Despite any uncertainties over the last 12 months, Edmonton’s real estate market continues to thrive with more activity than the month of January has seen in over a decade.
According to new numbers released by the REALTORS® Association of Edmonton (RAE), the city’s total residential sales for January 2021 were up 5.9% from December and 47.1% from January 2020. New residential listings also saw a healthy boost, with a year-over-year increase of 8% and a month-over-month climb of 87.9%. Although overall inventory in the capital region decreased by 17% from last year, the number of available homes on the market saw a 5% boost from December of 2020.
Edmonton Condominium Sales Up 44%
Edmonton condo sales, in particular, saw record numbers in January, with sales activity up by 44% from last year and 2.7% from December. With a total of 266 units sold last month, condo sales reached the highest they have been since January of 2013, when Edmonton’s housing market experienced a significant boom.
RAE has speculated the recent increase may be due to the steady demand for single-family homes in Edmonton. Buyers who are unable to find the home they’re looking for naturally turn their attention to lower-priced home styles in the region (Edmonton townhomes and apartment-style condos) to meet their needs.
Edmonton’s average condo prices have also increased to $216,757. Though these prices are down 0.5% from December 2020, they have climbed over 6% year-over-year. Average days on market have also decreased to 73, a 10-day drop year-over-year.
5 Reasons to Choose an Edmonton Condo
Edmonton condo prices tend to be more affordable than that of their single-family counterparts. As a result, buyers can look forward to a lower down payment and a more manageable monthly mortgage overall. Note: Condo fees may apply.
Though condo fees may not sound appealing at first, they may be a worthy expense in terms of home maintenance or lack thereof. Condos offer the optimal lock-and-leave lifestyle as all outdoor maintenance (snow removal, landscaping, mowing, exterior repairs, etc.) is taken care of for you.
Extremely versatile, condos come in a variety of sizes, styles and price points. They are also available in every quadrant of the city, in nearly every Edmonton community. Whether you’re a first-time home buyer looking to be close to the downtown core or a downsizer hoping to settle in Edmonton’s peaceful suburbs, you’re sure to find what you’re looking for.
4. Accessible Amenities
As part of your monthly condo fees, you may enjoy access to on-site shared amenities such as heated underground parking, a fitness centre, pool, recreation room or clubhouse, outdoor terrace and more. Condo communities are also developed with convenience in mind and are typically located within walking distance to other essential amenities such as shops, services, parks and green spaces, etc.
Condo communities often come equipped with additional security features such as key fob entry, cameras and on-site personnel. You’ll also have peace of mind knowing you have many neighbours nearby should you ever require assistance.
Edmonton Single-Family Sales Increase by 50.1%
Edmonton single-family home sales also experienced a healthy increase this past month, with unit sales up 8.5% from December 2020 and 50.1% from last January. With 737 single-family homes sold this previous month, unit sales are once again significantly higher than January 2013 (470 units sold), when Edmonton experienced its last significant real estate boom.
While last month’s increase in buyer activity may be partly attributed to mild weather, historically low-interest rates remain the driving force behind Edmonton’s flourishing real estate market. Move-up buyers and first-time buyers (in particular) are looking to capitalize on thousands of dollars in interest savings due to the Bank of Canada’s low target rate of 0.25%.
Average single-family home prices dropped 0.4% from December 2020 to $427,677 but increased 3.2% year-over-year. Average days spent on market also decreased to 59 days, an overall 14 day drop from January 2020.
6 Reasons to Choose a Single-Family Home in Edmonton
1. Your Home, Your Way
As a single-family homeowner, you own the land on which the property is built. Unlike a condo unit governed by a condo board (which often places restrictions on unit exteriors), you maintain 100% control over your home.
2. Outdoor Space
Though most townhomes come with some form of private outdoor space, single-family homes typically offer more yard space than attached home styles. This is especially ideal for homeowners with pets and/ or children.
3. Family-Friendly Amenities
Edmonton’s mature neighbourhoods, especially, are known for their abundance of single-family homes and family-friendly amenities – including schools, shops, services, recreation venues and more. Home builders also build new construction homes based on current and/or up-and-coming amenities in the area, ultimately leading to increased home values over time.
4. A Sense of Privacy
Unlike apartment-style condos or townhomes, single-family homes do not share walls (or floors) with a neighbour. Detached dwellings remain entirely separate from the surrounding homes, often giving homeowners a greater sense of space, independence, and privacy.
5. Room to Grow
As single-family homes are typically accompanied by a larger amount of square footage, a garage, ample storage and yard space, they are a prime choice among growing families. And, because single-family homeowners govern their own property, they are better equipped to modify their home (i.e. build a deck or an addition, develop an income-generating suite, etc.).
See our previous post: 9 Ways to Tell You’ve Outgrown Your Current Home
6. High Resale Value
Single-family homes also tend to maintain a more consistent resale value than condos as they remain in constant demand among Edmonton home buyers. While they may cost more upfront (and more to maintain), single-family homes tend to appreciate at a better rate (depending on current market conditions).
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