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

Are you considering buying a new construction home directly from a builder in Edmonton, Leduc, or Beaumont? While it might seem easier to deal directly with the builder, having a trusted REALTOR®, like me—Allisha McKenzie with the Iconic YEG Real Estate Team of RE/MAX Real Estate—can make a significant difference.

Here’s why partnering with an experienced real estate professional is your best move when buying new homes or real estate in the area.

1. Representation and Advocacy

When you work directly with a builder, you’re dealing with their sales representatives—professionals who are paid to protect the builder's interests. As your REALTOR®, I’m dedicated to representing your best interests throughout the home-buying process.

• Expert Negotiation: Builders don’t always offer the best price or upgrades upfront. I negotiate on your behalf to secure valuable incentives like upgrades, finishes, or pricing.

• Unbiased Advice: While builders focus on selling their homes, I provide you with honest, expert advice to help you make decisions that align with your long-term goals.

2. Market Expertise in Edmonton, Leduc, and Beaumont

Knowing the local real estate market is crucial when purchasing a new home. I bring deep knowledge of trends in Edmonton, Leduc, and Beaumont to help you make the best investment.

• Fair Pricing: Builders’ prices can sometimes exceed the true market value. I provide a comparative market analysis (CMA) to ensure you’re paying a fair price for your new home.

• Resale Value Insight: A home’s resale potential matters, even if you’re buying new. I assess the property’s location, layout, and other factors that could impact its future value.

3. Navigating Complex Contracts

Builder contracts are lengthy and often written to benefit the builder. With a REALTOR® in your corner, you can confidently navigate these documents.

• Contract Review: I ensure the terms of the agreement protect your interests, identifying potential risks before you sign.

• Clarifying Builder Incentives: Builders advertise appealing incentives, but are they really as valuable as they seem? I evaluate these offers to ensure you’re getting the best deal possible.

4. Ensuring Quality with Inspections

Even brand-new homes can have construction issues. Builders may overlook minor (or major) problems, so having an advocate ensures the quality of your investment.

• Inspection Coordination: I recommend trusted home inspectors to assess the build quality and identify any issues before your closing day.

• Peace of Mind: From walkthroughs to follow-ups, I ensure your new home is exactly as promised.

5. Cost Savings That Go Beyond the Purchase Price

Many buyers assume skipping a REALTOR® saves money, but builder pricing often includes commissions for buyer representation. That means working with me won’t cost you extra—and could save you thousands!

• Hidden Costs: Builders may not disclose additional costs like appliances, landscaping, or condo fees upfront. I help you budget for all aspects of your new home.

• Added Value: I maximize your investment by ensuring you get the best incentives and upgrades possible.

6. Simplifying the Home-Buying Process

Buying a new construction home involves more than signing on the dotted line. From choosing finishes to scheduling walkthroughs, the process can be overwhelming. That’s where I come in.

• Streamlined Process: I manage deadlines, appointments, and paperwork to ensure everything runs smoothly.

• Stress-Free Experience: With me handling the details, you can focus on the excitement of moving into your dream home.

Why Work with the Iconic YEG Real Estate Team?

As part of the Iconic YEG Real Estate Team, I pride myself on delivering exceptional service to clients in Edmonton, Leduc, and Beaumont. Here’s what sets us apart:

• Local Expertise: We understand the nuances of the real estate market in Edmonton and surrounding communities.

• Personalized Service: Every buyer’s journey is unique, and I tailor my approach to meet your specific needs.

• Trusted Advocacy: Whether you’re buying a home or investing in new construction, I’m here to guide you every step of the way.

Ready to Find Your Dream Home?

If you’re looking to buy a new home in Edmonton, Leduc, or Beaumont, don’t go it alone. Let’s connect to ensure you get the best deal, avoid pitfalls, and make your real estate journey stress-free and successful.

Contact Allisha McKenzie, REALTOR®
Proud Member of the Iconic YEG Real Estate Team
Your Trusted Partner in Edmonton Real Estate

780-994-1855 or allisha@iconicyeg.com

👉 Call, text, or email today to start your home-buying journey!

View New Homes In Leduc

View New Homes in Beaumont

Housing affordability remains a key concern in the Canadian real estate market. With mortgage rates around 6% and the challenge of saving for a 20% down payment, first-time homebuyers are facing significant hurdles. However, the dream of homeownership is still within reach, especially if you know where to look—and the Iconic YEG Real Estate Team is here to help guide you through the process.

While cities like Toronto and Vancouver often dominate the headlines, Canada is home to several affordable real estate markets where you can find great value. Here’s a look at some of the most budget-friendly areas across the country, and why Edmonton, with the help of the Iconic YEG Real Estate Team, could be your best bet for finding an affordable home.

