In recent years, the rental market in Edmonton and its surrounding areas has witnessed notable shifts and trends. From fluctuating rental rates to evolving tenant preferences, understanding the dynamics of this market is crucial for both landlords and renters alike. In this blog post, we delve into the latest rental market statistics, offering insights into key trends and developments.
It is essential to note that rental market conditions may vary significantly across different neighborhoods and regions within Edmonton and its surrounding areas. Factors such as proximity to urban centers, access to transportation, and neighborhood amenities can impact rental rates and demand. Landlords and property managers should carefully analyze local market trends and tailor their rental strategies accordingly to maximize returns and attract quality tenants.
As the rental market in Edmonton and surrounding areas continues to evolve, staying informed about the latest trends and statistics is vital for landlords, property managers, and renters. By understanding market dynamics, adapting to changing tenant preferences, and leveraging available resources, stakeholders can navigate the rental landscape effectively and achieve their objectives in the ever-changing rental market.
Whether you’re a landlord looking to maximize your rental property’s potential or a renter searching for your next home, our team is here to help. Contact us today to learn more about the rental market in Edmonton and surrounding areas and explore available rental opportunities tailored to your needs.
68 Unit Apartment Building For Rent in Bruderheim, Alberta
We are extremely proud to announce that we are now managing this amazing 68 Unit Apartment Building just outside of Fort Saskatchewan, Alberta!
Building Features:
1 & 2 Bedrooms with Utilities Included
Balcony and Parking Stall for Each Unit
Month to Month or Yearly Leases Available
Building Manager Available
One of the perks of working with Realty Executives Focus is that we are a Full Service Real Estate Brokerage. Not only can we assist clients with buying/selling real estate, but we can also manage your properties. We are managing rentals in Edmonton, Sherwood Park, Fort Saskatchewan, St. Albert and beyond!
We manage anywhere from basement suites and half duplexes to single family homes and acreages to full size apartment buildings and townhouses.
The market sure is heating up! We’ve had multiple showings and a growing number of people heading to our open houses. There is no better time than NOW to look at your potential options in time for the SPRING MARKET.
Whether you are looking to expand your space, downsize or invest in a property, feel free to contact me. Realty Executives Focus is a full service brokerage assisting families in buying, selling and investing in real estate!
January 2023 Market Update
Average Price of Single Family homes in Edmonton and Area
“YEG Housing Market Sees Stable Transition Into New Year”
“The Edmonton real estate market remained relatively stable from December as we transitioned into the new year,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “While many categories saw minimal decreases month-over-month, average prices for both the row/townhouse and apartment condominium categories saw increases when compared to December 2022.”
Single-family houses went for an average of $451,659, condos went for about $189,631 and duplexes sold for an average price of $355,086.
While it’s not unusual for the market to cool at this time of year, a climbing interest rate could be leading buyers to re-evaluate and sellers to reconsider moving. However, I anticipate activity will pick up in March just in time for the Spring market. If you have questions about the rising interest rates, forecasted home prices, or would like to know what these market stats mean whether you are buying or selling, feel free to contact me.
A Comparative Market Analysis (CMA) is an estimate of the market value of a property and is typically completed by local real estate agents. Real estate agents compare recently sold properties based on the neighbourhood, size, and age to determine a market valuation for a specific house.
Even if you aren’t thinking of selling now or in the near future, it’s never a bad idea to know what numbers you are working with. This can help you in the long run! I can provide you with a FREE CMA. Over the years, I have listed and sold all types of properties. From vacant land to apartments to duplexes to single family homes to acreages in rural communities. I’ve listed in Edmonton and Surrounding Cities such as Fort Saskatchewan, Sherwood Park, St. Albert, Rural Strathcona County, Redwater, Beaumont, Gibbons, and more. If you don’t see it here, let’s chat!
