Edmonton Housing Market Report

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Market Report Summary
Updated September 8th, 2021
  • Sales and average prices are down for August as the market takes a breather from the spring season
  • Detached home prices increased by 5% year-over-year to $461k
  • Townhouse prices increased by 7% year-over-year to $355k
  • Condo apartment prices decreased by 2% year-over-year to $228k

Edmonton Housing Market Overview

Data for August 2021
Avg. Sold Price:$384,874
All Property Types:$384,874
Detached:$460,963
Townhouse:$355,326
Condo Apartment:$227,559
Transactions (Buy/Sell):2,056
All Property Types:2,056
Detached:1,246
Townhouse:264
Condo Apartment:501

Slowing sales is giving a brief respite for Edmonton’s feverish housing market this August, as sales and average prices drop from July. Detached homes and townhouses maintained their positive year-over-year price gain, while condo apartments fell into negative territory year-over-year with a sharp decrease in average condo prices.

Detached homes accounted for 67% of sales in Edmonton with an average sold price of $460,963, a 4.9% YoY increase and 1.1% month-over-month decrease from July 2021. Townhouses made up 14% of all sales with an average sold price of $355,326, an 7% YoY increase and a 0.6% month-over-month decrease. Condo apartments lost market share to detached homes, with condos accounting for 20% of Edmonton home sales, with an average sold price of $227,559. This is down by 2% year-over-year and down a significant 5% month-over-month from July.

As a new regulatory tailwind to Edmonton's housing market, the CMHC has recently decreased their standards for insured mortgages. This reverses the increase from last year and drops required credit scores from 680 to 600 and increases GDS and TDS ratio limits to 39% and 44% from 35% and 42%, respectively. This increases potential leverage for home buyers across Canada, especially in cities like Edmonton where average home prices remain under $1 million.

However, the Office of the Superintendent of Financial Institutions (OSFI) and the Ministry of Finance have recently raised the benchmark mortgage stress test rate for both insured and uninsured borrowers from 4.79% to 5.25%, limiting affordability for marginal buyers.

Mortgage rates have also risen from their 2020 lows but have remained stable for the past few months. However, the prospect of tighter monetary policy from the Bank of Canada as early as mid-2022 could lead to increased rates and limit home affordability in Edmonton.

Home Prices in Edmonton

Single-Family Detached Home Prices in Edmonton

Statistics for August 2021
Average Price: $460,9634.8% from Aug. 2020
Units Sold: 1,2464.9% from Aug. 2020

Townhouse Prices in Edmonton

Statistics for August 2021
Average Price: $355,3267.1% from Aug. 2020
Units Sold: 26411.4% from Aug. 2020

Condo Prices in Edmonton

Statistics for August 2021
Average Price: $227,559-2.1% from Aug. 2020
Units Sold: 50125.6% from Aug. 2020

Edmonton Housing Market Statistics for All Property Types in August 2021

$384,874
Avg. Sold Price
-1%
Monthly change
-4%
Quarterly change
4%
Annual change
2,056
Transactions (Buy/Sell)
-7%
Monthly change
-25%
Quarterly change
62%
Annual change

Average Sold Price and MLS HPI Benchmark Price

Total Transactions

Property Type Distribution

Detached
Townhouse
Condo Apartments

Housing Markets Across Canada

Interactive Map - Hover Over Province for Details
ONQCMBSKABBCYTNTToronto$1,089,536Vancouver$1,175,100Hamilton$787,758Montreal$514,868Ottawa$659,929Edmonton$398,229Calgary$494,111Winnipeg$369,310
$250k to $300k
$300k to $340k
$340k to $400k
$400k to $460k
$460k to $600k
$600k to $910k

Market Overview for Detached Homes in August 2021

$460,963
Avg. Sold Price
-1%
Monthly change
-0.99%
Quarterly change
5%
Annual change
1,246
Transactions (Buy/Sell)
-6%
Monthly change
-31%
Quarterly change
5%
Annual change

Average Sold Price

Transactions

Market Overview for Townhouses in August 2021

$355,326
Avg. Sold Price
-0.49%
Monthly change
-0.8%
Quarterly change
7%
Annual change
264
Transactions (Buy/Sell)
-5%
Monthly change
-20%
Quarterly change
11%
Annual change

Average Sold Price

Transactions

Market Overview for Condo Apartments in August 2021

$227,559
Avg. Sold Price
-5%
Monthly change
-6%
Quarterly change
-2%
Annual change
501
Transactions (Buy/Sell)
-8%
Monthly change
-11%
Quarterly change
26%
Annual change

Average Sold Price

Transactions

Glossary and Definitions

MLS® HPI: The MLS® Home Price Index (HPI) is an index by the Canadian Real Estate Association (CREA) that tracks the prices of homes in a neighborhood. It allows Canadians to quickly compare home prices across Canada and between periods of time without having to account for specific features of a property. Unlike market prices, which can fluctuate from month to month based on seasonal dynamics, the HPI provides a stable view tracks trends across a longer period of time. The HPI is reviewed every year in May to adjust for changes in the real estate marketplace.

MLS® HPI Benchmark Price: The MLS® Home Price Index (HPI) Benchmark Price is the HPI translated into a real-world price number.

Strata Insurance: Strata insurance is insurance used by a strata like a condominium to covers damages to common areas and assets and liability to the strata. It can also include fixtures built or installed as part of the original construction of each unit, even though these may not be common structures. The insurance can cover:

  • Buildings and structures associated with the strata including common areas such as the roof, parking garages, driveways, gyms, pools, etc.
  • Liability for any property damage or bodily injury suffered on strata property
  • Any fixtures that are part of the "standard unit" or original construction of each unit

Strata insurance does not usually include personal items and appliances that are part of a condo unit. It also does not cover the damages made by individual unit owners, such as in the case of water damage caused by a unit owner. These are usually covered by personal condo insurance.

Property types

Detached home: A detached home is your standard single-family home. It is a residential building that stands alone and is separately titled or legally a single unit.

Semi-detached home: A semi-detached home is similar to a detached home, except it shares a wall with another home. This pair of homes must make up an independent building and each should be separately titled or legally two separate units. There can only be two homes in a semi-detached building.

Townhouses: A townhouse is the middle between a detached/semi-detached home and a condo apartment. Like detached and semi-detached homes, they are often single-family units that have their own land and may be attached to other units. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbors.

Condo apartment: This category includes all apartments and condominiums. These are complexes of residential units with common areas such as hallways, parking lots, stairwells, etc. They can be low-rise, mid-rise, or high-rise buildings. Unlike townhouses, there are no parts of the lot (the land of the building) where access is reserved for only one owner or occupant. There can be privately owned units and spaces inside the building.

Plexes are multi-story buildings with two to four individual units, usually one on each floor. They are a mainstay in Montreal and other cities in Quebec. Each unit is usually individually accessible via an external entrance with higher floors connected by staircases.

Property Classes

Freeholds: A freehold is any property where the owner owns both the house and the land it is built on. Common freehold property types include: detached, semi-detached, some townhouses, and farmland.

Condominiums: A condominium or condo is any property where the owner owns the home (or unit) but shares ownership of the land and other improvements with a condominium corporation. Common condominium property types include condo apartments and some townhouses.

Housing Markets Across Canada

Data sourced from the RAE and the Canadian Real Estate Association (CREA). Any analysis or commentary is the opinion of the analysts at WOWA.ca and should not be construed as investment advice. Please consult a licensed real estate professional before making a real estate investment decision. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.