Average Sale Price Reaches Record High in Greater Edmonton Area in April

It's taken a long time for prices to rebound from the peak we saw in 2007, and unlike Calgary and Vancouver where prices have dramatically risen and fallen, we've seen a slow and steady rise over the past few years. A record number of people relocated to Alberta in 2013, and real estate sales in Edmonton are really starting to reflect that migration. We typically see a 6 month lag between a large population increase and an increase in real estate sales, as families decide on where they want to live and whether or not the move is permanent. 

MarketSnapshotApril2014
Edmonton Market Snapshot April 2014

We saw more sales in the greater Edmonton area in April than we've seen in the month of April since 2007 and more sales in any month since June of 2009. There were 1983 residential sales in the greater Edmonton area in April, up 22% from last year.

Sales
Sales

The average sale price is up 4.7% over last April to $365,045, the highest overall average residential sale price on record for the Greater Edmonton Area.* The median sale price was $349,000 up 4.2% from last April. 

AveragePrice
Edmonton Real Estate Prices

The inventory of homes available for sale was 4,810 at the end of April, a 9.1% drop from last year.

Inventory
Edmonton real estate inventory

There were 2977 new listings in the greater Edmonton area in April, up 8.3% from last year. Even with increased listing activity, the inventory remains lower than previous years because of high demand. The demand has been created by record migration into the province last year. Our brokerage continues to receive inquiries from people moving to the Edmonton area, so my hunch is that migration numbers remain strong (if anyone has a link to the most recent stats please post it in the comments).

NewListings
New Listings

*The previous record was $354k in May 2007, at that time the average included all sales reported by members of the REALTORS® Association of Edmonton. Today the overall average includes the Census Metropolitan Area (Edmonton and surrounding municipalities), so it's not a direct comparison but it's pretty much representative.

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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39 Responses to “Average Sale Price Reaches Record High in Greater Edmonton Area in April”

  1. 123kidNo Gravatar 02. May, 2014 at 3:11 pm #

    Where are all the naysayers and the doomers. Include the bubble hounds into this list that Im calling out…. where are they now?

    Probably out there right now buying a new upgrade property…..

    • TonyNo Gravatar 02. May, 2014 at 4:38 pm #

      Condos are still ten percent below the July 2007 peak of about $276,000. Many resale condos are still about forty percent lower than the July 2007 peak. The rest of Canada will bring the Alberta market down.

      • wsnNo Gravatar 02. May, 2014 at 4:51 pm #

        40%?

        You sure know a lot of losers.

        • TonyNo Gravatar 02. May, 2014 at 8:34 pm #

          Just the facts, many of the resale condos that were once $250,000 are now $150,00.

      • GregNo Gravatar 06. May, 2014 at 1:30 pm #

        My $276k (2007) condo in Callingwood has similar units selling in same complex for $210k (today).

        FML.

    • EdNo Gravatar 02. May, 2014 at 9:33 pm #

      I’m still here, and my cash remains in my pocket.

    • TonyNo Gravatar 05. May, 2014 at 9:12 pm #

      Nope, enjoying their houses bought in 2008 for $100,000 less, no bubble eh! And its now 6 years later, no inflation gains and interest rates are 70% less than 07. So, you tell me, who got it right

  2. RickNo Gravatar 02. May, 2014 at 3:55 pm #

    Hard to see how a market that increased 4% in a year is a bubble unless it was overvalued to start with.

    You’d have been much further ahead by investing in an equity market index fund. TSX up 20% in the same period.

    • TonyNo Gravatar 08. May, 2014 at 2:43 pm #

      Worst new home prices in Edmonton are down 0.1 percent year over year as can be read here.

      link to biv.com

  3. CastledownsNo Gravatar 02. May, 2014 at 7:34 pm #

    One of my SFH is in pending. The buyer still uses his Ontario address on the offering contractor.

    Local buyers “wanna see more, wanna see more”. Sure enough this property was sold in 9 days. The first 4 days were exclusive on MLX only. I was kinda angry to wait 5 days to see my listing on realtor.ca, usually 24-36 hours.

    • GMNo Gravatar 02. May, 2014 at 10:12 pm #

      Why did your realtor not put it up right as soon as he got the listing?

      Sounds like a shady realtor you have…

    • 123kidNo Gravatar 03. May, 2014 at 4:33 pm #

      congrats castledowns on your recent sale.

