Welcome to the latest update on Edmonton's housing market. October 2024 has shown some interesting trends, making it a unique time for both buyers and sellers. Here’s a quick breakdown of the recent data:
Overall Market Stability
- The average home price in the Edmonton area for October 2024 was $440,089, showing a slight decrease of 0.1% from September. However, on an annual scale, this is an 11% increase, reflecting strong growth over the past year.
Benchmark Price Movement
- Benchmark prices rose to $403,500, marking a 7.7% increase year-over-year. This figure represents the typical home price in the region and demonstrates Edmonton's steady appreciation in property values.
Detached Homes
- Detached homes saw significant growth, with average prices climbing 13.6% year-over-year to $552,954. This makes detached properties particularly appealing for sellers as demand continues to push prices upward.
Semi-Detached Homes
- Semi-detached homes increased 5.5% annually to $407,006 but experienced a 1.5% dip from last month, offering potential opportunities for buyers looking for semi-detached options.
Townhouses
- Townhouses continue to perform exceptionally well, with an annual price increase of 19% to $307,854. Prices also grew by 5.1% month-over-month, making them a robust investment choice.
Apartments
- Apartments have seen a decline in value, with average prices dropping 6% year-over-year to $191,413, and a 4.1% decline from September. This trend could provide budget-conscious buyers an affordable entry point into the market.
Edmonton's Affordability Advantage
- Among Canada’s five largest population centers, Edmonton remains the most affordable option for homeownership. This affordability is a key attraction for both new residents and investors seeking value in a major city.
Edmonton’s housing market shows strength in several areas, with detached homes and townhouses leading in growth. At the same time, apartments present affordable opportunities for entry-level buyers. Whether you're considering buying or selling, Edmonton's market remains favorable and affordable compared to other major Canadian cities.
For anyone eyeing an investment in Edmonton, I’m thrilled to introduce my latest listing in the Parkallen neighborhood. This side-by-side duplex is ideal for both generating rental income and offering comfortable family living. Parkallen’s proximity to schools, public transit, and amenities makes it a highly desirable rental location. Whether you’re an investor looking to rent both units or a homeowner who wants the option to live in one side and lease the other, this property provides exceptional flexibility and potential returns. For more details, reach out or view the listing HERE.
Explore Edmonton’s growing market and consider this unique opportunity to invest in a promising, affordable real estate landscape.
Feel free to reach out with any questions or for personalized advice on navigating the market.
Reggie Sandhu