The Edmonton real estate market has been a topic of discussion for many years, and as we head into 2023, it continues to be a subject of interest for both buyers and sellers. With the ongoing pandemic and economic changes, the real estate market in Edmonton has seen its ups and downs over the past few years. In this blog post, we will take a closer look at the Edmonton real estate market in 2023.

Home Prices and Market Trends

As of 2023, the Edmonton real estate market is expected to remain stable, with a moderate increase in home prices. According to recent reports, the median home price in Edmonton is around $375,000, with the average price per square foot hovering around $250. These numbers are expected to rise slightly in the coming years, as demand for housing in Edmonton continues to grow.

Market trends show that detached single-family homes remain the most popular choice for homebuyers in Edmonton. However, there has been a recent uptick in demand for townhomes and condominiums, as younger buyers and first-time homebuyers look for more affordable housing options.

In terms of market conditions, Edmonton is currently experiencing a balanced market, which means that there are roughly an equal number of buyers and sellers. This makes for a healthy market, with a good balance of supply and demand.

Impact of the Pandemic

Like many other cities, Edmonton has been impacted by the ongoing COVID-19 pandemic. The pandemic has had a significant impact on the real estate market, with many buyers and sellers hesitant to enter the market due to economic uncertainty.

However, as the pandemic continues to stabilize and the economy improves, we are seeing an increase in buyer and seller activity in the Edmonton real estate market. While the pandemic may have slowed down the market initially, it seems to have bounced back in recent months.

Future Outlook

Looking ahead to the future, the Edmonton real estate market is expected to remain stable and continue its moderate growth trajectory. Demand for housing in Edmonton is expected to remain steady, with the younger demographic driving demand for more affordable housing options.

The city's expanding job market and overall economic stability are expected to continue to attract people to the area, which will only fuel the demand for housing in Edmonton.

In conclusion, the Edmonton real estate market in 2023 is expected to remain stable, with moderate growth in home prices and demand for housing. With a balanced market and a steady increase in demand, the future looks bright for the Edmonton real estate market.

After months, maybe years of searching you have finally found your dream home.  Problem is, so did 5 other people and you are going to be competing with them in multiple offers to purchase this home.

Multiple offers are becoming more and more common in today's hot real estate market, but there are still some steps you can take to make your offer stand out. Here are a few tips to help you make your offer the successful one:

1. Make sure you are pre-approved or pre-qualified for a mortgage before submitting an offer - Being pre-approved or pre-qualified can demonstrate to the seller that you are serious and have the ability to purchase their home.

2. Submit a competitive offer with limited conditions - Consider submitting an offer that is a bit higher than the others limited contingencies or time frame to complete. This will demonstrate to the seller that you are serious.

3. Make sure your offer has a short closing period - A shorter closing period can show the seller that you are ready and willing to move quickly if your offer is accepted.

4. Include a personal letter - A personal letter to the seller can show them that you are passionate about buying their home and may appeal to their personal nature.

5. Be willing to negotiate - Being open and willing to negotiate can show the seller that you are a reasonable buyer and will be fair in any counter offers. Making sure you understand the market value of their home and what you are willing to pay for it. 

6. Consider including an escalation clause - An escalation clause can be used to ensure that your offer is the highest offered, or at least close to it. This will help guarantee you get the house if your original offer wasn't accepted among others. 

7. Be prepared to move fast - Acting quickly and decisively when making an offer can show the seller that you are serious about their home. This can help increase your chances of getting the house and closing the deal quickly.

8. Research potential problems - It is important to research any potential problems with a property before making an offer, such as home repairs, zoning issues and more. This will help you make an informed decision on the fair market value for the property and decide if making an offer is worth it.

9. Be flexible - Taking the time to understand what is important to the seller can be beneficial when negotiating a deal. Be willing to negotiate terms such as closing costs or other​​ ​​​ financial incentives that can make the sale more attractive to the seller.

10. Get a professional - Hiring a real estate professional can help you navigate the home buying process, as well as provide guidance and advice on making an offer that is in your best interest. 

Need help navigating the Edmonton Real Estate Market? Call us, let's chat about your options.  

