Edmonton housing remains accessible despite being Canada's second-fastest growing city

While entering the Canadian housing market is becoming more challenging, Edmonton is still within reach, according to a new report from Re/Max Canada.

The report says the region’s population grew by nearly nine per cent between 2022 and 2024, bringing the metro area to more than 1.6 million people. Since 1994, Edmonton’s population has grown by almost 87 per cent, the second-highest increase among Canada’s nine major cities.

Calgary grew faster than anywhere else in Canada during the same 30-year period, experiencing a 121 per cent increase in population.

Even with that growth, Edmonton remains one of the more affordable large markets. According to the report, 68.7 per cent of residents in the Edmonton Census Metropolitan Area (CMA) owned their homes as of the last census, slightly higher than the national average.

The housing market has cooled from the pandemic rush in Edmonton, but demand is still strong. The report says the market is mostly balanced heading into fall, although sellers still have the edge in some price ranges.

The most active areas are:

• Condos under $200,000
• Townhomes around $300,000
• Detached homes between $400,000 and $600,000
• Homes priced between $1 million and $1.5 million

Re/Max Canada

Nearly completed infill homes are being snapped up, according to the report, as buyers try to avoid higher construction costs. Younger buyers are also finding ways into the market by buying older bungalows to renovate or adding basement suites for rental income.

Meanwhile, others are moving to surrounding communities like Fort Saskatchewan or Morinville, where single-family homes can still be found for around $250,000.

Inventory is rising and, according to the report, there are homes available at almost every price point. Edmonton’s early push to build more “missing middle” housing before it became a crisis has helped keep prices steadier than in other major cities, Re/Max notes.

The report says Edmonton’s mix of affordability, economic opportunity, and quality of life is helping it move away from its boom-and-bust reputation.

“Edmonton offers buyers the ability to put down roots without the burden of being house-rich and cash-poor. It does so, while offering a bustling urban centre with an abundance of amenities that rival many major markets,” Re/Max writes.

“For many, the move to Edmonton represents an investment in both quality of life and the future.”