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The Edmonton Real Estate Boom - October 2024 Market

The Edmonton Real Estate Boom - October 2024 Market

Are you curious about Edmonton’s thriving real estate market? October 2024 was a standout month, with residential sales surging by 38% compared to last year. Whether you’re considering buying or selling in Edmonton, Alberta, now is the time to act. Let’s explore what’s fueling this growth and how you can capitalize on it.

October 2024 Market Highlights: What You Need to Know

  • Total Residential Sales: 2,439 homes sold in Greater Edmonton, up 10.5% from September and 38.5% year-over-year.

  • Property Categories:

    • Apartment Sales: Up 43.6% year-over-year.

    • Semi-Detached Homes: Increased 38.6%.

    • Row/Townhouses: Gained 38.0%.

    • Detached Homes: Dominated the market with 1,431 sales, a 37.2% increase.

This remarkable growth highlights Edmonton as a hotspot for real estate buyers and sellers.


Why is Edmonton’s Real Estate Market on Fire?

1. Lower Mortgage Rates

With Edmonton’s mortgage rates as low as 3.98% for a 5-year fixed term, buyers have greater purchasing power. Lower interest rates are a key driver of the current sales spike.

2. Strong Demand Across Property Types

While detached homes lead in volume, multi-family housing like apartments and townhouses have seen the most significant growth. This trend reflects Edmonton’s increasing appeal to diverse buyers, including first-time homebuyers, investors, and downsizers.

3. Affordable Housing Compared to Other Canadian Cities

Edmonton’s housing affordability sets it apart from cities like Toronto and Vancouver. Even with rising prices, Edmonton remains accessible for buyers, making it a prime choice for homeownership and investment.


Edmonton Real Estate Prices: What Buyers and Sellers Should Expect

  • Average Residential Price: $440,089 (up 11.1% year-over-year).

  • Detached Homes: $552,954, a 13.6% annual increase.

  • Townhouses: $307,854, up 19% year-over-year.

  • Apartments: $191,413, down 6% annually but presenting excellent opportunities for investors.

Buyers can leverage Edmonton’s affordability, while sellers benefit from higher property values and strong demand.


How Sellers Can Thrive in Edmonton’s Seller’s Market

  1. Highlight Your Property’s Features: With high buyer demand, marketing your home effectively can maximize offers.

  2. List at the Right Price: Work with a professional real estate agent to set a competitive price that attracts multiple offers.

  3. Leverage Market Timing: Inventory levels are low, and homes are selling quickly—capitalize on this urgency.


What Makes Edmonton Ideal for Home Buyers?

  1. Increased Buying Power: Lower mortgage rates mean you can afford more home for your budget.

  2. Diverse Housing Options: From modern condos to spacious family homes, Edmonton offers something for everyone.

  3. Strong Community Growth: Edmonton’s population and infrastructure growth make it an ideal place for long-term investments.


Tips for Success in Edmonton’s Real Estate Market

For Buyers:

  • Get pre-approved for a mortgage to strengthen your offers.

  • Focus on neighborhoods with growth potential like Tamarack, Summerside, and Windermere.

For Sellers:

  • Preparation is key - stand out and drive the value higher.

  • Work with experienced agents, like the Iconic YEG Real Estate Team, who understand Edmonton’s real estate trends.


Join Edmonton’s Thriving Real Estate Market Today!

Edmonton’s Real Estate Market is in the spotlight for a reason. Whether you’re buying your first home, upgrading, or selling your property, the current conditions favor action. With rising sales and steady price growth, now is the time to make your move in Edmonton, Alberta.

Click Here for a Free Edmonton Property Evaluation

Contact the Iconic YEG Real Estate Team today to get expert guidance on buying or selling your property. Let us help you succeed in Edmonton’s dynamic market.

Copyright 2024 by the REALTORS® Association of Edmonton. All Rights Reserved.
Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.