  4. Inspector GadgetNo Gravatar 03. May, 2014 at 11:35 am #

    So we are calling this a victory? Sure as an owner of a principal and rental I am happy, but this is really a lesson that real estate, as an investment, can stink. SEVEN YEARS to get back to a record price, and condos still are not there. Seven years of record low interest rates and supposedly the best job market in North America. Wow, glad I am diversified if you folks are giddy about the performance of Edmonton real estate. In migration certainly helps but correlating price and people moving is a little simplistic. People move here for work, work pays X amount. Income and the interest rate decide what people can afford… Just because people move doesn’t mean houses go up each time.
    As for realtor.ca, wow talk about not keeping up with the times. When I have sold I was always amazed at how long it took to get an ad up. It should be kijiji fast really.

  5. Inspector GadgetNo Gravatar 03. May, 2014 at 11:38 am #

    And no 123,I wouldn’t upgrade or buy a house right now unless it was your money. I listen to Warren. Never, ever buy when everyone else is or says you should.

    • 123kidNo Gravatar 03. May, 2014 at 4:43 pm #

      IG: Relax your hormones, give yourself a heart attack at your old age.

      From previous posts, I know you like bragging about your investment returns and the various locations your reside in…. Fact is, many of us do have diversified investment portfolios. This site is about primarily about real estate (as people have pointed this out to you in previous postings).

      Next your second follow up post noted above is borderline idiotic. The factors that may drive purchasing behaviour is not as simplistic as you make it out to be (ie buy when everyone else is or says you should)…. I have no clue who Warren is, but Id advise you stop listening to him/her.

      as you must be getting some nice sun in the… numerous properties you must have around the world.

      Warm regards,
      123

    • wsnNo Gravatar 04. May, 2014 at 8:48 am #

      “I listen to Warren. Never, ever buy when everyone else is or says you should.”

      That’s a totally useless statement. The moment that everyone tells you to buy has never occurred and will never occur.

  6. Inspector GadgetNo Gravatar 03. May, 2014 at 4:51 pm #

    Buffet, best wisdom for investing. Not perfect, but damn close. Doesn’t surprise me that you didn’t get the reference.

  7. 123kidNo Gravatar 03. May, 2014 at 4:58 pm #

    Buffet talks about seeking out companies that are under valued; (the value model; or value investing)

    To simplify it as you have tells me you didn’t pick up too much from Mr Buffet, who BTW is making his way into TransAlta…

    You need to read more rather than reading simply lines from the cover.

  8. 123kidNo Gravatar 03. May, 2014 at 5:00 pm #

    apologies… I meant Buffett

  9. Inspector GadgetNo Gravatar 03. May, 2014 at 7:03 pm #

    Tell me kid, are you loading up on Edmonton real estate these days?

    • 123kidNo Gravatar 06. May, 2014 at 10:12 am #

      IG (old guy)- Love the way you phrase your “loaded” questions… My answer is simply “no” (my answer is based on the previous brags you have made re: your diversified gains).

  10. Inspector GadgetNo Gravatar 04. May, 2014 at 9:43 am #

    Oh stop with the teenage style picks and arguements. You get the meaning behind the words. Only the few people on this blog world trash the idea of balance, and pick apart the wisdom of the greatest investor in history, who has a miniscule % of his fortune in real estate by the way.
    So bloggers I ask again, who is in the process of loading up on Edmonton real estate? Not already owned.

    • wsnNo Gravatar 05. May, 2014 at 9:08 am #

      Warren is great. But any attempt to emulate him is just laughable. It’s like … a 40 year old music starter trying to compose in the style of Mozart.

      Between Warren and you, there are millions of multi-millionaires. They used millions of ways to get there. Some got rich by trading stocks, some by real estate, some by retails and … some by drugs. Some are conservative; some are aggressive. But they are all way more successful than you.

      Just bring up Warren’s name and “feel” that you are investing in the same way is not enough. You just don’t have the same aptitude to even understand what he is about.

      Every year, Warren auctions off a dinner for charity. The winning bid reached as high as $3.5M. That, is how people are starting to learn from him.

      • 123kidNo Gravatar 06. May, 2014 at 9:46 am #

        wsn – well stated :)

  11. Inspector GadgetNo Gravatar 05. May, 2014 at 8:48 am #

    Now This makes sense.

    link to fool.com

  12. Inspector GadgetNo Gravatar 05. May, 2014 at 9:26 am #

    Like I said, teenage arguments. You folks remind me of schoolyard bullies. Talk about posting the obvious in an insulting way, you are the master WSN.

    For the third time, anyone buying Edmonton real estate as an investment these days?

    Would love to hear comments on the article I posted. Who wants to be first to cut down the Nobel Prize winner?

    • gregNo Gravatar 05. May, 2014 at 11:05 am #

      Urgh. I’d invest in some personality lessons.
      Please go on summer vacation early.

