Week Ending January 14, 2025

The Edmonton real estate market picked up significant momentum this past week, with notable increases across sales activity, new listings, and pricing. Here’s a breakdown of what we saw in the market and what it could mean for buyers and sellers moving forward.

📈 Sales Activity Surges

There were 278 residential unit sales recorded in Edmonton this week, representing a 93% increase compared to last week. This sharp rise in sales suggests renewed buyer confidence and strong demand, even during what is typically a slower time of year.

🏡 New Listings on the Rise

Sellers are also stepping into the market in greater numbers. 610 new listings were added this week, which is 44% higher than the previous week. While inventory is increasing, the pace of sales indicates that well-priced homes are still moving quickly.

💰 Prices Continue to Climb

• Average sale price: $455,000, up 10% week-over-week

• Median sale price: $430,000, up 2% from last week

The rise in both average and median prices points to continued upward pressure on home values, driven by strong demand and competitive conditions in many segments of the market.

🔍 What This Means for Buyers & Sellers

• Buyers: Increased inventory provides more options, but rising prices mean acting quickly and having a solid strategy is key.

• Sellers: Strong sales activity and increasing prices make this an opportune time to list, especially if your home is well-prepared and priced correctly.

As we move further into the new year, market activity is clearly gaining traction. Whether you’re buying, selling, or just keeping an eye on trends, staying informed week-to-week can help you make confident decisions.

Market statistics provided by the Realtors Association of Alberta.

For many Canadians, retirement should be a time of rest and enjoyment. But rising costs, unexpected expenses, and lingering debt often make that dream feel out of reach. If you’re carrying multiple high-interest debts — like credit cards, car loans, or even a mortgage — it can be stressful and difficult to manage finances on a fixed income.

That’s where a reverse mortgage can be a smart and flexible debt consolidation solution for Canadian homeowners aged 55 and over. Rather than making monthly payments on multiple debts, a reverse mortgage allows you to access the equity in your home — tax-free — to pay off those debts and simplify your financial life.

What Is Debt Consolidation?

Debt consolidation means combining several existing debts into one more manageable solution. This can help you:

• Reduce or eliminate monthly payments on high-interest debts

• Improve monthly cash flow

• Simplify financial planning and peace of mind

For many retirees, traditional debt consolidation loans aren’t accessible — they require high income and strong credit scores. But reverse mortgages look at different qualifying factors, like age, home value, and equity instead, making them more accessible for many retirees.

Understanding Reverse Mortgages

A reverse mortgage is a unique type of loan that lets you tap into your home’s equity without selling your property — and without monthly mortgage payments. Here’s how it works:

• You receive tax-free cash (either as a lump sum or in scheduled advances).

• You don’t make monthly mortgage payments.

• The loan is repaid only when you sell, transfer ownership, move permanently out of the home, or pass away.

That makes a reverse mortgage especially useful if you want to eliminate monthly debt payments and improve your cash flow in retirement.

Benefits of Using a Reverse Mortgage for Debt Consolidation

Here are some of the main advantages:

✔ No Monthly Mortgage Payments

Unlike traditional loans, reverse mortgages don’t require you to make monthly payments on the loan itself — giving you more cash flow each month to enjoy retirement.

✔ Flexibility in How You Receive Funds

You can choose to take your reverse mortgage funds as a lump sum or in monthly instalments, depending on your cash-flow needs.

✔ Accessible Qualification

Eligibility is generally based on your age (55+) and the value of your home — not your income or credit score — which can make it easier for retirees to qualify compared with other loans.

✔ Simplified Finances

Instead of juggling multiple payments and deadlines, you can consolidate debts into one manageable solution and focus on what matters most.

✔ No Impact on Retirement Benefits

The funds you receive from a reverse mortgage are considered tax-free and won’t affect eligibility for government benefits like Old Age Security or the Canada Pension Plan.

✔ Stay in Your Home

Perhaps most importantly, a reverse mortgage allows you to stay in the home you love while using your home equity to relieve financial stress.

