Edmonton Housing Market Report
- The average price of a home in the Edmonton area for November 2024, $436,401, is 0.8% lower than October 2024, a 15% yearly increase.
- Benchmark prices grow 7.9% annually to reach 402.1k.
- The average price of detached homes increased 13% year-over-year (YoY) to $540,320, but they declined 2.3% monthly.
- Semi-detached home average prices increased 14% year-over-year and %1.1 month-over-month to $411,469.
- Townhouse average prices increased 6.3% year-over-year but decreased 6.4% month-over-month to $288,176.
- Apartment average prices increased by 16% year-over-year to $200,266. They rose 4.6% from last month.
- Amongst Canada’s five largest population centers, Edmonton is the most affordable.
- December 21, 2024 Update: Today’s Lowest mortgage rate in Edmonton is 4.09% for 5-Year Fixed.
Edmonton Housing Market Overview
Annual and Monthly Price Movement
In November 2024, the average home price was $436,401, which shows a 15% year-over-year increase and a 0.8% month-over-month decrease. Since the December 2022 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. From May to November 2023, the average Edmonton home price has been on a downward trend. Edmonton Home prices have grown since November 2023 to reach their all-time high of $441,350 in May 2024. Since May 2024, they have been going sideways.
Apartment average prices increased by 16% year-over-year and 4.6% month-over-month to $200,266. The townhouse average price increased by 6.3% year-over-year and decreased by 6.4% month-over-month to $288,176. Semi-detached home average prices rose 14% year-over-year and 1.1% month-over-month to $411,469. Detached home average prices rose 13% year-over-year and declined 2.3% monthly to $540,320.
The Edmonton area benchmark price of $402.1k is 0.3% lower than last month and 7.9% higher than last year. Looking at home categories in the Greater Edmonton Area, the benchmark price of single-family detached homes was $472.6k for November 2024, a 9.7% annual increase but a 0.2% monthly decrease. The benchmark townhouse price increased 0.4% month-over-month to $269.5k, representing a 12% yearly increase. The benchmark price for apartments was $194.0k for November 2024, a 10.9% increase year-over-year and a 1.0% monthly decrease vs. October 2024.
The median residential sale price was $415,350 for November 2024, rising 14% from last year while declining 1.1% from last month. Looking at the median sold prices for home categories in the Edmonton area, single-family detached homes had a median sale price of $500,000 for November 2024, a 14% annual increase and a 1.0% monthly decline. The median semi-detached sold price of $402,000 represents an 8.6% yearly rise and 1.1% monthly decline. The median townhouse sold price of $290,000 represents a 3.6% annual increase and a 6.8% monthly decrease. Condo apartments sold with a median price of $182,500 for November 2024, increasing by 19% year-over-year and 0.7% monthly.
Sale Numbers and State of the Edmonton Market
During November 2024, 1,920 residential homes, including 1,138 detached dwellings, 197 semi-detached houses, 303 apartments, and 282 townhouses, changed hands in the Greater Edmonton area.
The Edmonton area's residential sales-to-new-listings ratio (SNLR) is 91%, compared with 85% and 70% in October and September 2024. The residential sales-to-inventory ratio is 43%, compared with 49% and 40% in October and September. These figures suggest the Edmonton area is deep in the seller's market territory.
Edmonton Housing vs. Inflation and Other Housing Markets
Edmonton is an affordable housing market compared to other large Canadian housing markets. Interestingly, (benchmark) Edmonton house prices increased only 34% over the past 15 years, less than the CPI inflation of about 41%. Meanwhile, the population of Edmonton and surroundings grew from 1,175,919 to 1,607,518 (37%).
The five-year price growth of homes in Edmonton (as of October 2024), 16%, has been very modest compared to other major Canadian cities, most notably 37% for Toronto’s housing market, 53% for the Montreal housing market, 31% for Vancouver’s housing market, 40% for the Calgary housing market, and 45% for the Ottawa housing market. This underperformance suggests the relative absence of speculation in the Edmonton real estate market, which, in turn, suggests a relatively ample housing supply Given the correlation between home unaffordability and over-regulation of land use, Edmonton home buyers are reaping the fruit of housing freedom, especially fast approval of housing projects.
Market Analysis
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 two and half years, which pressured housing markets.
The headline inflation rate in Canada has cooled to 2% as of October 2024, a significant decline from 8.1% in June 2022. Forward indicators like unemployment (which has risen to a seasonally adjusted rate of 6.5% from a low of 4.8% in July 2022), GDP (which grow slower than population over the past 6 quarters), and retail sales also suggest that inflation may fluctuate but is unlikely to rise sustainably above the Bank of Canada’s target of 2%.
Thus, the Bank of Canada’s policy rate will continue to decline over 2024 and 2025 gradually. Forecast for Canada mortgage rates, which uses market expectations, corroborates this expectation.
Home Prices in Edmonton
Greater Edmonton Area Housing Market Statistics for All Property Types in November 2024
Average Sold Price and MLS HPI Benchmark Price for GEA
Total Transactions in GEA
Market Overview for Detached Homes in November 2024
Average Sold Price
Transactions
Market Overview for Semi-Detached Homes in November 2024
Average Sold Price
Transactions
Market Overview for Townhouses in November 2024
Average Sold Price
Transactions
Market Overview for Condo Apartments in November 2024
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.
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.
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
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- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.
- The trademarks MLS®, Multiple Listing Service®, and associated logos are owned by CREA and identify services provided by its members.