Edmonton housing prices are up and expected to keep rising with growing demand, realtors say
CBC
Buying a home in Edmonton will cost slightly more than last year but the overall cost of housing is still well below the national average, according to a house price survey released by Royal LePage Thursday.
The price of a home in Edmonton from April to June this year was $450,600 — a 3.7 per cent increase in aggregate cost from the same period last year.
In Canada, it was $824,300 in the second quarter of 2024 — a 1.9 per cent increase from the same time last year.
Aggregate price factors in all housing types: single family detached homes, townhouses, row housing, apartments and condominiums — new developments and resale.
Tom Shearer, a broker for Royal LePage Noralta Real Estate, said the increase in prices and the rate of sales have been steady compared to other parts of the country.
"If you're a seller and you're putting your home on the market at the right price, you're going to see action. You can count on your home being sold," Shearer said in an interview with CBC News Thursday.
"If you're a buyer, you kind of have, first of all, more selection than other parts of the country compared to what we've seen in the past."
The odd property for sale in Edmonton might get some competition but that usually means six or seven bids, he said.
In other hot markets, there might be 10 to 20 bids where, for a buyer, "you'd have to go hundreds of thousands of dollars over to beat or meet whatever was going on out there," Shearer said.
It's not hot and it's not cold, he said.
"I'd almost call it like a Goldilocks real estate market because it's not going up exponentially."
That fairy tale may be inching toward an inevitable denouement.
Growing demand and population are expected to change the affordability advantage in Edmonton.
"We are on pace to be the busiest market in Edmonton's history," said Chris Proctor, a real estate associate in Edmonton with MaxWell Realty in an interview Thursday.