Edmonton Real Estate Market Update - 2023 Q1

Your Edmonton Real Estate Market Update is here, and it's time to take a look at the current state of the housing market. As we approach the end of the first quarter of the year, the market is showing some promising signs of growth and stability. As always, we're excited to keep you informed about the latest news and trends in the local housing market.

Real Estate News

The biggest news in the Edmonton real estate market right now is the strong buyer demand we're seeing. Despite some concerns about rising interest rates, buyers are still eager to find their dream homes in Edmonton. This is partly due to the fact that the city is becoming more attractive to homebuyers thanks to its strong economy, growing population and diverse range of housing options. This has led to a shortage of available properties, which has driven up prices in some areas. This is great news for sellers who are looking to get top dollar for their homes.

Interest Rates

One factor that's been on many buyers' minds lately is interest rates. On March 8, 2023, the Bank of Canada held it's overnight interest at 4.50% for the first time in over a year. The bank feels confident because there is growing evidence that sky-high inflation is starting to ease. While the current interest rates can be a deterrent for some buyers, the truth is that rates are still historically low. Plus, there are a variety of mortgage products available that can help buyers manage their payments even in a higher rate environment.

Number of Days on Market

Finally, let's talk about how long it's taking homes to sell in Edmonton these days. Currently, the average number of days on market is around 58, which is slightly lower than it was at the same time last year - another indication of the high demand we're seeing from buyers. Of course, this doesn't mean that every home will sell within a month and a half! But it does suggest that well-priced, well-presented homes are likely to move quickly.

Overall, the Edmonton real estate market is stable with great homes selling quickly. If you're thinking about buying or selling a home in the area, now is the time to connect with a local real estate expert who can help guide you through the process. Spring market is in full swing and the market is ripe with opportunities to achieve your real estate goals.