Edmonton Housing Market Report

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Market Report Summary
Updated April 6th, 2021
  • Average sold prices increased by 14% year-over-year to $391K
  • Detached home prices increased by 13% year-over-year to $457K
  • Townhouse prices increased by 11% year-over-year to $348K
  • Condo apartment prices increased by 5% year-over-year to $229K

Edmonton Housing Market Overview

Data for March 2021
Avg. Sold Price:$391,219
All Property Types:$391,219
Detached:$457,936
Townhouse:$348,280
Condo Apartment:$229,690
Transactions (Buy/Sell):2,441
All Property Types:2,441
Detached:1,586
Townhouse:287
Condo Apartment:512

Edmonton's real estate market had a strong start to the spring season this March with significant sale activity increases across all property types. Home prices have also grown both on a month-over-month and year-over-year basis with surburban and freehold properties experiencing the greatest growth.

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

Average sold prices for all property types increased by 14% year-over-year to $391K. This increase was due to both an increased share of higher value detached and townhouse properties as well as price growth. Prices of detached homes and townhouses increased by 13% and 11% year-over-year to $458K and $348K, respectively. Condo apartments also saw year-over-year growth of 5% to $229K. However, after accounting for the temporary effects of COVID-19 last March, condo prices have actually remained stagnant this past year.

Home sales in the Greater Edmonton Area reached 2,441 home sold this month, a 109% increase vs. March. 2020. Sales of detached homes and townhouses rose by 118% and 117% to 1,586 and 287, respectively. Condos also experienced sales growth by 78% YoY to 512 transactions. While new listings have increased along with sales, inventory continued to decrease as buyers outnumber the number of available sellers.

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. This effect is limited to fixed rate mortgages - variable mortgage rates are still remaining stable as the Bank of Canada has signalled for no rate increases until 2023.

Home Prices in Edmonton

Single-Family Detached Home Prices in Edmonton

Statistics for March 2021
Average Price: $457,93613.3% from Mar. 2020
Units Sold: 1,586118.2% from Mar. 2020

Townhouse Prices in Edmonton

Statistics for March 2021
Average Price: $348,28011.1% from Mar. 2020
Units Sold: 287117.4% from Mar. 2020

Condo Prices in Edmonton

Statistics for March 2021
Average Price: $229,6905.1% from Mar. 2020
Units Sold: 51277.8% from Mar. 2020

Edmonton Housing Market Statistics for All Property Types in March 2021

$391,219
Avg. Sold Price
4%
Monthly change
8%
Quarterly change
14%
Annual change
2,441
Transactions (Buy/Sell)
53%
Monthly change
121%
Quarterly change
109%
Annual change

Average Sold Price and MLS HPI Benchmark Price

Total Transactions

Property Type Distribution

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Housing Markets Across Canada

ONQCMBSKABBCToronto Housing MarketVancouver Housing MarketHamilton Housing MarketMontreal Housing MarketOttawa Housing MarketEdmonton Housing MarketCalgary Housing Market

Market Overview for Detached Homes in March 2021

$457,936
Avg. Sold Price
5%
Monthly change
7%
Quarterly change
13%
Annual change
1,586
Transactions (Buy/Sell)
54%
Monthly change
134%
Quarterly change
118%
Annual change

Average Sold Price

Transactions

Market Overview for Townhouses in March 2021

$348,280
Avg. Sold Price
1%
Monthly change
5%
Quarterly change
11%
Annual change
287
Transactions (Buy/Sell)
47%
Monthly change
101%
Quarterly change
117%
Annual change

Average Sold Price

Transactions

Market Overview for Condo Apartments in March 2021

$229,690
Avg. Sold Price
6%
Monthly change
5%
Quarterly change
5%
Annual change
512
Transactions (Buy/Sell)
52%
Monthly change
98%
Quarterly change
78%
Annual change

Average Sold Price

Transactions

Top Real Estate Agents in

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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 REALTORS® Association of Edmonton 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. The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA.