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Edmonton's real estate market is ever-changing, and it's important to stay updated on the latest trends if you're thinking of buying, selling, or investing in the area. In this report, I'll cover the top trends in Edmonton's real estate market for the month of September.
When it comes to finding an affordable place to live, few cities can match Edmonton. Edmontonians spends just 28.7% of their income on mortgage payments, well below the national average of 63.9% [Vancouver is at 96.9%]. And while housing prices in Vancouver have been skyrocketing in recent years, Edmonton remains a relative bargain, with the median price of a single-family home hovering around $440,000. The city's median annual income is $87,890, only slightly higher than Vancouver's $88,663.
Overall Summary
- The average price of a home in Edmonton decreased by 0.57% since last month.
- The number of homes sold decreased by 9.8% month-over-month (MoM) from 1173 to 1058.
- The average cumulative days-on-market (CODM) for a single-family home was 60 days, an increase of 11% MoM.
- The sales-to-new listings ratio is at 0.43, edging towards buyer's market.
- Overall, the Edmonton Real Estate market prices have been trending downwards since March 2022.
Single-Family Summary Report
The average single-family home price in Edmonton was $473958 in September, a drop of 2.2% from the previous month. While the median price of single-family homes dropped by 2.5% MoM from $440,000 to $429100.
Duplex Summary Report
The average price of a duplex in the city of Edmonton increased by 5.1% from $366,258 to $385,225 month over month. So why the sudden jump? While it is hard to pinpoint, It could be due to the rising interest rates and high inflation pushing people towards more affordable housing options. It will be interesting to see which way the prices will trend in October.
Townhouse Summary Report
The average price for a townhome in Edmonton decreased by 2.1% from $232069 to $237005 MoM. The median price for a townhome for the month of September was $234,650. The average number of days on market for a townhome in Edmonton decreased from 57 days in August to 54 days in September.
Condo/Apartment Market Summary Report
The condo prices remained pretty much flat with a slight decrease (0.8%) from the previous month. The median condo price for the month of September was $189,000, an increase of 0.7% from August's $187,750.
Sales-to-New Listing Ratio
The Edmonton Sales-to-New Listing Ratio (SNLR) for September was 0.43, down from 0.48 in August. This means that Edmonton is getting close to entering the buyer's market. The market has been slowly shifting downwards since Feb 2022.
Cumulative Days on the Market
A typical single-family home spent 54 days on the market. Condos spent almost double that (10O days) on the market. Duplexes sold the fastest with an average of 48 days on the market.
The Top 5 Most Active Neighbourhoods
Downtown, Rutherford, Edgemont, Windermere and Oliver were the most active neighborhoods in Edmonton with the highest number of sales. These neighborhoods were highly sought-after by buyers, and they offer a wide range of housing options.
Total Home Sales
The total number of homes sold in September was 9.80% less compared to August. There are 6,167 unsold homes in the city as of 02 Oct 2022. With an increasing inventory of homes and fewer sales, it's no surprise that the sales-to-new listings ratio has fallen back below 0.45. With prices softening and buyer activity slowing, it remains to be seen where we will bottom.
The decrease in average prices may open up opportunities for buyers who have been priced out of the market, however high interest rates are making it harder to qualify for a mortgage. The Bank of Canada has two upcoming interest rate announcements for this year: 26 Oct 2022 and 07 Dec 2022. So, if you're thinking of buying a home, now may be a good time to start your search and lock in the interest rates.