Alberta Real Estate Market Update: July 2020
The market activity in Alberta saw both year-over-year and month-over-month improvements in July. Inventory levels in Edmonton and Calgary are still down year-over-year and homes are selling quicker than they did this time last year. Edmonton also saw slight increases in year-over-year and month-over-month average prices, which is welcome news after seeing year-over-year price decreases last month.
If you need to sell or buy a home during the outbreak, rest assured a Purplebricks REALTOR® can help you navigate the market in this unprecedented time. We saved our home sellers an average of $13,500 in commission last year†, and we give buyers $2,000 cash back* when they use a Purplebricks REALTOR® to buy their home.
The Edmonton real estate market1 saw a 13.6% increase in year-over-year sales, and a 5.6% month-over-month increase. New listings also saw a year-over-year increase of 7.5% but saw a decrease of 8.6% month-over-month.
Inventory continues to decline, which is good news for the Edmonton market as this indicates that the market continues to move towards more balanced conditions. Inventory has decreased 15.5% year-over-year and 3.6% month-over-month. Homes are also selling quicker compared to last year—listings averaged 54 days on market, which is a year-over-year decrease of eight days and a month-over-month decrease of five days.
REALTORS® Association of Edmonton Chair Jennifer Lucas comments, “The Edmonton market prices have a slight increase in year-over-year unit sales, as well as month to month sales increase. There have also been more sales of single-family homes, condos and duplexes compared to July of last year. Single family home pricing increased 3.06%, duplexes are down 0.41%, and condos are up 0.97% year-over-year.”
The average selling price for a home in Edmonton is $369,805, representing a 0.68% year-over-year increase and 2.6% month-over-month increase.
The good news continues in Calgary2 where the region saw a 11.8% year-over-year increase in sales, which is great improvement from the 1.7% year-over-year decrease in June. And despite an 11.7% year-over-year increase in new listings, inventory is still down 9.9% year-over-year and months of supply down a whopping 19.4% year-over-year. Lower supply will help edge Calgary toward a more balanced market. While year-to-date sales remain 15% lower than last year’s levels, the positive activity in July is welcome news and indicates that the market is moving in the right direction.
Apartments were the most popular property type to come onto the market in July with a 32% year-over-year increase in new listings, followed by townhomes with a 22% year-over-year increase in new listings. The only property class to see a year-over-year increase in average price was detached homes with a 0.3% increase. All property classes apart from townhomes saw month-over-month increases in average price; detached homes saw a 2.3% increase, semi-detached homes saw a 1.1% increase and apartments saw a 1% increase. Townhomes saw a 1.3% month-over-month decrease in average price.
The average selling price for a home in Calgary is $418,000, representing a 1.2% year-over-year decrease and 1.6% month-over-month increase.
If you need to sell your home or buy a home during the outbreak, rest assured that a Purplebricks REALTOR® can help you navigate the market.
Purplebricks is here to support Canadians by providing them with a full-service real estate experience while saving them thousands in commission when selling their home. As for homebuyers, we share the commission by giving buyers $2,000 in cash back* when they buy a home with us. Call 1-855-999-9740 for more information.
Randall Weese is a licensed REALTOR® with 14 years’ experience in Ontario who currently holds Broker licenses in Ontario, Manitoba and Alberta. Randall has worked in a variety of business models within the real estate industry. He has been a REALTOR® at one of the largest brokerages in Canada, managed a boutique brokerage, and founded and operated his own brokerage in the Greater Toronto Area; all in addition to acting as a listing agent on thousands of homes across the country during his career. Randall is currently working at Purplebricks where he is the Broker of Record for Ontario, Broker for Alberta and Associate Broker for Manitoba. Furthermore, he oversees Purplebricks’ Customer Service and Compliance departments.