February is here, which means we finally have the January real estate numbers for Edmonton. I’m Josh Tagg, a mortgage broker here in Edmonton, and I just sat down with Jay Lewis, Edmonton real estate agent extrordinaire, to walk through what happened in the market last month and, more importantly, what it means for you if you’re thinking about buying your first home.

If you’re new to Canada or new to real estate, this is for you.

January Sales Slowed — and That’s Normal

January sales came in at 1,151 homes sold in Edmonton. That’s down from 1,315 in December, which was already lower than November.

This might sound concerning at first, but it’s very normal for January. Fewer people list and buy homes during the winter, especially after the holidays. We see this seasonal slowdown almost every year.

The key takeaway: this isn’t a red flag — it’s expected.

Inventory Is Slowly Increasing

Inventory (the number of homes for sale) increased to 4,901 listings, up from 4,517 in December.

For buyers, especially first-time buyers, this is good news. More inventory means more choice, slightly less pressure to rush, and better chances to negotiate. Many buyers still wish there were even more homes available, but this increase is a step in the right direction.

Homes Are Taking a Bit Longer to Sell

We also saw a small increase in days on market.

• Detached homes took about 4 days longer

• Semi-detached homes saw a bigger increase

• Row houses and apartment condos also slowed

This tells us the market is calming down compared to the fast pace we saw last year. For first-time buyers, this can make the experience less stressful and more manageable.

What’s Happening With Prices?

Overall prices were very stable in January.

• Detached homes stayed around $515,000

• Semi-detached homes held at about $420,000

• Townhouses dipped slightly from $295,000 to $291,000

Nothing dramatic here. Prices have been holding steady since the fall, which is a positive sign of a balanced market.

Apartment Condos Are the Big Story

Apartment condos were the surprise this month.

The average condo price jumped from $174,000 in December to about $200,000 in January, which looks like a big increase.

Before anyone panics or celebrates, consider the context.

• Condo prices had been declining since late summer

• January brought fewer sales, which can skew averages

• Sales were happening more slowly than this time last year

We’ve seen this pattern before, where condo prices bounce around month to month. This is something we’ll be watching closely over the next few months to see if it’s a real trend or just a January blip.

GST Changes Could Be a Big Deal for First-Time Buyers

One thing I’m paying very close attention to is the potential GST rebate changes for first-time home buyers, especially on new builds.

Once the details are clear and passed into law, this could mean significant savings for buyers purchasing a brand-new home. This may even apply to some people who bought after last spring but haven’t received anything yet.

As soon as we have confirmed details, we’ll break it down clearly and explain exactly how it applies to you.

Thinking About Buying Your First Home?

If you’re a first-time buyer and wondering whether now is a good time, or how these numbers affect your buying power, reach out. We also have a free webinar specifically for first-time home buyers, and it’s helped many of my clients feel confident and prepared.

Watch, Like, and Subscribe for Monthly Updates

If you found this update helpful, I encourage you to like the video, subscribe to our YouTube channel, and turn on notifications so you don’t miss future market updates. We post new videos regularly as the year unfolds.

Have a question? Drop it in the comments — we read them all and often turn them into future videos. Thanks for being here, and we’ll see you next month with another Edmonton real estate update.