On International Women's Day, I discovered the Ukrainian tradition of honoring all women with a day off and showering them with love - something told to me by our new team member who recently relocated from Ukraine to Edmonton. She reminded me to celebrate this special day in ways that recognize all the powerful contributions made by the women around us!

Reflecting on the importance of recognizing women in our lives, I decided to honor a small, select group of incredible individuals who bring so much richness and power into my life (I wish I could name everyone). These remarkable mothers, supporters and inspirations are queens among us all; inspiring me everyday with their strength and elegance. With immense gratitude for having them as close allies, friends and mentors - I take this moment to recognize these amazing people for being focused on creating and establishing a safer, more accessible and brighter future for all women today and tomorrow.

Dallas Sleeman, Owner, Intuitive Financial Coaching

Dallas is a true gift.  In every interaction, personal or professional, she is 100% focused on you. She takes great effort to demonstrate in every moment that she is present, a trait not easily found nowadays.  After rising to the top in other professions, Dallas started her own business Intuitive Financial Coaching this year.  I was lucky enough to have an opportunity to utilize her services as I too, recently started my own company and wanted to ensure I was on the right track - who better to get advice from than one of your best friends?  After just the first two sessions I was amazed at how much I actually gained: Motivation, direction, understanding, but most of all discovery.  Dallas helped me discover so many aspects about myself that affected not just my financial success but also my relationships, my health, and more overall satisfaction with life. Without judgment, Dallas helped me reframe my thinking and to see the bigger picture in all my decisions. Thank you Dallas for being my friend, my coach, and most importantly, a strong and feminine force in this world. 

Heather Andrew, Owner, Aspen Wellness Centre

When I met Heather for the first time, I was amazed by her intelligence, her empathetic nature, but most importantly how gracefully she navigated challenges, difficult conversations and personal change.  You just know sometimes when you meet someone that they will make a difference in the world, and that is Heather Andrew.  She is a personal hero and a great friend who also decided to step into her boss-woman's shoes and open her own business this past year.  Aspen Wellness Centre provides mental health therapy and wellness services including various types of therapeutic massage, reiki and reflexology to promote the healing of the body, mind and spirit.  When it comes to business, Heather is a visionary. After consulting on the best ways to get started in her industry, she put together an amazing team of professionals who were passionate about her vision and mission for Aspen Wellness Centre. Over the years Heather has taught me patience and compassion and I could not respect someone more than I do her.  Thank you Heather for teaching me everyday to be a slightly better version of myself.

Olga Klimko, Mortgage Associate, On The Mark Mortgages

Beautiful, fierce, savvy, strong…Olga is the metric in every way.  Not only has she guided a thriving Edmonton based business for over 16 years, she raised two highly intelligent and successful children, but most recently she is dominating in the Mortgage world and will always be my top referral for any buyers. She is calm, patient, wickedly smart, honest, loving and everything I am obsessed with.  She is the keeper of all my secrets and fears and I couldn't trust anyone more to give me tough advice (when I need it/deserve it).  She shows me daily how to be a better person and she never stops pushing me to reach my goals, big or small.  Her tireless energy and unending support means the world to me. Thank you Olga for being YOU and showing me what it looks like when women use their powers of strength and intelligence to empower everyone around them. 

Kelsey Phillips, Director of US Operations, Driving Force

When Kelsey and I met, I was 25 and knew absolutely everything about everything.  I was unapologetic and determined to win in one way, my way.  We worked together at Driving Force and I was ruthless in the best and worst possible way. At that stage in life, I just wanted to win, to achieve and to make waves.  I'm not sure how she saw something more in me, but she found a way through my tough approach and we became great friends. With incredible patience, she encouraged me to look beyond conventional boundaries and take risks.  She taught me how to lead with confidence but without force, how to make decisions that empowered people around me without threat and how to demonstrate empathy when it mattered the most.  She made sure I understood that success was not about doing things one way but about adapting and finding​​ paths to succeed together.  I could not be more grateful to her today and everyday; plus I love to tell people that I am friends with a powerful woman leader running the whole show in the USA for Driving Force. I could not be more proud of her and the incredible accomplishments she has achieved and will always be a woman I respect to the highest level.