Discovering Affordable Homes Across Canada

From the picturesque coasts of Newfoundland and Labrador to the scenic beauty of Cape Breton, Nova Scotia, there are many regions in Canada where home prices remain accessible. For instance, the Home Price Index in Newfoundland and Labrador was $291,100 in May 2024, offering excellent value for homebuyers. Similarly, Cape Breton’s average home price of $265,207 in the same period is one of the most affordable in Nova Scotia.

In Ontario, Sault Ste. Marie presents a more budget-friendly option compared to larger cities like Toronto, with benchmark prices hovering around $300,000. Meanwhile, in Manitoba, Brandon’s median sales price for single detached homes was $325,000, representing one of the most affordable options in the Prairies.

Why Edmonton Is the Perfect Place for First-Time Buyers

Among these affordable markets, Edmonton stands out as a prime destination for first-time buyers and investors alike. Despite Alberta’s growing population and increased demand for housing, Edmonton remains one of the most affordable large urban centers in Canada. The benchmark price in the Greater Edmonton Area was below $400,000 at the end of the first quarter of 2024, making it an attractive option for those looking to enter the housing market without breaking the bank.

Invest in Edmonton’s Real Estate Market with Iconic YEG

Edmonton’s real estate market offers incredible opportunities, especially for investors. The city’s apartment-style condos are particularly ripe for investment. With an average price of about $202,000, these condos are not only affordable for first-time buyers but also provide significant returns for investors. A recent study by Zoocasa highlighted Edmonton as one of the top cities for condominium profitability, with the potential for a substantial difference between mortgage payments and rental income.

If you’re considering making a move in the Edmonton real estate market, the Iconic YEG Real Estate Team is here to assist. Led by Caitlin Heine, a RE/MAX Titan Club recipient, the team is dedicated to helping you find the perfect home or investment property. With their in-depth knowledge of the local market and commitment to providing personalized service, they can guide you through every step of the buying process.

Contact Iconic YEG Real Estate Team Today

Whether you’re looking to purchase your first home or seeking a lucrative investment opportunity, Edmonton’s real estate market has something to offer. The Iconic YEG Real Estate Team is ready to help you navigate this dynamic market and find a property that meets your needs and budget.

Don’t miss out on the chance to make your homeownership dreams a reality. Contact Caitlin Heine at caitlin@iconicyeg.com today to learn more about how the Iconic YEG Real Estate Team can assist you in finding the perfect property in Edmonton. Let us help you plant new roots without breaking the bank!

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!

Introduction

In a nation gripped by low vacancy rates and climbing rents, the real estate market finds itself at a crossroads. High demand meets tight supply, and every available unit is a proverbial gold mine for landlords and investors. But beyond the allure of monthly profits lies a question of community and sustainability: Are we building homes, or are we just fabricating ephemeral rental spaces?

The Temptation of Profits

CTV News reported on January 31, 2024, that Canada's average rent witnessed record growth as the vacancy rate plunged to a startling low. With a national rental vacancy rate reaching a low of 1.5 percent, the lowest since 1988, the tight competition among renters has inadvertently gifted landlords the liberty to increase rental prices. However, this monetary gain highlights a worrying trend—a focus solely on vacancy rates rather than cultivating tenancies' longevity and satisfaction.

The Ultimate Goal: Tenant Satisfaction

It is high time the real estate sector recalibrates its compass from mere vacancy filling to the true north of tenant contentment. After all, what is a home if not a haven infused with a sense of belonging and community? As CMHC’s Rental Market Report indicates, the staggering turnover rate of 28.1% in locations like Edmonton suggests that residents are seeking more than just a roof over their heads—they're on a quest for a place to root their lives purposefully.

Beyond Transitory Success

A rotating door of tenants is no badge of honor; it whispers tales of transience and dissatisfaction. When renters like Jane and Matt not only choose to stay but become advocates for their community, it echoes a success far sweeter than fleeting financial triumphs. Tenant loyalty and recommendations are the linchpins that convert short-term profits into lasting prosperity and turn housing units into vibrant communities.

The Role of Real Estate Visionaries

To my fellow real estate professionals, let us not be swayed solely by immediate gains. It's imperative we expand our vision, placing tenant satisfaction at the forefront of our practices. As thought leaders, it's our responsibility to shape an industry that honors its tenants through building authentic communities, not just strategically engineered profits.

