Selena’s February 2024 Newsletter

We been having very mild winter here in Edmonton, almost blue sky everyday and feels like spring is in the corner.
This past Cold and flu season was not gentle on me. I been sick since Christmas, coughing all the way to new year, finally after 4 weeks, I gain my energy back. Sick is no fun. No parties, no celebrations and no newsletter. Thanks to my friends who gave me special remedies to get rid of coughing, or advise to take certain natural food. That plus sleep and as much hot yoga as humanly possible helped me to recover. On the positive side, February has lots to celebrate, Chinese New Year, Valentines day, and even Fionna’s birthday.

Currently we have less than 3000 listings when normally it would be around 5000 to 7000 listings at this time of the year. That means it is for sure seller’s market and every week we been dealing with multiple offers. Time for Edmonton market to shine since our city still very affordable. Considering the average price of a single family home is under $500,000, and the average price for condo is under $200,000 that means Edmonton housing is attainable for most people unlike other cities. The Real Estate forecast at the beginning of the year indicated that our market will have slight increase and we are 6 months or so behind Calgary and their market has gone up significantly. Adding to the mix, it would appear interest rates are stable so that is giving buyers confidence to enter the market.

As you can see in the above graph, December saw an increase and January (green dot on the left) is much higher than the previous 2 years. So if you are thinking of selling, now would be a good time. Spring is coming, buyers are confident, low supply – high demand. We still suggest to renovate or make the home as presentable as possible as it will encourage a higher price.