September 2024 Edmonton Area Real Estate Market Update

Many will say, “If it isn’t broken, don’t fix it.” However, it seems the Canadian economy is the opposite, as the Bank of Canada has adjusted the interest rate yet again by lowering it by 0.25% this week, marking the third consecutive rate decrease. There are many people far more informed than I am on the broader Canadian economy, but from what I’ve been told, the remainder of the year may continue in the same direction.

So, how does this affect our local market in Edmonton? August is always an odd time in real estate. It’s the end of summer, people are squeezing in last-minute vacations before school starts back up, and, almost regardless of which way rates go, August tends to slow down compared to the months before or after. So, it’s not unusual to see slightly less activity during this time.

This is exactly what we saw last month. The number of listings coming to market, as well as the number of homes sold, both slowed down compared to July’s activity. However, in both cases, there’s still more happening this year than last year. Home prices remained steady, with single-family homes and apartment condos seeing a slight pullback in August, while row townhomes and semi-detached homes experienced moderate gains. Overall, 2024 remains more active than last year, with prices up across the board—showing a median increase of around 11.1%.

The average time to sell a home is still down almost 24% from last year, with current listings taking just over a month to sell. While this isn’t as fast as the peak of spring, it’s still highly competitive compared to previous years, even during the best of times. How does August usually predict the remainder of the year? I’ve been telling clients for a few weeks now that despite the slowdown in August, we’re almost certain to see the market pick up again in September and continue to be active through to Thanksgiving. As of writing this on September 6th, I can confirm that in the last 10-14 days, I have already seen an uptick in market activity.

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 in this current market. 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