Housing Forecast 2023
We’re halfway through January, so it’s time to start talking about market predictions for the year ahead. While no one has a crystal ball, here’s what experts and enthusiasts remain hopeful about the year ahead. Take a look at the stats from 2022 while reviewing what is expected to happen in the market.
The Average Price for Product type in Greater Edmonton Area
An influx of migration from out of province due to Alberta's affordability advantage.
Average Price Trends for 2023
Prices will drop slightly with detached single-family homes predicted to fall an average of 2.9% from the 2022 sale price.
Sales in the Area
Edmonton and Area will continue to see growth in the luxury Real Estate Market. In 2022 the record sale was for 5 Million dollars in Windsor Park.
Pandemic Impacts
The sales have taken off from 2020-2022 which was not a normal growth rate for our area. Canada as a whole had a large increase in the number of transactions.
Mortgage rates will increase slightly until inflation is under control, then the bank of Canada will hold it steady or decline.
Transaction Breakdown
We will see an increase for Apartments/Condo's as buying power has been reduced for many house hunters.
Contact me if you want to chat about what these predictions mean if you’re looking to buy or sell in 2023. I’d love to connect!
Thanks to the Realtors Association of Edmonton for hosting the Housing Forecast and providing this information as we look to the year ahead.
