June 2024 Edmonton's Market Update

Edmonton Real Estate Market Shows Robust Growth in May 2024

The Greater Edmonton Area (GEA) real estate market experienced significant growth in May 2024, with a total of 3,220 residential units sold. This represents a 3.3% increase from April 2024 and a substantial 18.9% rise from May 2023. New residential listings also saw a boost, totaling 4,325—a 13.4% increase from April and 12.6% from the previous year.

Sales Breakdown and Price Trends:

• Detached homes saw 1,894 units sold, marking a 2.4% increase from April and a 12.5% increase from the previous year.
• Semi-detached units experienced a 3.2% monthly increase in sales and a significant 19.4% increase year-over-year.
• Row/Townhouse sales rose by 6.1% from the previous month and 21.2% from last year.
• Apartment Condominiums noted the most remarkable growth, with sales up 45.8% from May 2023 and a 4.5% increase from April 2024.

Average prices across all residential units reached $441,350, a 2.2% increase from April and a 5.0% increase from May 2023. Detached homes averaged $546,390, while semi-detached units sold for an average of $414,116. Row/Townhouses held steady in price compared to April but jumped 16.2% from the previous year, averaging $294,742. Apartment condominiums averaged $206,591, up 2.6% from April and 6.9% from last year.

The MLS® Home Price Index (HPI) composite benchmark price in the GEA was $399,900, showing a growth of 1.1% from April 2024 and 6.1% from May 2023.

Market Dynamics: Melanie Boles, 2024 Board Chair of the REALTORS® Association of Edmonton, commented on the market's strength, noting, "We could be looking at the peak of our spring market right now, with 4,325 new listings having just hit the market.” She also highlighted that the current interest rates have not dampened buying activity, with more than 500 additional sales closing this month compared to last May.

Looking ahead, the upcoming Bank of Canada interest rate announcement on June 5th could further influence the market dynamics, potentially leading to even busier activity in June.

Market Efficiency: The efficiency of the market has also improved:

• Detached homes now average 33 days on the market, down from 35 days in April.
• Semi-detached homes remained steady at 29 days.
• Row/townhouses decreased to 27 days on the market, down 6 days.
• Apartment condominiums took slightly longer to sell at 42 days, up one day from April.

Overall, the Edmonton real estate market is showing healthy activity and price growth, indicating a strong market as we move into the summer months.