Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for May 2023 hit 2,719, decreasing 6.8% compared to May 2022 but increasing 34.4% from April 2023. Total residential average prices hit $420,507, a 1.5% decrease from May 2022, and an increase of 2.8% from April 2023. 

The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $378,800, resulting in an increase of 0.5% from April 2023, but a decrease of 8.4% from May 2022.

New residential listings were down 17% year-over-year from May 2022, while also noting an increase of 14.2% from April 2023. Overall inventory in the GEA was down 5.9% from May of last year, and up 2.6% from the previous month. 

All residential listings averaged 42 days on the market, increasing by 13 days year-over-year and dropping two days from April 2023.

Detached homes averaged 40 days on the market, a two-day decrease from April 2023. They averaged $512,338, a 1.2% year-over-year increase and an increase of 2.3% from April 2023. Detached unit sales were down 9.6% from May 2022, but saw an increase of 37.7% from April 2023 at 1,692. 

Semi-detached homes averaged 37 days on the market, decreasing four days from the previous month. They sold for an average of $381,968, resulting in a small 0.7% decrease year-over-year, but saw an increase of 0.8% from the previous month. Semi-detached unit sales were down 12.8% year-over-year but increased by 38.4% from April 2023. 

Row/townhouses averaging 42 days on the market, a decrease of three days month-over-month. Their prices were down both 4.3% from May 2022 and 3.1% month-over-month, selling at $253,417. Row/Townhouse unit sales saw increases in both year-over-year and month-over-month, noting improvements of 4.1% and 27.8% respectively. 

Apartment condominiums averaged 56 days on market, showing no change from April 2023. They average prices hit $193,218, showing decreases of 0.3% from last month and 8.1% from May 2022. Apartment Condominium unit sales also had increases of 3.7% from May 2022 and 22.2% from the previous month.

If you or someone you know have questions about how this may impact your home selling or buying decision, send me a message!⁠

Craig Finnman ⁠
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The number of residential units sold in the Greater Edmonton Area (GEA) real estate market during April 2023 was 2,028, indicating a decrease of 30.8% when compared to the sales of April 2022. However, there was an increase of 11.1% in sales from March 2023.

In April 2023, new residential listings in the Greater Edmonton Area (GEA) real estate market decreased by 26% compared to April 2022, but increased by 6% from March 2023. The GEA's overall inventory increased by 7.4% year-over-year and by 9.3% from the previous month. The average price for residential properties in the GEA was $408,631, indicating a 6% drop from April 2022 but a 4.8% increase from March 2023.

The composite benchmark price* for the MLS® Home Price Index (HPI) in the Greater Edmonton Area (GEA) real estate market was $379,500, showing a 0.4% increase from March 2023 and a 9.1% decrease from April 2022. On average, all residential listings in the GEA stayed on the market for 44 days, an increase of 14 days from last year and a decrease of five days from March 2023.

In April, detached unit sales in the Greater Edmonton Area (GEA) were down 32.9% from April 2022, but increased 14.2% from March 2023 to 1,229 units sold. Detached homes had an average of 42 days on the market, decreasing four days from March 2023. The average price for detached homes was $500,635, which represents a 4.6% decrease year-over-year but a 3.1% increase from March 2023.

Semi-detached unit sales in the GEA real estate market decreased by 37% year-over-year, but increased by 19.3% from March 2023. The average selling price was $378,797, with a small 3.4% decrease from the previous year, but a 3.7% increase from the previous month. On average, semi-detached homes stayed on the market for 41 days, increasing by two days from the previous month.

Sales of row/townhouse units in the GEA real estate market were down 23% YoY but increased by 0.7% MoM. They spent an average of 45 days on the market, decreasing by seven days from the previous month. The average selling price was $261,390, down 3.7% from April 2022, but up 5.5% from the previous month.

