About Castle Downs & Northwest Edmonton
Northwest Edmonton is still one of the city's best family-friendly areas. 

Northwest Edmonton is still one of the city's best family-friendly areas. The area is culturally varied and welcoming to all types of families. It provides the ideal combination of residential, retail, and light business real estate to make daily life easier.

Excellent transit and opportunities.

Northwest Edmonton is well-served by the Northgate Transit Centre, which provides public transportation to all regions of the city. Northwest Edmonton is also a popular choice for military families, because it is only just few minutes' drive from CFB Edmonton, one of Canada's largest military posts (Canadian Forces Base Edmonton). The former army base known as Griesbach, which is currently being transformed into one of Edmonton's most sought after new neighbourhoods, has a rich military history.


Market Update - Edmonton - February 2021

This year is off to a busy start as Covid 19 continues to have its impact on Real Estate! With low interest rates, we have seen a surge in new home buyers and homeowners looking to upsize.

As interest rates are curving upward, many are eager to get into their new homes as soon as possible. Here are some notable market updates that I wanted to share with you:

  • TD Bank was the first of major banks to hike its 5-year fixed mortgage rates
  • Edmonton’s vacancy rate reached 7.2%, the highest in Canada among cities surveyed by Altus Group in a recent study
  • February year to date sales reached 1905, an increase of 45% from 2020
  • 1904 new listings came on the market in February, compared to 1718 in January, up 12.3%
  • Average Residential selling prices increased 2.7% since January and 4.8% since this time last year

If you know of someone who is looking to move, or considering a move yourself, I would be happy to discuss the market conditions and best options! On the other hand, perhaps you have a mortgage renewal coming up in the next few months? If so, you may wish to call your bank today and discuss your options for locking in a rate. I know some great mortgage brokers that I can recommend if you would like to shop around for the best rate!

A big benefit of having a professional you can trust is knowing that you never have to go it alone. Help is only a phone call away! I hope you feel comfortable reaching out to me when you have a question or want advice that’s real estate-related. As a professional, I have the data and insights needed to provide you with the information you want, particularly as it pertains to your property and the local market. Even if you just need to tap into my network for a contractor recommendation, I’m happy to help.

It has been several months since the coronavirus pandemic shut down the Canadian economy from coast to coast. Although the nation is in the middle of a second wave of the highly infectious respiratory illness, the country has been opening up, allowing the Great White North to initiate an economic rebound and get things back on track. All the data point to a gradual revival of the tenth-largest economy in the world.

The Canadian real estate market has been one of the drivers of the nation’s economic recovery, thanks to the hard work, diligence, and adaptation of real estate agents since the beginning of the public health crisis. Historically low interest rates have also helped to drive the strong trends in the buying and selling of properties, whether in the hottest urban centres or the prairies.

Despite having one of the most sought-after housing markets in the country, the Edmonton real estate market has been able to strike the right balance for both buyers and sellers. Below, we dive deeper into the current trends within Canada’s most affordable urban real estate market and share our projections for Alberta’s capital city as we shift into 2021.

Edmonton Is Now the Country’s Most Affordable Urban Real Estate Market!

October was another decent month for the Edmonton real estate market. According to the REALTORS® Association of Edmonton, total residential unit sales surged 26.34 per cent last month from the same time a year ago. All residential average prices advanced at an annualised rate of 7.97 per cent in October to $382,060.

Moreover, overall inventory in the Edmonton CMA tumbled 12.10 per cent from October of last year, while the number of new residential listings rose 14.75 per cent year-over-year last month.

“The Edmonton market has seen an increase in year-over-year unit sales, compared to a slight decrease in month-to-month sales,” said REALTORS® Association of Edmonton Chair Jennifer Lucas in a news release. “There have also been more sales of single-family homes, condos and duplexes compared to October of last year, while we’ve seen stable or decreasing month over month sales in all markets, which is typical for this time of year. We’re pleased to see year-over-year increases in pricing across all markets, with single family home pricing up 5.05%, duplexes up 2.34%, and condos up 1.67%.”

