May 2021 Greater Edmonton Area Real Estate Activity

“The Edmonton market in May saw a significant increase in year-over-year residential unit sales,” says REALTORS® Association of Edmonton Chair Tom Shearer. “There have also been more sales of single-family homes, condos and duplexes compared to May of last year, while month-over-month activity has started to cool off compared to April. While we need to keep in mind the drastic difference between 2020 and 2021, we are witnessing a strong market heading into summer.”

Without a doubt, this spring market favoured seller’s and was something we haven’t seen in the Edmonton area since 2007. The slight moderation we see moving into June will be a welcome trend for those buyer’s who have been frustrated by the high demand and multiple offers. Is the boom over? Probably not, but as we move into the summer, we should see the typical decrease in activity. There’s talk that the new mortgage stress test will have an effect but with the low mortgage rates, time will tell.

In the meantime, get your shot, enjoy the summer weather and let’s look forward to getting together again!