Edmonton’s housing market booming as housing selling at faster pace

It’s the busy season for Edmonton’s housing market as both sales and prices are soaring. Experts say if the growth continues at this pace, Edmonton will be a hot real estate market.

“The listings are not lasting. Everything is moving very fast. Be prepared to be in multiple offer situations,” said Paul Gravelle, a realtor with Maxwell Progressive.

Larry Kennedy, a realtor with RE/MAX real estate added, “Last year this time, houses on the market were over thirty days, today if we’re not in to see th houses for the first week, we got maybe a 10-20 day window and that’s about it.”

A new report from the Relator’s Association of Edmonton says a total of 3,128 homes were sold in April in Edmonton and the surrounding area, which is an increase of 54.9 per cent compared to April 2023.

A home in Beaumont in the Edmonton Metropolitan Area is listed for $515,000. Realtor Gravelle says last year a house like this would sell at $498,000.

“You’re seeing increases of three to five per cent every month which means home buyers are going to be forced back into the rental market because they can’t afford what they want to buy,” said Gravelle.

Relaters say this growth in the market is partially due to people flocking to Edmonton.

“Everybody is coming from B.C. or Ontario,” said Gravelle. “Most people are selling at a higher price point and moving to Alberta and they can’t fathom what they can get for their dollar here.”