This comes one month after the same organisation reported that the Edmonton housing market in 2020 has been a “pleasant surprise” for buyers and sellers. The data – month-over-month and year-over-year – has been favorable to both sides of real estate transactions. This, Lucas said in an interview with the Edmonton Journal in September, has built up enough confidence where homebuyers are prepared to delve into the market.

The reason? Interest rates have never been this low. The Bank of Canada (BoC) slashed rates to 0.25 per cent earlier this year, as well as bringing the benchmark five-year mortgage rate to below five per cent. The central bank has indicated that it has no intention of tightening monetary policy, meaning that the borrowing costs in credit markets will be cheap for another couple of years.

What’s the Deal with Property Taxes?

A key advantage in the Edmonton real estate market is that the property tax hike for homeowners in 2020 was less costly than the city’s municipal counterparts. This year, property taxes rose 2.7 per cent, compared to the 13 per cent hike in neighboring urban centre, Calgary. But how long will Edmonton be able to stay so low?

Officials debated a three per cent property tax increase, choosing to tighten the public purse instead and leave it essentially flat year-over-year.

Despite many Canadian cities bleeding revenues in the COVID-19 economic climate, elected representatives will have a hard time trying to raise taxes on a vulnerable public and risk making life more expensive. Any substantial tax hikes, from property to water, could threaten the Edmonton real estate market’s revival over the next six to 12 months.

Could 2021 Be a Breakout Year for the Edmonton Housing Market?

Edmonton continues to be one of the most livable places in Canada.

Although the Edmonton economy has diversified in recent years, the city and the broader province are still reliant upon the energy sector. That said, with the rest of the country on the road to economic recovery, it is likely that Edmonton will follow suit. The city persevered through the COVID-19 turbulence, and its real estate market has handled the volatility rather well. Currently, all signs are pointing to a breakout year for the Edmonton real estate market in 2021: the central bank is keeping interest rates at historic lows, the federal government is ready to do whatever it takes to protect the housing sector, the height of the coronavirus pandemic is likely to wane in the new year, and shrinking inventories and strengthening demand are projected to prevail within this local market!


Edmonton housing market to remain balanced in 2021, prices to increase 2%

Edmonton real estate is likely to continue as a balanced market in 2021, with demand being segmented. Buyers are looking for single-family homes and yards, which includes duplex and row-style townhomes. The average sales price in Edmonton increased by 1% to $364,820 in 2020 (Jan. 1 – Oct. 31), compared to $361,152 in 2019 (Jan. 1 – Dec. 31). The RE/MAX Outlook for Edmonton real estate in 2021 is an increase of 2% in average price to approximately $372,116.40.


Who’s Driving Demand for Edmonton Real Estate?

Move-up buyers are currently driving demand in the Edmonton real estate market, which is expected to continue into 2021. The most popular property type among move-up buyers in Edmonton are single-detached homes and townhouses.

First-time homebuyers in Edmonton are typically single homebuyers. These buyers are not looking at one property type specifically and are buying across all property types. The average price spent on a property by a first-time homebuyer is approximately $300,000.It is expected to be more difficult to enter the market as a first-time homebuyer in 2021, as there is expected to be less inventory, making it tough for buyers to find the right property.

Move-up buyers in the Edmonton housing market are typically young couples. There has been very little hesitation in move-up buyers when it comes to entering the market, as many are trying to take advantage of the low interest rates and low property values. Move-up buyers in Edmonton have changed the criteria on what they look for in a home due to COVID-19. Many move-up buyers are looking for yards, more space, separate offices and finished basements.

The condominium market in Edmonton is most popular with single homebuyers and young couples. The average price for a condo in Edmonton is $222,181. Apartment-style condos are currently in oversupply, which means prices are likely to drop. Currently in Edmonton, many examples of large assessments have been seen, mostly due to insurance costs escalating dramatically for condo corporations, which has resulted in higher condo-fees.

