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Edmonton Houses for Sale

Canada’s housing crisis has come to a head. Provincial and federal governments are struggling to get a hold of the problem at hand. In British Columbia, a new presale policy has been announced to be integrated. And, foreign buyer taxes have jumped up in many provinces across the country. Despite the provincial efforts to cool the housing market in Canada, there continue to be issues surrounding supply and affordability. In an attempt to ease the housing crisis, the federal government is implementing some key changes to help Canadian buyers. Learn more about how Edmonton houses for sale will be affected by the following federal changes in the article below.

How Does the Government Plan to Make More Edmonton Houses for Sale?

The liberal government in Canada is making an effort to cool off the housing market in Canada through two main channels. Over $10 billion in funding has been allocated to help speed up construction and repairs of homes. Furthermore, the government has decided to put a ban on foreign investors purchasing real estate in Canada. As well as, introducing new tax measures to reduce speculation. 

These methods make up a large chunk of the federal budget. In order for everything to proceed smoothly, cooperation from other levels of government will be necessary. Ideally, the government’s plan is to double the number of homes built in the next 10 years. Collaboration from the government, construction companies, and citizens will be essential to the success of the budget. The housing section of the budget has a clear focus on increasing supply. Moreover, there is $4 billion set aside for municipalities to ensure that homes are being built swiftly. The money will go towards the planning and delivery of housing, with an estimated 100,000 new units in the next 5 years. 

$1.5 billion is set to be spent in the next 2 years to create 6,000 new affordable housing units through the Rapid Housing Initiative. In addition, there will be $475 million going towards rental assistance and $2.9 billion to provide housing to vulnerable Canadians. Other commitments include $600 million to attend to homelessness by creating new programs and supporting existing programs. Furthermore, $1 billion will be used to incentivize green energy use at home, including grants and loans. As well as, $150 million over the next 2 years for affordable housing in Northern Canada. 

The Liberal government has said that they will leverage $40 billion-plus in infrastructure to speed up the process across various cities. 

houses for sale in edmonton

Record High Months Continue To Add Pressure.

In February, the national average home price climbed 20% to $816,720. All the while, rental rates continue to rise. As for Edmonton houses for sale, supply and demand match current national trends. In March, 472 duplexes were put up for sale and 441 of those were sold. Thus, indicating a 93% listing-to-sales ratio! Nearly every duplex or townhome that gets listed is being sold. 

Although supply continues to be at an all-time low, spring has brought hope for buyers-to-be. More listings have surfaced now that spring is here. There has been an 8% increase in Edmonton houses for sale this March! Additionally, condo and apartment sales have started to grow. March saw the biggest year-over-year leap in sales, at 67%. In the past, condo and apartment sales were few and far between in the Edmonton market. Edmonton continues to be an affordable market for out-of-province buyers to find a home and settle down. 

The lack of supply in Canadian real estate markets is evident. The government has recognized this as the central problem in the housing crisis.  Liberals are hopeful that the budget will provide some relief for Canadian citizens. For the next 2 years, foreign buyers will be banned from purchasing Canadian real estate. Although, there are several exceptions to this measure. 

The Liberal government will also be reviewing the impact of large companies buying homes on the market. And, how they intend to stint the growing trend. A new bill of rights is proposed to include several measures to protect homebuyers. For instance, the right to a home inspection, no more blind bidding, possible mortgage deferrals, and more disclosures from real estate agents. 

Contact Us For Information on Edmonton Houses For Sale!

The real estate market is constantly fluctuating and buying Edmonton houses for sale can appear intimidating. However, with the help of an experienced REALTOR® in the Edmonton area, the process is much less daunting. If you have any questions or concerns about buying Edmonton houses for sale, contact us today. Don’t hesitate to reach out if you’re curious about the government’s plans for an increased housing supply. Our team can put you in touch with the resources you need to get your real estate goals on track. We look forward to working with you in the near future!

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!