Edmonton house prices set to jump by nearly $30,000 over last year

A new report from Royal LePage paints a bleak picture of the housing situation in Edmonton as house prices have dramatically increased over the last year.

In its quarterly report, the real estate company examined recent trends and price data to provide an update and forecast on the state of Canada’s housing.

The report found that the aggregate price of a home in Edmonton increased 5.4% year over year to $456,300 in the third quarter of 2024. Quarterly, the aggregate price of a home in the region increased 1.3%.

Broken out by housing type, the median price of a single-family detached home increased 5.7% year over year to $498,900 in the third quarter of 2024, while the median price of a condominium increased 3.1% to $201,000 during the same period.

Royal LePage is forecasting that the aggregate price of a home in Edmonton will increase by 6.5% in the fourth quarter of 2024, compared to the same quarter last year. That’s an increase of nearly $30,000.

Royal LePage

“Edmonton’s real estate market is on track to have one of the most productive years on record. We had an extraordinarily busy summer. Typically, activity dips in July and August, but this year we saw a steady stream of sales right through the summer months. And, it looks like that momentum is being carried into the fall,” said Tom Shearer, broker and owner with Royal LePage Noralta Real Estate, in the report.

“Inventory remains very tight – among the lowest levels we’ve seen in nearly two decades – as buyer demand continues to rise, driven in large part by first-time buyers from other cities and provinces relocating to the region. Our healthy job market and access to nature are a huge draw.”

Nationally, the aggregate price of a home in Canada increased 1.6% year-over-year to $815,500 in the third quarter of 2024. Royal LePage forecasts that the aggregate price of a home in Canada will increase by 5.5% in the fourth quarter of 2024, compared to the same quarter last year.