Edmonton’s luxury market is currently driven by move-up buyers with the average starting price for a luxury home in Edmonton being $1,000,000. At this price point, many buyers are getting great value, with the majority of the homes being newer infill or older beautifully renovated homes with large yards in mature areas, or huge lots, often with ravine or private nature backing, in new development areas.

Edmonton’s Hottest Neighbourhoods

Edmonton’s top-selling neighbourhoods in 2020 were Anthony Henday Zone (West), North Central Zone and Southwest Zone. These neighbourhoods are expected to continue as the most popular neighbourhoods moving into 2021.

Edmonton New-Home Construction

Edmonton’s new-home construction sales are strong for single-family in both the suburbs and infill. Apartment condos are in oversupply. Most buyers are looking for a new or “like new” home across all price ranges. Based on the current demand, single-family, duplex/rowhouse and townhomes with yards are a little undersupplied. One new-home construction trend that has emerged throughout 2020 has been the need for home office space options, which is directly related to COVID-19.

Canadian Housing Market in 2021

Canadians are on the move. RE/MAX isn’t calling this an “exodus,” but the re-location trend across the Canadian housing market is real, and it’s just one focus of the RE/MAX 2021 Housing Market Outlook Report. RE/MAX Canada anticipates healthy housing price growth at the national level, with move-up and move-over buyers continuing to drive activity in many regions across the Canadian housing market. An ongoing and widespread housing supply shortage is likely to continue, presenting challenges for homebuyers and putting upward pressure on prices.

Due to these factors, the 2021 RE/MAX 2021 outlook for average residential prices is an estimate of +4% to +6% nation-wide. Here’s the regional break-down:


Additional report findings include:

  • 35% of RE/MAX brokers indicate that “move-over” buyers from other cities and provinces will continue to spark market activity in 2021
  • 45% of RE/MAX brokers indicate that move-up buyers will likely be a primary driver of the housing market demand in 2021
  • Half of Canadians (53%) are confident that Canada’s housing markets will remain steady in 2021
  • 52% of Canadians believe real estate will remain one of the best investment options in 2021

“Despite the tragic impacts of the pandemic, our optimism in the strength of Canada’s housing market has always remained,” says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. “While we’ve seen a significant shift in buyer preferences this year, we believe factors such as the supply issue, pent-up demand and historically lower interest rates will continue to fuel activity in 2021.”


Edmonton, March 2, 2018: Spring has hit the real estate market in the Edmonton Census Metropolitan Area (CMA), bringing strong unit sales and average price increases.

When compared to January 2018, unit sales across all categories increased, with single family home sales increasing 22.97%, condo sales increasing 14.17% and duplex/rowhouse sales increasing 21.28%. Year over year single family homes unit sales decreased 4.21%, condo sales decreased 4.92% and duplex/rowhouses sales decreased 7.32%. Year to date sales for all residential categories was up 2.43% compared to February 2017.

Month over month and year over year average unit prices increased across all categories. The average price of a single family home was $442,206, which was an increase of 3.14% compared to January 2018 and an increase of 3.73% compared to February 2017. The average price of a condo was $236,808, an increase of 4% month over month and 1.48% year over year. The duplex/rowhouse average price increased to $354,638, up 1.73% relative to January 2018 and up 2.62% relative to February 2017.

“February turned out to be a busy month for REALTORS®, which was reflected in the increases in sales activity and average prices across all categories of residential properties,” said Darcy Torhjelm, Chair of the REALTORS® Association of Edmonton.

Inventory increased 10.90% compared to January 2018 and was up 8.67% compared to February 2017. Listings also increased, up 4.03% month over month and 5.92% year over year. 

Days on market decreased for all categories compared to January 2018. Single family homes took an average of 59 days to sell, condos required 75 average days and duplex/rowhouses needed 64 days to sell. Overall the average days on market for all residential properties was 65, which was 10 days faster than January 2018 and identical to February 2017.


