Houses in Edmonton 2024 Market Outlook

2024 is here! This year is going to be significant for houses in Edmonton. If you’re planning on buying or selling real estate in 2024, it’s important that you do your due diligence. In this article, I will be going over a market outlook, so that anyone who with real estate goals can achieve them with confidence. Follow along below as I outline some of this year’s key trends and expectations!

Insights and Projections for Houses in Edmonton in 2024

This year, first-time buyers are getting ready to enter the real estate market. Many have found great opportunities to purchase condos under $200,000. The amount of first-time buyers able to participate in this year’s market could continue to grow with the anticipated rate cuts in the latter half of 2024. Additionally, certain brokerages are offering discounted fixed-rate mortgages, creating more opportunities.

However, those planning to buy this year will likely need to do so in sellers’ market conditions. Although the 2023 market remained fairly balanced, this will not be the case in the months to come. Edmonton is forecasted to remain in a seller’s market for the duration of 2024. This is likely in part because of the influx of move-over buyers from Ontario and other high-cost-of-living provinces. Ontarians have seen a stark change in the cost of living since exiting the pandemic and many are now on the hunt for something more affordable. Since Edmonton is one of the most affordable major cities in Canada, it has become an attractive option for interprovincial migrators.

Another projection outlined by RE/MAX in their Edmonton housing market outlook noted that the average home price would rise by 4% in 2024. Moreover, sales are expected to drop by 5% and the top three most desirable neighbourhoods will be:

Oliver/Downtown
Rutherford/Heritage Valley
Terra Losa

Contact me Today!

Contact me if you have any questions about buying or selling houses for sale in Edmonton in 2024. I’d be happy to help you attain your real estate goals. Be sure to check out my social media for the latest updates and more. I look forward to working with you shortly!