Edmonton Housing Market Report

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Market Report Summary
Updated June 4th, 2021
  • Prices continued to rise in Edmonton this May as average sold prices climbed 13% YoY to $401K
  • Detached home prices increased by 13% year-over-year to $466k
  • Townhouse prices increased by 10% year-over-year to $358k
  • Condo apartment prices increased by 18% year-over-year to $242k

Edmonton Housing Market Overview

Data for May 2021
Avg. Sold Price:$401,390
All Property Types:$401,390
Detached:$465,551
Townhouse:$358,195
Condo Apartment:$241,885
Transactions (Buy/Sell):2,741
All Property Types:2,741
Detached:1,801
Townhouse:328
Condo Apartment:560

Edmonton's housing market continued its recent growth this May with strong sales volume. Sales are down slightly month-over-month, but still 137% higher than last year levels. Average sold prices across Edmonton rose to $401,390, a 13% increase YoY. Inventory also increased by 7.6% month-over-month but are still near historical lows.

Notice: Year-over-year comparisons for May will be exaggerated by the temporary downturn from the outbreak of COVID-19 in March 2020.

Detached homes accounted for 67% of sales with an average sold price of $465,551, a 12.9% YoY increase. Townhouses took 12% with an average sold price of $358,195, a 10.1% YoY increase. Condo apartments accounted for the remainder 21% of sales with an average sold price of $241,885, a 18.4% YoY increase.

Rising mortgage rates pose a dual-edged sword to Edmonton's housing market and other real estate markets throughout Canada. In the short-term, buyers are looking to purchase and lock in their mortgages, prompting a surge of demand for properties. In the long-term, however, a rise in mortgage rates will lower the purchasing power of potential buyers and pose a tailwind to housing prices. The Bank of Canada has recently signalled for a rate increase as soon as mid-2022. In addition, the Office of the Superintendent of Financial Institutions (OSFI) and Ministry of Finance have raised the benchmark mortgage stress test rate for both insured and uninsured borrowers, pushing out marginal buyers.

Home Prices in Edmonton

Single-Family Detached Home Prices in Edmonton

Statistics for May 2021
Average Price: $465,55112.9% from May. 2020
Units Sold: 1,801136.4% from May. 2020

Townhouse Prices in Edmonton

Statistics for May 2021
Average Price: $358,19510.1% from May. 2020
Units Sold: 328118.7% from May. 2020

Condo Prices in Edmonton

Statistics for May 2021
Average Price: $241,88518.4% from May. 2020
Units Sold: 560161.7% from May. 2020

Edmonton Housing Market Statistics for All Property Types in May 2021

$401,390
Avg. Sold Price
3%
Monthly change
6%
Quarterly change
13%
Annual change
2,741
Transactions (Buy/Sell)
-4%
Monthly change
71%
Quarterly change
137%
Annual change

Average Sold Price and MLS HPI Benchmark Price

Total Transactions

Property Type Distribution

Top Real Estate Agents in

Housing Markets Across Canada

Interactive Map - Hover Over Province for Details
ONQCMBSKABBCYTNTToronto$1,108,453Vancouver$1,172,800Hamilton$792,746Montreal$514,868Ottawa$669,969Edmonton$401,390Calgary$510,908Winnipeg$358,381
$242k to $299k
$299k to $337k
$337k to $403k
$403k to $470k
$470k to $575k
$575k to $917k

Market Overview for Detached Homes in May 2021

$465,551
Avg. Sold Price
2%
Monthly change
6%
Quarterly change
13%
Annual change
1,801
Transactions (Buy/Sell)
-1%
Monthly change
74%
Quarterly change
136%
Annual change

Average Sold Price

Transactions

Ontario Lic. #13115

Market Overview for Townhouses in May 2021

$358,195
Avg. Sold Price
3%
Monthly change
4%
Quarterly change
10%
Annual change
328
Transactions (Buy/Sell)
-5%
Monthly change
68%
Quarterly change
119%
Annual change

Average Sold Price

Transactions

Market Overview for Condo Apartments in May 2021

$241,885
Avg. Sold Price
6%
Monthly change
12%
Quarterly change
18%
Annual change
560
Transactions (Buy/Sell)
-10%
Monthly change
66%
Quarterly change
162%
Annual change

Average Sold Price

Transactions

Top Real Estate Agents in

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.