Conclusion

Building homes goes beyond the construction of walls and the installation of fixtures; it's about fostering environments where life thrives. With Canada grappling with affordability and supply shortages, as per CMHC's findings, the impetus is on us to reimagine the narrative of our rental markets. Let's champion a shift that celebrates tenant satisfaction as the ultimate measure of our success.

Now, it's your turn. Let's create a lasting community; your thoughts matter here. Share your vision for enduring rental communities in the comments! #CommunityBuilding #TenantRetention

Are you a developer or property owner that shares our vision?  Check out how Iconic YEG’s Services can help.

Are you searching for an exceptional home that offers an unparalleled lifestyle in the heart of Edmonton? Look no further than The Galleria, a contemporary two-storey condo located in the desirable Oliver neighborhood. Step inside this rare gem and prepare to be captivated by its unique features and prime location.

As soon as you enter, an abundance of natural light will greet you through the year-round indoor atrium, creating a warm and inviting ambiance. The concrete construction provides peace and quiet, allowing you to escape the noise of the city and unwind in your private sanctuary.

The gourmet kitchen is a chef’s dream come true. With stainless steel appliances and luxurious quartz countertops, this space will inspire your culinary creativity whether you’re preparing a lavish dinner for friends or simply enjoying your morning coffee. The open-concept dining area is ideal for both intimate meals and large gatherings. Its 16-foot ceiling and skylight exude a sense of grandeur, providing the perfect backdrop for hosting memorable events.

The main floor also features a spacious second bedroom that can be used as a home office or gym. The recently renovated bathroom offers convenience and comfort for your guests. Upstairs, discover a loft-style living room with a wood-burning fireplace, the ideal cozy retreat to curl up with a book or watch movies. However, the true highlight is just beyond the living room—a generous west-facing patio with breathtaking views of the city skyline. This space is where cherished memories will be created.

The oversized master suite is a luxurious sanctuary, complete with a walk-in closet and ensuite bathroom. Wake up to soft sunlight from the vaulted skylights and experience tranquility on your interior balcony. Underground parking for two vehicles and a private storage room ensure all your needs are met.

Located in the heart of Oliver, you’ll find yourself steps from Downtown, the University, acclaimed restaurants, public transit, and the River Valley. Embrace the vibrant energy of city living while enjoying the serenity of nature.

Don’t miss this opportunity to own an extraordinary home in The Galleria. Schedule a private viewing today and embark on a life filled with luxury, convenience, and endless possibilities in your urban oasis. Welcome home!

For More Information - CLICK HERE

Parkdale is a central Edmonton neighbourhood with deep roots in the city’s history. Located just minutes north of downtown, Parkdale was developed in the early 1900s alongside the construction of a local streetcar line, providing direct access to shops and services along 118th Avenue. Today, Parkdale remains an ideal location for those seeking an ultra-affordable home in a historic community.

Did you know that Edmonton gained city status in 1904 with a population of just over 8,000 people? Only a year later, Edmonton became the capital city of Alberta when the province was formed on September 1, 1905. The community of Parkdale was established soon after, with 40% of residences built before World War II and another 30% before 1960. These historic properties offer a glimpse into Edmonton’s architectural past, with many heritage homes restored to include modern amenities.

In addition to its historic homes, Parkdale offers a mix of housing options at affordable price points. Detached infill homes and half-duplexes are ideal for first-time buyers, while low and high-rise apartments start at just $65,000 for a one-bedroom unit.

VIEW ALL HOMES FOR SALE

With downtown Edmonton only minutes away, Parkdale residents can enjoy amenities like the shops and eateries of Jasper Avenue, Rogers Place, the Edmonton City Centre mall, and the Downtown Business District. Bordering 118th Ave also provides amenities within walking distance, including grocers, medical services, and banking.

Other nearby attractions include the Royal Alberta Museum, Art Gallery of Alberta, Citadel Theatre, and Edmonton Convention Centre. The community is also home to many parks, including the large Giovanni Caboto Park.

The Parkdale Community League was established in 1922 to promote community engagement and “sane and true” patriotism through social and recreational events. The league originally organized activities like tennis matches, dances, variety shows, and hockey games. Though the league declined during World War II, it was re-established in 1956 to fundraise for a new rink complex. A community centre was built in 1981 through an $830,000 community services grant, offering space for community events and programming.

In 1986, Parkdale amalgamated with the neighbouring Cromdale community. Together, Parkdale-Cromdale Community League represents the interests of both communities and provides resources for residents.

Welcome to Parkdale, an Edmonton community with deep historical roots and a variety of amenities for residents. Explore the neighbourhood to discover its historic homes, green spaces, recreational facilities, schools, and local businesses. Parkdale's friendly and welcoming atmosphere, affordability, and proximity to downtown make it an ideal place to call home.

