Looking to buy or sell a home in Edmonton in 2025? The real estate market is off to an exciting start, with key shifts in home sales, pricing trends, and buyer demand shaping the landscape. Whether you’re a first-time homebuyer, a seasoned investor, or a seller looking for the right time to list, understanding the market dynamics is essential for making informed decisions.

Let’s dive into the latest real estate trends, average home prices, and Edmonton’s top-selling communities.

Edmonton Real Estate Market at a Glance (January 2025)

📌 Total Home Sales: 772 properties sold
📌 Average List Price: $546,016
📌 Average Sold Price: $538,358
📌 List-to-Sale Price Ratio: 99%
📌 Average Days on Market (DOM): 49.5 days
📌 Median Days on Market: 33 days

💡 Key Takeaway: Edmonton homes are selling close to asking price, with mid-range homes moving the fastest. If you’re buying, lowball offers won’t cut it—strong offers are essential in this competitive market.

What Price Ranges Are Driving Sales?

Understanding price range trends can help you determine your strategy as a buyer or seller. Here’s where the action is happening:

🔥 High-Demand Price Range: $250K - $500K

This segment dominates Edmonton’s market. Homes in this price range are moving quickly due to affordability and financing options.

✔️ For buyers: Be prepared for competition—have your mortgage pre-approval ready and act fast when you find the right home.

✔️ For sellers: If your home is in this range, it’s an excellent time to list. Multiple offers are possible, especially with a strong pricing strategy.

Search Homes Under $300,000.00

Search Homes $300,000 - $400,000

Search Homes $400,000 - $500,000

🏡 Mid-Range Homes: $500K - $750K

The $500K - $750K range is seeing steady demand. Homes take a bit longer to sell but remain a strong investment opportunity.

✔️ For sellers: Pricing competitively is key—overpricing can lead to longer market times.

✔️ For buyers: This range offers more options and less intense bidding wars compared to lower price points.

Search Homes $500,000 - $600,000

Search Homes $600,000 - $750,000

💎 Luxury Homes: $1M+

High-end properties are selling slower than mid-range homes. Luxury buyers are selective, and homes in this segment often require strategic marketing and patience.

✔️ For sellers: Be prepared for a longer selling cycle—ensure your home is staged and marketed professionally to attract the right buyers.

✔️ For buyers: There’s more room for negotiation in this market segment, making it a great time to secure a high-value investment.

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How Fast Are Homes Selling? (Days on Market)

⏳ Speed matters in real estate. Here’s how different price segments are performing:

✅ $250K - $500K: Fastest-selling homes. These properties have the shortest Days on Market (DOM), reflecting high demand.

✅ $500K - $750K: Balanced market. Homes are selling steadily but require strategic pricing.

✅ $1M+: Slowest-moving homes. Luxury properties are sitting on the market longer than other segments.

Top-Selling Communities in Edmonton (January 2025)

If you’re house hunting in Edmonton, these are the hottest neighborhoods right now:

🏡 Keswick Area
🏡 Chapelle Area
🏡 Orchards at Ellerslie
🏡 Rosenthal
🏡 Uplands

💡 Why these communities? Strong demand, new developments, and family-friendly amenities are driving interest in these areas. If you’re looking to buy here, be ready to move quickly!

Most Affordable Edmonton Neighborhoods in 2025

If you’re searching for affordable housing options in Edmonton, these neighborhoods offer great value:

📍 Parkdale (Edmonton) – Avg. List Price: $242,987
📍 McCauley – Avg. List Price: $250,175
📍 Delton – Avg. List Price: $263,450
📍 Alberta Avenue – Avg. List Price: $275,184

💡 Insider Tip: Alberta Avenue has the most affordable listings, making it a hotspot for budget-conscious buyers.

What This Means for Buyers & Sellers in 2025

📢 Buyers:

✔️ Homes in the $250K - $500K range are moving fast. Be prepared to act quickly.
✔️ Competitive offers are key—don’t expect deep discounts.
✔️ Get mortgage pre-approval to improve your chances of securing a home.

📢 Sellers:

✔️ If your home is priced between $250K - $500K, now is the time to list!
✔️ For luxury homes, a strong marketing strategy is essential.
✔️ Homes in hot-selling neighborhoods (Keswick, Chapelle, Rosenthal) are in high demand—capitalize on the momentum!

What’s Next for the Edmonton Real Estate Market?

With steady demand and competitive pricing, Edmonton’s real estate market remains strong in early 2025. Interest rates and economic conditions will continue to influence buying power, but right now, market trends suggest a balanced and healthy real estate environment.

Thinking of buying or selling in 2025? Contact Iconic YEG Real Estate Team for expert guidance and personalized real estate strategies!

The U.S. administration has announced a 25% tariff on Canadian imports, set to take effect February 1, 2025. While the full details of the policy are still unfolding, these tariffs could significantly impact the Canadian economy, Alberta’s industries, and Edmonton’s real estate market.

Prime Minister Justin Trudeau has issued a stark warning: “I won’t sugar coat it. Our nation could be facing difficult times in the coming days and weeks.” Trudeau confirmed that Canada is ready to respond forcefully, but also acknowledged the deeply-linked economies of both countries would suffer greatly.

Trump, on the other hand, remains firm on his position, stating: “Mexico and Canada have never been good to us on trade.” He also cited illegal drugs and migrants crossing the border as part of his reasoning, despite Canada’s efforts to strengthen security with a $1.3 billion border fortification plan.

