Don Brown's blog

Hello!

I called the statistics department at the Realtors Association of Edmonton today to confirm what I was readinsg. Year to date, we have eclipsed any real estate sales numbers I could find in Edmonton's History. For example, in 2007, sales numbers were just over 23,000 for the year, with an average price of $329,705 per residence. Fast forward to 2024: In just nine months, residential sales are up over 25,000 year-to-date, with an average sales price exceeding $440,000.

So, what gives? Net migration to our province is almost 600% higher than the average in previous years. I have also...

Hello! 

We are now in the first six months of 2024, and sales are up almost 30% across all housing types, while price increases vary by housing type and area. Net migration to the city from around Canada and the globe has put upward pressure on all real estate asset classes in Edmonton. As more people get out to enjoy summer holidays, sales will likely plateau and eventually, both sales and prices should start to trend downward, as they tend to do in the latter months of the year.

Imminent Interest Rate Announcement

The Bank of Canada is expected to cut its overnight lending rate this week...

Are you looking for a real estate market prediction for this year? Here is what Shaun Cathcart, the Director and Senior Economist, Housing Data and Market Analysis at the Canadian Real Estate Association, had to say at this year’s Edmonton Real Estate Forecast.

(Summary provided by the Realtor’s Association of Edmonton)

In the reported forecast from CREA, the expectation of growth for Canadian home sales in 2024 and 2025 is 10.4% and 7.3% respectively. This significant jump is attributed to the expected interest rate decreases and actual figures at the end of the year that...

Q3 Market Report Edmonton and Area Real Estate Market

Seasonally as we enter the winter months, real estate prices and the number of sales come down in Edmonton. The third quarter in Edmonton and the greater Edmonton area was positive.  Approximately 13,605 residential properties had sold by the third quarter of 2019 (our last pre-pandemic year). In 2023, year-to-date sales are just over 18,000, even though interest rates range anywhere from 5.5 -7%, in comparison to just over 5% pre-pandemic. You can check out more on historical mortgage rates here.

Even when taking into...