Lower interest rates are adding pressure to Edmonton’s real estate market, with October sales seeing a surge compared to last year, according to the latest report from the Realtors Association of Edmonton.
In October, 2,439 residential sales were reported in the Greater Edmonton Area (GEA), a 10.5% rise from the previous month and a whopping 38.5% increase compared to October 2023.
Apartment sales saw the highest annual growth, jumping 43.6% from last year, while semi-detached home sales climbed 38.6%, and row/townhouse sales rose by 38.0% year over year.
Detached homes made up the bulk of sales, with 1,431 sold — a 10.2% increase from September and 37.2% more than last year.
New listings hit 2,934, down 8.7% from September but up 9.2% from last October.
“The impact of lowering interest rates is keeping us busy, with buyers taking advantage of increased buying power,” said Realtors Association of Edmonton board chair Melanie Boles.
“Sales have spiked after recent interest rate announcements, and while month-to-month prices are stable, overall, they’re showing a marked increase from last year.”
The average residential price was $440,089, sliding 0.1% from September but up 11.1% from October 2023. Detached homes averaged $552,954, unchanged from last month but 13.6% higher year-over-year.
The MLS Home Price Index composite benchmark for the GEA was $403,500, dipping 0.7% from September but 7.7% higher annually.
Residential listings spent an average of 37 days on the market, the same as last month and nine days fewer than in October 2023.
A recent report from real estate platform Zoocasa on the best housing markets to buy and sell in Canada revealed that Edmonton is currently a seller’s market “where demand remains strong.”