How Could These Tariffs Affect Edmonton?

Potential Economic Slowdown:

• Canada exports $3.6 billion worth of goods daily to the U.S. With increased costs on Canadian goods, industries like oil & gas, manufacturing, and agriculture—all crucial to Canada’s and Alberta’s economy—could see lower demand or reduced profit margins.

• Job uncertainty in these sectors could make some buyers hesitant, slowing home sales and price growth in certain areas.

Rising Construction Costs:

• Tariffs on materials like steel, lumber, and aluminum could increase home-building costs. Developers may scale back projects, leading to lower housing supply in the long term.

• Renovation and repair costs could also climb, as materials become more expensive.

Consumer Confidence & Interest Rates:

• Economic uncertainty could make some buyers hold off on purchasing.

• The Bank of Canada could adjust interest rates depending on how these tariffs affect inflation and economic growth.

Trump has also hinted that oil could be included in the tariffs, which would significantly impact Alberta’s energy sector—a key driver of the Edmonton economy.

Advice for Sellers: How to Navigate the Market

If you’re thinking of selling your home in Edmonton, here’s what you need to know:

✔️ List Sooner Rather Than Later: Markets react to uncertainty, and hesitation from buyers could lead to longer days on the market. Listing now, while demand is steady, is a smart move.

✔️ Competitive Pricing is Key: Pricing too high in an uncertain market can lead to fewer offers and extended time on the market. A data-driven strategy ensures your home is priced right from the start.

✔️ Move-In Ready Homes Will Have an Edge: With potential construction and renovation cost increases, buyers may prefer homes that don’t need upgrades. Completing minor repairs and updates before listing could increase your home’s appeal.

Advice for Buyers: Finding Opportunity in Change

Buying a home during economic shifts can create opportunities, especially for savvy buyers who plan ahead:

✔️ Don’t Panic—Stay Informed: Edmonton’s real estate market has weathered economic shifts before, from the 2008 financial crisis to Trump’s 2018 tariffs on aluminum and steel. Long-term homeownership is still a solid investment.

✔️ Look for Motivated Sellers: If uncertainty slows the market, some sellers may be more flexible on price or terms. Buyers may find good deals by negotiating strategically.

✔️ Consider New Builds Before Prices Rise: If you’re thinking about buying a new home or condo, acting before material costs rise could save thousands.

The Silver Lining: Why Edmonton’s Market Remains Resilient

Despite potential economic challenges, Edmonton’s real estate market remains stable due to key factors:

Steady Population Growth: People continue to move to Edmonton for its affordable cost of living, compared to other major Canadian cities.

Long-Term Real Estate Cycles: Housing markets go through ups and downs, but real estate remains a strong long-term investment.

Opportunities Always Exist: Whether you're buying or selling, there are strategies to make the most of the current market—it’s about making informed, data-driven decisions.

Final Thoughts: What Should You Do Next?

Economic uncertainty shouldn’t stop you from making smart moves in real estate. At Iconic YEG, we help our clients navigate market shifts with expert insights and a strategy tailored to their goals.

If you’re selling, let’s discuss how to position your home competitively. If you’re buying, let’s explore opportunities before any market changes take full effect.

📞 Reach out today for a consultation—we’ll guide you through Edmonton’s market with clarity and confidence.

📩 Email: caitlin@iconicyeg.com | 📞 Call/Text: 587-336-3176 | 🌐 Visit: www.iconicyeg.com

The Bank of Canada just cut interest rates again, dropping them to 3.0%. Great news, right? Lower borrowing costs mean cheaper mortgages—which could be your ticket out of renting and into your first home.

But (because there’s always a but), economic uncertainty is lurking in the background, courtesy of potential U.S. trade tariffs. So, what does this all mean if you’re looking to buy, sell, or stop paying your landlord’s mortgage? Let’s break it down.

How the Interest Rate Cut Impacts Edmonton’s Real Estate Market

A lower interest rate means getting a mortgage just got cheaper. Monthly payments will shrink, meaning you could finally afford that detached home in Southwest Edmonton or that downtown condo with a view that doesn’t include your neighbor’s garbage bins.

For Buyers:

✅ More purchasing power – Lower rates mean more home for your money. That $400,000 home might now be within reach.
✅ Rents are still rising – Every month, renters are seeing their costs increase while homeowners lock in fixed rates. If you're a first-time homebuyer, having a strategy to transition from renter to homeowner is key.
✅ Lock in your rate before it jumps – Interest rates change, and not always in your favor. If you’ve been thinking about buying, now is a solid time to lock in a rate and start planning.

For Sellers:

🏡 More buyers entering the market – When mortgage rates drop, more buyers start house hunting. That’s a good thing if you’re selling.
💰 Price it right, and they will come – Overpricing your home is the real estate version of ghosting. Buyers won’t even text back if it’s out of their budget. Work with a pro (like Caitlin Heine from Iconic YEG at RE/MAX) to price competitively.
📸 Marketing still wins – Buyers scroll through real estate listings like a Tinder profile—if your home doesn’t look good, they’re swiping left. Professional photos, staging, and digital marketing can make a huge difference.

The Trade War Threat: Should You Worry?

Now, let’s talk about that awkward U.S.-Canada trade tension—because what’s real estate without a little drama?

