward to serving you. Real estate markets are local and in some Metro Edmonton submarkets, house prices have held steady while in other submarkets, values have dropped. Edmonton’s housing market is expected to have a strong fall, with September and October anticipated to have higher than historical sales levels. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Some of the most popular property types in Edmonton include two-story detached homes, luxury properties, infill and “skinny homes”. As of today, Edmonton housing data shows median days on market for a home is 45 days. The RE/MAX Outlook for Edmonton real estate in 2021 is an increase of 2% in average price to approximately $372,116.40. Holding line on property taxes is good news for Edmonton real estate Joel Schlesinger, for the Edmonton Journal. According to the survey, 44% of Canadians would like a home with more space for personal amenities, such as a pool, balcony or a large yard. Condo sales did see a slight decline of 0.97 per cent. Due to these factors, the 2021 RE/MAX 2021 outlook for average residential prices is an estimate of +4% to +6% nation-wide. The number of new residential listings is up year over year, increasing 3.05% from November 2019. Hunt says that, like Edmonton, Calgary is ahead of many other municipalities in the economic cycle, with its real estate market now entering ‘recovery mode.’ As more Canadians have adjusted to the mortgage stress test and older Millennials move into their peak earning years, it is anticipated that they will drive the market in 2020, particularly single Millennials and young couples. Currently in Edmonton, many examples of large assessments have been seen, mostly due to insurance costs escalating dramatically for condo corporations, which has resulted in higher condo-fees. Sales rebounded, surpassing the numbers reported for the past 4 years in Edmonton and pushing us into a seller’s market (just barely with 3.8 months supply) for the first time since 2015. (Previous week’s numbers are in brackets). The condominium market in Edmonton is most popular with single homebuyers and young couples. “While we’ve seen a significant shift in buyer preferences this year, we believe factors such as the supply issue, pent-up demand and historically lower interest rates will continue to fuel activity in 2021.”. Welcome to Re/Max Select, your source for Edmonton real estate. I look forward to serving you. Overall residential sales … Edmonton Real Estate Market ● Weekly Update Edmonton Real Estate Sales up 25% in October – UPDATED The real estate market is looking more normal this fall, after a very busy summer. Real estate roundup: Edmonton, AB housing market overview Point2 gives you far more than a simple list of houses for sale. What do leading indicators suggest about Edmonton’s housing market? October was another decent month for the Edmonton real estate market. Most buyers are looking for a new or “like new” home across all price ranges. Many new and larger developments in the downtown, Oliver and Strathcona neighborhoods, many of which are integrated with expanding the LRT network, are expected to impact the market in 2020. Edmonton, AB Commercial Real Estate for sale and lease Find property details and pricing for recently listed commercial real estate properties for sale and for lease in Edmonton, AB. Foreign buyers who previously flocked to Vancouver are now looking at Edmonton for growth in the coming years. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. Watch our Facebook page for a live market discussion next week. Current Edmonton MLS® stats indicate an average house price of $372,677 and 1,163 new listings in the last 28 days. Read more about cookies here. Edmonton’s luxury market is currently driven by move-up buyers with the average starting price for a luxury home in Edmonton being $1,000,000. Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market for July 2020 increased 13.58% compared to July 2019 and increased 5.61% from June 2020. 365 Bloor Street East, Toronto, Ontario, M4W 3L4. The gap between supply and demand continues to widen in Edmonton real estate, according to the Canadian Mortgage and Housing Corporation (CMHC), further reinforcing a buyer’s market. This advertisement has not loaded yet, but your article continues below. I take professional and personal pride in keeping my clients abreast of market trends, news and have in-depth knowledge of the subtleties of purchasing and selling real estate in Edmonton. At this price point, many buyers are getting great value, with the majority of the homes being newer infill or older beautifully renovated homes with large yards in mature areas, or huge lots, often with ravine or private nature backing, in new development areas. Increased unit sales, low inventory and shorter stays on the market. Ritchie and Bonnie Doon will also continue to see high demand as the LRT network opens, giving more transit and lifestyle options to those in Bonnie Doon. Duplex prices dropped 3.48 per cent from August 2019, at $342,169, which was a 3.07 per cent increase from July. She said seeing interest rates dropping to historic lows below two per cent also encouraged home buyers. Looking for information on the Edmonton real estate market? I look forward to serving you. Contact Me today and begin your Edmonton real estate experience. Apartment-style condos are currently in oversupply, which means prices are likely to drop. Ontario Real Estate: A Look at the Booming Quinte Area Market, Bank of Canada Makes Interest Rate Announcement, Steady Growth in Calgary’s Real Estate Market, Toronto Real Estate Supply: RE/MAX Executive Doubts Vacant Home Tax Will Help, 35% of RE/MAX brokers indicate that “move-over” buyers from other cities and provinces will continue to spark market activity in 2021, 45% of RE/MAX brokers indicate that move-up buyers will likely be a primary driver of the housing market demand in 2021, Half of Canadians (53%) are confident that Canada’s housing markets will remain steady in 2021, 52% of Canadians believe real estate will remain one of the best investment options in 2021, 48% of Canadians would like to live closer to green spaces, 48% of Canadians say it’s more important than ever to live in a community close to hospitals and clinics, 33% of Canadians would like more square footage in their home and have