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
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
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
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