🔥 Building materials could get pricier – If tariffs hit lumber, steel, and aluminum, construction and renovations will cost more. Translation: if you’re thinking of building or flipping, you might want to secure materials sooner rather than later.
💼 Job security remains key – Alberta’s economy lives and breathes energy, manufacturing, and agriculture—all industries tied to U.S. trade. If job stability is a concern, a strong financial plan and pre-approval strategy is crucial.
💰 A weaker Canadian dollar – Imported goods (like appliances, cars, and, yes, home renovation materials) could become pricier. But hey, at least your U.S. shopping trips will be financially painful enough to help with saving for a down payment!

What’s the Game Plan?

If You’re a First-Time Buyer:

🔹 Have a plan to get out of renting – Home prices and interest rates will always fluctuate, but rent payments? They only go one direction—UP. If you want stability, start strategizing now.
🔹 Know your numbers – A mortgage pre-approval isn’t just a nice-to-have, it’s your home-buying passport. It helps you understand your price range, mortgage options, and affordability before making a move.
🔹 Act with confidence – Whether you're buying now or in six months, getting informed today will set you up for success when you're ready to make an offer.

If You’re Selling:

🔹 Your home is still an asset – Edmonton’s market is stable, and buyers are active. Homes that are priced right are still selling fast.
🔹 Be open to negotiations – Buyers are cautious but serious. A well-priced home that offers value will attract strong offers.
🔹 Timing the market? Not necessary – Real estate isn’t like playing the stock market—you don’t need to “buy low, sell high.” If you're moving up, downsizing, or relocating, the right time to sell is when it aligns with your goals.

The Bottom Line

🏡 Interest rates are down – That’s good!
💸 Inflation and trade uncertainty exist – That’s reality.
📊 The best strategy? Have a plan – Whether you’re buying your first home, upgrading, or selling, the market is always moving—the key is to move with it, not against it.

If you want real advice from real experts (minus the sales pitch), Caitlin Heine and the Iconic YEG Real Estate Team at RE/MAX have your back. Whether you’re a first-time homebuyer, seasoned investor, or seller looking to maximize your home’s value, we’re here to help.

📲 Let’s chat about your next move—before you find yourself stuck paying higher rent (again).

🚀 Contact the Iconic YEG Real Estate Team today!

As we close the books on 2024, Edmonton’s real estate market stands out as one of the most dynamic in Canada. This year was defined by remarkable growth, affordability, and a unique balance of opportunities for buyers, sellers, and investors. Let’s dive into the key trends and developments that shaped Edmonton’s real estate market in 2024 and look ahead to what 2025 has in store.

2024 in Review: Key Highlights

Affordability Remains Edmonton’s Strength Throughout 2024, Edmonton maintained its position as the most affordable major housing market in Canada. According to RBC Economics, homeownership costs in Edmonton consumed only 33.7% of household income—the lowest among Canada’s largest cities and well below the national average of 59.5%.

• Average Home Prices: The average price of a home in Edmonton rose to $436,401 in November 2024, marking a 15% year-over-year increase.

• Detached Homes: Prices climbed by 13% YoY to $540,320.

• Condominiums and Townhouses: Condo prices surged 16% YoY to $200,266, while townhouses saw a 6.3% increase to $288,176.

Population Growth Drives Demand Edmonton’s affordability and robust job market attracted interprovincial migrants at a record pace. With over 100,000 new residents in the past two years, demand for housing surged, particularly among first-time buyers and investors seeking properties in the $350,000 to $450,000 range.

A Seller’s Market Prevails Edmonton consistently operated as a seller’s market in 2024, with sales-to-new-listings ratios (SNLR) exceeding 60%. By November, the SNLR reached an impressive 91%, reflecting strong demand and limited inventory.

Interest Rate Adjustments Boost Activity The Bank of Canada’s five consecutive rate cuts in 2024 lowered the prime rate to 3.25% by December, significantly enhancing affordability. Buyers gained increased purchasing power, while sellers benefited from heightened competition and multiple offers on well-priced homes.

Opportunities and Challenges for 2025

RE/MAX’s 2025 Canadian Housing Market Outlook predicts another strong year for Edmonton. Here’s what to expect:

Home Prices to Rise Further

• Edmonton’s average sale price is projected to climb 10% in 2025, driven by sustained demand and limited supply.

• Sales volume is expected to grow by 4%, with first-time buyers leading the charge.

Persistent Supply Constraints

• Edmonton continues to face a construction lag, with new builds trailing the demand fueled by interprovincial migration.

• A balanced market requires a sales-to-new-listings ratio closer to 50%, but Edmonton’s current ratios consistently favor sellers.

Market Dynamics Favor Sellers

• With inventory levels remaining tight, sellers can anticipate competitive offers and favorable returns, particularly for properties in high-demand price ranges.

• For buyers, acting quickly and securing expert guidance will be key to navigating rising prices and competition.

Emerging Opportunities for Buyers

• First-time buyers and investors will find promising opportunities in townhouses, row housing, and condos, which offer a more affordable entry point compared to detached homes.

• Decreasing mortgage rates will provide relief, enabling more Edmontonians to transition from renting to homeownership.

Why Edmonton Remains a Top Choice

Edmonton’s unique combination of affordability, population growth, and economic stability positions it as a leader in Canada’s real estate market. With the lowest homeownership costs among major cities and strong demand across all property types, 2025 promises to be another banner year for the city.