The sales of apartment condominium units in the Greater Edmonton Area (GEA) real estate market decreased by 23.2% compared to April 2022. However, there was a 1.3% increase in sales from the previous month. The average time these properties spent on the market was 56 days, which represents a four-day decrease from March 2023. The average selling price for apartment condominiums in the GEA was $192,560, indicating a slight 0.1% decrease from the previous month and a 5.8% decrease from April 2022.

If you or someone you know have questions about how this may impact your home selling or buying decision, send me a message!⁠ ⁠

Craig Finnman ⁠
Re/Max Elite ⁠
craig@craigfinnman.ca ⁠
780-982-1589⁠

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Sales in March 2023 in the Greater Edmonton Area (GEA) real estate market decreased 44.6% compared to March 2022 but saw an increase of 42.1% from February 2023. New listings were down 22% year-over-year, while also noting an increase of 32.3% from February 2023. Overall inventory was up 22.1% from March of last year, and up 11.8% from the previous month. Total average price hit $390,063, a 9.5% decrease from March 2022, and an increase of 5.6% from February 2023. 

Detached sales were down 47.5% from March 2022, but saw an increase of 48.4% from February 2023 at 1076. They averaged $485,739, a 6.4% year-over-year decrease and a 5.7% increase from February 2023 and averaged 46 days on the market, an 8-day decrease from February 2023. 

Semi-detached sales were down 58.2% year-over-year but increased by 20.7% from February 2023. They sold for an average of $365,455, resulting in a small 4.1% decrease year-over-year, saw an increase of 2.2% from the previous month and averaged 39 days on the market, decreasing 17 days from the previous month.

Row/Townhouse sales decreased 45% year-over-year and increased 49.2% month-over-month. Prices were down 7.4% from March 2022 and 1.4% month-over-month, selling at $247,796. They averaged 52 days on the market, a decrease of 8 days month-over-month. 

Apartment Condominium sales saw a decrease of 19% from March 2022 but increased 30.1% from the previous month. They averaged $192,746, showing an increase of 2.9% from last month, and a decrease of 5.2% from March 2022 and averaged 60 days on market, showing a decrease of 5 days from February 2023. 

The MLS® Home Price Index (HPI) composite benchmark price* came in at $377,900, resulting in an increase of 1.7% from February 2023, but a decrease of 7.8% from March 2022. Overall, all residential listings averaged 49 days on the market, increasing by 15 days year-over-year and dropping eight days from February 2023.

If you or someone you know have questions about how this may impact your home selling or buying decision, send me a message!⁠ ⁠

Craig Finnman ⁠
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craig@craigfinnman.ca ⁠
780-982-1589⁠

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"The RE/MAX 2023 Canada Housing Barometer Report examined average price and new mortgage values published by CMHC-Equifax Canada in 12 major markets from British Columbia to New Brunswick, to compare loan-to-value (LTV) ratios between Q3 2012 and Q3 2022.

The report found that LTV ratios had declined in 67% of markets (8) over the past decade, with the greatest drops noted in London and Moncton (21%), Halifax (15%), Hamilton (14%), Toronto (10%) and Ottawa-Gatineau (9%). 4 markets, including Calgary, Edmonton, Saskatoon, and Regina, were up over 2012 levels, a trend that is set to reverse in the years ahead as Alberta and Saskatchewan’s economic engines gain momentum and drive home-buying activity.

The lowest loan-to-value ratios were found in the most expensive markets, including Vancouver (50%), Toronto (53%), and Hamilton (54%) while the highest loan-to-value ratios were found in Regina (88%) and Edmonton (83%). Nationally, loan-to-value ratios hovered at 57%."

Craig Finnman ⁠
Re/Max Elite ⁠
craig@craigfinnman.ca ⁠
780-982-1589⁠

Read More | Canada Housing Market Risk Low, Despite Short-Term Contraction | Re/Max

“The bulk of the downward adjustment to sales reacting to the sharp rise in borrowing costs may be in the rearview mirror,” says Shaun Cathcart, CREA’s Senior Economist, as home sales were up 1.3% on a month-over-month basis in December 2022. 

