Selena’s September 2023 Newsletter

As summer draws to a close, I will miss the warmer temperatures but I will not miss the smoke filled skies. With night time temperatures dipping, suddenly we have geese flying overhead and leaves starting to yellow. I am always so amazed at how quick this transition from one season to the next is. Time to paint outside doors, trim and fences while you can and smart Home sellers are asking to do outside photos while still appealing even though the inside is not yet ready for sale.

Looking at sales figures for August and comparing to last year we see there were more Single-Family homes listed and sold in Edmonton with a modest 2% increase in prices (ie, not even keeping up with inflation). Similar for Half Duplexes and Townhouses although Townhouses have seen way more sales in 2023. The Condo market however saw the same number of listings with a huge amount of sales but despite that, prices have not increased at all. So when you add up all the different housing categories, there have been more listings and more sales then last year with a very small increase in prices which you can also see in the below graph. So why is this happening in Edmonton where just about every other city has seen massive increases? I found one study which claimed Edmonton to be the worst place to have bought property in the last 5 years. Their reasoning was other cities saw better appreciation compared to Edmonton, but then I saw the study was funded by an online gambling platform so one can assume their audience is looking for large returns in a short time without doing anything to improve the value. Going forward I see Edmonton market has plenty room for improvement and with so many people coming to Canada and Edmonton being so affordable, I think it is Edmonton’s time to shine.