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Edmonton Real Estate Market

David A said:
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.
Click to expand...
Unfortunately, the "wait for the rate" crowd could be in for even worse market. From Rob Carrick, Globe and Mail:

"The question is how long this moment lasts. After the last set of national data on residential resale homes, the Canadian Real Estate Association jumped on expectations for lower interest rates and made this startlingly unequivocal prediction: “ … the forecast for a rekindling of Canadian housing activity going into 2025 has just gone from a layup to a slam dunk,” said Shaun Cathcart, CREA’s Senior Economist.

Other voices were more cautious, but there’s still a consensus that a housing rebound lies ahead. Anyone considering a first home should be mindful of this outlook. If housing rebounds with any enthusiasm, today’s market conditions just might be a generational opportunity to buy a home."

It's a terrible time to buy a home. High rates, skyrocketing prices. Once the rates go down, it begs the question: "Will it get even worse with all the competing sidelined buyers finally entering the market?"
 
Title is a bit misleading. Edmonton has 10.9% more listings than last year.

betterdwelling.com

Canadian Real Estate Inventory Grew More Than 2x The Rate of Sales - Better Dwelling

Canadian real estate prices have yet to budge, but there’s a lot more inventory hitting the market. Canadian Real Estate Association (CREA) data shows new listings surged in July 2024. An army of sellers hit the market last month, sending new listings to grow at more than double the rate of...
betterdwelling.com betterdwelling.com
 
policyenthusiast said:
Title is a bit misleading. Edmonton has 10.9% more listings than last year.

betterdwelling.com

Canadian Real Estate Inventory Grew More Than 2x The Rate of Sales - Better Dwelling

Canadian real estate prices have yet to budge, but there’s a lot more inventory hitting the market. Canadian Real Estate Association (CREA) data shows new listings surged in July 2024. An army of sellers hit the market last month, sending new listings to grow at more than double the rate of...
betterdwelling.com betterdwelling.com
Click to expand...
That's expected especially in the condo market. I'm coming up for renewal and my mortgage is slated to be 200 dollars more per month on an already cash negative property. It never sold so I'm going to hold off until the park is completed across the street and try again next year but I can definitely understand without a catalyst why people with income properties that are taking losses wanna get rid of their assets. Once rates come back down you should see some equilibrium in the market imo.
 
policyenthusiast said:
Title is a bit misleading. Edmonton has 10.9% more listings than last year.

betterdwelling.com

Canadian Real Estate Inventory Grew More Than 2x The Rate of Sales - Better Dwelling

Canadian real estate prices have yet to budge, but there’s a lot more inventory hitting the market. Canadian Real Estate Association (CREA) data shows new listings surged in July 2024. An army of sellers hit the market last month, sending new listings to grow at more than double the rate of...
betterdwelling.com betterdwelling.com
Click to expand...
It seems to be more of a GTA and GVA problem, so as often the case it then gets portrayed as a national problem.

The inventory growth here is in the lower middle range of cities, and unlike in some other places with more inventory growth, actually supported by sales growth.
 
Watching character homes west of 124st lately has certainly been something... 5-6 have all sold in the last month leaving very few available.
 
IanO said:
Watching character homes west of 124st lately has certainly been something... 5-6 have all sold in the last month leaving very few available.
Click to expand...
Many homes in highly sought after neighbourhoods such as Westmount don't stick around. And if they do they are either overpriced or require a lot of work relative to the asking price.
 
Yes, this is a good location. Also not a lot of character homes in this city, for those who are looking for that.

I suspect there is less aversion to buying an older home from some people moving here recently from places where they are more common or desirable.
 
Stevey_G said:
That's expected especially in the condo market. I'm coming up for renewal and my mortgage is slated to be 200 dollars more per month on an already cash negative property. It never sold so I'm going to hold off until the park is completed across the street and try again next year but I can definitely understand without a catalyst why people with income properties that are taking losses wanna get rid of their assets. Once rates come back down you should see some equilibrium in the market imo.
Click to expand...
A lot of people are having this issue, COVID-era mortgage renewals are going to shake things up quite a bit. Could be a good time to buy soon.
 
policyenthusiast said:
A lot of people are having this issue, COVID-era mortgage renewals are going to shake things up quite a bit. Could be a good time to buy soon.
Click to expand...
For now for sure. Looking at bond yields and inflation rates the Prime Rate is way too high right now. I bought a house in BC and accepted high rates to avoid a potential sellers market next year. I suspect policy rates to be around 3% this time next year so it could also be a good time to sell soon.
 
Anyone have a perspective on modular housing? Per the federal Housing Plan:

Introducing a Standardized Housing Design Catalogue

Standardized housing design catalogues were originally a tool used by the federal government between the late 1940s and 1970s. Budget 2024 will propose $11.6 million to reinvent this 1940s catalogue for 2024.

The catalogue will reduce costs and timelines for home building by providing a standard set of designs that will provide economies of scale and reduce barriers to entry in the homebuilding sector.

In Fall 2024, we will publish the first phase of the catalogue which will include up to 50 low-rise housing designs—including accessory dwelling units, modular homes, and multiplexes—for use across Canada. The next phase of the catalogue will include mid-rise and single-family home designs.
 
Here's hoping. The almost non-existent interest in Downtown condos is disheartening to say the least... even with a 10% reduction.

FFS
 
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