Skip to main content
Market Updates

January 2023 Real Estate Market Update

We did it again!


Last year I was pretty fortunate to be named one of the top Realtors in Canada by RankMyAgent as well as being named to their list of Top St. Albert Realtors in 2021.

Well, you did it again! Because of your generous reviews I was named to the Top 100 in Canada list and Top St. Albert Realtor list once again (as well as winning Gold with St. Albert Community Votes)! THANK YOU for your continued support and for saying nice things about me 😉

I’m humbled and so grateful.

Feature Listing

I wanted to show you something special…

This absolutely stunning Lake Home on Lac La Nonne. It is straight out of a magazine…seriously!

Listed at $950,000

2023 Market Update

Looking ahead…

The Bank of Canada raised their rates once more by another 0.25% setting their new benchmark rate up to 4.5%. They did signal that this would likely (although we can never be sure) be the last increase for the foreseeable future.

We had a slower last quarter with sales dropping 26% year over year, ending off last year. What I can say is that we are starting to see more buyers and listings come to market, especially people from out of town moving into our province – a trend I believe we can expect for the rest of 2023.

I think we’ll see a slow build up in the coming month or two as we see confidence and strength continue in our market.

It could be a busy spring again!

Want to chat? Book a call!

Now, for the stats…

Last month’s prices for Edmonton and Area:
– Single Family (SF) prices are DOWN 1.1% year over year, and DOWN 0.6% month over month to $457,000
– Condo are DOWN 4.6% year over year, and DOWN 4.4% month over month to $207,000

Inventory levels: BALANCED MARKET …for the first time in a long time
Total Inventory sits at 5,018 properties for sale, UP 6% from last year, and DOWN 21% from the previous month
Total Sales for last month were 973DOWN 26% from last year, and DOWN 22% from the previous month
Days on Market for single family homes sits at 52UP from the same time last year at 27

Months of Inventory are at 5.1 MONTHS OF INVENTORY 
We are sitting in a BALANCED Market
(0-4 months is Seller’s; 4-6 months is Balanced; 6+ is Buyer’s)
Your Market Update
Your friend,
Kevin Machado
Copyright © 2023 Kevin Machado Real Estate, All rights reserved.