Edmonton shifts to a more ‘balanced’ real estate market

Single-family home sales in the region saw sales fall 6.3 percent from April last year and down 11.3 percent from March 2022

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Edmonton’s real estate scene remained busy in April with a shift towards a more “balanced” market.

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Paul Gravelle, chairman of the Realtors Association of Edmonton, said April was another “strong month” for real estate in the greater Edmonton area, but there is now less competition among buyers.

“We’re seeing more and more listings that give buyers more choices,” Gravelle said.

“We sold 2,919 homes last month and listed 4,719. So we now have more inventory than sales, which is reflected in a more balanced market at the moment.”

In the Edmonton metro area, total home unit sales fell 10.9 percent compared to March 2022, but it was a two percent increase from a year earlier.

Condo sales saw the largest year-on-year increase, jumping 26.6 percent from April 2021. However, they fell by 7.2 percent compared to the previous month.

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“As interest rates and house prices rise, we’re seeing people who may have been priced out of the housing market a bit and are therefore making alternative choices about the product they buy,” Gravelle said.

“Also, we have the baby boomers who have sold some of their larger homes and are more likely to move into a lifestyle management product, which would be a condo so they don’t have to worry about mowing the grass and can just go and live their nice ones lifestyle in retirement.”

Single-family home sales in the region saw sales fall 6.3 percent from April last year and down 11.3 percent from March 2022.

The average unit selling price for April was $510,988, up 1.4 percent from March and an 11 percent jump from April 2021. The average total unit selling price for April was $466,000.

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“We’re still one of the cheapest, if not the cheapest, places in Canada,” Gravelle said.

“We like to think we’re the cheapest, but we’re still very affordable for investors and first-time home buyers trying to get into this housing market.”

He added that now is a good time to buy as interest rates are still “well below” historical levels and there is more choice and less competition.

All housing offers were on the market for an average of 31 days, a six-day drop compared to April 2021 and a three-day drop compared to March.

Looking ahead to the rest of May, Gravelle said he expects another stable month for the region.

“It’s still the spring market, there are still plenty of buyers and lots of deals coming in, so there are some great choices for buyers that we didn’t have, so now is the time to go out and try to find out what works for you or what you are looking for as a buyer,” he said.

ktaniguchi@postmedia.com

twitter.com/kellentaniguchi


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