Edmonton real estate has been dominating the news lately! The 2022 Edmonton housing market is off to a very strong start in both sales and home prices. February is typically a slow month for sales, but this year saw 2,258 total sales in the greater Edmonton area (GEA). It was also a record-breaking month in terms of Edmonton home prices.
Average single-family Edmonton home prices just under $500,000
The average price for single-family homes sold in the GEA in February was $493,543. That’s a 12.7% increase year-over-year and a 10.8% increase compared to January. To put it in perspective, Edmonton home prices at the end of 2020 averaged $428,000 for single-family homes.
In addition to supply and demand pressure driving prices higher, the record high home prices are due in part to the number of homes sold for over $1 million in January and February. The number of homes sold in the million dollar plus range over the first two months of this year was a record 34.
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Strong home sales continue
Unit sales of single-family homes increased 35.6% compared to February 2021 and are up 71.9% from January 2022 at 1,394. Condo unit sales increased 55.2% from February 2021 and were up 62.9% from January 2022. Duplex/rowhouse unit sales were up 55.9% year-over-year and increased 87.7% month-over-month.
What can Edmonton home price trends tell us about the future?
With demand set to increase heading into the warmer months it is expected that supply will remain tight and this will continue to drive quick sales and higher prices.
As the economy continues to recover, migration into Alberta is also expected to pick up and further spur the real estate market across the province.
Experts predict Edmonton home prices to increase somewhere between 3-5% in 2022. As for the long term forecast for the Edmonton market, most experts are quick to point out that Edmonton homes remain among the most affordable in the country.
Comparable cities, such as Ottawa, currently have average home prices above $700,000. While Edmonton certainly won’t see an average home price in that neighbourhood overnight, experts tend to agree that Edmonton home prices have plenty of room to grow.
Get expert advice from Edmonton’s top REALTOR®. Call/text Wally at 780.238.7384.