Edmonton Realtor® Wally Fakhreddine was recently interviewed by CityNews regarding the Edmonton Real Estate Market. While higher interest rates have turned down the heat on the red hot market, Edmonton remains an attractive city for first-time buyers.
Find out what Wally had to say about the Edmonton real estate market and his market forecast for the year ahead.
Edmonton among top five Canadian cities for housing affordability and job growth
While Canada is home to some of North America’s most expensive cities, there are a handful of cities that continue to represent excellent opportunity in terms of affordable home ownership and strong job markets. Edmonton lands on the list alongside Regina, Saskatoon, Moncton, and Winnipeg.
“Alberta has always fared better economically than other parts of the country, and Edmonton in particular because it’s the gateway to the north. And that’s what’s bringing in people from other provinces – gainful employment, not just employment,” Wally explains.
Affordable options for first time homebuyers in Edmonton
Alberta real estate continues to represent excellent value, particularly for those looking to enter the housing market for the first time.
Compared to some of the country’s largest cities like Vancouver and Toronto, Edmonton has not experienced the exponential increases in home prices that have placed home ownership out of reach for residents in those cities.
First time homebuyers will have affordable options to choose from, particularly among townhomes or row houses, duplexes, and condos for sale in Edmonton. Even detached single-family homes remain quite affordable.
Learn more about First Time Home Buyers Incentives in Alberta
Real estate market trends for Edmonton heading into 2023
Experts predict the Edmonton real estate market will continue to see stable growth despite pressure from higher interest rates and a looming recession.
Edmonton is expected to fare better than markets like Toronto where they are expecting year-over-year declines in prices. Edmonton prices are projected to gain roughly 4% YoY, increasing from $428,400 to $445,536. Bolstered by projections for a relatively strong economy, as well as continued inter-provincial migration into Alberta, modest gains and stability should continue as we head into 2023. As demand cools, the Edmonton market shifts from a seller’s market to a more balanced market.
Wally was recently invited to attend an event hosted by David Richardson, VP & Head of Enterprise Distribution Strategy for RBC’s Global Asset Management division.
Despite fairly strong indicators for a recession, Alberta is expected to fare reasonably well. Generally, the outlook for Alberta calls for continued stability, particularly in the housing market, with some light at the end of the tunnel in roughly 6-9 months as interest rates level out.
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With nearly 20 years of experience, Wally is a trusted advisor in the Edmonton real estate market.
Call/text Wally at 780.238.7384 to get started on your real estate journey.