• Affordable Housing: Despite anticipated price increases, Edmonton remains more accessible than Toronto, Vancouver, or Calgary.

• Strong Rental Market: Rising rents and high demand present lucrative opportunities for investors.

• Population Growth: With continued migration from Ontario and British Columbia, Edmonton’s housing market is set to thrive.

Partner with Iconic YEG Real Estate Team

Are you ready to make your real estate dreams a reality in 2025? The Iconic YEG Real Estate Team is here to guide you every step of the way, whether you’re selling your property or buying your first home.

Why Sellers Choose Iconic YEG

• Maximize Your Return: With a deep understanding of Edmonton’s market trends, we ensure your property is priced and marketed to attract competitive offers.

• Standout Marketing Strategies: From professional staging and high-quality photography to targeted digital campaigns, we showcase your home’s best features to a wide audience.

• Expert Negotiation: Our team’s proven negotiation skills ensure you get the best possible return on your investment.

Get FREE 2025 House Evaluation

Why Buyers Trust Iconic YEG

• Local Expertise: We help you find the perfect home by providing insights into Edmonton’s neighborhoods, growth areas, and emerging opportunities.

• Seamless Process: From securing mortgage pre-approvals to navigating closing details, we simplify the home-buying journey.

• Tailored Guidance: Whether you’re a first-time buyer or an experienced investor, we create personalized strategies to meet your unique needs.

Top Edmonton Neighbourhoods to Buy in 2025

Your Real Estate Partner in 2025

The Edmonton market is full of opportunities, and now is the time to take advantage of them. Whether you’re looking to sell your home for top dollar or find your dream property, Iconic YEG is your trusted partner for success.

Contact us today at 587-336-3176 to learn how we can help you achieve your real estate goals. Let’s make 2025 your most successful year yet!

FREE 2025 MARKET EVALUATION

The Bank of Canada’s fifth consecutive rate cut, bringing the prime rate to 3.25%, is a game-changer for Edmonton’s real estate market. Lower rates not only mean cheaper borrowing but also signal a strategic shift aimed at spurring economic activity. For homebuyers, sellers, and renters in Edmonton, this move creates opportunities—but it requires expertise to navigate effectively.

What Does This Rate Cut Mean for Edmontonians?

For Homebuyers:
Lower interest rates directly translate to lower mortgage payments, giving buyers more purchasing power. In Edmonton, where home prices are already more affordable than in other major Canadian cities, this is the perfect time to explore homeownership. With our team’s deep knowledge of local market trends and lending options, we can guide you in leveraging these lower rates to secure your dream home.

For Sellers:
Sellers benefit from increased buyer demand driven by lower borrowing costs. With more potential buyers entering the market, properties that are priced and marketed effectively will sell faster and for top dollar. At Iconic YEG, we develop personalized strategies to position your home to stand out in a competitive market, ensuring you maximize your sale.

For Renters:
If you’ve been on the fence about buying, this rate cut might be the push you need. Lower rates mean it’s more affordable to own than rent in many cases. However, entering the market requires careful financial planning. Our team is here to assess your options, connect you with trusted mortgage brokers, and help you take the first step toward homeownership.

Why Edmonton’s Market Stands Out

Unlike other metropolitan areas, Edmonton offers a unique combination of affordability and opportunity. The lower interest rate amplifies this advantage, enabling buyers to enter the market with greater confidence and sellers to capitalize on increased demand. Iconic YEG is uniquely positioned to help clients navigate these shifts with tailored advice rooted in local expertise.

Expert Guidance in a Changing Market

At Iconic YEG, we don’t just follow the market—we anticipate it. This rate cut creates opportunities, but understanding how to act on them is key. Whether you’re buying, selling, or investing, our team will ensure you make informed decisions that align with your goals.

Buyers: Let us show you how to make the most of your increased purchasing power.
Sellers: Our proven marketing strategies will help your property stand out.
Renters: We’ll help you transition into homeownership with confidence.

Take Action Today

Interest rate cuts like this one don’t happen every day, and they won’t last forever. Whether you’re ready to buy, sell, or explore your options, now is the time to act. Iconic YEG is here to guide you every step of the way.

Contact us today at 587-336-3176 to take advantage of this opportunity.

Key Takeaway: The Bank of Canada’s rate cut makes Edmonton’s already accessible real estate market even more enticing. With Iconic YEG’s expert guidance, you can make the most of this moment and achieve your real estate goals. Don’t wait—your future starts now.

Are you curious about Edmonton’s thriving real estate market? October 2024 was a standout month, with residential sales surging by 38% compared to last year. Whether you’re considering buying or selling in Edmonton, Alberta, now is the time to act. Let’s explore what’s fueling this growth and how you can capitalize on it.

October 2024 Market Highlights: What You Need to Know

• Total Residential Sales: 2,439 homes sold in Greater Edmonton, up 10.5% from September and 38.5% year-over-year.

• Property Categories:

  • Apartment Sales: Up 43.6% year-over-year.

  • Semi-Detached Homes: Increased 38.6%.

  • Row/Townhouses: Gained 38.0%.

  • Detached Homes: Dominated the market with 1,431 sales, a 37.2% increase.

This remarkable growth highlights Edmonton as a hotspot for real estate buyers and sellers.

Why is Edmonton’s Real Estate Market on Fire?

1. Lower Mortgage Rates

With Edmonton’s mortgage rates as low as 3.98% for a 5-year fixed term, buyers have greater purchasing power. Lower interest rates are a key driver of the current sales spike.

