Searches for Edmonton real estate skyrocket as housing demand surges
There’s more proof that interest in Edmonton’s housing market is growing. New data from the Canadian real estate company, Royal LePage, shows listing searches for Alberta’s capital city have quadrupled over the past few years.
Between January 1 and June 30, 2023, Edmonton properties topped the list, accounting for 2% of total searches on the Royal LePage webpage. That number is a significant increase over what it was during the same period in 2019, when Edmonton made up just 0.5% of total searches.
“Canadians are grappling with expensive home prices in a high-cost borrowing environment. These challenges are tempting homebuyers to migrate to communities where housing is more affordable,” says Tom Shearer, a broker and owner with Royal LePage Noralta Real Estate in Edmonton.
“It’s no surprise that more consumers, now empowered with the flexibility of the option to work remotely or who are willing to move for great employment opportunities, are considering relocating to Alberta.”
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The company says interest in Alberta took off over the pandemic. Last year, Calgary was the most searched city, followed by Edmonton — spots that have often been reserved for densely populated southern Ontario cities.
“Since the beginning of the COVID-19 pandemic, Edmonton has been a popular destination for out-of-province buyers looking for a change. This demand has stayed consistent over the last year and a half, as qualifying for a home in high-priced provinces like Ontario and British Columbia has become even more challenging as a result of rising interest rates.”
The Royal LePage quarterly Canadian Home Price Update found the aggregate price of a home in Edmonton in Q2 2023 was $434,400, significantly lower than the national average of $809,200.
With files from Emma Kilburn-Smith
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