The Edmonton real estate market in November 2024 showed annual growth and notable price increases.
Sales
According to the Realtors® Association of Edmonton, year-over-year, unadjusted sales increased by 17%. There were a total of 1,920 residential sales in November, an 18.4% increase from November 2023 but a 22.8% drop from October 2024 – an expected decline as the market moves into its slower winter months. Detached homes led with 1,138 sales, representing a 23.6% year-over-year increase, while semi-detached, row/townhouses, and apartment condominiums grew 18.0%, 18.0%, and 3.1%, respectively.
According to an Edge Realty Analytics December report, seasonally adjusted sales experienced a 17% increase in year-over-year sales, signalling a sustained improvement in market activity.
Source: Edge Realty Analytics
Listings
The Realtors® Association of Edmonton reported 2,114 new residential listings in November, representing a slight 1.4% year-over-year increase but a significant 27.9% drop compared to October 2024. Edge Realty Analytics noted that new listings, when seasonally adjusted, fell by 1% year-over-year.
The sales-to-new listings ratio in Edmonton, which tracks the number of homes sold against newly listed homes, rose to 76% in November, up from 75% in the previous month.
Source: Edge Realty Analytics
Total active listings declined by 17.3% from November 2023 and 12.1% from the prior month, according to the Realtors® Association of Edmonton.
Prices
Price growth remained robust across all housing types. The RAE data highlighted:
- The average residential price was $436,401, for a 14.7% year-over-year increase, despite a 0.9% decline compared to October 2024.
- Detached homes averaged $540,320, up 12.8% from the previous year, though down 2.3% month-over-month.
- Semi-detached units sold for $411,469 on average, reflecting a 13.3% annual increase and a modest 1.1% monthly rise.
- Row houses/townhouses averaged $288,176, up 6.0% year-over-year despite a monthly decrease of 6.4%.
- Apartment condominiums averaged $200,266, experiencing notable annual growth of 17.0% and a monthly increase of 4.5%.
Construction
Construction activity in Edmonton is growing but still below historic peak levels. The Edge Realty Analytics report suggests that despite the construction activity, Edmonton is likely to experience an extended period of limited housing supply in comparison to demand, as the construction activity is not keeping up with the growing demand.
Source: Edge Realty Analytics
Potential for an Active Spring
As the market looks ahead to 2025, Realtors® Association of Edmonton Chair Melanie Boles reports that there are “whispers of a busy spring market in 2025”, and suggests that property owners and investors may wish to prepare accordingly.
