Despite higher borrowing costs, the Edmonton real estate market has remained quite resilient in 2023. Home sales have focused mainly on single-family detached homes in recent years, but buyer trends are shifting towards more affordable options including apartment-style condos and townhomes for sale in Edmonton.
In May, sales increased for both townhomes and apartment condos while single-family home sales fell slightly year-over-year.
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Sales increase for Edmonton townhouses and apartment condos
Townhouse unit sales increased year-over-year by 4.1% and increased 27.8% month-over-month. Unit sales for apartment condominiums also increased 3.7% from May 2022 and 22.2% compared to April of this year.
While sales are trending upwards, prices took a bit of a dip. Townhouse prices decreased 4.3% from May 2022 and 3.1% month-over-month, selling at $253,417. Apartment Condominium average prices hit $193,218, showing decreases of 0.3% from last month and 8.1% from May 2022.
Benefits of buying a townhouse
While the Edmonton real estate market remains among the most affordable in the country, buyers are increasingly price conscious as a result of higher interest rates and stubborn inflation. Demand for home ownership, especially amidst rapidly increasing rent prices in Edmonton, remains strong but home buyers are vying for more affordable options.
It’s not surprising then that sales of condos and townhomes are on an upward trend. Compared to apartment condos, townhomes generally offer more space. While most are considered low maintenance, some may have condo fees while others don’t.
Townhouse floor plans range from bungalows, split- and bi-levels, carriage townhomes, and two-storey townhomes. Some may include a front or rear-attached garage and may also have a small yard with a deck or balcony.
Higher demand for townhouses shifts to a seller’s market
Townhomes and condos are increasingly popular among first-time homebuyers. Generally, townhomes are a first choice over apartments since they tend to have more square footage and often have lower condominium fees than apartment condos.
The rise in demand for townhomes for sale in Edmonton has boosted the market in this segment in favour of sellers with a sales-to-new-listing ratio of 80% - the highest among all segments. A ratio exceeding 60% is considered to favour sellers.
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Curious if a townhome for sale in Edmonton is a good fit for you? Phone/text Wally at 780.238.7384 to discuss your options.