July Single Family Market Report

Single family home prices lifted in July, in line with last year’s values.

Sales Prices

edmonton single family prices july 2023

In July 2023, average sales prices settled at around $485,000 which is around $17,000 more than June 2023. This might be driven by the possibility of interest rate increases in September, combined with lower inventory levels than normal.

Sales Volume

Over 900 single family homes sold in July 2023, which is around the same number as in July 2022. Our market should track or surpass last year’s sales figures, inventory levels allowing. 

Days on Market

Average days on market in July 2023 was 43 days. This is longer than the previous 2 years. The current pace is more like we would expect to see in Edmonton.…

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6 Ways to Prepare Your Buyer for their Home Inspection

Its during the inspection period that many newer agents lose their client and their transaction.

You have invested several evenings and weekends showing your client homes.

Finally, they found one they loved and you worked hard to negotiate and paper a deal with the sellers agent.

Have you ever considered that your clients go through a number of emotional waves?

When they are out shopping with you, their mood will normally be light.

They will get very excited once you tell them their offer has been accepted. Afterward however, they will go into a self-doubt mode and you need to be ready for that.

Their mood will start to lift again as the day for home inspection arrives.

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3 Things to Know About Interest Rates in July 2023

On July 12th 2023, the Bank of Canada increased the bank rate to five and one quarter percent as part of its quantitative tightening policy. Because our economy has been performing well inflation has not been fully controlled.

What does this mean to you as a potential home buyer?

1. Approved Already

If you are already approved and have secured a commitment letter from you lender you have the balance of approval term (usually 60 to 90 days ) to find a home at todays prices.

2. Not Approved Yet

You would be well advised to get yourself approved and start to shop in earnest whilst interest rates are relatively low and whilst home prices around Edmonton are softer. We usually see home and…

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The 4 Kinds of FSBO & How to Work with Them

What is a FSBO? It’s the term many in the real estate industry call a ‘For Sale by Owner’.

For many REALTORS®, the thought of approaching a for sale by owner strikes fear into their hearts. For others, it’s a wonderful opportunity to find more inventory for their buyer clients, or in some cases to win a listing client.

I was watching a video published by Nick McLean, a well-known coach about for sale by owners and he shared some great observations. I compiled his ideas and blended it with my personal experience of working with for sale by owners for over 20 years.

Let’s talk about the different types of by owner you will typically come across. Let’s talk about how you might find some common ground…

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June Single Family Market Report

Single family home prices softened in June in line with seasonal norms.

Sales Prices

In June 2023, average sales prices settled at around $468,000 which is somewhat lower than this time last year and the year before. Perhaps the attraction of single-family housing over condos has reduced somewhat now that the Covid crisis is essentially over.

Sales Volume

 

1200 single family homes sold in June 2023 compared to 1203 in 2022 and 1249 in 2021. The market was essentially flat in June.

Days on Market

 

Average days on market in June 2023 was 40 days. This is the same as for May 2023. Perhaps the market for single family has stabilized now? The current pace is more like we would expect to see. The…

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June Condo Market Report

The Edmonton condo market stays stable and with increased sales volume and higher prices.

Sales Prices

 

Condo sales prices peaked for 2023 in June at an average price of around $223,000. This is still lower than the previous 2 years, however.

Sales Volume

 

There were 584 condos sold in June compared to 585 in May. Condo sales volume was comfortably above the last 2 years. Does this point to a rebound in confidence for the condo market?

Days on Market

For the second month running condos sold for an average days on market of only 48 days. This is much better than over the previous 2 years and does suggest an underlying confidence in the condo market.

 Supply


With less than 4 months of…

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May Condo Market Report

The Edmonton condo market remains stable and with increased sales volume.

Sales Prices

edmonton condo prices may 23 ambergate realty

Sales values for condos remain flat. This is surprising as they represent great value when compared to single family homes. In my view condos are a bargain and still a great buy from a stability perspective. Based on the mid term performance of the condo market you might not gain but you wont lose either.

 Sales Volume

Sales volume has surpassed 2021 every month so far. 2022 was an aberration. There were 585 condo units sold in May across Edmonton up from 570 the year before. The steep growth in condo sales this year suggests that buyers are recognizing the hidden value of condo product, when compared to single family…

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3 Quick & Easy Ways to Get Your Home Ready to Sell in 2023

For most of us selling a home is a daunting task. Here are 3 quick & easy ways to get your home prepared & ready to sell for full market value.

If you want to sell your home with a minimum of fuss & bother, here’s what I suggest you do:

1. Wash & paint the front door

As a buyer walks up to your home it’s important to create a great first impression. Nothing says ‘don’t buy me’ faster than a dirty unkempt front door. Consider giving your front door a good wash. If you have time, a fresh coat of paint will make a huge difference to your home’s ‘welcome factor’.

2. Declutter the front entryway

Have you heard of the ‘the rule of the first 5 seconds?’

Your buyer may decide to…

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Prices for single family homes are heading up.

Single family homes are in short supply in the Edmonton market at this time.

If finding a great home at a good price is your goal this year, what should you do?

1. Ask your REALTOR® to identify the older listings. These are the homes that were perhaps overpriced and hence did not sell right away. Most buyers ignore these opportunities. You should not.

2. Identify ‘off market’ homes. These are homes for sale by owner. Homes that were on the market but are now off the market. History shows that these sellers will usually try again after taking a ‘rest’. Or homes that could be for sale if only the owners were asked.

Your REALTOR® will know how to help you find them.

To shop for ALL homes in…

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May Single Family Market Report

The May market delivered a solid performance. And prices hit their highest level for 2023.

Sales Prices

Single family prices may 2023


In May 2023, average sales prices were around $484,000 slightly above May 2022 sales values of $483,000 and $26,000 UP on May 2021. When compared to 2021 that’s a 6 percent increase in values. Interest rate increases have had no tangible effect.


Sales Volume

Don’t let this graph fool you. Just look at how steep that line is. Single family housing is popular. Post Covid we witnessed unusually high sales numbers. However, 2023 sales volumes are at pre Covid norms.


Days on Market

 Average days on market in May 2023 was 40 days compared to 24 days last year and 27 days in 2021. The…

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