Navigating the Edmonton Real Estate Market in June 2024: Key Insights for Home Buyers & Sellers

The latest updates from the Bank of Canada and the REALTORS® Association of Edmonton provide vital insights for anyone eyeing the Edmonton real estate market. Here's what you need to know.

Bank of Canada Rate Cut

On June 5, 2024, the Bank of Canada announced a 25 basis points reduction in its policy rate, bringing it down to 4.50%. This move is aimed at supporting economic growth and ensuring inflation stays within the target range. For home buyers in Edmonton, this means potential relief in mortgage interest rates, making home financing slightly more affordable.

More information here:

Edmonton Real Estate Market Trends

May 2024 saw robust activity in the Greater Edmonton Area real estate market. Residential unit sales reached 3,220, marking an 18.9% increase from May 2023. Here’s a breakdown of the key figures:

  • Detached Homes: Sales rose by 12.5% year-over-year, with an average price of $546,390.
  • Semi-Detached Units: Sales increased by 19.4%, averaging $414,116.
  • Row/Townhouses: A 21.2% rise in sales, with average prices holding steady at $294,742.
  • Apartment Condominiums: Sales surged by 45.8%, with an average price of $206,591.

Overall, the average residential price increased by 5.0% year-over-year to $441,350.

Inventory and Listings

New residential listings in May 2024 totaled 4,325, up 12.6% from the previous year, while overall inventory grew by 6.9% from April 2024. Despite the increase, inventory levels remain 17.1% lower than May 2023, indicating a competitive market. With lower inventory, and higher buyer demand, we are in a highly competitive market.

Market Dynamics

Days on market for homes have decreased, with detached homes averaging 33 days, semi-detached homes 29 days, and row/townhouses 27 days. This suggests a fast-moving market, with buyers needing to act quickly. The reality is, many home, especially in the single family market, or lower price range condos in good locations are moving even faster. In some cases with in a couple days of being listed on the market. Buyers need to be ready to move quickly, and sellers should prepare to deal with a high level of viewings, and multiple offers.

What This Means for Edmonton Home Buyers

  1. Opportunity to Buy: With interest rates slightly lower and a busy market with home prices expected to continue in an upward trajectory, it’s a good time to consider purchasing and/or selling a home in Edmonton.
  2. Be Prepared: Given the fast turnover, ensure you’re pre-approved for a mortgage and ready to make swift decisions. Having an experienced real estate agent will be worth their wight in gold in this market.
  3. Market Insights: Stay informed about the latest market trends and be prepared for potential further rate adjustments by the Bank of Canada. Follow our blog to stay informed about future Edmonton and area real estate market and interest rate updates.

Details and market statistics provided by REALTORS® Association of Edmonton.

By staying informed and prepared, you can navigate the Edmonton real estate market with confidence and seize the opportunities that 2024 presents.


For more information, and to discuss your real estate planes, contact Corey Sylvester (780)221-3088

Posted by Corey Sylvester on


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