For those homeowners who watched the Edmonton real estate market last year with curious interest and are wondering if the sellers market in Edmonton will continue, the answer is YES.
Many of the same factors that were at play in the Edmonton sellers market last year are still at play this year. And with things opening up and recovering even more, there’s a good chance that these variables may play an even stronger role in heating up the Edmonton market in the coming months.
Here are some of the top factors influencing the current Sellers Market in Edmonton:
Low inventory spurs quick sales and multiple offers
Despite a historically hot year in 2021, the market shows no signs of slowing in 2022. Many homebuyers are trying to take advantage of low interest rates before a projected rate increase in March.
The incredibly high demand for homes right now is complicated by incredibly low inventory. In short, there simply are not enough houses for sale in Edmonton to satisfy the demand from buyers.
Many homes are selling above asking price due to multiple offers in the first weekend.
Ready to jump into the sellers market in Edmonton? Call/text Wally at 780.238.7384 to get an estimated listing price for your home today.
Out-of-province investors have sights set on Edmonton
Outside investors have taken notice of the Edmonton real estate market and are moving quickly on local home sales.
Compared to markets like Toronto and Vancouver where prices are considerably higher, Edmonton still has relatively affordable house prices. Demand for affordable homes is drawing the attention of investors near and far who are snapping up Edmonton properties right and left.
In a recent article for Global News, Tom Shearer, the past chair of the Realtor’s Association of Edmonton explains:
“Most out of town investors are looking to buy and hold. They want to have a property that is in good shape, a property that will rent for a suitable amount.”
This outside interest from investors puts additional strain on limited inventory for home buyers, but can result in a quick, easy sell for sellers:
“[Investors] have experience in really hot markets. They’re used to outbidding each other by hundreds of thousands of dollars, no financing, no home inspection conditions,” Shearer explains.
Search Edmonton listings in your neighbourhood to see comparable house prices
Employment migration to Edmonton increases demand for affordable homes
We recently discussed how an upcoming Alberta Boom Could Impact the Edmonton Housing Market. With Alberta’s economic growth outlook better than most other provinces in the country, more people are moving to Alberta to pursue opportunities here. Naturally, one of the opportunities they are also looking for is affordable housing.
In addition to those moving to Edmonton to pursue employment opportunities, there are also folks who are looking to lay down roots here because of the investment value. The ability to work from home makes it much easier for people to move to more affordable cities and continue to work at their current job.
Real estate savvy Canadians see excellent value in investing in Edmonton real estate now, particularly as there is still considerable room for Edmonton house prices to continue to increase at a stable rate. The Edmonton market is still among the top three most undervalued cities in the country next to Regina and Winnipeg.
While it is an incredibly exciting time to be selling a house in Edmonton, the current market conditions present challenges for those who in turn still need to buy a home after selling their current one.
Our advice is to be prepared to move quickly in order to get the home that you want and don’t be surprised if you have to pay over the asking price.
Have questions about how to play the sellers market in Edmonton to your advantage? Call/text Wally at 780.238.7384 to get started.