Wondering how this impacts your home buying or selling decision? Are you interested in moving out of the province? Connect with me to discuss your options and for a trusted referral.⁠

Craig Finnman
Re/Max Elite
craig@craigfinnman.ca
780-982-1589

Total residential unit sales decreased by 26.1% compared to December 2021 and decreased by 22.1% from November 2022. New residential listings were down 12.9% year-over-year from December 2021, and down month-over-month, decreasing 38.8% from November 2022. Inventory was up 6.1% from December of last year but decreased 21.8% from November 2022.

Single-family home sales are down both 31.9% from December 2021 and 24.2% from November 2022, averaging $457,371, a 1.0% year-over-year decrease and a 0.6% increase from November 2022. They spent an average of 52 days on the market, a 6-day increase from December of last year.

Condo sales were down 2.8% year-over-year and decreased 15.5% from November 2022, averaging $207,114, resulting in a 4.6% decrease year-over-year, with prices down 4.4% compared to November 2022. They spent an average of 70 days on the market, increasing by 5 days year-over-year.

Duplex/rowhouse sales also fell 41.9% year-over-year and 33.6% month-over-month. Prices decreased 1.9% from December 2021, selling at $356,822, a 0.7% decrease from November 2022. They spent an average of 47 days on the market, with no change being reported from December 2021.

All residential prices average at $361,172, a 5.2% decrease from December 2021, and a 1.9% decrease from November 2022. The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $373,200, a 0.9% decrease from December 2021 and 0.1% from November 2022.

If you or someone you know is looking to sell your home in Edmonton or Sherwood Park, contact me to discuss how this impacts your selling decision!

Craig Finnman
Re/Max Elite
craig@craigfinnman.ca
780-982-1589

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Total sales decreased by 14.8% compared to October 2022 and saw a year-over-year decrease of 31.2% from November 2021. New residential listings decreased 22.4% month-over-month from October 2022, with a marginal decrease of 4.3% from November of last year.⁠

Single-family home sales were down both 36.2% from November 2021 and 18.5% from October 2022 at 708. They averaged $454,541, a slight 0.6% year-over-year decrease and a month-over-month loss of 1.8%. Averaging 49 days on the market, increasing by 5 days since last month.⁠

Condo unit sales decreased 11.0% from November 2021 and were down 5.6% from October 2022. They sold for an average of $216,690, with a decrease of 4.0% year-over-year and 3.4% compared to October 2022. Averaging 58 days on the market, increasing by 3 days month-over-month.

Duplex/rowhouse unit sales were down both 42.3% year over year and 14.1% from last month. They increased 4.3% from November 2021, selling at $362,606, with a 2.5% decrease from October 2022. Averaging 52 days on the market, increasing by 4 days as compared to last month.⁠

The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $373,400, signaling a 0.9% decrease from November 2021, and a loss of 1.5% from October 2022.⁠

Overall, all residential listings averaged 52 days on the market, increasing by 5 days month-over-month and a 3-day change recorded from November 2021.⁠

If you or someone you know is looking to sell your home in Edmonton or Sherwood Park, contact me to discuss how this impacts your selling decision!⁠
⁠
Craig Finnman ⁠
Re/Max Elite ⁠
craig@craigfinnman.ca ⁠
780-982-1589⁠

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The Bank of Canada today increased its target for the overnight rate to 4.25%, with the Bank Rate at 4.5% and the deposit rate at 4.25%. The Bank is also continuing its policy of quantitative tightening.

Inflation around the world remains high and broadly based. Global economic growth is slowing, although it is proving more resilient than was expected at the time of the October Monetary Policy Report (MPR).

In Canada, GDP growth in the 3rd quarter was stronger than expected, and the economy continued to operate in excess demand. Canada’s labor market remains tight, with unemployment near historic lows.

While commodity exports have been strong, there is growing evidence that tighter monetary policy is restraining domestic demand: consumption moderated in the third quarter, and housing market activity continues to decline.