MLS® System Activity for February 2018



Edmonton, January 3, 2018: The Edmonton Census Metropolitan Area (CMA) real estate market marked a year of overall stability in 2017. All residential year-to-date unit sales were up 1.50%. In total, 16,441 residential units were reported sold in 2017 as compared to 16,198 in 2016.

Year-to-date prices were also consistent with modest increases throughout 2017. Average single family home prices increased 0.77% to $437,744 and average duplex/rowhouse prices increased 0.12% to $348,225, while average condominium prices decreased 0.96% to $248,130.

“2017 was a steady year for real estate in Edmonton and many of the surrounding municipalities, where sales and prices were quite stable for the majority of the year,” said Darcy Torhjelm, REALTORS® Association of Edmonton Chair. “For most of the year we continued to see home buyers take advantage of low mortgage rates and a slightly increased inventory, while sellers enjoyed solid prices for their properties.”

Average year-to-date days on market for 2017 for all residential units was 59, up 2 days from the average of 57 days on market in 2016. Year-to-date listings were also up, increasing 2.38% over 2016. The reported all-year sales to listing ratio was 52%, indicating a fairly-balanced market.

As is seasonally normal, sales dropped in December from November, but are up year over year from December 2016 in all categories. For single family homes, sales decreased 19.83% month over month, and increased 22.84% year over year. Condominium unit sales declined 23.53% compared to November 2017 but increased 15.42% relative to December 2016. Duplex/rowhouse sales decreased 24.59% month over month, however, increased 21.05% year over year. In total, the average all residential unit sales decreased 22.09% month over month, however they increased 19.42% compared to December 2016.

Average prices declined in December 2017, both month over month and year over year. Single family homes average prices decreased 5.63% compared to November 2017, and decreased 2% compared to December 2016. Condominiums prices increased slightly by 1.74% relative to November 2017 and decreased 3.18% relative to December 2016. Duplex/rowhouse average prices decreased 6.07% month over month and 6.80% year over year.
“Now that the holiday season is over and a new year is here, we expect listings and sales to begin to ramp up again,” said Torhjelm. “We encourage both potential buyers and sellers to talk to their local REALTOR® about their options in this market and what is right for them.”.


MLS® System Activity for January 2017


Market Report: October 2017

Alberta home down slightly on a year-over-year basis in October 2017
Alberta home down slightly on a year-over-year basis in October 2017

Click to download the complete report.

Alberta reported 4,465 units sold through the MLS® systems of real estate Boards in Alberta in October; a decrease of 1.3% from the year prior. This was slightly below the 10-year average for the month, and ended the trend of year-over-year increases in residential sales in Alberta over the nine months of the year.


On a year-to-date basis, home sales totaled 50,004 units over the 10 months of the year combined, up 8.5% from the same period in 2016. 

Nationally, home sales activity was down 4.3% overall from last year’s activity in October.


The value of all home sales in the province totalled $1.76 billion in October; an decrease of 0.4% from October 2016. The national average for value of total home sales increased by 0.4% on a year-over-year basis. 

Sales volume of all property types were down in Alberta (including commercial and agricultural properties), decreasing 3.6% to 4,708 total units from this time last year. The total value of all property types amounted to $1.9 billion, which was a decrease of 3.4% however from October 2016.



The average price of homes sold across Alberta in October was $395,429, up 1% from a year earlier. The year-to-date average price of residential properties was up 1.5% over the first ten months of 2016 however, settling at $400,301. The national average for home prices by comparison for October, which is often inflated by larger real estate markets such as Toronto and Vancouver, was $505,937. This marked a 5% increase nationally on a year-over-year basis.

Regionally, monthly residential average price increases in Alberta were led by the Brooks (South Central Alberta +8.3%), Medicine Hat (+4.9%) and Edmonton (+4.9%) regions on a year-over-year basis. The Fort McMurray (-14.68%) and Grande Prairie (-11.6%) regions had the largest year-over-year decline in Alberta for the month of October. However, Fort McMurray sales figures this time last year were skewed by the wildfire that took place last May.


