Edmonton's housing set to gain momentum: Royal LePage report

The report suggests the average price of a home in Canada will increase seven per cent in the fourth quarter of 2023, down from 8.5 per cent

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The average price of a home in Edmonton is expected to increase three per cent in the fourth quarter of 2023, compared to the same quarter last year, says the latest Royal LePage forecast.

“Edmonton’s real estate market is building momentum at a time when many other markets across the country are losing some steam,” said Tom Shearer, broker and owner of Royal LePage Noralta Real Estate.

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“We are seeing pressure build as the city becomes an increasingly attractive option for out-of-province and out-of-country buyers, some of whom have been priced out of the now less affordable Calgary market.

“Our inventory has shrunk to levels not seen in a long time, and I expect supply will continue to be outstripped by growing demand well into next year.”

The Royal LePage report released Thursday suggests that nationally, the average price of a home in Canada will increase seven per cent in the fourth quarter of 2023, a slight decrease from the previous forecast of 8.5 per cent.

But in Calgary, in the fourth quarter, the average home price is expected to increase 9.5 per cent compared to the same quarter last year. This is an upward increase, making Calgary the only city whose year-end forecast has been upgraded this quarter.

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Greater Vancouver and the Greater Toronto Area are to see increases of seven and nine per cent, respectively.

In the third quarter, the average Edmonton home price decreased 2.8 per cent year over year, reaching $433,100. Meanwhile, the average price of a home in Calgary increased 7.3 per cent year over year to $653,700 in the third quarter of 2023.

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The median price of a single-family Edmonton home is $471,100, and that of a condo is $194,900. The median price of a single-family Calgary home increased 7.2 per cent year over year to $749,200 in the third quarter of this year, while that of a condo increased 8.1 per cent to $253,300.

Despite the prices in Edmonton being within financial reach, Shearer says single-family homes are becoming more expensive as a result of low supply, and some homebuyers are being held back in the rental market.

“The recent GST exemption passed by the federal government for new qualifying rental housing will have a material impact on development in Edmonton. This will create some necessary rental inventory,” said Shearer.

“Given the level of demand we are currently experiencing and the shortage of supply, the stage is set for another competitive market in 2024.”


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