Covid 19 has changed our market. Staying informed when are selling a home or buying one is crucial so that you make the right choices at the right time. We pride our ourselves on being 'first to market' every week, every month and every quarter with this information. Read our reports first before you sell or buy any home in the metro Edmonton area... 

The Edmonton condo market is showing signs of recovery.

Sales Prices

Whilst condos traded for less money in February 2023 when compared to 2022, prices were around $2,000 UP when compared to February 2021. And prices are around $5,000 UP in February compared to January 2023.

We expect to see condo prices improve as we hit the spring market.

Sales Volume

The steep growth in condo sales this year perhaps suggests that buyers are recognizing the hidden value of condo product when compared to single family homes.

Condos are much more affordable when compared to single family homes at the current time.

I would expect that this growth curve will continue into 2023.

Days on Market

Condos sold in only 63 days on average…

203 Views, 0 Comments

Read Full Post

The February the market delivered a solid performance.

Sales Prices


In February 2023, average sales prices were around $439.000, down on 2022, but around $8,000 UP when compared to February 2021. So far this year, values have been flat, but we expect that to change.

Sales Volume

Don’t let this graph fool you. January and February 2023 sales volumes are at pre Covid norms. We expect sales volume to climb in March, as we enter the traditional spring market.

Days on Market

Average days on market in February 2023 was 52 compared to 40 last year and 46 in 2021. This may suggest a little hesitancy on the part of home buyers, perhaps in light of interest rate increases, but really nothing to worry about.

Supply

We…

195 Views, 0 Comments

Read Full Post

If inventory levels stay lower in 2023, sales values will lift.

Sales Prices

Condo buyers have pushed hard and negotiated solid discounts in January 2023. Average sales prices for 2023 was around $205,000 compared to around $220,000 in 2022 and around $217,000 in 2021.

Sales Volume

January 2022 was an extraordinary year and sales volume for January 2023 was about 7% down. However, it matched 2021. I do not think there is cause for concern.

For many home buyers condos make the most sense.


Days on Market

Condos sold in only 68 days on average in January 2023 compared to 75 days in January 2022. In my opinion, this confirms the underlying confidence that buyers have in condo product.

Supply

There is still…

151 Views, 0 Comments

Read Full Post

The January market delivered a strong price performance.

Sales Prices

In January 2023, average sales prices were 1 percent down compared to 2022, but $11,000 ABOVE 2021. The average sales price for January 2023 was around $438,000 compared to around $440,000 in January last year. A negligible difference.

Sales Volume

Sales volume was disappointing relative to the last 2 years. There were 481 single family sales reported in January 2023 compared to 724 sales in 2022. I expect sales volume will pick up nearer to 2021 levels as the year matures. Last year, 2023 was extraordinary and not likely to be repeated in the foreseeable future.


Days on Market

Average days on market in January 2023 was 61 compared to 52 last year and…

616 Views, 0 Comments

Read Full Post

The December condo market continued to be very active, and sales volume remained high.

Sales Prices

Average sales prices for 2022 was $221,807 compared to $221,518 in 2021. Prices were essentially flat.

Sales Volume

Sales volume is the big story for 2022. Over 5,200 condos sold in 2022 across Edmonton compared to around 4,600 in 2021 an increase of 14%.


Days on Market

Average days on market for 2022 was 56 days compared to 58 days in 2021. This confirms the underlying confidence that buyers have in condo product in my opinion.

 

Supply

Supply is the achillea heal of the Edmonton condo market and has been for several years. There is currently a 7-month supply although this will drop off because many condo…

133 Views, 0 Comments

Read Full Post

The December market continued to slow in line with seasonal expectations.

Sales Prices

In December 2023, average sales prices were slightly down compared to last year. The average sales price for December was around $4450,000 compared to around $455,000 in December last year.

However, the annual price increase for single family homes was 4% i.e. $469,000 for 2022 compared to only $455,000 in 2021.

Sales Volume

After the amazing and unexpected start to the year, sales volume fell off. Sales volume ended the year with 595 fewer units being sold in 2022, when compared to 2021, a drop of about 5%.

12,256 single family homes sold in the Edmonton area by the end of 2022. Although down on 2021, its still around 3000 units or 33% up…

105 Views, 0 Comments

Read Full Post

The November condo market continued to be very active, and sales volume is high. However, an abundance of supply is holding prices down.

Sales Prices

In November 2022, average sales prices were around $215,000 compared to over $216,000 in November 2021 and sales price for the entire year is tracking neutral.

Sales Volume

In November 2022, around 289 sales were registered compared to around 325 sold units in 2021. We expect to see sales volume for 2022 track about 600 units above last year or an increase of around 13% for the year.


Days on Market

Average days on market for November 2022 was 58 days compared to 61 days in November 2022. In my opinion this is a strong sign that buyers feel confident about opportunities in…

99 Views, 0 Comments

Read Full Post


The November market performed well.

Sales Prices

In November 2022, average sales prices were slightly UP compared to last year. The average sales price for November was around $450,000 compared to around $445,000 in November last year. And sales prices are trending 4% UP for the entire year.

Sales Volume

After the record-breaking start to the year, sales volume has dropped off dramatically. Sales volume will likely end the year with around 650 fewer units being sold in 2022 when compared to 2021, a drop of about 5%.

We expect to see just under 12,500 single family homes sell in the Edmonton area by the end of 2022. Note although down on 2021, its still around 3000 units or 33% up on 2020.


Days on Market

Buyers were…

136 Views, 0 Comments

Read Full Post

The October condo market continued to be very active. Abundant supply is holding prices down.

Sales Prices

In October 2022, average sales prices were around $209,000 compared to over $220,000 in October 2021. This is a decrease of about 5%. However, the annual market performance for condos is tracking neutral.

Sales Volume


In October 2022, around 313 sales were registered compared to around 375 units sold in 2021. It should be noted that the last 4 months of 2021 saw a dramatic increase in units sold. For 2022 sales volumes are still ABOVE those number for 2020 and we expect to see sales volume for 2022 track about 600 units above last year an increase of around 13%

Days on Market

Condo buyers were snapped up quickly in…

127 Views, 0 Comments

Read Full Post

The October market continued to perform well.

Sales Prices

In October 2022, average sales prices were slightly UP compared to last year. And sales prices are trending 4% UP for the entire year. The average sales price for October was around $450,000 compared to around $444,000 in October last year.

Sales Volume

After the record-breaking start to the year, sales volume has dropped off dramatically. Sales volume will likely end the year around 500 fewer units being sold in 2023 when compared to 2022. A drop of about 4%.

We expect to see just under 12,000 single family homes sell in the Edmonton area by the end of 2022.

Condo sales are stronger. See my other report for details.

Days on Market

Buyers were taking their…

204 Views, 0 Comments

Read Full Post