Overall, the data since the October MPR support the Bank’s outlook that growth will essentially stall through the end of this year and the first half of next year. CPI inflation remained at 6.9% in October, with many of the goods and services Canadians regularly buy showing large price increases. Measures of core inflation remain around 5%.

Looking ahead, Governing Council will be considering whether the policy interest rate needs to rise further to bring supply and demand back into balance and return inflation to target. Quantitative tightening is complementing increases in the policy rate. We are resolute in our commitment to achieving the 2% inflation target and restoring price stability for Canadians.

Craig Finnman ⁠
Re/Max Elite ⁠
craig@craigfinnman.ca ⁠
780-982-1589⁠

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“Sales actually popped up from September to October, and the decline in prices on a month-to-month basis got smaller for the fourth month in a row,” says CREA’s Senior Economist, Shaun Cathcart

Wondering how this impacts your home buying or selling decision? Are you interested in moving out of the province? Connect with me to discuss your options and for a trusted referral.⁠

Craig Finnman
Re/Max Elite
craig@craigfinnman.ca
780-982-1589

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Total residential sales decreased 6.7% compared to September 2022 and saw a year-over-year decrease of 21% from October 2021. ⁠

New residential listings decreased 13% month-over-month from September 2022 and saw a slight increase of 0.8% from October last year. ⁠

Overall, all residential listings averaged 47 days on the market, decreasing one-day month-over-month, and no change was recorded from October 2021.⁠

Single-family home unit sales were down both 22.59% from October 2021 and 2.8% from September 2022 at 869. They averaged 44 days on the market, seeing no month-over-month increase. Single-family homes averaged $462,858, a 2.7% year-over-year increase and a month-over-month loss of 0.3%. ⁠

Duplex/rowhouse unit sales were down both 27% year-over-year and 12.4% from last month. Prices increased 3.7% from October 2021, selling at $372,027, and saw a 1% decrease from September 2022. Duplexes averaged 48 days on the market, increasing by three days as compared to last month. ⁠


Condo unit sales decreased 14.7% from October 2021 and were down 13.9% from September 2022. They sold for an average of $224,252, seeing a small decrease of 0.3% year-over-year and increasing 1.7% when compared to September 2022. Condos averaged 55 days on the market, decreasing by one-day month-over-month. ⁠

The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $378,900, both a 0.7% decrease from October 2021 and a decrease of 2.5% from September 2022. ⁠

If you or someone you know is looking to sell your home in Edmonton or Sherwood Park, contact me to discuss how this impacts your selling decision!⁠
⁠
Craig Finnman ⁠
Re/Max Elite ⁠
craig@craigfinnman.ca ⁠
780-982-1589⁠

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Total unit sales decreased 12.2% compared to August 2022 and saw a year-over-year decrease of 15.7% from September 2021. All residential listings averaged 48 days on the market, increasing by 4 days month-over-month and 4 days compared to September 2021.

New listings increased 1.7% month-over-month from August 2022 and saw a small increase of 3.7% from September of last year.

Single-family sales were down both 21.9% from September 2021 and 13.5% from August 2022. They averaged $463,051, a 2% year-over-year increase and a month-over-month decrease of 1.1%, and averaged 44 days on the market, an increase of 7 days from August 2022.

Condo sales saw a decrease of 1.5% from September 2021 and were down 13.2% from August 2022. They sold for an average of $220,013, seeing a slight decrease of 1.9% year-over-year and no change when compared to August 2022. Condos averaged 56 days on the market, increasing by 2 days month-over-month.

Duplex/rowhouse unit sales were down both 7.2% year-over-year and 4.9% from last month. Duplex prices increased 11.6% from September 2021, selling at $375,923, and saw a 4.3% decrease from August 2022. Duplexes averaged 45 days on the market, an 8-day increase compared to last month.

The MLS® Home Price Index (HPI) composite benchmark price* came in at $388,800, a 2.2% increase from September 2021, with a small decrease of 2.6% recorded from August 2022.