12939 12941 102 St – Edmonton20932 131 Ave – Edmonton25 Currant Cr – Fort Saskatchewan#115 2203 44 Ave – Edmonton#11 8602 Southfort Blvd – Fort Sask167 Great Oaks – Sherwood Park41 Marion Dr – Sherwood Park#908 10303 111 St – Edmonton4349 51 St – Gibbons8517 98 Ave – Fort Saskatchewan#203 9930 100 Ave – Fort Saskatchewan54/56 Wiltree Terrace – Fort Saskatchewan46/48 Wiltree Terrace – Fort Saskatchewan21028 128 Ave – Edmonton
Open Houses
Open Houses are a great way to get a feel for a property and ask any and all things real estate from one of our Realtors. If you are a first time home buyer, this is also a great starting point for your home search. See what you like/don’t like in a house, neighbourhood, features, amenities, and more.
We host open houses almost every weekend! Make sure to stay tuned on social media or click here to stay updated.
Come check out our open house tomorrow February 18 from 12-3 PM!
The Realty Executives Focus team, along with Kris Crawford (Mortgage Associate) had a great time at this year’s event!
Last Wednesday, I attended the 2023 Edmonton Realtors’ Association Housing Forecast at the Edmonton Convention Centre! I am so glad this event is back! It’s the first event hosted by EREA post covid. The event is a great chance to talk real estate, review historical information and learn expected projections for the new year. This year was great and informative – just as expected.
The emcee, Canadian Comedian Steve Patterson, was back for his third year (hosted both in 2019 and 2020) and did an amazing and hilarious job. The very well spoken and knowledgeable speakers included Past and Present Board Chairmans from Realtors Association, Modern Economist Todd Hirsch, Corporate Economist from the City of Edmonton and the Associate Minister of Finance, Honourable Randy Boissonnault.
I wanted to share some insight and summary of what was presented and inform you of what these experts expect for 2023! There are some variable factors and economic drivers that can potentially impact these projections that may or may not be beneficial to our market. These include climate change, global economy, military spending, conflict overseas and more.
2022 Year in Review
Average Price in 2022 for Single Family Homes: $484,822
Total New Listings in 2022 for Single Family Homes: 21,496
Total Sales Reported: 14,223
2023 Housing Market Predictions
Expect to see sales decline slightly and prices to gain modestly. Overall, the national market is expected to see more balance between buyers and sellers, a change from pandemic markets characterized by record-high buyer demand. Years 2020-2022 are considered to be anomalies and as we move forward in 2023, we can expect to see the market “correcting and normalizing” itself.
Activity in Alberta’s resale and new home markets is being supported by strong population growth. Alberta’s population grew by 1.3% in the third quarter of 2022, the highest single quarter growth rate in over 40 years.
Strong Housing Fundamentals in Alberta
Large core age population – Alberta has the youngest population in the country, with an average age of 39. More than half (53%) of Alberta’s source population is between 25 and 54 years of age, the cohort in which most household formations occur.
Shifting Demand/Product Type
Increased demand for apartments/condos: Buyers aren’t going anywhere they are just looking for something different! We expect to see a shift in row/townhouses and apartments/condos!
Continued growth in the luxury market: As I mentioned above, Alberta has a young population. A generational shift is occuring where a lot of older homes are up for sale. Investors/buyers are buying, ripping them down and building bigger homes, or renovating. We can see an increase of infills and modern homes in Edmonton!
An influx of migration from out of province: Minister of Finance Randy Boisssault mentioned immigration. 100% of the labour force growth comes from immigrants. We can expect to see more newcomers looking and buying homes.
Key Takeaways:
Edmonton can expect the 2023 market to continue to normalize. Compared with long-term trends, the COVID years are anomalies. This means we will see a drop in year-over-year numbers, with sales, listings and prices hovering at levels seen in 2019 and prior.
Our region is well-positioned to take on the economic challenges 2023 could bring. Alberta has affordability, demographics, and employment on its side.
According to a recent report from the Government of Alberta, “In Alberta today, it takes 21 weeks of work to pay the annual mortgage payments on the average home purchased on the resale market. As a result, this is 41% lower than the national average of 36 weeks. By contrast, it takes 50 weeks of earnings in BC, 46 weeks in Ontario, and 26 weeks in Quebec to meet annual mortgage payments.”
Greater Edmonton Area – Edmonton, Fort Saskatchewan, Sherwood Park, St. Alberta and other surrounding cities are both a great place to live and invest real estate in! One of Edmonton’s continued strong activity is it remains among the more affordable markets.
If you have any further questions or would like to discuss what this means for you and your real estate investment, please do not hesitate to contact me any time!
