As we stepped into September, Edmonton’s August real estate statistics revealed some interesting trends that first-time home buyers should pay attention to. I sat down with Jay Lewis to go over the numbers and what they mean for those thinking about buying their first home.

Inventory Rising, Sales Dropping

When I asked Jay about what the stats are showing, he didn’t hesitate:

“Our inventory is back up. We’re at 7,141 listings, up from 7,083. But sales are dropping—down to 2,382 from 2,860,” Jay explained.

That combination—more homes for sale and fewer transactions—suggests the market may be shifting. Jay added:

“When inventory’s climbing and sales are dropping, that talks about maybe a little bit of a shift in our market sentiment. Days on market are also creeping up for the third month in a row.”

Condos: An Affordability Story?

While detached homes and townhouses are showing slight declines or modest gains, apartment condos are the outlier. Prices climbed to nearly $200,000 in August, up from $190,000 in July.

“Apartments have been stuck in that $190,000 to $200,000 window for five years,” I noted.

Jay agreed, pointing out this may be an affordability signal:

“Is this an early sign about an affordability crunch coming here to Alberta where buyers are saying, ‘we’re stuck with condos’? That’s something to watch.”

Balanced Market on the Horizon?

For years, Edmonton has been firmly in a seller’s market. But things might be shifting toward balance.

“We had an early spring rush, and now maybe we’re seeing an early fall slowdown,” Jay said. “Inventory is creeping up, sales are dropping, and days on market are rising. It feels like we might be moving toward a balanced market.”

I added that a balanced market is defined as four to six months of inventory. Edmonton still sits at just under three months, which keeps us in seller’s market territory—though not as strong as earlier in the year.

Advice for Buyers and Sellers

Jay stressed that sellers need to be realistic:

“If you ask too much money for your home, it’s going to sit and lag. Price it right, and market effectively.”

For buyers, there are opportunities if you’re patient:

“Some of my buyers have been finding great deals on listings that have been sitting on the market longer,” Jay shared.

What This Means for First-Time Buyers

For Edmonton’s first-time buyers, this shifting market could be an opportunity. With slightly more inventory and condos showing signs of renewed strength, there are chances to secure a property—especially if you work with a mortgage broker to make sure you’re pre-approved and ready to act when the right listing comes along.

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