realized they need more space, 44% of Canadians want a home with more outdoor space and personal amenities (i.e. We apologize, but this video has failed to load. I take professional and personal pride in keeping my clients abreast of market trends, news and have in-depth knowledge of the subtleties of purchasing and selling real estate in Edmonton. Sales are up and listings are down in the Edmonton real estate market to start off the new decade. An ongoing and widespread housing supply shortage is likely to continue, presenting challenges for homebuyers and putting upward pressure on prices. ). EDMONTON -- Benchmark home prices in Edmonton fell even further last month to their lowest point in more than six years, newly released numbers show. Learn more about RE/MAX real estate franchise opportunities in Ontario-Atlantic Region and Western Canada. Edmonton, December 2, 2020: Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market for November 2020 increased 27.18% compared to November 2019 and decreased 16.23% from October 2020. Pent up demand for real estate in Edmonton brought sales back up to normal levels for June. Click to read the full RE/MAX 2020 Housing Market Outlook Report. The average price for a condo in Edmonton is $222,181. Overall residential sales increased by 20.11 per cent from August 2019, while single-family homes jumped up 22.98 per cent, according to the latest Realtors Association of Edmonton report. Edmonton’s top-selling neighbourhoods in 2020 were Anthony Henday Zone (West), North Central Zone and Southwest Zone. RE/MAX brokers and agents are surveyed on market activity and local developments. According to a survey conducted by Leger on behalf of RE/MAX Canada, 32% of Canadians no longer want to live in large urban centres, and instead would opt for rural or suburban communities. I think this is a pleasant surprise for many buyers and sellers.”. Canadians are on the move. Ranked as the third most affordable real estate market out of 16 Canadian cities compared in the 2020 RE/MAX Housing Affordability Report, Edmonton’s average sales prices are low, and have been steadily declining since 2018. In fact, the age demographic for acreage living is getting younger. The pandemic has prompted many Canadians to reassess their living situations. balcony, pool etc. Edmonton’s housing market showed a big jump in August compared to last year but appeared to struggle month-to-month when compared to July. “This is certainly not the year we thought we were going to have,” she said. Edmonton Housing Market Outlook (Fall 2020), Edmonton Housing Market Outlook (Fall 2019). Below, we dive deeper into the current trends within Canada’s most affordable urban real estate market and share our projections for Alberta’s capital city as we shift into 2021. Altus Group released its quarterly forecast for housing across Canada, and it predicts Edmonton’s market will struggle due to weak demand from lacklustre economic growth, in large part because of the pandemic. While COVID-19 lockdowns in March and April slowed down the housing market in Western Canada, transactions in Kelowna, Saskatoon and Vancouver resumed by May, with sales in both May and June surpassing year-over-year levels. Real Insights feature curated content from industry leaders during the program formation of the Real Estate Forums and Conferences. New listings dropped 9.28 per cent from July and 3.96 per cent from the year prior. We encountered an issue signing you up. Healthy price increases are expected, with an estimated 3.7-per-cent increase in the average national residential sales price. This trend is stronger among Canadians under the age of 55 than those in the 55+ age group. Contact Me today and begin your Edmonton real estate experience. The Edmonton housing market experienced a drop in sales activity at the peak of COVID-19 lockdowns in April and May, but June saw activity 14% above the levels experienced in 2019. “The summer went very well and anecdotally our agents were extremely busy,” Lucas said. RE/MAX Canada anticipates healthy housing price growth at the national level, with move-up and move-over buyers continuing to drive activity in many regions across the Canadian housing market. Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. I look forward to serving you. Then in March when COVID-19 happened, (I) certainly didn’t predict this. Based on the current demand, single-family, duplex/rowhouse and townhomes with yards are a little undersupplied. RE/MAX isn’t calling this an “exodus,” but the re-location trend across the Canadian housing market is real, and it’s just one focus of the RE/MAX 2021 Housing Market Outlook Report. There was an error, please provide a valid email address. How confident are Canadians in the housing market? Not only are Canadians more motivated to leave cities, but changes in work and life dynamics have also shifted their needs and wants for their homes. Many homebuyers are now exploring different neighbourhoods that better suit their new lifestyles, and real estate agents are getting busier and working more with buyers from different major cities. If you don't see it please check your junk folder. The number of new residential listings is up year over year, increasing 14.75% from October 2019. I take professional and personal pride in keeping my clients abreast of market trends, news and have in-depth knowledge of the subtleties of purchasing and selling real estate in Edmonton. According to the Realtors Association of Edmonton, even though concerns remain over the coronavirus pandemic, residential sales in the city and surrounding areas are … This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. These neighbourhoods are expected to continue as the most popular neighbourhoods moving into 2021. For more details on the content of the Edmonton real estate market, click the following Insights. Mathew was born and raised in Edmonton, Alberta with his passion for real estate ingrained at a young age. Each report features on the Top 10 Real Insights focused on major trends. Edmonton Housing Market Outlook (Fall 2020) September 1st, 2020 The Edmonton housing market experienced a drop in sales activity at the peak of COVID-19 lockdowns in April and May, but June saw activity 14% above the levels experienced in 2019. 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