I am pleased to share some thoughts on Edmonton's housing market. For the month of January 2022, the average selling price for a single-family home was $445,932.00. This is a 4.3% year over year increase. The median sales for the greater Edmonton area were $420,000.00. This is still well below the national average. The average sale price for condominiums was $225,000.00. The average days on market decreased from 65 days to 59 days. The MLS home price index ( HPI) composite benchmark price in the Greater Edmonton Area came in at $416,000.00, a 6.1 increase from January 2021 and up 1.2 percent from December 2021.
Speculators and investors from other parts of Canada have added to the demand for houses. Many of them have their eye on Alberta and are acquiring property in hopes of taking advantage of equity growth and positive cash flow. That should speak volumes to locals ---to newly marrieds ( the demographics in Edmonton indicate lots of young people who may be ready to buy homes), to people who wish to downsize or to those seeking new homes to accommodate changes in lifestyle. This is a great time to buy or sell!!
How fortunate we are to live in a community with abundant services and affordable housing despite the challenges of the global pandemic and other external environmental and political issues impacting on housing prices in other areas. Edmonton, with its ample sunshine, blue skies, superior educational institutions, great community leagues, outdoor sporting activities are all favorable factors for those seeking affordable housing to support their lifestyle. There is great value in Edmonton's housing market now & in the future. As never before, people are utilizing their homes for living, work and recreational purposes. People from other parts of Canada have been encouraged to come here recognizing the affordability of home ownership. Interest rates continue to remain low.
Alberta is working to diversify its economy. It facilitates opportunities in technology such as investment into alternate energies like hydrogen fuel cells and lithium battery production. Oil and gas continue to recover. Transportation opportunities may open here having regard to the extreme environmental challenges in British Columbia. I believe all these factors will spark new and exciting opportunities.
Condos are not seeing similar increases in value now as compared to single family homes; likely because Edmonton has an excess of supply. An increase could come later depending again on supply of new construction, and of course, demand. Townhouses may be an exception and may increase in value more than apartment condos as there is more demand relative to supply.
If you are planning a move in 2022, you would be well advised to find a licenced REALTOR whose pulse is on the Edmonton & area market. Your REALTOR can make your move less stressful and suggest effective strategies to assist you in buying or selling amid a shifting market. If you have any further questions, please feel free to call me at: 780 863 0778