Skip to main content
Market Updates

February 2023 Real Estate Market Update

What will you do this year?

I’ve been thinking a lot about what the year will be. I’m sure you’re already a couple months into your New Year’s resolution (eating more Oreo’s is a good resolution in my opinion), which is great.

Now, we’re coming into that beautiful time of year when it’s above -20 and it starts to feel like spring will eventually come. This time of year is one that is full of new life, new dreams, and new goals.

What is it that you will do this year?

Will you run a marathon, or even just around the block?
Will you start writing that chapter in your book, or even just starting a gratitude journal?
Will you plan to spend more time with your loved ones, or even just putting your phone down when you’re with someone?

If you’ve been thinking of it, and it’s going to do something good…go for it! Just start, and then keep going.

PS – I’d love to hear about it and see what you come up with this year 🙂
Featured Listing
Check out this half duplex in Edmonton that has an in-law suite in the basement currently listed at $395,000. Great for an investor or young family!

2023 Market Update
Steadily Gaining Traction

It’s interesting how many people I’ve been getting calling from BC, Ontario, Manitoba, and Saskatchewan lately. As we climb into the early spring market I will be interested to see what the numbers look like next month as anecdotally we have seen a nice bump in the amount of buyer activity.

I do believe the Alberta market will be one of the strongest markets in Canada this year. We have lower costs of living (have you seen gas prices in BC??!), lower property prices (and no land transfer tax), higher incomes, which all should translate to a higher quality of life for people wanting to actually own their own homes. My thoughts are that we will continue to see inter-provincial growth, which will make our market start to move quick in the spring, and we’ll get some great new “Albertans” 🙂

Want to chat? Book a call!
Now, for the stats…remember these are for January 2023 as February numbers aren’t out yet

Last month’s prices for Edmonton and Area:
– Single Family prices are DOWN 4.2% year over year, and DOWN 2.1% month over month to $451,659
– Semi-Detached are DOWN 4.2% year over year, and DOWN 0.9% month over month to $355,068
– Townhomes are UP 1.2% year over year, and UP 4.4% month over month to $247,761
– Apartment condos are DOWN 2.3% year over year, and UP 5.5% month over month to $189,631

Inventory levels: BALANCED MARKET …for the first time in a long time
Total Inventory sits at 5,220 properties for sale, UP 13.2% from last year, and UP 5.3% from the previous month
Total Sales for last month were 986, DOWN 25.8% from last year, and EVEN 0.2% from the previous month
Days on Market for single family homes sits at 65, UP from the same time last year at 54

Months of Inventory are at 5.2 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