2022 is upon us! As we progress into the first few weeks of January, we wanted to give our readers a thorough market update on real estate in Edmonton. This year is looking good for first-time buyers and homeowners looking for an upgrade! Now is a great time to get the ball rolling on your latest real estate resolutions. In this article, we will be going over December 2021’s market stats, new year projections, and tips on how to carry out your latest real estate goals.
Follow along below for more information.
2022 Market Update on Real Estate in Edmonton.
Housing prices in Canada are expected to continue to increase during 2022. Inventory across the country has been low and demand for more space at home is on everyone’s real estate wishlist. As such, sellers have an opportune advantage to get an extraordinary price for their properties. RE/MAX has estimated that in 2022 “97 percent of Canadian real estate markets are expected to favour sellers” (Canadian Real Estate Prices to Rise). In many hallmark Canadian cities, like Edmonton, this is proven true.
In Edmonton, the aggregate price for a house is projected to increase to 5 percent. Single-family homes are going to continue to be some of the most sought-after real estate in Edmonton. People can expect the prices of single-family homes to go up 6 percent. Although the prices of single-family homes are increasing, they have remained relatively affordable for most. Which is a driving factor in the onslaught of outside buyers. Investors are coming to Edmonton from places like Ontario and Vancouver where prices are through the roof in search of affordable property. It is suspected that the market will be affected by people looking for real estate from out of the province.
As for condos, the price increase is expected to lie in the 1 percent range. In contrast to the last couple of years, the Edmonton market is looking up as far as condo sales go. Previously, many condos went stale on the market waiting to be sold. However, many people are beginning to take an interest in purchasing these types of properties.
Currently, Edmonton is looking like the most affordable major city to put down roots in. Edmonton’s housing prices are looking much more affordable despite country-wide cost increases. Many young people are making the move to Edmonton in 2022 to get a foot on the property ladder.
December Market Report for Real Estate in Edmonton
In December of 2021, Edmonton’s housing market saw growth in home listings throughout the city. Single-family homes went up in price by 8% compared to last December resulting in an average cost of $462,000. The average sold price in December for a home in Edmonton was $381,868. Thus, indicating a 5% increase in price in contrast to the previous year. Single-family homes spent an average of 48 days on the market before selling in December of 2021, down from last year’s average of 54 days.
Townhomes were sold at an approximate cost of $362,906 in December of 2021. This points to a 10% increase year-over-year. Apartments sold for an average price of $217,065, which is down 0.36% from December of 2020. Overall, the average residential selling price was around $382,000 and there were approximately 993 sales during the month of December.
The city of Edmonton has also announced that they will be opening five new supportive housing developments. These will include mental health resources, financial counseling, and crisis support. There will be a total of 210 units available to those experiencing homelessness or who need support in order to maintain a stable place to live. Citizens can find these sites located in Inglewood, Terrace Heights, Westmount, Wellington, and King Edward Park. The city is hopeful that this will help ease some of the housing problems faced by the locals.
Real Estate in Edmonton For the New Year!
If you find yourself with any more questions about the current market conditions or are interested in buying or selling real estate, please contact us today. We’d be happy to provide you with additional information on market statistics. Or to give you insight into the 2022 housing market. Sellers can stand to make a great profit off of their property in the coming months. Feel free to reach out to us for tips, advice, and more on all things to do with real estate in Edmonton. We look forward to working with you in the near future!