Total residential unit sales August 2023 hit 2,250, increasing 21.8% compared to August 2022, dropping marginally from July 2023 by 3.1%. New residential listings were up 3.7% year-over-year from August 2022, and increasing 0.3% from July 2023. Overall inventory in the GEA was down 15.5% from August of last year, and down 2.7% from the previous month.

For August, detached unit sales were up 16.8% from August 2022 and decreased 5.8% from July 2023 at 1,311. Semi-detached unit sales were down 11.6% month-over-month but increased by 12.9% from this time last year. Row/Townhouse unit sales were up 50.0% from August 2022 and up 23.2% from July 2023. Apartment Condominium unit sales had an increase of 25.1% from August 2022, while noting a decrease of 6.9% from the previous month.

Total residential average prices came in at $397,811, a 0.5% increase from August 2022, and a drop of 2.7% from July 2023. Detached homes averaged $495,005, noting a 2.1% year-over-year increase, but a 1.4% decrease from July 2023. Semi-detached sold for an average of $373,175, resulting in a 4.3% increase year-over-year, and a decrease of 1.5% from the previous month. Row/townhouse prices were up 3.6% from August 2022 and down 4.1% month-over-month, selling at $253,345. Apartment Condominium average prices hit $192,815 showing a decrease of 1.0% from last month and an increase of 0.5% from August 2022.

The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $380,600, resulting in a decrease of 0.3% from July 2023, and a drop of 3.9% from August 2022.

Detached homes averaged 45 days on the market, increasing one day from July 2023. Semi-detached homes averaged 42 days on the market, increasing seven days from the previous month, with row/townhouses averaging 44 days on the market, an increase of three days month-over-month.  Apartment condominiums averaged 56 days on the market, showing a two-day decrease from July 2023. 

Overall, all residential listings averaged 46 days on the market, increasing by four days year-over-year and one day from July 2023.

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Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for July 2023 hit 2,323, increasing 14.9% compared to July 2022, but dropped 10.4% from June 2023. New residential listings were down 7.7% year-over-year from July 2022, while also noting a drop of 9.2% from June 2023. Overall inventory in the GEA was down 17.3% from July of last year, and down 2.4% from the previous month.

Total residential average prices hit $409,986, a 2.0% decrease from July 2022, and a drop of 0.6% from June 2023. 

The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $381,800, resulting in a decrease of 0.5% from June 2023, and a drop of 6.2% from July 2022.

Overall, all residential listings averaged 45 days on the market, increasing by seven days year-over-year and three days from June 2023.

Detached unit sales were up 10.9% from July 2022 and decreased 12.7% from June 2023 at 1,391. Detached homes averaged $503,542, noting a 0.8% year-over-year drop and a 0.6% increase from June 2023. Detached homes averaged 44 days on the market, increasing four days from June 2023. 

Semi-detached unit sales were down 11.2% month-over-month but increased by 11.2% from this time last year. Semi-detached sold for an average of $378,902, resulting in a 2.3% increase year-over-year, and a decrease of 1.0% from the previous month. Semi-detached homes averaged 35 days on the market, increasing one day from the previous month.

Row/Townhouse unit sales were up 19.7% from July 2022, but dropped 5.4% from June 2023. Row/townhouse prices were up both 3.8% from July 2022 and 2.6% month-over-month, selling at $264,128. Row/townhouses averaging 41 days on the market, an increase of one-day month-over-month. 

Apartment Condominium unit sales had an increase of 31.6% from July 2022, while noting a decrease of 4.3% from the previous month. Apartment Condominium average prices hit $194,823 showing a small decrease of 0.1% from last month and a drop of 3.1% from July 2022. Apartment condominiums averaged 58 days on the market, showing a three-day increase from June 2023. 

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Total residential unit sales hit 2,596, decreasing both 2.1% compared to June 2022 and 4.6% from May 2023. New residential listings were down 14.8% year-over-year from June 2022, while also noting a drop of 3.9% from May 2023. Overall inventory in the GEA was down 11.7% from June of last year, and up 0.5% from the previous month. 

Total residential average prices hit $412,334, a 3.1% decrease from June 2022, and a drop of 2.3% from May 2023. The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $383,600, resulting in an increase of 1.3% from May 2023, but a decrease of 7.2% from June 2022. Overall, all residential listings averaged 41 days on the market, increasing by nine days year-overyear and dropping one day from May 2023.

Detached unit sales were down 5.1% from June 2022 and decreased 6.0% from May 2023 at 1,594. They averaged $500,496, noting a 1.8% year-over-year drop and 2.7% decrease from May 2023. Detached homes averaged 40 days on the market, seeing no change from May 2023. 

Semi-detached unit sales were down 9.0% year-over-year but increased by 4.3% from May 2023. They sold for an average of $382,883, resulting in a small 2.6% increase year-over-year, and an increase of 0.2% from the previous month. Semidetached homes averaged 34 days on the market, decreasing three days from the previous month.

Row/Townhouse unit sales saw decreases both year-over-year and month-over-month, noting drops of 6.9% and 17.3% respectively. Prices were up both 0.7% from June 2022 and 1.7% month-over-month, selling at $257,812. They averaged 40 days on the market, a decrease of 2 days month-over-month. 

Apartment Condominium unit sales had increases of 26.0% from June 2022 and 6.8% from the previous month. Their average price hit $194,910, showing an increase of 0.9% from last month and a drop of 4.9% from June 2022. Apartment condominiums averaged 55 days on the market, showing a one-day drop from May 2023.

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

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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.

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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!⁠ ⁠

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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!⁠ ⁠

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

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
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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