Caitlin Varrin, Owner, Magic Hour Creative

Ill get this out there first, Caitlin Varrin and I share the same name, the same birthday, we were born in the same hospital and we grew up two doors down from each other!  We are true gemini twins and I am so grateful to have someone who understands me as only she could.  While we can be a lot alike, it's our differences that make me respect her the most.  She is creative, dynamic and seemingly good at absolutely anything.  Magic Hour Creative is a full service media company and she is the boss that runs the whole ship. You would think that would be enough, but while we mere mortals are sleeping, Caitlin runs a successful vintage clothing store company, Lawless Vintage; as well she styles for film productions, DJS, and likely more than I have time to write here.  She is a supporter of all women, all people, and if she does not have time to help you, she will clear her whole schedule and do it anyway.  As a creative entrepreneur, she is a rare breed and I am lucky to call her my friend. She is certainly “one to watch” and I can't wait to see what she does next.

All women face their own challenges in finding their place and space in the world. These women have and are always pioneering a path for themselves, but most importantly other women to come ahead.  They demonstrate that no woman has to make herself, her voice, or her opinion small to be accepted.  Their strength, their elegance, and their friendship is iconic in every way and if you have not met them yet, I hope you get the chance so you can see great examples of women making incredible moves everyday.  

Happy International Women's Day to all women, in all places, and in all spaces.  We support you and we stand with you. 

#EmbraceEquity

Caitlin Heine

Owner, Iconic Purpose Inc.

YOUR OASIS AWAITS

It’s nearly spring, and you’ll have the chance to entertain in your amazingly landscaped backyard - complete with perennials, pond, patio and a playhouse! 

Thoughtfully constructed and designed in 2000 this is a move-in-ready family home. This is not a skinny home!The main floor of this home offers beautiful birch hardwood, an appealing eat-in kitchen, an opulent dining room, and a family room with a gas ignited wood burning fireplace.

Upstairs you'll appreciate the master suite, featuring a luxurious bath with a clawfoot tub and walk-in closet. Two additional bedrooms and a 4-piece bath complete the upper level.

The finished basement offers bright and comfortable private living with a kitchen, family room, bedroom, bath, laundry, heated floors and a separate entrance. An oversized double garage completes this incredible home.

Best of all is the location - in the desirable Mckernan community close to everything central Edmonton has to offer. The University of Alberta and LRT access are just minutes away!

For more information on this stunning McKernan Home, please click here:

The Edmonton real estate market has been on a wild ride over the past few years. But what does the market look like in 2023? Will it be a sellers’ or buyers’ market? We'll take a look at some of the factors and facts that could influence the Edmonton real estate market in 2023.  If you are selling or buying, it is very important to know the biggest factors effecting you.

In the first 60 days of 2023 only 1700 single family homes have sold which is almost 1300 fewer homes sold in 2022 in the same time period.

Volume is down! 

By area, the North and Central Region are seeing the highest volume of sales, followed closely by the SW.  The lowest regions as it relates to volume is the South and Millwoods regions.

While the volume is down year over year, there may be some areas of Edmonton that have less inventory available currently then what the market demands. 

Supply of available inventory in the South and South West region looks light compared to what is actually in demand, thereby prices may trend higher in those areas compared to others:

Volume is only a part of the information, if we examine the sold values that are trending YTD in 2023 we find that we are mirroring the same values from 2022 in almost every catagory.   Such as 45% of all homes sold in the first 60 days of 2023 were UNDER $400,000 and in 2022 46% were sold under $400,000 in the same time period.

So while volume may be down, values have remained relativly flat compared to 2022 so far.

So volume is down and prices are flat.  What does that mean?  

If you are considering selling our home right now, pricing your home correctly or better yet, competitivly, it is going to be much more important now as our current available inventory is not reflective of what is actually selling.  

Supply is not meeting the needs of demand!

Sellers are going to be facing steaper competition to sell with more available options to choose from in some price ranges; whereas buyers are going to face extreme competition in others! 