2. Strong Demand Across Property Types

While detached homes lead in volume, multi-family housing like apartments and townhouses have seen the most significant growth. This trend reflects Edmonton’s increasing appeal to diverse buyers, including first-time homebuyers, investors, and downsizers.

3. Affordable Housing Compared to Other Canadian Cities

Edmonton’s housing affordability sets it apart from cities like Toronto and Vancouver. Even with rising prices, Edmonton remains accessible for buyers, making it a prime choice for homeownership and investment.

Edmonton Real Estate Prices: What Buyers and Sellers Should Expect

• Average Residential Price: $440,089 (up 11.1% year-over-year).

• Detached Homes: $552,954, a 13.6% annual increase.

• Townhouses: $307,854, up 19% year-over-year.

• Apartments: $191,413, down 6% annually but presenting excellent opportunities for investors.

Buyers can leverage Edmonton’s affordability, while sellers benefit from higher property values and strong demand.

How Sellers Can Thrive in Edmonton’s Seller’s Market

1. Highlight Your Property’s Features: With high buyer demand, marketing your home effectively can maximize offers.

2. List at the Right Price: Work with a professional real estate agent to set a competitive price that attracts multiple offers.

3. Leverage Market Timing: Inventory levels are low, and homes are selling quickly—capitalize on this urgency.

What Makes Edmonton Ideal for Home Buyers?

1. Increased Buying Power: Lower mortgage rates mean you can afford more home for your budget.

2. Diverse Housing Options: From modern condos to spacious family homes, Edmonton offers something for everyone.

3. Strong Community Growth: Edmonton’s population and infrastructure growth make it an ideal place for long-term investments.

Tips for Success in Edmonton’s Real Estate Market

For Buyers:

• Get pre-approved for a mortgage to strengthen your offers.

• Focus on neighborhoods with growth potential like Tamarack, Summerside, and Windermere.

For Sellers:

• Preparation is key - stand out and drive the value higher.

• Work with experienced agents, like the Iconic YEG Real Estate Team, who understand Edmonton’s real estate trends.

Join Edmonton’s Thriving Real Estate Market Today!

Edmonton’s Real Estate Market is in the spotlight for a reason. Whether you’re buying your first home, upgrading, or selling your property, the current conditions favor action. With rising sales and steady price growth, now is the time to make your move in Edmonton, Alberta.

Click Here for a Free Edmonton Property Evaluation

Contact the Iconic YEG Real Estate Team today to get expert guidance on buying or selling your property. Let us help you succeed in Edmonton’s dynamic market.

As we step into the latter part of 2024, Edmonton's real estate market continues to be a focal point for buyers, sellers, and investors. Whether you're planning to buy your first home, sell a property, or invest in the Edmonton market, staying informed is crucial. Here's an in-depth look at the latest trends and what they mean for you.

Strong Growth in Edmonton Home Prices

The Edmonton housing market has shown resilience and growth throughout 2024. The average selling price of a home in Edmonton reached $400,200 in August, marking a notable 7.6% increase year-over-year. This upward trend isn't just limited to single-family homes. Townhouses and multiplexes saw the most significant price surge, with a 14.7% increase, pushing the average price to $270,000. Condos also gained traction, with prices rising 10.7% to an average of $197,800.

Why does this matter? For homeowners, this means your property’s value is likely increasing, making it an ideal time to consider selling. For buyers, understanding these trends helps you navigate price expectations and make informed decisions.

Sales Trends: A Shifting Market

While home prices continue to climb, sales activity has experienced a slight cooling off. The Realtors Association of Edmonton (RAE) reported an 11.8% decrease in residential unit sales from July to August 2024. However, sales remain robust on a year-over-year basis, with a 15.8% increase compared to August 2023.

Key Takeaways:

• Detached Homes: Sales decreased month-over-month but saw a 12.5% increase year-over-year.

• Semi-Detached and Townhouses: Despite a summer slowdown, these segments experienced an 18.8% and 19.2% annual growth, respectively.

• Condominiums: While sales dipped slightly from July, they still posted a strong 22.6% increase compared to last year.

This trend suggests that while the market is cooling slightly from its summer highs, it remains competitive, particularly for certain property types.

Rising Rents Reflect Tight Inventory

The rental market in Edmonton is mirroring the sales market, with the average rent climbing 9.0% year-over-year to $1,570 in August 2024. Notably, bachelor apartments saw a significant 16% increase, reflecting the high demand for rental properties in the city.

What does this mean for you? If you're an investor, this is a strong signal that the rental market remains a lucrative opportunity. For renters, it's essential to act quickly and be prepared for competitive pricing.

Interest Rates and Their Impact

Mortgage rates are another critical factor influencing the market. With Canada’s policy rate at 4.25%, borrowing costs remain a significant consideration for buyers. For every $100,000 in mortgage balance, monthly payments range from $536 at a 4.04% fixed rate to $593 at a 5.15% adjustable rate.

Why you should care: Small changes in interest rates can significantly impact your monthly payments. Buyers should stay informed about rate trends and consider locking in rates when favorable.

What’s Next for Edmonton’s Real Estate Market?

Looking ahead, the Edmonton market is likely to see continued growth, albeit at a more balanced pace. The slight increase in days on market suggests a shift towards a more balanced market, giving buyers a bit more room to negotiate while still favoring sellers in many areas.

