Edmonton Housing Market Report
- The average price of a home in the Edmonton area was $380,827 for November 2023, a 3.3% yearly increase and a 4.0% monthly decrease.
- Detached home average prices increased 5.4% year-over-year and decreased 1.6% month-over-month to $478,874.
- Semi-detached home average prices increased by 0.3% year-over-year and decreased by 6.1% month-over-month to $362,209.
- Townhouse average prices increased 12% year-over-year and 4.8% month-over-month to $271,092.
- Apartment average prices decreased by 10.5% year-over-year to $172,024. Apartment prices are 16% lower than last month.
- December 11, 2023 Update: Today’s Lowest mortgage rate in Edmonton is 5.44% for 4-Year Fixed
Edmonton Housing Market Overview
Annual and Monthly Price Movement
In November 2023, the average home price was $380,827, which shows a 3.3% year-over-year increase and a 4.0% month-over-month decrease. Edmonton's average home price peaked at $417,465 in April 2022, then declined by 13% to a trough of $361,172 in December 2022. Since the December trough, the average home sold price in the Greater Edmonton Area (GEA) climbed 16% to reach an all-time high of $420,507 in May 2023. Since May, the average Edmonton price has been on a downward trend.
Apartment average prices decreased by 10.5% year-over-year and 16% month-over-month to $172,024. Townhouse average price increased 12% year-over-year and 4.8% month-over-month to $271,092. Semi-detached home average prices rose by 0.3% year-over-year and decreased by 6.1% month-over-month to $362,209. Detached home average prices rose 5.4% year-over-year and reduced by 1.6% month-over-month to $478,874.
The Edmonton area benchmark price of $375k is 0.5% lower than last month and 1.5% higher than last year. Looking at home categories in the Greater Edmonton Area, single-family detached homes' benchmark price was $432.1k for November 2023, a 2.6% annual increase and a 0.5% monthly decrease. The benchmark townhouse price increased 1.6% month-over-month to $241k, representing a 7.4% yearly increase. The benchmark price for apartments was $178.3k for November 2023, a 4.2% increase year-over-year and a 1.2% monthly decrease vs. October 2023.
The median residential sale price was $365,000 for November 2023, declining 1.4% relative to the previous month and unchanged from last year. Looking at the median sold prices for home categories in the Edmonton area, single-family detached homes had a median sale price of $438k for November 2023, a 0.7% annual increase and a 3% monthly decrease. The median semi-detached sold price of $370,000 represents a 6.2% yearly rise and a 0.9% monthly decline. The median townhouse sold price of $278,000 represents an 18% annual increase and a 10% monthly increase. Condo apartments sold with a median price of $153.75k for November 2023, decreasing by 3.9% year-over-year and 8.9% monthly.
Edmonton Housing vs. Inflation and Other Housing Markets
Edmonton is an affordable housing market compared to other large Canadian housing markets. Interestingly, Edmonton benchmark house prices increased only 25% over the past 15 years, while the official inflation for this period is about 37%.
The three-year benchmark price growth of homes in Edmonton (as of September 2023), 7%, has been very modest compared to other major Canadian cities, most notably 30% for Toronto’s housing market, 26% for Vancouver’s housing market, 25% for the Hamilton-Burlington housing market, and 31% for the London area housing market. This underperformance suggests the relative absence of speculation in the Edmonton real estate market, suggesting relatively ample house supply. Given the correlation between home unaffordability and over-regulation of land use, we think Edmonton home buyers are reaping the fruit of housing freedom, especially fast approval of housing projects.
Sale Numbers and State of the Edmonton Market
During November 2023, 1,637 residential homes, including 932 detached dwellings, 168 semi-detached houses, 296 apartments, and 241 townhouses, changed hands in the Greater Edmonton area.
The Edmonton area's residential sales-to-new-listings ratio (SNLR) is 77%, and residential sales to inventory is 30%. These figures suggest a tight seller's market in the Edmonton area during November 2023. Despite the sellers' market status, benchmark Edmonton home prices have drifted lower over the past quarter!
Aside from supply limitations, the most important factor affecting house prices is the availability and rate of mortgages. Mortgage rates follow the expected inflation rate. High inflation elevated mortgage rates over the past year and a half, which pressured housing markets.
The headline inflation rate in Canada has cooled to 3.1% as of October 2023, which is a significant decline compared with 8.1% in June 2022. If we annualize the seasonally adjusted 9-month and 6-month inflation between January 2022 and October 2023 and between April and October, we arrive at a rate of 3.3% and 3.1%. These rates suggest that inflation has stabilized. Forward indicators like unemployment, GDP and retail sales suggest that inflation will decrease from this level toward the Bank of Canada’s target of 2%.
Home Prices in Edmonton
Greater Edmonton Area Housing Market Statistics for All Property Types in November 2023
Average Sold Price and MLS HPI Benchmark Price for GEA
Total Transactions in GEA
Market Overview for Detached Homes in November 2023
Average Sold Price
Market Overview for Semi-Detached Homes in November 2023
Average Sold Price
Market Overview for Townhouses in November 2023
Average Sold Price
Market Overview for Condo Apartments in November 2023
Average Sold Price
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.
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.
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.
Leasehold: Leasehold describes the situation where different entities own the land and the structure built on the land. Owner of the buildings has leased the land and pay rent to their landlord while owning the building on the land.
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.