2020 Year in Review – Edmonton Real Estate Market

2020 Year in Review – Edmonton Real Estate Market

2020 had many unexpected ups and downs, we saw a slow start to our typically busy spring market but sales continued well into the fall. The world saw dramatic changes in how we live, work and play and that meant it was time for the REMAX River City Family to pivot and lead with knowledge and determination.

The year started off chilly with low temperatures of -38 and gas prices of 89.2/lt, average home prices were $351,000* and average.

Come March though, Canada saw a big shift and Edmonton was no different with temperatures warming, gas prices falling to a low we hadn’t seen in years of 54.6/lt and we saw schools and playgrounds close and open houses needed to move to be done virtually only.

REALTORS® were deemed to be an essential service which meant we needed to do our part to support our agents so they could do what they could for the community, clients and our industry.

During this time we saw an amazing spirit, drive and tenacity in our #RiverCityFamily, many went shopping for the sick and elderly dropping much-needed supplies off so they wouldn’t have to leave their homes. We saw agents sing, dancing and dropping off fun gifts to cheer people up, we also saw snow shovelling and many, many other amazing acts of service for our Edmonton and area community.

Our typically busy April was down 46% from the previous year, but this didn’t stop our agents from working hard for their clients and doing virtual open house (check out the blooper reel).

Although April and May were slower than anticipated the world events were taking an emotional toll on many, we began to see brightened spirits and a brighter market by June the market exploded up 77% month over month and by July the market was back on track being up 13.35% year over year. July also gave Edmontonian rain, the most they had seen in a quarter-century at 66mm by July 15th, we also became the host of the NHL Western Finals Hockey Bubble and wearing a mask in public spaces became mandatory. RE/MAX was the sponsor for the Oiler Community Foundations’ NHL groundbreaking 50/50 which saw 88 charities and community groups supported with over $7 Million in a time where many were hit hard and needed the support. 

2020 brought a change to how we spend time with friends and loved ones, connecting over zoom, backyard bonfires and outdoor events laid the groundwork for a new way to connect and build relationships, many agents pivoted to using virtual platforms for clients meetings, showings and attending conferences. Agents who had previously shied away from new technology jumped in with both feet and their businesses exploded taking tried and true methods that had served them well for years and sometimes decades and combining new technology to support their clients in the best possible way. 

Throughout 2020 REMAX River City had the privilege of giving back to many community groups, charitable organizations and partners. Our agents proudly supported The Stollery Children's Foundation, REALTORS® Community Foundation, Holiday Hamper Program, Uncles and Aunts at Large, Coats for Kids and many other charities that our individual Agents support. 

Thank you to our agents and their clients for making 

the most of 2020, we are proud to continue to grow and support our community in 2021.



Source - MLS® for period January 1, 2020, to December 31, 2020. 


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