The "Edmonton Real Estate Brokers Association" (RAE) expects house prices to rise slightly in 2024, which will not harm affordability in Alberta's capital, especially compared to prices in Calgary, the province's largest city.

According to the association's forecast released today, the average price of homes from various categories in Edmonton will increase by 1.2% this year.

"Compared to 2023, this year's forecasts are more positive, and we expect the real estate market to remain stable and balanced," said the association's president, Melanie Bowls.

According to the association, strong interprovincial migration benefiting Alberta, the province's good economic outlook, and the hope of lower interest rates will all help bring buyers and sellers back to the real estate market in the capital.

The association expects the number of homes sold, from various categories, to increase by 2.8% this year, and the number of homes listed for sale to rise by 4.6%.

If economic growth is stronger than expected, prices will rise more in 2024, according to Melanie Bowls.

However, Bowls points out that unlike Calgary, Edmonton has always had an acceptable number of homes listed for sale, ensuring more reasonable prices.

The average selling price of a detached house in Edmonton is expected to reach about $497,000 during 2024, an increase of 0.96% from its $492,283 level in 2023, while the benchmark price of a similar property in Calgary exceeded $697,000.

As for the average selling price of a semi-detached house, it is expected to reach $377,000, an increase of 1.2% from its $372,535 level in 2023.

In the category of similarly shaped townhouse properties, the average home price is expected to reach $261,000, an increase of 1.1% from its $258,160 level in 2023.

The average price of a condominium apartment is expected to reach $192,000, an increase of 1.13% from its $189,861 level in 2023.

"Given our current migration rate, there are always challenges in terms of supply (of homes), but this is the case across Canada," said Melanie Bowls, adding that Edmonton's market "does not yet show signs of pressure."

The number of detached and semi-detached homes listed for sale this year is expected to increase by 6.7% and 9.2%, respectively.