Edmonton 2020 Real Estate Market Statistics Report – The appearance of growth
On the surface, it appears Edmonton experienced growth in 2020 despite COVID-19 with the average and median residential sales prices increasing by 1.49% and 1.75% respectively. This is the first time both median and average sales prices have increased for a year since before 2015! Detached single family homes, however, were doing most of the lifting. A large reason for the increase in residential sales price was the increase in single-family home sales. Duplex/Townhouses and condominiums actually continued to decrease in price. Below you can find a breakdown of the price changes for single family homes, duplex/townhomes and condominiums from 2019 to 2020.
Evidence that the market in Edmonton might finally be turning around after a couple slow years is that the Sales / New listing in Edmonton is up 5% from 51% to 56%, Value of total sales for the year is up 9.22% and inventory will be down 17.29% to start the year.
Average time on market for homes also decreased from 99 days to 91 days.
CMHC has not released a 2020 update on rental market statistics yet, however the continuing trend from 2019 can be expected with vacancy rates continuing to decrease (was 4.9% in 2019) and prices continuing to increase (Average of $1144 in 2019).