View the regional Boards/Associations geographical breakdowns here.


There were 8,484 new listings on the MLS® systems of real estate Boards in Alberta in October, rising 10.8% from a year earlier. This was the highest number of new listings for the month of October in nine years. Active listings were also up from this time last year, rising 12.6% to 30,466 units at the end of October. 

The months of inventory ratio (total inventory / monthly sales activity) continues to be an important market indicator, comparing the number of months it would take to sell current inventories at the current rate of sales activity. This ratio can suggest if the market is moving quickly or slowly, and how long the average property may stay on the active market. The October months of inventory ratio dropped slightly to 6.8 from 6.9. A score of 6.4 is still generally thought of as a “balance market,” not favouring either the buyer or seller.


Welcome friends, family & clients alike to the November edition of this month newsletter.

 This edition is especially important as we will begin to cover a number of topics that will hopefully leave you better prepared to face the Real Estate market.

 Whether you aspire to purchase a property which suits your needs, or when trying to sell one of your very own, our intent is to support you along the way.

On the buying side, the focus will be on the upcoming (and dreaded) hike in interests rates, and what these proposed changes could mean to your bottom line.

 Winter is also fast approaching and we will try our best to ease you into the cold with a few tips. Whether preparing your home for the season, or when looking at properties under heaps of snow, there are always things to keep in mind and be aware of!

For sellers, it would appear as though higher levels of inventory will continue to be the trend in the forseeable future. The expected increase in interest rates will ultimately leave fewer people with the buying power they have under our current favorable rates.

 This would suggest that while we are in a buyers’ market, the consequent rise in interest rates will force certain buyers to reassess how much can be borrowed and which opportunities to pursue.

 The good news is for those who are already locked into reasonable rates, and great news still for those who get pre-approved in the limited time available before these mortgage changes are likely put into effect.



Real Estate News

A highly noteworthy and modern piece of legislation known as The Condominium Property Amendment Act (CPAA) will officially go into affect as of January 18th, 2018. It was initially passed in December 2014, but has undergone a period of consultation (open as well to the public until November 10t of this month).

It is described as having the intended purpose of supporting “responsible self-governance of vibrant condominium communities and to protect owners of condominiums.”

The following excerpts can be found at:, as they relate to the three summarized phases of their plans.


Phase 1 focused on new protections for buyers of newly-built and conversion condominiums. Albertans were consulted in 2015 on:

  • better purchase disclosures at the point-of-sale, including occupancy date for their unit
  • realistic operating budget and estimated condo fees
  • trust money safeguards
  • cancellation rights for certain long term contracts entered into by the developer

Phase II addresses how condo boards govern themselves, including:

  • insurance requirements
  • voting procedures
  • reserve fund plans

Phase III will establish a condominium dispute tribunal that is intended to be an affordable and efficient forum to resolve condo disputes between condo boards, owners, occupants, and other interested parties. Once available, it will provide a lower-cost alternative to the courts for condo owners.

More detailed information can also be found at: This is a must read for those who own, or seek to own a condominium unit(s). It is an empowering piece of legislation which will only aid and protect the best interests of condo owners and their associated partners/stakeholders.


 / Most purchase contracts have conditions, and contracts fall through when buyers do not meet and waive conditions by the agreed upon condition date. Regardless of the type of condition (financing, property inspection, buyer’s existing home sale, etc.), if the buyer doesn’t waive the condition, the deal is finished.

But what happens when both parties want to still reach a deal, and they agree to extend the condition date AFTER it expired? You can adjust the dates on the existing contract, as long as both parties agree, right?

Wrong. When a condition expiry date passes, the contract is null and void. You cannot amend a contract that no longer exists.

What to do if the deadline passes

When a condition removal deadline passes without satisfying or waiving the condition, neither party is bound to continue with the deal.

If both parties want to continue, you must draft a new purchase contract for the sellers to accept.

It may be tempting to simply amend a contract to a point where both sides are happy, but legally the contract is void as soon as the condition date passes. If you proceed with such a contract, you and your clients may run into legal trouble in the future if there are any issues with the purchase.

