December 03, 2024 MARKET STATISTICS

Edmonton, December 3, 2024: The Greater Edmonton Area (GEA) real estate market experienced a seasonal slowdown in November 2024, with 1,920 residential unit sales recorded—a 22.8% decrease from October 2024 but 18.4% higher than November 2023.

New residential listings totaled 2,114, marking a 27.9% drop from October but a slight 1.4% increase compared to last year. Inventory levels also decreased, down 12.1% month-over-month and 17.3% year-over-year, reflecting tighter market conditions.

Sales Breakdown by Property Type

• Detached Homes: 1,138 sales, a 20.5% decrease from October but 23.6% higher than November 2023.

• Semi-Detached: Sales dropped 27.8% month-over-month but remained 18.0% higher than last year.

• Row/Townhouses: Sales declined 23.2% from October yet increased 18.0% year-over-year.

• Apartment Condominiums: Sales slowed 27.3% month-over-month but stayed 3.1% higher year-over-year.

Average Prices

• Overall Residential Average: $436,401, down 0.9% from October but up 14.7% year-over-year.

• Detached Homes: $540,320, a 2.3% decrease month-over-month but 12.8% higher than November 2023.

• Semi-Detached Homes: $411,469, up 1.1% from October and 13.3% higher year-over-year.

• Row/Townhouses: $288,176, a 6.4% drop month-over-month but 6.0% higher than last year.

• Apartment Condominiums: $200,266, up 4.5% from October and 17.0% higher than November 2023.

The MLS® Home Price Index (HPI) composite benchmark price came in at $402,100, reflecting a small 0.3% month-over-month decrease and a 7.9% increase compared to last year.

Days on Market

The average days on market increased slightly across all property types:

• Detached Homes: 41 days (+3 days).

• Semi-Detached: 32 days (+3 days).

• Row/Townhouses: 37 days (+2 days).

• Apartment Condominiums: 48 days (+3 days).
  Overall, residential listings averaged 41 days on the market, up four days month-over-month but down five days year-over-year.

REALTORS® Association of Edmonton Board Chair Melanie Boles commented, “The numbers reflect that the housing market is ready for its winter break while buyers and sellers focus on the holidays. With early whispers of a busy spring market in 2025, now is the time for savvy property owners and investors to engage a REALTOR® and start making plans for the year ahead.”

As the year winds down, the market remains stable, with encouraging year-over-year growth and balanced conditions as we head into the new year.

As a top-awarded Edmonton realtor passionate about helping homeowners maximize their property investments, I’m excited to share game-changing news for Canadian homeowners. Starting January 15, 2025, new mortgage insurance rule changes will make it easier to add secondary suites to your property. These changes, announced by the Department of Finance Canada, offer incredible opportunities to increase home value, generate rental income, and enhance housing options for the community.

What Are the New Rules?

The federal government’s updated mortgage insurance rules are designed to encourage densification and empower homeowners to convert underutilized spaces into legal rental units. This could mean transforming your basement, converting your garage into a laneway home, or adding a new self-contained suite—all while easing the financial burden with insured refinancing.

Key Parameters for Homeowners:

Here’s what you need to know about qualifying for this new insured mortgage refinancing program:

1. Eligible Borrowers:

   • Must already own the property.

   • Must occupy one of the current units or have a close relative living there.

   • Must plan to build fully self-contained units (e.g., basement suites with separate entrances or laneway homes).

2. Restrictions on Use:

   • New units cannot be used as short-term rentals; they must serve as long-term housing solutions.

3. Property and Loan Guidelines:

   • Maximum property value, after improvements, must be under $2 million.

   • Loan-to-value ratio can be up to 90% of the property’s improved value.

   • Financing cannot exceed project costs.

   • Maximum amortization is 30 years.

4. Effective Date:

   • These rules apply to applications submitted to mortgage insurers on or after January 15, 2025.

Why Does This Matter for Edmonton Homeowners?

Edmonton, with its growing population and need for more housing options, is an ideal city to take advantage of these changes. Adding a secondary suite to your property can:

• Boost Property Value: Converting underutilized spaces into rentable units significantly increases your home’s market value.

• Generate Rental Income: Create a steady income stream by renting out your new suite.

• Support Aging in Place: For seniors, secondary suites provide a source of income while allowing them to stay in their homes.

• Increase Housing Options: Help address the housing shortage in Edmonton by providing affordable rental units.