Is a Reverse Mortgage Right for You?

While a reverse mortgage can be an excellent tool for many retirees needing debt relief and better cash flow, it’s not without long-term considerations. Using your home’s equity to consolidate debt means that equity will be reduced — which can impact what’s left to pass on to heirs or use later in life. It’s important to speak with a trusted mortgage professional and financial advisor to determine if this option fits your financial goals.

Final Thoughts

For many Canadian homeowners aged 55+, a reverse mortgage offers a flexible, payment-free way to consolidate and pay off existing debt — turning monthly stress into financial breathing room and a more comfortable retirement.

If you’d like to explore how much tax-free cash you could access, reach out to our team — we’re here to help you make the best decision for your retirement journey.

A new year often brings fresh goals — better finances, more stability, and a place that truly feels like home. If buying a home in Edmonton is one of your New Year’s goals, you’re not alone. Many buyers begin their home search early in the year to get ahead of the spring market and take advantage of opportunities that others might miss.

Whether you’re a first-time buyer or planning your next move, here’s how to start the home-buying process in Edmonton the right way.

1. Get Clear on Your Homeownership Goals

Before browsing listings, take time to define what buying a home in Edmonton means for you this year.

Ask yourself:

• Are you buying your first home, upgrading, or downsizing?

• Do you prefer a condo, townhome, duplex, or detached home?

• Which Edmonton neighbourhoods fit your lifestyle and commute?

• Is this a long-term home or a shorter-term investment?

Clarity early on helps narrow your search and makes the process far less overwhelming.

2. Understand the Edmonton Real Estate Market

The Edmonton real estate market often behaves differently than larger Canadian cities, and early in the year can offer unique advantages.

Many buyers find that:

• There’s less competition compared to spring and summer

• Sellers listing early in the year tend to be more motivated

• Pricing can be more stable, offering better negotiating opportunities

Working with a local Edmonton real estate team like MetroYEG ensures you understand current market conditions and how to position yourself competitively.

3. Get Pre-Approved Before You Start House Hunting

One of the most important steps when buying a home in Edmonton is getting pre-approved for a mortgage.

A pre-approval helps you:

• Know your realistic budget

• Lock in a rate (when applicable)

• Strengthen your offer when you find the right home

• Avoid surprises later in the process

It also allows your real estate team to focus only on homes that truly fit your financial comfort zone.

4. Prioritize Your Must-Haves vs. Nice-to-Haves

No home is perfect, but having a clear list helps you stay focused.

Must-haves might include:

• Number of bedrooms or bathrooms

• Garage or parking

• Location or school district

• Budget limit

Nice-to-haves could be:

• Renovated finishes

• Large yard

• Finished basement

• Bonus room or home office

This step keeps emotions in check and makes decision-making easier when you’re viewing homes in Edmonton.

5. Work With a Local Edmonton Real Estate Expert

Buying a home is a major decision, and having the right guidance makes all the difference.

A local team like MetroYEG helps buyers by:

• Providing honest advice on pricing and value

• Identifying red flags and opportunities

• Negotiating strategically on your behalf

• Managing timelines, conditions, and paperwork

Having professionals who understand Edmonton neighbourhoods, pricing trends, and financing options gives you confidence from start to finish.

6. Plan for the Full Cost of Buying a Home

Beyond the purchase price, it’s important to budget for additional costs such as:

• Home inspection

• Legal fees

• Property taxes

• Insurance

• Moving expenses

Planning ahead ensures your New Year’s goal of homeownership stays exciting — not stressful.

Make This the Year You Buy a Home in Edmonton

If buying a home in Edmonton is one of your goals this year, starting early puts you in a strong position. With the right plan, clear expectations, and expert guidance, the process can be smooth and rewarding.

The MetroYEG team is here to help you navigate every step — from planning and pre-approval to finding the right home and negotiating the best outcome.

📩 Thinking about buying in Edmonton this year? Reach out to MetroYEG for personalized guidance and local expertise.