For Sellers: If you're considering selling, now might be the right time to capitalize on high prices, especially in the detached and townhouse segments.

For Buyers: As the market cools, there could be more opportunities to negotiate, but expect continued competition, particularly in high-demand neighborhoods.

Conclusion: Navigating the Market with Confidence

Edmonton’s real estate market in 2024 is dynamic, with rising prices and a competitive landscape. Whether you’re buying, selling, or investing, staying informed and agile is key. Partnering with an experienced real estate team like Iconic YEG can provide you with the insights and guidance needed to succeed in this market.

Why choose Iconic YEG? Our team is dedicated to providing the most current market insights and personalized advice, ensuring you make the best decisions in this ever-changing market. Whether you’re a first-time homebuyer, a seasoned investor, or looking to sell your property, we’re here to help you every step of the way.

Want to know more?

Contact Caitlin Heine, Owner of Iconic YEG to chat

587-336-3176 or caitlin@iconicyeg.com

A recent study by Zoocasa has unveiled a remarkable trend in the Canadian real estate market: Western Canadian cities are witnessing some of the most robust price appreciations so far this year. Edmonton, Calgary, Winnipeg, and Saskatoon have all emerged as standout performers, ranking among the Top 10 markets for year-over-year increases in benchmark pricing for single-family detached homes. Here’s a closer look at the findings and what they mean for prospective buyers and sellers in these dynamic cities.

Edmonton: A Top Contender in Price Growth

Edmonton has distinguished itself as a major player in the real estate market, ranking fourth among 26 Canadian markets in year-to-date benchmark price growth for single-family detached homes. Starting the year at a benchmark price of $421,000, Edmonton saw a significant increase of 9.8 percent, bringing the benchmark to $462,100 by June 30. This impressive growth rate places Edmonton behind only three Ontario cities: North Bay, Sault Ste. Marie, and Sudbury.

North Bay leads the nation with a staggering 12.8 percent increase, reaching a benchmark price of $423,700. Sault Ste. Marie follows closely with a 12.6 percent rise to $305,000, and Sudbury saw a 10.8 percent increase to $475,900.

Other Western Canadian Leaders

Winnipeg, Saskatoon, and Calgary also showed notable price growth:

• Winnipeg: Ranked fifth, with a nine percent increase, bringing its benchmark price to $383,000.

• Saskatoon: Sixth, with an 8.4 percent rise to $463,100.

• Calgary: Seventh, with an 8.3 percent increase, reaching a benchmark price of $690,900.

National Perspective

Nationally, the benchmark price for single-family detached homes rose by 3.8 percent, reaching $808,700 from January to June. This growth, while positive, pales in comparison to the standout performances of the top Western Canadian cities.

High and Low Ends of the Market

The study also highlighted the extremes in the Canadian market. Greater Vancouver, known for its high real estate prices, ranked 14th with a six percent increase, bringing its benchmark price to an eye-watering $2,057,600 — the highest in the country. The Greater Toronto Area followed, ranking 19th, with a 5.2 percent increase to $1,343,400.

On the other end of the spectrum, Saint John, New Brunswick, stood out as the least costly community in the study, with a benchmark price of $304,100 in June, up 7.5 percent from January. This growth placed Saint John eighth among cities for the largest percentage increases.

What This Means for Buyers and Sellers

For buyers and sellers in Edmonton and other high-performing Western Canadian cities, these trends indicate a vibrant and appreciating market. For sellers, the substantial price increases can translate to significant returns on investment. For buyers, it’s crucial to act swiftly and strategically to secure properties before prices climb further.

Final Thoughts

The Zoocasa study underscores the strength and resilience of the Western Canadian real estate market, with Edmonton leading the charge. Whether you are looking to buy or sell, understanding these market dynamics can help you make informed decisions and capitalize on the current trends. At Iconic YEG, we are here to guide you through every step of your real estate journey, ensuring you make the most of these exciting market conditions.

For more insights and personalized advice, reach out to our team at Iconic YEG. We are committed to helping you navigate the evolving real estate landscape with confidence and success.

Edmonton's real estate market is shining brightly, leading the nation's largest cities with rising sales driven by its relative affordability. This trend is expected to continue, positioning Edmonton as a top-performing market for the foreseeable future.

A recent report from RBC Economics highlights Edmonton's impressive performance, showing the city led all major markets for sales growth year over year in June, with an increase of more than seven percent. In contrast, other major cities like Toronto and Vancouver experienced significant declines in sales compared to last year. For example, Toronto saw a nearly 17 percent drop, while Vancouver's sales fell by more than 19 percent.

The Affordability Advantage

One of the key drivers of Edmonton's success is its affordability. While cities like Toronto and Vancouver struggle with high prices and low supply, Edmonton offers a more accessible entry point for homebuyers. Christopher Alexander, president of Re/Max Canada, notes that although the Bank of Canada’s recent interest rate cuts provide some relief, they are unlikely to significantly impact affordability in high-cost areas like Toronto. In June, the average home price in Toronto was still over $1.16 million, making it difficult for first-time buyers to enter the market.

This has created an opportunity for Alberta’s housing markets, especially in Edmonton. Compared to Calgary, where the benchmark price for a single-family detached home reached $767,600 in June (up 12 percent year over year), Edmonton remains more affordable. The benchmark price for a single-family detached home in Edmonton was $476,100 in June, an increase of nearly nine percent year over year.

