August 2024 Edmonton Area Real Estate Market Update

We are on a roll with rate cuts, and I like it! Finally, I have something positive to say if you are a buyer in 2024! If you missed the latest news last week, the Bank of Canada decided that with inflation, another rate cut would help the economy, especially with the two major real estate markets grinding to a halt in Canada.

In Edmonton, things have been a little different. The heatwave we experienced last month did not stop people from putting up and taking down for sale signs; it may have even spurred it a little bit? All joking aside, even with the slight inflection we saw in June with sales slowing, July came back and made up for that with a small increase over the previous month, showing a much stronger market than last year, up by nearly 30%.

Homes are still moving quickly across Edmonton, though taking a little longer to sell in July than in June. However, the average is barely over a month at 33 days, while most half duplexes still take 27 days to trade. This is still caused by the lack of inventory in Edmonton, with only about 2 months of supply at any given time. So even with all of these listings, they are selling just as fast.

Good news for home prices if you are a home buyer: they haven’t been drastically increasing in the last couple of months. We have been in summer, showing about a 1-2% fallback from the previous month again, except for detached homes increasing by 1%. This brings the overall increase across the Edmonton area between 9%-10% from last year, which is very strong for the Edmonton market.

What do I expect in August from this? Summer is always a slower time than early spring or fall, and with August being the most favorable summer month to take off, I don’t expect things to increase at a record pace quite yet. With the amount of demand we have seen in Edmonton, things will be steady, and homes will sell quickly, but instead of 9 or 10 offers, it might be 3 or 4 on those hot listings. This is part of the reason that property prices haven’t increased as much in the last month while demand seems steady on paper. For both buyers and sellers, August will be a busy month. Buyers will likely face a little less competition than in April or May, and sellers will still see their homes sell fast, especially in the target price range for their home type, as this is most definitely still a seller’s market.

If you want to know how to take advantage of selling in this market, reach out to me for a free home evaluation, and I am happy to walk you through selling this spring and summer. https://lorenzgroup.ca/evaluation

If you want to know how to best position yourself in this buying market, reach out for a free buying consultation and I am happy to come up with a game plan for you this year. https://lorenzgroup.ca/contact