Edmonton Housing Market Report

WOWA Trusted and Transparent
Market Report Summary for December 2021
Updated January 7th, 2022
  • Edmonton’s housing market continued to see growth in sales outpacing growth in home listings for December 2021
  • The average sold price of a home in Edmonton was $381,868 for December 2021 which is a modest 5% increase year-over-year
  • Detached home prices increased by 8% year-over-year to $462k
  • Townhouse prices increased by 10% year-over-year to $363k
  • Condo apartment prices decreased by 0% year-over-year to $217k

Edmonton Housing Market Overview

Data for December 2021
Avg. Sold Price:$381,868
All Property Types:$381,868
Detached:$462,110
Townhouse:$362,906
Condo Apartment:$217,065
Transactions (Buy/Sell):1,319
All Property Types:1,319
Detached:790
Townhouse:167
Condo Apartment:324
Best 5-Year Variable Mortgage Rates in Edmonton
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Peoples Bank
Peoples Bank
1.15%
Alterna Savings
Alterna Savings
1.20%
Equitable
Equitable
1.30%
TD
TD
1.55%
CIBC
CIBC
1.59%
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Edmonton’s housing market continued to see strong growth in sales and listings for December 2021 as home prices remain stable. The average sold price of a home in Edmonton was $381,868 in December 2021 for a 5% year-over-year increase. This is among the lowest annual price increases in Canada's housing market for urban areas. However, slow home price growth in Edmonton was joined with strong growth in sales and listings this month. This is in contrast to other major Canadian cities that have seen a year-over-year decline in sales and listings. Edmonton home sales are up almost 20% year-over-year, while new listings in Edmonton's housing market are up 10% year-over-year.

Even though higher listing volumes are bringing in more supply to Edmonton's housing market, this month’s uptick in sales means that overall inventory in Edmonton is still down 14% year-over-year for December 2021. That’s a bigger decrease from November 2021’s 10% year-over-year decline in inventory levels. Growth in sales is continuing to outpace growth in listings. This has lifted up Edmonton's sales-to-new-listings ratio from 86% in November 2021 to 93% in December 2021. The average days on market also fell from 58 days last year to 52 days this month. This again shows that supply hasn't been keeping up with strong demand for homes in Edmonton this month. However, limited inventory hasn’t been reflected through higher average home prices in Edmonton.

Looking at home categories, single-family detached homes had an average sale price of $462,110 for December 2021, which is close to an 8% annual increase. The average townhouse sold price increased almost 10% year-over-year to $362,906, becoming the top performing property type in Edmonton’s housing market in terms of annual price growth. Condo apartments had an average sale price of $217,065 for December 2021, which is a -0.15% decrease year-over-year.

Two major changes in 2021 have had an impact on Edmonton’s housing market this year. A loosening of CMHC mortgage rules have made it easier for Edmonton home buyers to qualify for an insured mortgage. This has been brought about with a lower minimum credit score required and a higher allowable GDS and TDS ratio limit. This increases potential leverage for home buyers across Canada, especially in cities like Edmonton where average home prices remain under $1 million. The other major change for 2021 is the raising of the benchmark mortgage stress test rate. This will make it harder for borrowers to qualify for a mortgage, and put a damper on housing demand in Edmonton.

In any case, higher rates will limit home affordability in Edmonton. As the Edmonton housing market prepares for possibly higher mortgage rates in Edmonton next year, it remains to be seen whether this will cause home buyers to rush their home purchases early to lock-in current mortgage rates.

Home Prices in Edmonton

Single-Family Detached Home Prices in Edmonton

Statistics for December 2021
Average Price: $462,1107.7% from Dec. 2020
Units Sold: 79016.3% from Dec. 2020

Townhouse Prices in Edmonton

Statistics for December 2021
Average Price: $362,9069.6% from Dec. 2020
Units Sold: 16716.8% from Dec. 2020

Condo Prices in Edmonton

Statistics for December 2021
Average Price: $217,065-0.4% from Dec. 2020
Units Sold: 32425.1% from Dec. 2020

Edmonton Housing Market Statistics for All Property Types in December 2021

$381,868
Avg. Sold Price
-0.64%
Monthly change
1%
Quarterly change
5%
Annual change
1,319
Transactions (Buy/Sell)
-28%
Monthly change
-30%
Quarterly change
19%
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$1,163,323Vancouver$1,211,200Hamilton$835,640Montreal$565,421Ottawa$644,158Edmonton$384,319Calgary$491,160Winnipeg$355,765
$270k to $320k
$320k to $340k
$340k to $370k
$370k to $440k
$440k to $600k
$600k to $990k

Market Overview for Detached Homes in December 2021

$462,110
Avg. Sold Price
1%
Monthly change
2%
Quarterly change
8%
Annual change
790
Transactions (Buy/Sell)
-29%
Monthly change
-31%
Quarterly change
16%
Annual change

Average Sold Price

Transactions

Market Overview for Townhouses in December 2021

$362,906
Avg. Sold Price
4%
Monthly change
8%
Quarterly change
10%
Annual change
167
Transactions (Buy/Sell)
-28%
Monthly change
-49%
Quarterly change
17%
Annual change

Average Sold Price

Transactions

Market Overview for Condo Apartments in December 2021

$217,065
Avg. Sold Price
-4%
Monthly change
-3%
Quarterly change
-0.36%
Annual change
324
Transactions (Buy/Sell)
-23%
Monthly change
-30%
Quarterly change
25%
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.