Alberta Real Estate Market Update: June 2020
The Alberta real estate market has been under some stress the last few years. However, we are seeing points of recovery, which is news we should celebrate.
A good news story is both Edmonton and Calgary are seeing decreases in their inventory supply. Less inventory will help prevent home prices from being driven down further. Average selling prices are down less than 3% year-over-year, which considering we are amidst a global pandemic, isn’t as dire as one might have predicted.
The Alberta market is hopefully on the road to recovery, and we look forward to the day we can say “real estate is booming in Alberta once again”. Stay healthy everyone and we will continue to keep you posted on market conditions as the data becomes available.
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 13.7% increase in year-over-year sales, and a 77.3% increase from May 2020. And new listings are up too; year-over year by 16.6% and month-over-month by 20.2%.
Another good piece of news for the Edmonton market is overall inventory decreased nearly 16% year-over-year, meaning the market is moving towards more balanced conditions, albeit slowly. Homes are selling at the same pace as last year, with average days on market sitting at 59 days. This represented a seven say decrease from May.
REALTORS® Association of Edmonton Chair Jennifer Lucas comments, “The Edmonton market prices have declined in June, however, there has been a slight increase in year-over-year unit sales. There have also been more sales of single-family homes, condos and duplexes compared to June of last year.”
The average selling price for a home in Edmonton is $360,179, representing a 1.5% year-over-year decrease and 1.8% month-over-month increase.
In Calgary2, compared to June 2019, sales are down 1.7% and new listings are up 6.5%. With a decrease in sales and an increase in new listings, the amount of inventory on the market increased, but is still well below last year’s levels with less than four months of supply. This is the lowest it has been since May 2019, which is good news for Calgary as conditions slowly move towards establishing a greater balance between supply and demand.
Townhomes were the popular property type to come onto the market in June, with a 21% increase in new listings compared to the same month last year. And townhomes were the only property type to see positive year-over-year sales. If you own a townhome and are thinking of selling it, now may be a good time to do so since there appears to be buyers in the market for this property type.
The average selling price for a home in Calgary is $411,300, representing a 2.8% year-over-year decrease and 1.8% month-over-month increase.
If you need to sell your home or buy a home during the outbreak, rest assured that a REALTOR® can help you navigate these murky waters. Purplebricks is here to support Canadians by providing them full-service real estate 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 1-877-888-3131 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.