If you or someone you know is looking to sell your home in Edmonton or Sherwood Park, contact me to discuss how this impacts your selling decision!

Craig Finnman
Re/Max Elite
craig@craigfinnman.ca
780-982-1589

Read Full Market Stats Report

Did you hear the news? The BoC increased the overnight lending rate by 0.75%, which is another increase for the 5th time in a row. The Prime rate is expected to increase by 0.75% to 5.45% and Variable rate mortgages will increase by 0.75%.⁠ ⁠

The Bank’s committed to price stability and will continue to do what is required to achieve a 2% inflation target. As the effects of monetary tightening work their way through the economy, the BoC will assess how much higher interest rates need to go to return inflation to its target.

The current inflation rate is measured at 7.6% decreasing from 8.1% in the previous month.⁠ ⁠ The next announcement is scheduled for October 26th and there's certainly hope that October will be more positive.⁠ ⁠

Craig Finnman ⁠
Re/Max Elite ⁠
craig@craigfinnman.ca ⁠
780-982-1589⁠

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Total sales decreased 8.3% compared to July 2022 and saw a year-over-year decrease of 12.0% year-over-year from August 2021. New listings decreased 10.5% month-over-month from July 2022 but increased by 0.9% from August of last year. ⁠

Single-family home sales totaled 1,034, down 17.0% from August 2021 and 10.8% from July 2022. Condo sales increased 5.8% from August 2021 but were down 1.5% from July 2022. Duplex/rowhouse sales were down 22.7% year-over-year and 15.0% from last month. ⁠

Single-family homes averaged $469,757, an increase of 1.8% year-over-year and a 4.1% decrease month-over-month. All residential listings averaged 42 days on the market, an increase of 3 days month-over-month.⁠

If you or someone you know is looking to sell your home in Edmonton or Sherwood Park, contact me to discuss how this impacts your selling decision!⁠

Craig Finnman ⁠
Re/Max Elite ⁠
craig@craigfinnman.ca ⁠
780-982-1589⁠

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July saw its first large decrease in the Edmonton real estate market. Single-family homes averaged 33 days on the market, seeing an increase of six days from June 2022.

If you or someone you know is looking to sell your home in Edmonton or Sherwood Park, contact me to discuss how this impacts your selling decision!

Craig Finnman
Re/Max Elite
craig@craigfinnman.ca
780-982-1589

Sales activity continues to slow in the face of rising interest rates and uncertainty but the market still continues to be strong.

Wondering how this impacts your home buying or selling decision? Are you interested in moving out of the province? Connect with me to discuss your options and for a trusted referral.

Craig Finnman
Re/Max Elite
craig@craigfinnman.ca
780-982-1589

There was an increase of 4.1% in residential listings from June of last year and single-family homes averaged 27 days on the market, seeing an increase of four days from May 2022. ⁠

Read Full Market Stats Report

If you or someone you know is looking to sell your home in Edmonton or Sherwood Park, contact me to discuss how this impacts your selling decision!⁠ ⁠

Craig Finnman ⁠
Re/Max Elite ⁠
craig@craigfinnman.ca ⁠
780-982-1589⁠

May 2022 market stats are out! Average single-family price increased 5.7% YOY and the number of properties sold increased 4.4% YOY. If you or someone you know is looking to sell your home in Edmonton or Sherwood Park, contact me to discuss how this impacts your selling decision!

Craig Finnman
Re/Max Elite
craig@craigfinnman.ca
780-982-1589

Greater Edmonton Area sales are up 2% from last April and prices are up 11.4% for Single Family homes. Contact me to discuss how this impacts your buying or selling decision!

Craig Finnman
Re/Max Elite
(780) 982-1589
craig@craigfinnman.ca

March 2022 stats are out! Contact me about how this impacts your home sale or purchase in 2022.

Craig Finnman

Re/Max Elite

craig@craigfinnman.ca

780-982-1589