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“The $350,000-to-$450,000 range is the [sweetspot] for most buyers [in Edmonton],” says Carlson. “However, last year, many prospective buyers with this budget were priced out of the detached market and shifted their interest to townhouses and duplexes.”
What’s next for real estate in Edmonton?
Prices in Edmonton have increased ever so slightly from last year, with the average price reaching $369,286 in February 2023, up 2.2% from December. Growth is expected to continue because Edmonton is a popular destination for both Canadians and newcomers in search of affordable properties.
“Conditions became more stable towards the end of last year, and market interest is picking up again,” says Carlson. “We’re seeing multiple offers again, and as the population in Edmonton continues to grow, I expect demand will grow with it.”
Supply is tight across many Canadian real estate markets right now. Edmonton is no exception, with just 5,686 homes available on the market at the end of February. While that number is up from the historic lows of last year, inventory is still limited, and buyers will face a lot of competition.
“Although we’re currently in a ‘balanced market,’ buyers do have to react quickly, as properties are trading hands fast because inventory is so limited,” says Carlson.
Top neighbourhoods in other regions
Edmonton’s top three neighbourhoods
1. Terwillegar South
Terwillegar South is a neighbourhood in southwest Edmonton, located within Terwillegar Heights, which is bounded by Terwillegar Drive and the neighbourhood of Terwillegar Towne. Terwillegar South’s average home price at the end of 2022 was $339,368, 5% lower than it was five years earlier, but up 7% from one year earlier. The affordable price contributes to the neighbourhood’s high value score of 4, and Terwillegar South scores an impressive 5 on economics. However, with a score of 2.2, it has room to improve on accessibility. Just over half the households (51%) here have children.
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