Recent numbers released by the REALTORS® Association of Edmonton have revealed that Edmonton’s housing market is nothing short of thriving. In fact, despite early market uncertainties as a result of the recent pandemic, the capital region has experienced “record-shattering” home sales over the last several months.

Healthy Market Increases

In September alone, sales were up a whopping 35.55% from September 2019. While there was slightly less inventory available (down 15.15% from last year), the number of new residential listings on market is up both year over year and month over month (10.73% from 2019 and 5.90% from August 2020).

An Uptick in Single-Family Home and Condo Sales 

September also saw single-family home sales up nearly 50% from this time last year, with condo unit sales also climbing 7.26% – a sure sign that Edmonton home buyers are taking advantage of favourable buyer’s market conditions. And, thanks to the current influx of market listings, home seekers can look forward to a wide variety of inventory to choose from.

Additionally, September’s single-family home sales kept an even keel from the month previous, remaining at 1,188 – regardless of an uncertain back to school season.

Home Sellers Benefit from Increased Average Sale Prices and Decreased Time on Market 

With average listing prices up 7.14% to $376,571, now may also be the perfect time to consider selling your home – especially with the ongoing healthy buyer demand, which continues to drive sale prices up as we enter October. On average, single-family homes sold for $440,020, up 4.73% from last year or, a $20,000 + increase.

Condo sale prices also saw a favourable surge, up 6.74% to $232,237 from September 2019 and 1.34% compared to August. While duplex sales prices did experience a minor drop from last year, average prices hold steady at $340,519.

Is now the right time to sell your Edmonton home? Find out how much your home is worth our Free Market Evaluation!

Mortgage Rates Are at a Record Low 

According to experts, Canadian mortgage rates are the lowest in history. In an effort to protect the economy from fallout as a result of COVID-19, the Bank of Canada dropped its target rate from 1.75% in March to a minimal 0.25%. (with low trends expecting to continue into next year). In short, home buyers will benefit from thousands of dollars in interest savings over the lifetime of their loan.

For more expert tips, tricks and advice, subscribe to our newsletter! Or for the latest in Edmonton real estate, home buying, home selling (and everything in between), be sure to check out our blog.

Subscribe to our newsletter to receive the latest in: 

  • Edmonton Real Estate News
  • Info for Home Buyers
  • Info for Home Sellers 
  • Expert Advice, Tips and Tricks 

Home Buyers Guide CTA

Posted by Terry Paranych on


Email Send a link to post via Email

Leave A Comment

Please note that your email address is kept private upon posting.