Real Estate Market Ploughs Ahead in Edmonton in November

Residential sales in the Greater Edmonton Area real estate market were the highest we've seen in the month of November since 2009. 

“The Edmonton market continues to perform well with sales up and prices rising,” said RAE President Darrell Cook, in a news release yesterday.

With some of the most affordable housing in the country, one of the lowest unemployment rates in country, and lowest vacancy rates in the country, it's almost surprising our real estate market isn't stronger. Plus, the province as seen the largest increase in population in the country this year. On the other hand, we also saw three times as much snow this November than we did last year, and home builders have been busily adding new houses and condos to the inventory, keeping our market in the strong-but-not-too-strong category. Just where we like it!

"Alberta stands out. In the past year, its demographic growth was nearly three times the national average, the federal statistical agency said, noting that the population increase among people aged 30 to 44 – the prime age group for workers – was more than quadruple the national average." The Globe and Mail.

With all that said, there tends to be a lag between migration into the province, and home sales, as many new residents rent for awhile before buying. In addition, strong 4th quarter market conditions tend to lead to a strong spring market. It will be interesting to see what happens in the coming months.

MarketSnapshotNovember
Market Snapshot

There were 1116 residential sales in the Greater Edmonton Area in November, up over 10% from last year.

Sales
Edmonton Area Residential Sales

The overall residential average sale price was up 3.6% over last November, to $346,388, while the median sale price was up 1.8% to $324,700.

Average
Average Real Estate Prices for the Edmonton
 Area

Inventory has dropped to the lowest level we've seen in November for at least 5 years, ending the month at 4,047 listings.


Inventory
Edmonton area real estate inventory
 

Listing activity was slightly below the norm for this year, but nothing out of the ordinary - there were 1378 new listings in the month of November.

NewListings
Edmonton area real estate listings

About 

Sara MacLennan is the Director of Marketing at Liv Real Estate and a licensed Real Estate Associate. The bulk of Sara’s experience and wealth of expertise lies in on-line technology and marketing both for agents and consumers. Sara is the former National Director for Interactive Marketing for Coldwell Banker Canada where she was responsible for an extensive training program traveling to offices across the country training agents and brokers on marketing and technology. Find Sara on Twitter @edmontonblogger.

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9 Responses to “Real Estate Market Ploughs Ahead in Edmonton in November”

  1. wsnNo Gravatar 04. Dec, 2013 at 7:06 pm #

    Feels like 2004. There is notable strength, but not quite full out yet.

    • BogdanNo Gravatar 06. Dec, 2013 at 4:00 pm #

      Prediction: In 2014 the inventory will almost push the panic button, prices will be up 5-6% over 2013 and first signs of seller market. This is all due to lots of people moving to Alberta and Edmonton.

  2. Stephanie MoserNo Gravatar 05. Dec, 2013 at 2:19 am #

    Sara, this is good work you are doing for Edmonton residence and other real estate entrepreneurs who might be interested in doing business in this region.

  3. ShawnNo Gravatar 05. Dec, 2013 at 10:03 am #

    Historically Edmonton was frequently averaging around 7% per year in average price increases. With builders always being overly proactive I think those averages may be in the past. Certainly, the economy, net migration and other variances would add to a large increase, but again, builders keep things saturated with inventory. Will they letup enough to see a 5 to 10% price increase or can we achieve this even with their new builds? Thoughts are welcome.

    • wsnNo Gravatar 05. Dec, 2013 at 1:44 pm #

      Whatever builders build (even overbuild) won’t be enough to satisfy the short term demand. Too many people waited on the fence in the past few years waiting for a market crash. When some of them realize their mistake, price will take off.

  4. Karl HungusNo Gravatar 05. Dec, 2013 at 10:44 am #

    You would have to look at data from the past, builds per capita or something like that.

  5. ShawnNo Gravatar 05. Dec, 2013 at 10:54 am #

    Here is my historical reference
    link to chrisdavies.ca

  6. Melissa DaviesNo Gravatar 05. Dec, 2013 at 1:16 pm #

    This is a very informative article! Alberta is growing in leaps and bounds, absolutely. Out here in BC, we are also experiencing growth in housing market. Sicamous Park Estates in the Shuswap has been expanding steadily, and we continue to see growth throughout BC. Like you said, affordable housing is on the rise, and that’s exactly what is happening in Sicamous. Thanks again for the read.
    Melissa

  7. GMNo Gravatar 05. Dec, 2013 at 10:29 pm #

    Is that up 3.6% for November? Or since last November? The graphic doesn’t explain.