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

According to the association's forecast issued today, the average home price across 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 president, Melanie Pauls.

According to the association, strong interprovincial migration benefiting Alberta, good economic outlooks for the province, and hope for 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 across all categories to increase by 2.8% during the current 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 Pauls. However, Pauls points out that unlike Calgary, Edmonton has always had an acceptable number of homes available for sale, ensuring more reasonable prices.

The average sale price of a detached house in Edmonton is expected to be about $497,000 during 2024, an increase of 0.96% from its level of $492,283 in 2023, while the reference price for a similar property in Calgary exceeded $697,000. As for the average sale price of a semi-detached house, it is expected to be $377,000, up 1.2% from its $372,535 level in 2023. In the category of townhouse properties, the average home price is expected to be $261,000, an increase of 1.1% from its $258,160 level in 2023.
As for the average price of a condominium, it is expected to be $192,000, an increase of 1.13% from its level of $189,861 in 2023. Given our current migration rate, there are always challenges on the supply side (of homes), but this is the case throughout Canada,‘‘ said Melanie Pauls, 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 rise by 6.7% and 9.2%, respectively.