Edmonton has the fastest-rising home prices in Western Canada

A new real estate report has revealed that Edmonton is seeing the fastest-rising home prices in Western Canada.

The newest report from real estate platform Zoocasa found that housing sales in Alberta’s capital city have risen by 9.8%, only beaten by Sudbury, Sault Ste Marie, and North Bay, Ontario.

In the first six months of 2024, the benchmark price of a single-family home in Edmonton rose from $421,000 to $462,100.

“The first half of 2024 was marked by slower-than-expected sales activity and a large uptick in the number of properties for sale. In many markets, this surge in new listings has kept prices stabilized, but in some markets, home prices have managed to soar,” wrote Zoocasa.

Zoocasa

Zoocasa wrote that while Prairie cities such as Edmonton, Winnipeg, and Saskatoon have seen some of the highest gains in Canada, house prices remain relatively affordable, remaining below $500,000.

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Condo prices have also taken off in Edmonton. Since January 2024, Edmonton’s benchmark condo price has increased by 13%, the second-highest gain in Canada, only behind Saint John, New Brunswick.

Zoocasa

“In these cities, condo price growth outpaces single-family home prices, signalling a growing demand for these more affordable property types. “