On the heels of an incredibly busy real estate season, experts predict the market will continue to grow with Edmonton home prices to climb an additional 6% by the end of 2021.
While the biggest jumps in Canadian home prices were noted in Vancouver at 20.8% and Ottawa at 20.7%, Edmonton home prices saw more modest but promising growth at 9.7% year-over-year in the third quarter of 2021.
High demand for Edmonton area homes priced $550,000 - $850,000
Demand continues for larger homes, particularly acreages or homes on large lots. People want additional space for home offices or gyms, and they want outdoor space that functions as an extension of their total living space.
These trends, largely driven by the ongoing pandemic, are likely driving home sales in the suburbs, acreage communities, and bedroom communities like Beaumont, Leduc, Spruce Grove, and Stony Plain.
Aggregate home prices in Edmonton increased 9.7%
In the third quarter of 2021, the aggregate home price in Edmonton increased by nearly 10% to $431,500. The aggregate price refers to a weighted average of the median values across all housing types (i.e. single family, condo, duplex, etc.) in a particular area or region.
The median house price in Edmonton for a single-family detached house increased 11.1% to $470,400. Compared to other regions across Canada, Edmonton homes remain relatively affordable with room for continued growth over time.
Affordable Edmonton home prices great for first time buyers and investors
To put the Edmonton real estate market in perspective, the aggregate home price in Canada increased to $749,800 from $617,800 in the third quarter of 2020. In September, the average sales price for single-family homes in Edmonton was $453,011.
Home ownership in Edmonton remains very accessible compared to other parts of the country. And with a forecast for continued growth in the market, investors have their eyes on Edmonton real estate.
Ready to see some great listings in your price range and preferred neighbourhood? Get in touch with Wally at 780.238.7384.