Home Builder Edmonton Alberta Statistics

Home Builder Edmonton Alberta Statistics – October and November Insights

The Edmonton Capital Region witnessed a notable 10% increase in the issuance of residential building permits, reaching a total of $277.1 million in October, signalling a robust interest in new home development compared to the previous year. However, it’s essential to note that year-to-date intentions have experienced a 22% reduction, with a sum of $2.5 billion up to October.

Edmonton Home Builders -Single Family Homes

Focusing on single-detached homes, there’s been an impressive upswing of 24.7% in starts, totalling 510 units in November alone—the highest for the month since 2014. Yet, the year-to-date figures tell a different story, with a decline of 22.9% from the same period in 2022, totalling 4,519 units. Still, projections suggest a year-end close to the five-year average with approximately 5,000 units.

Edmonton New Construction Single Family Inventory

Inventory levels also saw an upturn, with November reporting 1,643 completed but unoccupied single and semi-detached homes, a slight increase from October. In comparison, the previous year’s November inventory was at 1,119 units.

Edmonton New Construction Single Family Prices

Pricing dynamics for new single-detached homes in Greater Edmonton saw a marginal dip of 0.5% year-over-year in November, settling at an average price of $617,885. However, the year’s first 11 months combined reflected a 3.6% price increase compared to the same period in 2022 to $616,117.

The New Housing Price Index (NHPI) for the Edmonton area showed a 3.1% decrease from the previous year in November, with a 1.6% average decrease in contractor selling prices for ground-oriented units from January to November compared to the same timeframe in 2022.

Home Builder Edmonton Condo

Edmonton New Construction Multi-Family Inventory

The multi-family housing sector experienced a significant surge in November with 739 starts, almost tripled from the 2022, and growth across semi-detached, row, and apartment constructions. Despite this, the year-to-date multi-family starts have seen a 13% decrease to 6,908 units, with a rise in townhouse builds offset by softer apartment and semi-detached developments.

Alberta Migration

Alberta’s appeal continues to grow, with a 22.4% increase in net migration during the third quarter, largely driven by international newcomers and continued influx from other provinces, notably Ontario and British Columbia. Total net migration into Alberta was 56,306 people during the 3rd quarter of 2023.

Should I buy a New Construction Home in Edmonton?

If you are considering buying a new construction home, now is the time to buy. Edmonton home builders are anticipating build cost increases by spring 2024 as standing inventories of quick possession homes in Edmonton dwindle. Land prices continue to increase as lot sizes continue to decrease to accommodate the housing shortages.

If you are considering building or buying a new construction home in Edmonton, we should talk.

Edmonton New Home Builder Realtor

🌐 Sources