Migration Trends and Market Dynamics

As Calgary becomes increasingly expensive and struggles to build homes fast enough to meet demand, many prospective buyers are looking to Edmonton as a viable alternative. The Bank of Canada’s recent decisions to cut its key interest rate have further boosted the market. The central bank’s benchmark rate has now fallen by 50 basis points since early June, easing pressure on variable-rate mortgage holders and improving affordability for homebuyers. Governor Tiff Macklem has indicated that inflation is moving closer to its two percent target, and more rate cuts could be on the horizon if inflation continues to trend downward.

Looking Ahead

The outlook for Edmonton's real estate market remains positive. With affordability driving demand, and interest rate cuts making it easier for buyers to enter the market, Edmonton is well-positioned to lead the nation in sales growth.For those considering buying or selling in Edmonton, now is an opportune time to engage with a knowledgeable and experienced real estate team. At Iconic YEG, we are committed to helping you navigate this dynamic market, ensuring you make the most informed decisions. Contact us today to learn more about how we can assist you in achieving your real estate goals in Edmonton’s thriving market.

As the Edmonton housing market continues to heat up, both buyers and sellers are navigating a dynamic landscape. According to Royal LePage's recent survey, Edmonton's housing prices are on the rise, driven by increasing demand and a surge in population. Let's delve into the key insights and what they mean for you.

Steady Price Increases Across Edmonton

In the second quarter of 2024, the aggregate price of a home in Edmonton reached $450,600, marking a 3.7% increase from the same period last year. This growth is particularly notable in single-family detached homes, where the median price surged by 5.5% to $497,200. Condominiums also saw a rise, with median prices climbing 4.2% to $201,600.

A Balanced Market with Growing Demand

Sellers pricing their homes appropriately are seeing steady action, with typical bidding scenarios involving six or seven offers, unlike the intense 10 to 20 bids seen in hotter markets.

Population Growth Fuels Housing Demand

Edmonton's affordability is attracting more people from other provinces, contributing to a growing demand for housing. The city's population has increased by 10% over the past two years, with over 100,000 new residents driving the population to 1.14 million in 2023. This trend is expected to continue, with another 100,000 people projected to move to Edmonton within the next three years.

Low Inventory Challenges

Despite the rising demand, the market faces a significant challenge: low inventory. Edmonton needs more housing to meet the growing demand. The lack of available homes is the primary factor holding back the market from an even more robust performance.

The Resurgence of Condominiums

After a decade of sluggish interest, condominiums are making a comeback in Edmonton. A renewed pulse in the condo market, driven by the city's new zoning bylaws that promote higher density across neighborhoods. This shift is also reflected in the growing popularity of townhomes, row housing, and duplexes.

National Trends and Edmonton's Position

While Edmonton experiences steady growth, the national housing market presents a mixed picture. The aggregate price of a home across Canada increased by 1.9% to $824,300 in the second quarter of 2024. Major markets like Toronto and Vancouver reported slower activity, while Prairie provinces and Quebec saw demand outpacing supply. Notably, Quebec City recorded a significant year-over-year price increase of 10.4%.

The Future Outlook

As Edmonton continues to attract new residents and demand remains strong, housing prices are expected to keep rising. However, the market's balance—steady price increases without the extreme competition seen in other cities—offers a unique opportunity for both buyers and sellers. For sellers, pricing your home right will ensure it moves quickly. For buyers, the market still offers a relatively affordable entry point compared to national averages.

Tips for Buyers in Edmonton

1. Get Pre-Approved for a Mortgage: Understanding your budget and securing pre-approval will give you a competitive edge when making offers.

2. Work with a Local Real Estate Expert: An experienced and local agent, like Caitlin Heine from Iconic YEG will have valuable insights into the Edmonton market and can help you navigate the buying process efficiently.

3. Be Prepared to Act Quickly: While Edmonton's market isn't as frenzied as some other cities, desirable properties can still attract multiple offers. Be ready to make a swift decision.

4. Consider Future Growth Areas: Look at neighborhoods with upcoming developments and infrastructure projects, as these areas can offer good value and potential for appreciation.

5. Don't Skip the Home Inspection: Ensure any property you are serious about undergoes a thorough inspection to avoid unexpected issues after purchase.

Tips for Homeowners Considering Selling

1. Price it Right: Setting the right price is crucial. An overpriced home can linger on the market, while an underpriced home might not get you the return you deserve. Consult with Caitlin Heine with Iconic YEG to find the sweet spot.

2. Enhance Curb Appeal: First impressions matter. Simple improvements like landscaping, fresh paint, and a tidy exterior can make a big difference.

3. Stage Your Home: Consider staging your home to highlight its best features and make it more appealing to potential buyers.

4. Market Strategically: Utilize professional photography, virtual tours, and targeted online marketing to reach a broad audience.

5. Be Flexible with Showings: The more accessible your home is for showings, the more potential buyers can view it, increasing the likelihood of a quick sale.

Conclusion

Stay tuned to the Iconic YEG Real Estate Blog for more updates and insights on the Edmonton real estate market. Whether you're looking to buy, sell, or simply stay informed, we're here to help you navigate the evolving landscape of Edmonton's housing market. With strategic planning and the right support, you can make the most of the current market conditions.

Contact Caitlin Heine with Iconic YEG Today!

