Happy New Year! This year is looking positive for Edmonton properties for sale. If you’re planning on buying or selling real estate in 2024, it’s important to get all of the information. In this article, I will be going over a market outlook so that anyone who is hoping to enter the real estate market can do so with confidence. Follow along below as I outline some of this year’s key trends and insights!
What to Expect From Edmonton Properties for Sale in 2024?
In 2024, residents of Edmonton can expect to see the market transition from balanced conditions to those that favour sellers. The city is projected to witness a 4% increase in the average residential home price and a 5% decrease in sales.
In 2024 the top Edmonton neighbourhoods will be Oliver/Downtown, Rutherford/Heritage Valley, and Terra Losa. Consequently, buyers may find it in their best interest to invest in one of these areas. This is because current popularity often denotes a smart investment. If you are a seller residing in any of these neighbourhoods, optimizing your home's marketing strategy to highlight the increased attractiveness of these areas could result in a higher return on investment (ROI).
Another trend anticipated to impact Edmonton’s real estate market in 2024, is interprovincial migration from homeowners in Ontario. With the cost of living in Ontario increasing, many residents are finding it difficult to sustain their previous lifestyles. Edmonton has been a great secondary destination for those who aren’t ready to give up life in the city, but are still looking for somewhere affordable. The influx of new residents will likely impact the demand for property in Edmonton and surrounding areas. Furthermore, it’s expected that single-detached homes will experience the most demand in the months to come.
One of the most notable impacts on the real estate market this year will be the Bank of Canada’s interest rate changes. National trends have shown that the rising interest rates have had a cooling effect on most markets across the country. However, the demand for residential property in Edmonton remains robust. Since Edmonton is one of the most affordable major cities in Canada, it has been able to maintain stable property values and healthy numbers of sales.
Contact me Today!
If you are interested in learning more about buying or selling Edmonton properties for sale, contact me today! I’d be happy to help you through the process. For more information about houses in the area, check out my brokerage’s website. Additionally, be sure to come back next month for more real estate blog content. I look forward to working with you in the near future!
