Edmonton's housing market is red-hot as demand outpaces supply

Edmonton’s real estate market is hotter than ever as demand continues to outpace supply in the provincial capital.

According to the most recent report from Royal LePage, the aggregate price of a home in YEG increased 3.7% over last year, reaching $450,600 in the second quarter of this year.

When you break it down by housing type, the median price of a single-family detached home rose 5.5% over last year to $497,200, while the median condominium price increased 4.2% to $201,600 in the same period.

“The first half of the year has been very strong in terms of sales activity, and I expect we will even surpass the high volume of transactions recorded during the height of the pandemic real estate boom,” said Tom Shearer, broker and owner of Royal LePage Noralta Real Estate.

“Right now, every home to hit the market that’s well-maintained and appropriately priced is getting scooped up. Essentially, the only properties that are languishing are overpriced or still in the pre-construction phase.”

Shearer expects strong demand to continue through the summer and fall, with a dip come wintertime, which is typical for the region.

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“Newcomers to the province – both from inter-provincial migration and international immigration – continue to drive demand and price appreciation in the city centre and surrounding regions. And, employment opportunities in the oil and gas industry are not the only reason people are choosing to live in the area. It’s a combination of factors, including the lifestyle, affordability and access to nature Edmonton has to offer.”

This fact was made clear in a survey Royal LePage conducted in May, which identified Canada’s 15 most affordable cities based on income required to service a monthly mortgage payment.

Edmonton topped the list of cities where residents in Toronto and Vancouver would be willing to relocate if they could find a job or work remotely.

Royal LePage forecasts 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.