When July’s real estate statistics came out for the Edmonton area, one number immediately stood out: the median sale price for townhouses fell by $20,000, dropping from $310,000 in June to $290,000 in July.

At first glance, that kind of drop can feel alarming — especially if you’re a first-time buyer trying to make sense of market conditions. To unpack what’s really happening, I sat down with local market analyst Jay Lewis to put this into perspective.

Realistic Seasonal Patterns

“That’s an alarming number. Twenty thousand bucks — you’re like, what in the world’s going on?” Lewis said. “So we actually dove back a couple of years. November to December in 2023, we saw a $22,000 drop. And then last year, between October and November, we saw another $21,000 drop. So it’s maybe not totally wild that it happened just lately or just last month.”

In other words, short-term dips in townhouse prices are not new in Edmonton. Seasonal patterns often explain part of the story. As I pointed out during our discussion, “If we look at the prices of homes, it looks like they tend to go up a bit in the spring, drop a little bit in the fall.”

What Caused the Drop in July

Lewis added that this year’s mid-summer dip may have more to do with the types of homes that sold in July. “In this case here, it’s just a different property type that sold. So that has influenced our pricing a little bit — maybe bigger than we expected,” he explained.

A Quick Rebound in August

The good news for sellers is that this isn’t a sustained decline. By August, townhouse prices had already begun to bounce back.

“We’ve already recovered over 80%,” Lewis said. “So we’re back up at almost $307,000 for the median price on townhomes now. We’re already well on our way back to getting back to our normal price here in August.”

What This Means for Buyers

For first-time buyers, the takeaway is clear: a single month’s drop can grab headlines, but the underlying market often tells a calmer story. As I noted at the end of our conversation, “The headline maybe sounds a little bit scary [for sellers], but the truth behind it is it’s just a normal thing that seems to happen. Until we see multiple months of drops, that would be a concern.”

For now, Edmonton’s townhouse market looks to be stabilizing again, and opportunities remain strong for buyers entering the market for the first time.

Watch the Full Discussion

If you’d like to hear the full conversation with Jay Lewis and see the numbers we discussed in more detail, you can watch the video on YouTube. While you’re there, don’t forget to like and subscribe so you’ll never miss our weekly updates on the Edmonton housing market.

📍Want more local market updates and advice for first-time buyers? Reach out to me, or visit:
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