As Canada’s largest cities see a surge in new listings, Edmonton's real estate market is also experiencing changes that present unique opportunities for both buyers and sellers. Here's a comprehensive look at how these trends might affect you and why working with Caitlin Heine and the Iconic YEG Real Estate Team can help you navigate this evolving landscape.

A Surge in Listings: What It Means for Edmonton

Recent trends show a notable increase in housing inventories across major Canadian cities. While much of the spotlight is on Toronto and Vancouver, Edmonton is not isolated from these national trends. The rise in new listings creates a more competitive market, shifting some bargaining power back to buyers. This dynamic is particularly advantageous for those looking to invest in Edmonton’s real estate market, especially with the city's comparatively affordable housing prices.

Interest Rates: A Double-Edged Sword

The Bank of Canada’s recent slight cut in interest rates has had a mixed impact. On one hand, it has enticed some buyers off the sidelines, yet the influx of new listings has not been fully absorbed. For Edmonton, this means that while there may be more properties available, the market is not overheating. Buyers can take advantage of lower interest rates without the pressure of rapidly escalating prices. Sellers, on the other hand, may need to be more flexible with pricing and negotiations.

Market Expectations and Financial Strains

Many sellers in Edmonton, much like in other parts of Canada, are likely timing their sales ahead of anticipated interest rate cuts, hoping for a rebound in demand. Additionally, financial strains might be compelling some homeowners and investors to list their properties. For buyers, this translates to a broader selection of homes and potential for negotiating better deals.

The Role of Professional Guidance

Navigating this shifting market requires expert guidance. Caitlin Heine and the Iconic YEG Real Estate Team bring a wealth of experience and local market knowledge to the table. Their understanding of the nuances of Edmonton’s real estate landscape ensures that both buyers and sellers can make informed decisions that align with their financial goals and lifestyle aspirations.

Why Choose Iconic YEG Real Estate Team?

1. Local Expertise: With deep roots in Edmonton, the Iconic YEG team offers insights into neighborhood trends, property values, and emerging opportunities that national trends may not highlight.

2. Tailored Strategies: Whether you’re buying or selling, Caitlin Heine’s team develops personalized strategies to meet your specific needs, ensuring a smooth and successful transaction.

3. Market Savvy: Staying updated with the latest market trends and economic indicators, the team provides clients with current and relevant information, empowering them to make the best decisions.

4. Client-Centric Approach: The Iconic YEG Real Estate Team prides itself on exceptional client service, guiding you through every step of the real estate process with transparency and integrity.

Looking Ahead

As we look ahead, it’s clear that Edmonton’s real estate market will continue to evolve. Buyers can look forward to a more balanced market with opportunities to find their ideal home without excessive competition. Sellers, with the right pricing strategies and professional support, can still achieve favorable outcomes despite the growing inventory.

In these dynamic times, partnering with a knowledgeable and dedicated real estate team is more crucial than ever. Whether you’re buying or selling, Caitlin Heine and the Iconic YEG Real Estate Team are here to help you achieve your real estate goals in Edmonton’s ever-changing market.

For more information or to start your real estate journey, contact Caitlin Heine today.

In a recent study, it was revealed that buyers could secure multiple average-priced condos in Edmonton for the cost of a single average-priced home in Canada, highlighting the exceptional value and opportunities present in Edmonton's resale condo market.

The newest report from real estate platform Zoocasa found that housing sales in both of Alberta’s major cities exploded by 146% between 2020 and 2024. Edmonton’s MLS home sales reached 13,518 in 2024, compared to 5,498 sales in 2020. While the numbers far outpace most cities in Canada, they make sense when considering the province’s population surge over the past few years.

The Alberta population increased by 4.4% when 202,234 people flocked to the province in a single year between January 2023 and 2024. Zoocasa notes this significant increase is the highest the province has seen since 1981 and “is a positive indicator of the region’s future growth potential.” The report also cites Alberta Government statistics tracking interprovincial migration, which found that Alberta was the only province in Canada with significant net gains from people migrating from different regions and territories, with 12,482 people in the first quarter of 2024.

The government’s “Alberta is Calling” campaign also took advantage of the province’s affordable housing market compared to other major Canadian cities. According to many former Vancouverites, the comparatively low cost of living in Alberta was a major draw. As of May 2024, the non-seasonally adjusted residential home prices in Edmonton are $392,700, while in Calgary, they are $587,100.

The Zoocasa report details just how far your money can go in Edmonton. With the cost of an average single-family detached home in Canada at $735,900, Edmonton buyers could purchase three average-priced condominiums—each about $207,000—and still have over $100,000 to spare.

This resurgence is partly driven by demand from out-of-town investors and people moving from larger cities to Edmonton, who see the local condo market as a bargain compared to other major cities. The Zoocasa study notes Edmonton is the most affordable condo market among all 17 cities it surveyed. By comparison, the average price of a condo in Greater Vancouver is over $776,000, while in Toronto, it’s nearly $731,000.

While investors from other cities are active in the market, so too are first-time buyers who can purchase an affordable condominium with a mortgage payment substantially less than monthly rent.

At Iconic YEG, we pride ourselves on being the best choice for real estate professionals in Edmonton. Whether you’re buying or selling, our team’s expertise, market knowledge, and dedication to client satisfaction ensure you get the most value out of your investment. Join the many satisfied clients who have found their perfect home with us and discover the unmatched benefits of working with Iconic YEG.

Contact us today to explore your options and make the most of Edmonton’s vibrant real estate market.