Planning a move? There are multiple factors to consider when looking for your next home. Your living situation and lifestyle have much to do with where you want to live. As a homebuyer, you consider amenities and services such as highway access, school availability, green space, entertainment districts, and overall cost of living. If you are searching for a home, you also are paying close attention to the price tags on your ideal properties! We’ve put together an updated report on the housing prices in Edmonton and how they compare across the province and the country.
Single-Family Housing Prices across Canada
To start with, let’s define what we mean by a single-family home. A single-family home is a property that sits on its own land and is meant to be used by one family. It has one kitchen, unshared walls, and independent utilities of any other property. Across the country, the national July 2020 average of a single-family home came in at $488,000. This is down 1.3% from the July 2019 average.
Single-Family Housing Prices by Province
Let’s start with the country as a whole. Based on the desirability, we’ve compiled the data for the top four provinces for homebuyers in the country to compare, beginning with the most expensive average.
In B.C., the average price of a single-family home is $736,000. This is significantly higher than any other province. However, it is also important to understand why. B.C. experiences much milder seasons than other provinces in Canada, and it’s location near the coast also contributes to the higher price tag. The July 2020 average was a 7.6% increase from the July 2019 average.
The average cost of a single-family home in Ontario in July 2020 was $594,000. This number actually decreased by 3.2% based on the data collected in July 2019.
The average price of a single-family home in Alberta for the month of July was $353,000. Again, this is an average with many homes coming in much lower and much higher. The average cost of a single-family home fell 7.5% from the previous year’s July numbers, which is good news for anyone planning on moving to the province!
The average cost of a single-family dwelling in Quebec for July 2020 was $340,000, which was a 7.6% increase from July 2019’s numbers. This data shows that the market for a single-family home in Quebec is rising steadily year-over-year.
Alberta Single Family Homes - Average Prices
Within the province of Alberta, there are fairly significant differences in pricing as well. Below are the most recent averages on single-family home prices. Keep in mind, these averages are calculated based on all single family homes. For a more accurate average, talk to a local Realtor. They will be able to give you a narrower range based on your desired characteristics in a property (number of bedrooms, bathrooms, etc.).
City of Edmonton - $445,000
Edmonton CMA - $436,000
Calgary - $410,000
Canmore - $765,000
Fort McMurray - $399,000
Grande Prairie - $325,000
Lacombe - $362,000
Overall Edmonton Market Update
In the Edmonton Census Metropolitan Area (CMA), there is an overall positive increase in residential real estate statistics. The total number of sales of single-family homes in July 2020 increased 13.58% compared to the previous year’s July. There was a 5.61% increase from June to July 2020 alone. The number of properties available is actually falling, meaning there may be a change in the supply-demand impacting market prices.
Why Buy in Edmonton?
Edmonton boasts many advantages over other large Canadian metropolitan areas. It is the major economic hub in Alberta, and the workforce industry is vast and varied. Edmonton has one of the most diverse economies in all of Canada! There are many job opportunities and resources for families moving to the province. If you’re looking for sunshine, Edmonton is a great choice as it is one of Canada’s sunniest cities with the most green-space per resident of any Canadian city. Combine that with the low tax rates and friendly people, and Edmonton is the perfect place to buy your first, next, or last home.
To begin searching for your Edmonton property, contact us at Sweetly Real Estate. We practise a new system of real estate focused on the client. With new properties that match your criteria delivered straight to your email inbox, you’ll never miss a “perfect property” again. To begin the process, complete our buyer’s form or give us a call at 780.477.9338.