Edmonton Housing Market Update | October 2023

My comprehensive report on the Edmonton housing market for October 2023 is based on the latest statistics from the Realtors Association of Edmonton. You'll learn about the current state of the Edmonton real estate market as a whole, as well as insights about single-family homes and other sub-markets.
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[@okayman2057]

Thoughts on people who are going up for renewal? From what I can see Edmonton is in the middle. Alot of folks are still holding onto their low interest mortgages, once renewals are up do you expect more overs supply, or would that be absorbed by the influx of interprovincial migration? Sitting on the sidelines as a young working professional.

[@MustyBastard]

prices have been stagnant in Edmonton for almost 20 years . Good luck . The house I bought new in Crystallina in 2014 is worth less now than almost 10 years ago. I renew in 2026, still at 1.6 interest till then

[@averageperson2177]

Throw a bunch of offers you’re comfortable with down.

[@okayman2057]

@@averageperson2177 Im still on the looking and learning phase. I feel that the next couple year could be beneficial if they are looking for wedge deals. Not even looking for anything fancy either.

[@derasw-xx5oo]

Detached home needs a lot of money to keep it in good condition. I am from Europe and I can't understand why people in North America don't want to live in condos. It's much cheaper

[@walterli-ox6xg]

Hi, do you have statistics for the population migrated into Edmonton during the latest couple years? Which accommodation community is the favorite one generally?

[@derasw-xx5oo]

As a new comer I have about 60-70k $ to buy a condo in Edmonton. I don't want to rent all the time. Also I don't want to take a mortgage and buy something much expensive. What do you think about this idea? When one day a need to sell that condo comes, how much do I need to price condo down to sell it in less than 6 months?

[@devinmccabe5932]

👍🏻👍🏻Good presentation

[@TrevorTardif]

Thanks for tuning in!

[@rustyscrapper]

A lot of first time home buyers also dont realize how much work a house needs. If a house has old windows but the windows look fine, retsil buyers tend to not discount the price enough. Old siding, roofs, etc is also over looked sometimes. People over value new kitchens too much. Its just a bunch of cabinets its not worth $50,000 its not a big deal. Old cabinets last decades and decades and decades. Just paint them. Might just need a new counter top and faucet and sink, the kitchen is fine for decades longer.

[@TrevorTardif]

Yes if left to their own devices first time home buyers often only notice the cosmetic things. I always check age of roof, furnace, HWT and windows so I can alert my buyers to these big ticket items... but sometimes they can't see past the kitchen haha.

[@chrisberan3886]

We had done a lot of work on our house, windows replaced, had an energy study done. We complied with new windows, additional insulation in the attic. New flooring throughout. Bathrooms updated. Roofs were done 5 years ago. New front and back door. Renovated kitchen, new appliances. New Overhead garage door. Replaced cedar siding on the front. We had lots of offers, buyers had difficulty with getting financing.

[@rustyscrapper]

Fort mcmurray alberta is going into housing over supply again but it's a regional issue. Fort Mac is its own little isolated bubble. Way too many gigantic ass mansions are up for sale and rent, people want smaller houses. The ones that are struggling the most are over sized houses with giant foyers and 20 foot ceilings, bathrooms you can play baseball in etc. Anything that has a legal suite in the basement, duplexes, or smaller houses are much more desirable.

[@mikeinalberta1330]

We sold our condo in sw edmonton. 200k made 30g, bounced into a duplex under 350k level. Based on your analysis. I feel we did pretty good. Everyone's life is different and everyone's experience is different. My advice is be careful with realtors promises and ideas. Talk directly to your broker and don't use the realtor as a middle man. We had a rough ride, but we sold and bought at a good time. We lived in a nicer condo and escaped the higher condo fees implemented just after we sold. Don't be afraid to make decisions in this very scary time for real estate. But if you people keep buying, I'm more than happy to keep selling and buying something better. Lol. Joking.

[@pilotgirl5953]

Thank you for this. Always useful info

[@TrevorTardif]

My pleasure!