    • RBCNo Gravatar 05. May, 2014 at 11:09 am #

      All investments – including stocks – revert to surprisingly similar mean valuations given enough time. According to the Shiller PE index stocks are currently even more overvalued than real estate.

      link to multpl.com

      • GMNo Gravatar 05. May, 2014 at 12:40 pm #

        LOL!

        So now what do you say Inspector, now that the Nobel Prize Winner says stocks are even more overvalued?

      • TonyNo Gravatar 08. May, 2014 at 3:02 pm #

        For a better idea of the trend line for stocks look here:

        link to fedprimerate.com

        As can be seen stocks have been manipulated upwards since 1993 with absolutely no fundamentals to support their rise. The long term trend line on the DOW is around 3,500 which would mean a drop of around 75 percent from todays’ outrageous valuations. As we are well aware things usually fall below the trend line before bouncing back up to the said trend line. The next crash will probably be the mother of all crashes as anyone in stocks is instantly wiped out out due to margin calls.

    • wsnNo Gravatar 05. May, 2014 at 11:21 am #

      Insulting? You are insulting my intelligence, by comparing yourself to Warren Buffet.

      Just did a quick check of BRK over the past 10 years. It has not performed any better than Edmonton real estate.

  13. Inspector GadgetNo Gravatar 05. May, 2014 at 1:13 pm #

    All of this information is put together to form a balanced perspective. I am not against real estate, or investing in markets. I am against the idea of putting all eggs in one basket like so many do, especially young ill informed people with access to big mortgages.
    I did not compare myself to anyone, I merely stated that I try and follow the wisdom of those more successful than I am.
    Do you hang out in Windermere bullying people WSN?
    Anyway, I guess none of the Bulls here are actively increasing their stake in Edmonton real estate or they would have said so. Only trying to convince others to do it as, like me, they have been in for a while.
    Insult away bullies!

    • 123kidNo Gravatar 06. May, 2014 at 10:09 am #

      IG: Old guy…

      “So now what do you say Inspector, now that the Nobel Prize Winner says stocks are even more overvalued?”…
      “Just did a quick check of BRK over the past 10 years. It has not performed any better than Edmonton real estate.”

  14. a common guyNo Gravatar 05. May, 2014 at 7:18 pm #

    I.G.
    The main problem with your posts are the condescending tone. Come down from your “wisdom chair” and we all talk.
    I have said in the past couple of years that Edmonton RE will see gradual increase for the next little while and I’ve been proved correct for the past couple of years (13 and 14). And yes, I expect gradual (small) increases for the next little while.
    As for markets, I do think many stocks are extremely overvalued and are due for a sharp correction. The rise vs the low of 2008 has been much faster than what the “real” economy has been performing, hence the bubble. If you are trying to argue that stocks are a better bet at this point vs Edmonton RE I’m going to say you will be proved wrong.
    I already have multi M$ in Edmonton RE and will likely unload some of them later this year.

    Have a good one.

  15. SpudNo Gravatar 05. May, 2014 at 8:42 pm #

    This is classic stuff. I haven’t been on this blog for a few years and the arguments are still the same. Even sadder – the names are the same. BTW I think IG had a valid point. Calling a ‘record’ price is a little marketing spin. Put it another way – Prices today are a fraction above what they were 7 years ago. Doesn’t sound as good hey. Good luck to you all.

    • wsnNo Gravatar 06. May, 2014 at 8:46 am #

      0.5 is a fraction, 1.0 is a fraction, 2.0 is also a fraction.

      It’s true that today’s price is not as high as summer 2007. But it’s higher than every other year. Except the very few unlucky ones, everyone enjoyed a little ride up.

      Even the unlucky ones, who may have lost 10%~20%, saved rents at least.

      The equivalent unlucky ones in stock market lost everything in 2008 and can never recover.

    • 123kidNo Gravatar 06. May, 2014 at 10:25 am #

      Thanks Spuds for your qualitative distinctions….

      I assume we won’t hear from you for the next few years, when you come back under a different name; levy down your troll like comments, and disappear again.

      Good luck to you

  16. Sara MacLennanNo Gravatar 06. May, 2014 at 10:17 am #

    Ok this is getting totally ridiculous. You people are loyal readers and commenters but you are not adding anything of value to this discussion. So cool it.

  17. 123kidNo Gravatar 06. May, 2014 at 11:13 am #

    “Poll finds Calgary homeowners expect to make a lot of money when they sell

    33 per cent believe property has doubled in value”

    link to calgaryherald.com