The high demand that we’ve been monitoring for houses for sale in Edmonton continues to hold steady – with some peaks and valleys here and there.
Local real estate statistics show that after a more modest August and September, the average selling price accelerated around Christmas, then dipped again to around 426,300 – with just 39 days on the market. Year over year, it’s still about a 3 percent increase from January 2021. While it might seem daunting – there’s never been a better time to buy: interest rates continue to be low and sellers continue to be motivated. So, what is driving this demand? Let’s dive in:
A Change In How We Work
Our first significant driving factor in the demand for Edmonton houses for sale is the permanent switch to telecommuting for many in the workforce.
This about-face in how we work as a collective is in no small part brought about by the impact of the COVID-19 pandemic.
An offshoot of this switch has been what’s termed The Great Resignation by younger generations like Millennials and Gen Z. Many individuals in these age groups have gone through significant personal change during these last two years. As a result, many have resigned from unfulfilling jobs to pursue careers that align more with their professional goals and personal values. Almost all of these career changes involve working from home, often outside of the typical 9 to 5 structure – usually with a larger income attached.
Mass resignation coupled with many forward-thinking corporations deciding to never return to the in-office model means there’s an even bigger demand for more space.
Not only is income rising amongst the younger generations, individuals who work from home feel more equipped to pursue their dream neighbourhoods without taking into account their morning and evening commute and other now-obsolete considerations.
Growing Families and Retirement
Another large factor in increased demand for houses for sale in Edmonton is family structure changes as well as retirement plans for Baby Boomers and even older members of Generation X.
It goes without saying that many retirees look to downsize and move to areas that accommodate a more relaxed lifestyle, like condo buildings or luxury retirement living villas.
Many millennials have started their families. This coupled with the claustrophobic nature of the pandemic and, of course, the rapid onset of working from home – this generation is chomping at the bit for more space. Particularly in desirable suburban neighbourhoods with easy access to good schools and supermarkets.
Of course, it’s important to remember that this is just a sampling of the driving forces for homes. It’s nuanced, complex, and certainly depends on where you live in Alberta.
Remember to always consult with your REALTOR® about your lifestyle, budget, and family life. They will be knowledgeable about market trends and be able to provide you with budget-friendly listings for houses for sale in Edmonton.
Whether you’re listing your home or looking for a new place to call your own, I’m here to help! I’m Jeneen, and as one of Edmonton’s top REALTORS®, I want to work with you to find your new property or make that upcoming home sale as smooth as possible.
Contact Jeneen by phone: (780) 904-4240 or by email: firstname.lastname@example.org.
Hi, I’m Jeneen Marchant!
I’m here to help you find you during your next Real Estate transaction. Home ownership is a beautiful thing and I love seeing my buyers happily opening the door to their new home on possession day. I also get great satisfaction from helping my sellers get the best price possible for their home when it is time to move on to another property.