View More About the Iconic Parkdale Community Here

As we approach the end of the year, I'd like to share some interesting statistics and insights that will help you navigate the Edmonton real estate market in 2024. According to the current data, over 35% of homes that came to the market in 2023 did not sell. Surprising, isn't it? But fear not, we have solutions! The Iconic Real Estate Team wants to ensure you're not among that statistic. The Edmonton real estate market forecast for 2024 is quite promising; however as a potential seller, it's crucial to understand how to avoid falling into the category of unsold homes.

Here at Iconic YEG, we have compiled important tips to help you navigate the 2024 Edmonton Real Estate market successfully.

Understanding the Importance of Timing

Did you know that May was the month with the most homes sold in 2023? This fact highlights the need for a strategic selling plan before the end of January. Most homeowners often wait until spring to consider selling, but in reality, plenty of buyers are out shopping during the colder months and there is less competition on the market.

GET A FREE HOME EVALUATION AND COMPLEMENTARY STRATEGIC PLAN NOW

Emphasizing Strategy

Edmonton, Alberta, is set to become a national destination for migration due to its strong economy. With an expected increase in housing demand, it's crucial to have a strategy to attract out-of-province buyers. Iconic YEG provides all our sellers with custom strategies relating to Buyer Demographics, Marketing Impact Initiatives, and more. What makes your home standout and how do you get that message to a high volume of buyers?  We have a plan for you, contact us to get started.

Preparation: The Key to Successful Selling

Proper preparation can significantly enhance your home's appeal. Iconic YEG guides you through each step of the preparation process, ensuring your home is primed for the market.  Click here for more tips on preparing your home for sale.

The Value of Marketing with the Right Realtor

At ICONIC YEG, we understand the importance of marketing your home effectively. We invest heavily in top Real Estate photographers, stagers, and more to ensure maximum traffic on your listing, both on the internet and local community fronts.

Understanding Pricing and Competition

Pricing your home correctly is often the make-or-break moment of the selling process. We use up-to-date data and in-depth knowledge of the Edmonton market to ensure your property is priced accurately. This way, you can confidently negotiate with buyers and get the price you deserve.

About ICONIC YEG

Iconic YEG isn't your average real estate team. We're a collective of professionals who share the same values and are driven by a common purpose - to enhance the expectations of the clients we serve. We're not salespeople; we're professionals who strive to learn more each day, so we can help our clients make informed and favorable real estate decisions.

Our Services

Whether you're looking to buy or sell, need assistance with new developments or rental services, our team of experts is here to help. We ensure a personalized, dedicated service ensuring your real estate journey is successful

Let's Move Forward Together

If you are considering selling your home in 2024, your home selling journey starts here. Let's make it a successful one. Book a consultation with ICONIC YEG before the end of January and get started on your successful home selling journey.

SCHEDULE NOW

As we round out the year, real estate enthusiasts are keen to review the year that was and forecast what 2024 may bring for the Edmonton real estate market. From population increases to interest rate changes and property prices, let's delve into the details and explore the likely trends for the coming year.

Highlights of the 2023 Edmonton Real Estate Market

Despite the global uncertainties, Edmonton's real estate market experienced significant developments in 2023. Key highlights include a 3.5% increase in Edmonton’s population, with more than 45,000 people migrating to Alberta within a three-month period alone. The Bank of Canada interest rates rose 75 basis points in 2023 to 5.0%, impacting mortgage affordability.

In terms of property prices, the average selling price for a single-detached home was $479,000, for a semi-detached home $362,000, for a townhouse $271,000, and for a condo $172,000*. (*Average as of November 2023 for the Greater Edmonton Area.)

The market for single-family homes priced under $500,000 remained hot, and this trend is expected to continue into 2024 due to high demand and limited supply.

Edmonton Real Estate Forecast for 2024

As we look ahead, we foresee some key trends that will shape the Edmonton real estate market in 2024:

Interest Rate Cut Expected

Experts predict a slight cut in interest rates in 2024 by the Bank of Canada. However, the impact won’t be too dramatic even in Edmonton, which continues to be one of the most affordable markets in Canada.

Continued Migration to Alberta

The strong Alberta economy is expected to continue attracting newcomers, driving population increases, and hence housing demand, particularly in more affordable Edmonton compared to Calgary.

First-Time Buyers and Investors Still Driving Market

First-time buyers and investors are expected to continue to dominate the market, particularly for condos, semi-detached homes, and single-family homes in the under-$500,000 range. This could potentially shift the Edmonton market to a seller’s market during the peak sales months of 2024.