How Can I Help?

As a trusted Edmonton real estate expert, I’m here to guide you through the opportunities these new rules provide. Whether you’re considering a secondary suite to maximize your property’s potential or looking for a home with multi-unit options, I’m ready to assist you every step of the way.

Plan Ahead for January 15, 2025

With these new rules taking effect soon, now is the perfect time to explore your options. Get in touch with me to learn how you can:

• Evaluate the feasibility of adding a secondary suite to your home.

• Navigate the municipal zoning requirements.

• Maximize your refinancing options under these new rules.

Make Your Home Work Harder for You

Don’t miss out on this unique opportunity to unlock the full potential of your home. Contact me today for personalized advice on leveraging these new mortgage insurance rules to enhance your property’s value and income potential.

Together, we can transform your property into a powerful investment for the future.

Edmonton Real Estate Market Update: November 20–26, 2024

The latest data from the REALTORS® Association of Edmonton provides valuable insights into the city's real estate market activity over the past week. Here's a snapshot of the trends:

1. Unit Sales: There were 479 residential unit sales, reflecting a 9% increase compared to the previous week. This uptick indicates strong buyer activity, possibly driven by favorable market conditions or seasonal demand.

2. New Listings: New residential listings totaled 466, marking a 7% decrease from the prior week. This decline could suggest a tightening inventory, which may lead to increased competition among buyers.

3. Average Price: The average residential price rose to $429,000, a 1% increase from last week. This consistent growth highlights a steady demand for homes in Edmonton.

4. Median Price: The median price sits at $410,000, representing a 2% decline compared to the previous week. This slight drop might indicate a shift in buyer preferences toward more affordable properties or a balanced correction in the market.

Key Takeaways:

• The Edmonton market continues to show resilience with increasing unit sales and stable pricing.

• The decrease in new listings may lead to a competitive environment for buyers in the coming weeks.

• A slight decline in median prices suggests opportunities for buyers seeking affordable homes.

Overall, these trends reflect a robust market with opportunities for both buyers and sellers. If you're considering entering the Edmonton real estate market, now might be the right time to act! For personalized advice, reach out to your trusted REALTOR®.

Affordable Bathroom Upgrades for Edmonton Homebuyers and Investors

Whether you're a first-time homebuyer in Edmonton, an investor flipping houses, or upgrading your own home, bathroom renovations can add value and style without breaking the bank. These easy and affordable bathroom upgrades can be done in a day or two, helping you enhance your property while sticking to a budget.

Quick and Affordable Bathroom Updates

1. Upgrade the Sink
For those with basic plumbing skills, installing a new sink is a manageable DIY project. A modern sink can completely revitalize your vanity and elevate the entire bathroom's look, making it appealing to potential buyers or enhancing your personal space.

2. Add New Décor
Small details make a big difference. Update your bathroom with new shower curtains, towels, mats, and window coverings. These inexpensive changes instantly refresh the space, making it feel more modern and inviting.

3. Replace Cabinet Hardware
Switching out old cabinet handles and knobs with shiny new hardware is an easy and impactful improvement. These small touches give your bathroom a polished, updated appearance.

4. Install a New Vanity Mirror
An outdated mirror can make the entire bathroom feel older. A new mirror adds brightness and modernity. Be sure to measure carefully for the perfect fit, especially if you're flipping a home for sale in Edmonton’s competitive real estate market.

5. Add a Fresh Coat of Paint
A new paint job is one of the most cost-effective ways to transform a bathroom. Choose light, neutral colors to make the space feel larger and brighter—an important feature for Edmonton homebuyers or renters looking for stylish, functional spaces.

Why These Upgrades Matter in Edmonton’s Real Estate Market

These budget-friendly bathroom improvements are perfect for Edmonton real estate investors looking to boost a property’s value or for first-time homebuyers wanting to customize their new space. In Edmonton’s affordable housing market, small changes like these can make a home stand out, whether you’re selling, renting, or settling in yourself.

Ready to find your dream home or next investment property in Edmonton? As a trusted REALTOR® in Edmonton, I can help you discover properties with potential and guide you through every step of the real estate process.

📞 Call/Text: 780-953-0723
🌐 Website: realtyedmonton.ca
Nooran Ostadeian | RE/MAX Elite   Client Reviews: Google Reviews | RankMyAgent Reviews

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