In the event a conditional removal date passes and buyers did not waive their conditions, it is a best practice to have your clients sign a mutual release. This can help reduce the potential for any misunderstandings in the event one party believed they had an ongoing agreement.

When can I amend contracts?

If your client needs or wants to extend a conditional removal deadline, they can amend the existing offer to purchase if they and the seller agree to an extension in writing, and if the agreement to amend occurs before the deadline.

Real estate professionals need to make sure their clients understand the consequences of these deadlines before they pass. If a client doesn’t think they will meet a condition by the expiry date, they should let you know as soon as possible so you can discuss amending the purchase contract before it’s too late. Have these important conversations with your clients.

It is your responsibility as a real estate professional to give timely advice and take timely action. Make sure your clients understand the consequences of condition expiry dates, and the need to write a new purchase contract if they wish to continue negotiating after an expiry date.




Faye Afshar, CFP- SENIOR EXECUTIVE FINANCIAL CONSULTANT INVESTORS GROUP FINANCIAL SERVICES INC., I.G. INSURANCE SERVICES INC. B.A., CFP, RRC Future interest rate hikes are inevitable and mean certain people will not qualify for as big of a house as they previously sought to buy. Nevertheless, the new federal "stress test" will provide safeguards to help mortgage holders weather the changes. Under the measures introduced last October, a borrower had to be approved against a rate of 4.64 per cent for a five-year loan. This was the case even though many lenders are offering much lower rates. As of now, that rate is now 4.84 per cent. Should you even be thinking of buying a house, please do not wait until it is too late. You may at least get your qualification in place to secure the current rates. You have 3 months to decide after if buying is the right move for you or not. Please contact me at 780-953-0723



It’s begun.  The message is starting to sink in.  The new mortgage rulescould eliminate 15% of Canadians from qualifying for a mortgage after January 1st, 2018.  The mad rush has started as mortgage inquiries are up significantly.


  • Anyone that has a mortgage renewal in next 12 to 20 months.
  • Anyone thinking of buying in the next 12 months.
  • Anyone that is needs or is thinking of refinancing their mortgage in the next 12 months.
  • Rental property owners.  Yes, you too.
  • Future retirees with lots of home equity (newsflash..the new rules don’t take into consideration how much equity you have in your home.. your net worth is also irrelevant… it’s all about how much income you earn and declare…)

All of these borrowers will be affected.  If you’re not getting the message, anyone with a mortgage should be getting a review done NOW.  Don’t wait until next year.  You may not qualify for a mortgage.


We are expecting real estate sales to shoot up, temporarily, at least until January 1st.  So long as you enter into a purchase agreement prior to January 1st, you can qualify under today’s current mortgage rules.   Many potential buyers that have been sitting on the fence will jump into the market now, for fear of not being able to qualify next year.    After that, we should expect a slower real estate market based on fewer buyers being able to qualify.  (Rental properties are looking like a good investment given we have to live somewhere.) 

Those fears of not qualifying are legit as we will qualify for 15% less mortgage under these new rules.   And that’s not taking into account any future interest rate hikes.  Mortgage rates were expected to climb in 2018 based on positive economic numbers for Canada.

However, I’m not convinced the economy can continue to grow with a slower real estate market.  Fewer real estate sales means less home related spending.  Fewer appliances, furniture, landscaping, etc.  Real estate sales play a big part in overall economic spending.  It will be interesting to see where the interest rates go in 2018.


I am reaching out to my clients to review their options today.  You may not be affected.  But if you are, there’s still time to take action.  Speak with an experienced Mortgage Broker.   The new rules may or may not affect you.  Best to go through a quick question and answer process to make sure.

Your best interest is my only interest.   I reply to all questions and I welcome your comments.  Like this article?  Share with a friend.

Steve Garganis 416 224 0114

Copyright 2024 by the REALTORS® Association of Edmonton. All Rights Reserved.
Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.