REALTOR® in Edmonton Talks Affordable Real Estate

Wed, 14 Feb 2024 22:09:53 +0000

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!

The post REALTOR® in Edmonton Talks Affordable Real Estate appeared first on St. Albert Real Estate For Sale.

Houses in Edmonton 2024 Market Outlook

Fri, 05 Jan 2024 19:00:25 +0000

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!