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Edmonton Real Estate Market October 2024: Interest Rates and Sales Trends
The Edmonton real estate market saw significant changes in October 2024, with sales volume soaring despite pressure from recent interest rate fluctuations. If you’re a homeowner, buyer, or investor in the Greater Edmonton Area, understanding these shifts can help you make informed decisions.
October 2024 brought a 10.5% increase in residential sales month-over-month and a remarkable 38.5% increase compared to October 2023. With new listings down 8.7% from September, inventory is tighter, contributing to a competitive market for buyers.
Detached home sales rose 10.2% month-over-month and an impressive 37.2% year-over-year. The average detached home price in Edmonton remains steady at $552,954, up 13.6% from last year. Sellers of detached properties are well-positioned to benefit from this stable demand and limited inventory.
Semi-detached, row/townhouse, and apartment condo sales also saw significant gains, with condo sales up 43.6% year-over-year. This boost in activity indicates a growing interest among buyers seeking more affordable property options, possibly driven by increased interest rate impacts on financing.
For buyers and investors, the market presents unique opportunities. While apartment condo prices dipped 4.1% from September, their demand has spiked. Buyers looking for entry-level properties or investment opportunities can take advantage of these trends.
With Edmonton’s October 2024 market showing strong sales and stable prices, now may be an ideal time for sellers to list. Buyers and investors should also keep an eye on the evolving landscape, as interest rates shape Edmonton’s real estate future. For personalized advice, reach out today to explore your options in the Edmonton housing market.
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Please visit our Open House at 7535 154 AVE in Edmonton. See details here
Open House on Saturday, November 16, 2024 1:00PM - 3:00PM
Welcome to this spacious family home featuring a cozy carpeted family room with an electric fireplace, and a bright eating nook that opens onto the back deck – perfect for enjoying the backyard fire pit. The main floor also includes a formal dining room with a table and six chairs, plus a large 2-piece bath. Upstairs, you’ll find four spacious bedrooms, with the front and primary bedrooms offering lovely lake views. The primary bedroom includes a 4-piece ensuite and walk-in closet, with another two bedrooms A 3-piece main bath completes the upper level. The finished basement offers a large family room, 4-piece bath, and utility space, including a washer/dryer area. New shingles (2020), furnace, and hot water tank (2021) provide peace of mind. This home is ready and waiting for its new family!
I have listed a new property at 16 GROVELAND RD in Sherwood Park. See details here
Nestled on a beautiful, tree-lined street, this charming bungalow welcomes you with timeless Brazilian hardwood flooring throughout the main level, filling the space with warmth and elegance. The updated kitchen is a true centrepiece, featuring stunning cabinetry, a spacious island, quartz countertops, and a double electric oven. The living room is bright with large vinyl windows and pot lighting, and a cozy dining area off the side. The primary bedroom is spacious with a huge walk in closet and closet organizers. A second bedroom on the main floor is perfect for children or a home office. Venture downstairs to the fully finished, cozy basement, complete with plush carpeting, two additional bedrooms, and a beautifully updated bathroom. Outside, enjoy a generous backyard space ready for gatherings, gardening, or relaxation. The home has a newer roof, garage roof, hot water tank, and furnace. This home combines modern comforts with classic appeal, offering the perfect retreat in a gorgeous community.
I have listed a new property at 7415 169 AVE in Edmonton. See details here
Welcome to this pride of ownership 2 Story in Schonsee, total four bedrooms & so so much more! Front entrance has a nice patio/sitting area. Walk into spacious foyer, w/grand curved staircase, open to above w/loft! Huge kitchen boasts tons of cabinetry, granite countertops, walk in pantry, chimney hood fan, eating bar, buffet, SS appls with new dishwasher. Great size breakfast nook with lots of windows, overlooking backyard. Family room off kitchen, with another gas fireplace. Main floor also has a great size den, half bath & convenient main floor laundry w/sink. Upstairs, you will find a loft area overlooking below. Enjoy a primary suite oasis, w/sitting area, walk in closet, & 5 pce ensuite w/jacuzzi tub. Three more spacious bedrooms, one with walk in closet. Basement has 9 ft ceilings, & is all framed, ready for your personal touch! The backyard is gorgeously landscaped, w/nice size deck & shed. Other upgrades: New HWT (3 yrs) , remodelled washer, new dryer, custom blinds, central vac. Welcome home!
The Edmonton real estate market saw significant changes in October 2024, with sales volume soaring despite pressure from recent interest rate fluctuations. If you’re a homeowner, buyer, or investor in the Greater Edmonton Area, understanding these shifts can help you make informed decisions.
October 2024 brought a 10.5% increase in residential sales month-over-month and a remarkable 38.5% increase compared to October 2023. With new listings down 8.7% from September, inventory is tighter, contributing to a competitive market for buyers.
Detached home sales rose 10.2% month-over-month and an impressive 37.2% year-over-year. The average detached home price in Edmonton remains steady at $552,954, up 13.6% from last year. Sellers of detached properties are well-positioned to benefit from this stable demand and limited inventory.
