EDMONTON HOUSING MARKET IN 2023

As you know, Edmonton, and the entire country, has seen unprecedented growth in the real

estate market over the past 2 years. So now you are probably wondering, what’s next? With

increasing interest rates and inflation, it has created some anxiety for homeowners and future

purchasers. We attended the Edmonton Housing Forecast for 2023 and listened to top

economists explain the current situation both locally, nationally and around the globe. Here are

our key takeaways:

1. Edmonton is ranked as one of the most affordable cities across Canada, with our

average home price being $367,100 - go Edmonton! Compared to cities like Vancouver

where their average home price was $1,131,600 and Toronto which averaged

$1,809,800 - Edmonton is an attractive city for living. We expect to see a continued

influx of migration from out of province which will in turn keep our market strong.

2. Prior to the pandemic, Edmonton was in a slight buyers market. However, the pandemic

caused Edmonton to transition to a sellers market. Currently, we are seeing a shift to a

more balanced market which is great news for buyers who were facing tough

competition the last couple of years.

3. We expect to see a shift in the products that purchasers will buy from detached single

family towards duplex, attached townhouses and apartment style condominiums. This is

welcome news for condo owners as we have seen a dip in recent years condo sales

overall. We expect to see approximately 12% decrease in single family sales, 9%

condo sales compared to 2022. While these numbers may seem daunting, these

numbers will actually leave us with more sales than we had in 2019. We have to

remember that 2021/2022 were anomalies and we are now just readjusting to normal

trends.

4. We expect prices to fall slightly in comparison to 2022 - around the 1-3% mark based

upon the type of housing. Again, even with this fall, we are still seeing the average

house price higher than they were in 2019.

5. We expect the luxury market to continue to grow.

Overall, the sky is not falling- no where near! We expect to continue to see a strong market in

Edmonton with some slight shifts in pricing and product. Additionally, we anticipate Edmonton’s

economy to continue to be strong with more jobs and a continual influx of people moving to

Alberta.

Are you thinking of buying or selling this year? Feel free to call or email us with all your

questions! We can give you the expert advice you need to have a successful transaction.

Chloe and Clara Real Estate Team 

www.chloeandclara.com