As we step into February, the January 2025 market report for Edmonton paints a dynamic picture for buyers, sellers, and investors alike. The market has shown continued resilience, with significant year-over-year growth in various property categories.
Key Market Insights:
Average Home Prices: The average price of a home in the Edmonton area reached $438,278, marking a 0.6% increase from December 2024 and an impressive 9.9% annual growth.
Detached Homes: Detached properties continue to dominate the market with an average price of $561,282, reflecting a 16% year-over-year (YoY) increase and a 3.9% month-over-month (MoM) rise.
Semi-Detached Properties: The average price for semi-detached homes climbed to $420,844, showcasing an 11% YoY increase and a 2.9% MoM growth.
Townhouses: Townhouses saw substantial gains, with prices rising 16% YoY and 6.6% MoM to reach $311,866.
Apartments: Although more modest in growth, apartment prices still increased by 5.2% YoY, averaging $202,663. However, prices slightly declined by 0.6% MoM.
Affordability Remains Edmonton’s Strength
Among Canada’s five largest population centers, Edmonton continues to offer the most affordable housing options. This makes the city particularly attractive to first-time buyers and those seeking value in a competitive real estate landscape.
Mortgage Rates Update:
As of February 8, 2025, the lowest mortgage rate available in Edmonton is 3.94% for a 5-Year Fixed term, providing favorable conditions for prospective buyers.
What Does This Mean for You?
For Buyers: Despite rising prices, Edmonton remains a more budget-friendly option compared to other major Canadian cities. Now might be the right time to act before prices potentially climb further.
For Sellers: With limited inventory and increased buyer demand, this is an excellent time to list your property, especially if it's well-maintained and competitively priced.
For Investors: The townhouse and detached home segments present attractive investment opportunities, given their strong year-over-year growth.
Final Thoughts:
The Edmonton housing market is demonstrating remarkable growth and resilience. Whether you're buying, selling, or investing, staying informed about market trends is key to making confident real estate decisions.
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