Residential Prices Expected to Increase

While the average Edmonton sale price decreased by 4.3% from 2022 to 2023, an increase of about 4% is predicted for 2024. Home sales transactions, on the other hand, are expected to decrease by about 5% in 2024.

2024 Outlook: A Favourable Forecast for Edmonton

The Edmonton real estate market forecast for 2024 is quite promising. A robust provincial economy, continued population growth, and a possible interest rate cut by the Bank of Canada will all contribute to a stable property market.

Edmonton’s affordable property market has attracted a wave of inter-provincial migration, with approximately 40,000 new residents in 2022 alone. This trend is expected to continue into 2024, bolstering demand, particularly for homes under $500,000.

However, affordability concerns due to high mortgage rates may continue to impact the market, particularly in the $600,000+ range, limiting the buying power of move-up buyers.

With all these factors at play, the next six to nine months may present a unique window of opportunity for potential buyers, particularly those from outside the province, to secure affordable properties in Edmonton. The city's affordability, in comparison to other major Canadian markets such as Toronto, makes it an attractive investment opportunity that may not last much longer.

As we look to 2024, we’re excited to see what the Edmonton real estate market will bring. Whether you're a first-time buyer, an investor, or a homeowner looking to sell, it's vital to stay informed about these market trends to make the best possible decisions. After all, as we always say, those who refuse to settle for the ordinary deserve the best.

Want to know more and discuss your 2024 strategies?  Contact us today

Dave Liniger's, the found of the RE/MAX brand had a bold vision for the real estate industry and it was nothing short of groundbreaking. He aimed to provide experienced agents with more control over their businesses, along with increased commission rates. And what started as an idea on paper quickly revolutionized the industry through maximum-commission models and powerful marketing tools. With this new approach, agents no longer had to settle for traditional commission splits and instead could pool resources to cover office expenses. Liniger's innovative plan ultimately changed the course of history, forever altering the landscape of the real estate world.

From its humble beginnings in 1973, the RE/MAX real estate network has seen consistently rising success. With each decade came new milestones: globalization with expansions into Canada and other markets; agent count growth that pushed it past 5,000 agents in 1984 and beyond 25,000 before 1990 was out; then finally to over 50k by 1998! This allowed them to reach their market peak of 1 million transaction sides sold annually- a first for any brand involved in global real estate - earning the mantra "Nobody can sell more!"

In the 1990s, RE/MAX experienced international expansion on a massive scale with franchises launching across Europe and South Africa. Additionally, they introduced groundbreaking initiatives such as their Satellite Network - enabling agents to access unparalleled industry training - and made charitable commitments through support of Children's Miracle Network charities. These milestones have since evolved into quintessential cornerstones that account for much of the brand's ongoing success today.

While RE/MAX experienced rapid international growth in the early 2000s, they were forced to respond quickly when a global financial meltdown struck years later. Dave Liniger and his team worked hard to address housing challenges by advocating for easier short-selling processes and providing education opportunities so agents could help families facing foreclosure. Thanks to these efforts, RE/MAX now boasts an extensive network of knowledgeable real estate professionals around the world prepared with the skills needed during difficult times.

RE/MAX is a trailblazing name in the global real estate landscape, boasting over 140,000 agents across 110 countries and territories. As part of its mission to lead cutting-edge innovation and technology solutions for buyers around the world, it launched remax.com allowing users to search listings through their own language or currency as well as introduce other platforms like MyRU eLearning and RE/MAX Commercial websites that are always ahead of industry trends. Having celebrated 40 years since inception back in 2013 - when REMAX Holdings Inc also became publicly traded on NYSE's RMAX stock exchange - this powerhouse network shows no signs of slowing down anytime soon!

It's no wonder RE/MAX is one of the most powerful brands in the real-estate market. Their commitment to customer satisfaction and their ever-growing global presence makes it a great choice for those looking to buy or sell their next Edmonton home. With valuable resources designed to provide both agents and sellers with knowledge on finding the right selection or listing process, RE/MAX is the trusted partner when it comes to house hunting. It gives agents access to powerful tools that will help them track a property’s progress and buyers easy access to detailed data about each property they’re interested in.

Whether you're thinking of buying or selling, Iconic YEG, powered by RE/MAX is your best option for an Edmonton Real Estate Partner. Due to their expertise and unsurpassed commitment, you can count on them to deliver great results for your home buying or selling journey.

Contact us for more information how we leverage RE/MAX's technology, resources and seasoned team of local professionals : caitlin@iconicyeg.com