Edmonton Housing Market Trends - October 2023

by Jason Beattie

1. Mortgage Interest Rates: The best 5-year fixed mortgage rates in Edmonton as of October 2023 are as follows:

5.44%

5.49%

5.94%

5.92% (Promotional Rate)

5.94%

6.49%

2. Current Market Trends:

The average price of a home in the Edmonton area for September 2023 was $394,000, marking a 5.0% yearly increase and a 1.0% monthly decrease.

Detached home average prices increased by 6.5% year-over-year and decreased by 0.3% month-over-month, settling at $493,328.

Semi-detached home average prices saw a decrease of 4.2% year-over-year and a reduction of 5.2% month-over-month, with the price being $353,929.

Townhouse average prices experienced an 8% year-over-year increase and a 5.4% month-over-month increase, with the price at $267,100.

Condo apartment average prices decreased by 1.6% year-over-year, settling at $182,103, which is 5.6% lower than the previous month.

Hottest NEW Listings in Edmonton - JUST LISTED

3. Housing Inventory Data:

In September 2023, 2,058 residential homes were sold in the Greater Edmonton area. This includes 1,206 detached dwellings, 218 semi-detached houses, 360 apartments, and 274 townhouses.

The residential sales-to-new-listings ratio (SNLR) for the Edmonton area is 66%, and the residential sales to inventory ratio is 31%, indicating a seller's market in September 2023. Despite the sellers' market status, prices are showing a downward trend.

Additional Insights:

Alberta is seeing massive migration which also influences the current real estate market in Edmonton.

Edmonton's housing market remains affordable compared to other major Canadian cities. Over the past 15 years, Edmonton benchmark house prices increased only by 19%, while the official inflation rate for the same period is about 38%.

The three-year benchmark price growth of homes in Edmonton, as of August 2023, is 7.3%. This is modest when compared to cities like Toronto (33%), Vancouver (26%), Hamilton-Burlington (29%), and the London area (37%).

The Bank of Canada’s policy rate is unlikely to decrease soon. The forecast for Canada's mortgage rates suggests that rates will remain elevated for another year or more, implying no expected rise in house prices for the remainder of 2023.

This comprehensive summary provides a detailed overview of the current housing market trends in Edmonton, Alberta, as of October 2023.

Resources used

https://realtorsofedmonton.com/statistic/fall-market-brings-cooling-effect/

www.WOWA.ca