Semi-detached, row/townhouse, and apartment condo sales also saw significant gains, with condo sales up 43.6% year-over-year. This boost in activity indicates a growing interest among buyers seeking more affordable property options, possibly driven by increased interest rate impacts on financing.
For buyers and investors, the market presents unique opportunities. While apartment condo prices dipped 4.1% from September, their demand has spiked. Buyers looking for entry-level properties or investment opportunities can take advantage of these trends.
With Edmonton’s October 2024 market showing strong sales and stable prices, now may be an ideal time for sellers to list. Buyers and investors should also keep an eye on the evolving landscape, as interest rates shape Edmonton’s real estate future. For personalized advice, reach out today to explore your options in the Edmonton housing market.
Craig Finnman
RE/MAX Elite
(780) 982-1589
craig@craigfinnman.ca
Read Full Market Stats Report
Please visit our Open House at 7535 154 AVE in Edmonton. See details here
Open House on Saturday, November 9, 2024 1:00PM - 3:00PM
Welcome to this spacious family home featuring a cozy carpeted family room with an electric fireplace, and a bright eating nook that opens onto the back deck – perfect for enjoying the backyard fire pit. The main floor also includes a formal dining room with a table and six chairs, plus a large 2-piece bath. Upstairs, you’ll find four spacious bedrooms, with the front and primary bedrooms offering lovely lake views. The primary bedroom includes a 4-piece ensuite and walk-in closet, with another two bedrooms A 3-piece main bath completes the upper level. The finished basement offers a large family room, 4-piece bath, and utility space, including a washer/dryer area. New shingles (2020), furnace, and hot water tank (2021) provide peace of mind. This home is ready and waiting for its new family!
I have listed a new property at 401 10139 117 ST in Edmonton. See details here
TOP FLOOR! Located just off of Jasper Avenue, within walking distance to Grant McEwan University, Oliver Square, Rogers Place, the River Valley, transit and much more! Unique space with cedar ceiling, windows above for lots of extra light, and stone facing wood fireplace! Newer vinyl plank flooring throughout! Kitchen has tons of cabinet and counter space, with pass through to living room. Private-covered balcony. In the bedroom you will find an oversized wall-to-wall closet. Additional perks include heated assigned underground parking, security, and in-suite laundry. Great opportunity to own in sough after Oliver area!
This Thanksgiving season was filled with so much gratitude, especially for each of you who joined us at the Thanksgiving Pie Pick Up & Portrait Event!
It was a beautiful day seeing familiar faces (and some new ones!) and capturing memories. Thank you for making this event a success and for the opportunity to be apart of your real estate journey.
I’m honoured to be your go-to Real Estate Expert and look forward to supporting you for many years to come.
Warmest thanks,
Craig Finnman
RE/MAX Elite
I have listed a new property at 7535 154 AVE in Edmonton. See details here
Welcome to this spacious family home featuring a cozy carpeted family room with an electric fireplace, and a bright eating nook that opens onto the back deck – perfect for enjoying the backyard fire pit. The main floor also includes a formal dining room with a table and six chairs, plus a large 2-piece bath. Upstairs, you’ll find four spacious bedrooms, with the front and primary bedrooms offering lovely lake views. The primary bedroom includes a 4-piece ensuite and walk-in closet, with another two bedrooms A 3-piece main bath completes the upper level. The finished basement offers a large family room, 4-piece bath, and utility space, including a washer/dryer area. New shingles (2020), furnace, and hot water tank (2021) provide peace of mind. This home is ready and waiting for its new family!
Working with a knowledgeable real estate agent can help reduce the stress of moving to a new area. I’m part of a network of trusted professionals located all over North America. If you need a referral for an agent in another area, I’d be happy to connect you to one!
Craig Finnman
RE/MAX Elite
(780) 982-1589
craig@craigfinnman.ca
Breaking news from the Bank of Canada! The policy interest rate has just been slashed by 50 basis points, bringing it down to 3.75%. So, what does this mean for you?
For homeowners and prospective buyers, this rate cut could mean lower monthly payments, more affordable mortgage options, and new opportunities for refinancing. If you've been waiting to make a move, now might be the perfect time.
On the consumer side, inflation has eased and is back around 2%, helping lower prices on everything from groceries to gas. With this rate cut, you might find more room in your budget as borrowing costs drop.
For businesses, the lower rates create opportunities to invest and grow. Whether you’re expanding or starting a new venture, borrowing is now more affordable. Plus, the Canadian economy is expected to grow steadily over the next few years.
With the Bank of Canada reducing interest rates, now is the time to rethink your financial strategy. From housing to business to everyday spending, this decision impacts us all. Stay informed and make sure you’re positioned to benefit from these changes!
Need more insights? Contact me today to explore your options.
Your Trusted Real Estate Partners. Contact us at 780-982-1589 for all your property needs.