In the first 60 days of 2023, 15% of all homes sold were priced between $300,000 and $350,000; whereas the current available inventory maintains less that 5% in that same range.  If you are a buyer with an mortgage pre-approval in this range, you are going to be competeting with more buyers over fewer homes.  If you are a seller, or considering selling in this range, NOW IS THE TIME and you may just end up with multiple offers.

However, if you look at other value ranges such as $700,000 - $1,000,000 which makes up almost 12% of our available inventory, but only 4% of the actual sales so far.  Sellers in this price point are going to need to make sure they are the best options to attract a smaller pool of buyers.  Buyers in this price range are going to have their pick and are likely going to be able to negotiate more on price and terms.

Volume is down, prices are flat and the current supply of inventory is not in line with demand.... but how does that compare to areas? 

Of all the available homes for sale right now in the Edmonton area, compared to what is actually selling is not lining up either.  Of all homes sold YTD in 2023, the average house prices have been by area:

Average sold home prices are under $500,000 in all regions, with the SW being the highest (no surprise there) and the North Region being the lowest.  However when you compare that to what is currently available, the difference gets more extreme with only the North region offering prices reflective of what the market is showing us.

Sellers in most regions are going to need to temper their expectations of what value they will get for their homes this year as there are fewer buyers able or willing to spend the amounts offered for sale. Buyers are going to need to also temper their expectations in which areas they will consider, or compare what they are willing to sacrifice to be in specifc areas.  

For sellers:

You will need to be very specific in how you price your homes this year.  Understand that buyers search in $100,000, but usually $50,000 price ranges most of the time.  You will need to be the best house in the $50,000 bucket to get the highest attraction from buyers this year.  Know your competition and aim to be better in every way.

If you want to list your home at $410,000, know that you will be compared against the best homes priced at $450,000; whereas if you price your home at $399,000, you will stand out as the best against the homes priced at $450,000.00. 

Read more on how to show your best when listing you home here.

For Buyers:

In most price points, you will have a higher volume of choice to choose from, so choose wisely and look for the best value.  Homes with upgrades such as furnaces, roof, windows, and mechanical will be a safer investment and should become a non-negotiable for you soon.  However, in other price points you will face stiff competition with a higher volume of buyers looking for the same inventory.  It is more important then ever to be working with a Real Estate professional who will update you the SECOND a property hits the market. Do not delay, get in there. 

If you are a buyer, shopping for a home between $300,000 and $350,000, the market is HOT HOT HOT! Check out my list of available homes here that is continuously updated!

Also, consider the areas you are looking in. Everyone wants to live in Westmount with its iconic historical architecture, access to the vibrant businesses on 124 Street and easy commute to downtown, but with an average home price of $540,000 it is not a viable option for most people.  Therefore, if you want to live in Westmount than I would recommend considering Inglewood, Prince Rupert or Woodcroft. All three neighbourhoods maintain a much lower median house price of around $300,000; as well they provide many of the same amenities as Westmount, but with a much more affordable price tag.

Read more on the Best Edmonton alternative areas here.

Other considerations that will effect the Edmonton Real Estate Market in 2023 will be population growth. The city has grown rapidly over the past decade, with new residents drawn to its low unemployment rate and burgeoning economy. This influx of people is likely to continue into 2023, leading to increased demand for housing, with the potential to drive up property prices.  

Another important factor to consider is the economic trends in Edmonton. The city has a long track record of job growth, but it's expected that this could slow down somewhat over the next few years. This could put downward pressure on real estate prices, as fewer people will be able to afford higher-end properties. Therefore, it's important to keep an eye on the city's economic performance in 2023, as this will have a direct impact on the real estate market. 

There are several factors at play when it comes to the real estate market in Edmonton. Paying attention to economic performance, interest rates, neighborhood trends, and demand and supply can all help you make the best decision when purchasing a home in Edmonton. With careful research and analysis of these factors, you are sure to find an excellent property at the right price and we can help.

Whether you are in the market to buy or sell, having a plan and professional advice is more important then ever.  Contact me, Caitlin Heine, and we can review the best course of action for your specific needs!