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Edmonton Real Estate Market

Housing starts for January – July 2024 compared with January - June 2023

Provincewide: 25,862 compared with 17,378 (up 49 per cent)
Edmonton: 10,056 compared with 6,554 (up 54 per cent)
Calgary: 13,649 compared with 9,727 (up 40 per cent)

GOA
 
Average monthly price for bachelor units in Edmonton has increased for 4 years in a row. Comparison to Calgary shows that Edmonton is still leading affordability for young professionals.

GeographyEdmonton, Alberta (map)
Type of unitBachelor units
Type of structure20192020202120222023
Dollars
Row and apartment structures of three units and over877881879904948
Row structures of three units and over838854826868912
Apartment structures of three units and over878881879904948
Apartment structures of six units and over878881880904948


GeographyCalgary, Alberta (map)
Type of unitBachelor units
Type of structure20192020202120222023
Dollars
Row and apartment structures of three units and over8988819199721,202
Row structures of three units and overFFFFF
Apartment structures of three units and over8998839209741,204
Apartment structures of six units and over9028869239771,209
 
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www.ctvnews.ca

How much do you need to earn to buy a home? Canadian minimum income lowered last month

The minimum income needed to buy a home in Canada lowered in July, according to a new report that cites dropping mortgage rates and lowering average home prices.
www.ctvnews.ca www.ctvnews.ca
 
IanO said:
Capture.png

www.ctvnews.ca

How much do you need to earn to buy a home? Canadian minimum income lowered last month

The minimum income needed to buy a home in Canada lowered in July, according to a new report that cites dropping mortgage rates and lowering average home prices.
www.ctvnews.ca www.ctvnews.ca
Click to expand...

St Johns: The median sale price for single detached homes was up 6.7% on a year-over-year basis to $293,500 in the second quarter of 2024.

Edmonton: The median sale price for single detached homes was up 7.8% on a year-over-year basis to $485,000 in the second quarter of 2024. This was a new record for the median sale price.

Toronto: The median sale price for single detached homes edged down 3.7% on a year-over-year basis to $1,300,000 in the second quarter of 2024.
 
Kosy123 said:
www.ctvnews.ca

Canada's inflation rate falls to 2.5%, paving way for another interest rate cut

Canada's annual inflation rate fell to 2.5 per cent last month, matching economists' forecasts and solidifying expectations for another interest rate cut in September.
www.ctvnews.ca www.ctvnews.ca

It seems like they're expecting rate cuts at every meeting now. I'm guessing this bodes well for multi-family development in the city?
Click to expand...
Multi-family developments are pretty important right now, the newly available 30-year mortgages are only available for first-time homebuyers in newly constructed residences. Almost the only way most people can afford to start families at this point.
 
We need another 100 basis points to really move the needle, but every bit helps and releases a larger group of buyers to the market.
 

Edmonton's apartment-style condos are ripe for investment​



In addition to much lower prices and also unlike the bigger, more expensive cities, not many new condos being built here now. So when there is little or no change in supply and some increase in demand, you know what will eventually happen.
 
policyenthusiast said:
Multi-family developments are pretty important right now, the newly available 30-year mortgages are only available for first-time homebuyers in newly constructed residences. Almost the only way most people can afford to start families at this point.
Click to expand...
Kosy123 said:
It seems like they're expecting rate cuts at every meeting now. I'm guessing this bodes well for multi-family development in the city?
Click to expand...

Plots of land and tear downs are selling like wildfire right now. My realtor said he hasn't seen anything like it ever. Doctors, lawyers, CEO's etc. are buying up tons of land and entering the multi-family market. It's very weird. The new rezoning rules ignited a fire. And cheap development costs in Edmonton. I guess we will be a city of renters eventually. "You'll own nothing and be happy". I guess as long as we're happy :p
 
SimonCo said:
Plots of land and tear downs are selling like wildfire right now. My realtor said he hasn't seen anything like it ever. Doctors, lawyers, CEO's etc. are buying up tons of land and entering the multi-family market. It's very weird. The new rezoning rules ignited a fire. And cheap development costs in Edmonton. I guess we will be a city of renters eventually. "You'll own nothing and be happy". I guess as long as we're happy :p
Click to expand...
Unprecedented subsidies for multi-family housing, coming from all levels of government. For years people have bemoaned the "missing middle" property type between an apartment and a single-family home, but a LOT of the new developments seem to be more apartments. They're not even for sale, they're just rental properties at a similar price to the mortgage cost.

Absolutely bizarre market.
 
Yes, it is sort of odd rental development is so booming now even though prices are similar to or less than the mortgage cost here.

But perhaps like elsewhere, higher interest rates have put off buyers particularly younger, first time ones and they are waiting for those rates to come down soon as anticipated.
 
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