REALTOR® in Edmonton Talks Affordable Real Estate

Over the past few years, finding affordable real estate has been a challenge for many prospective buyers. In Canada, the national average cost of housing has been a concern for several aspiring homeowners and investors. The Bank of Canada’s rate hikes have been a major factor in these difficulties. However, this year those who have been yearning for their chance to re-enter the market may find Edmonton’s market conditions favourable. In this article, your REALTOR® in Edmonton will go over a brief market update, highlighting Edmonton’s affordability. Follow along below to learn more. 

Edmonton Real Estate is Appealing to Buyers Across Canada

Edmonton’s real estate market is primed to have a successful year marked by growth. Most major Canadian real estate markets have been struggling with affordability. However, Edmonton is one of the only ones characterized by its modestly priced properties. This is making it a destination for interprovincial migration. 

The REALTORS® Association of Edmonton (RAE) noted that even though sales were down in the last quarter of 2023, recent months have shown heightened activity. Experts are predicting that this momentum will continue throughout the year. The recent growth in the real estate market has many citizens hopeful that Edmonton will see a similar transformation as Calgary.

The benchmark home price in Edmonton was $375,000 at the end of 2023. This indicated a 1.5% growth in price. In Calgary, the current average home price is markedly higher at $570,000. This is good news for Edmonton as the city has room to grow without putting stress on affordability as many Calgarians fear. 

Another factor contributing to the health of Edmonton’s market was the announcement of yet another interest rate hold from the Bank of Canada. This news in late January has indicated that the benchmark interest rate will remain at 5%. This was the fourth consecutive interest rate hold. With rates expected to stay the same for the majority of the year, there is much opportunity for Edmonton buyers. 

Contact a REALTOR® in Edmonton 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!