Just four other Canadian cities are seeing home sales spike like Edmonton

A new real estate report shows that while house prices in Edmonton are well below those in Canada’s other major markets, it’s part of the pack leading the way in home sales and price growth.

According to a new report from Zoocasa, Edmonton and a handful of other Canadian cities are seeing home sales accelerate, while inventory increases are helping to balance conditions in other parts of the country.

Month-over-month sales were up by more than 15% in Saskatoon, Winnipeg, Edmonton, Hamilton-Burlington, and Saint John’s last month, the real estate website writes. As these cities lead the way in home sales, they also do in price gains.

The average benchmark price in April 2024 for a home in Edmonton was $390,200, a 5.5% increase over the same time last year.

Zoocasa

However, those in the market for a single-family home will need deeper pockets.

The benchmark price for a single-family home in Edmonton is $447,200, a 6.7% increase year over year.

While condos are significantly cheaper, demand is rising even higher than for single-family homes. The average cost for a condo in the city is $192,300, which is a 9.2% increase year over year.

Edmontonians may be able to take some comfort in the fact that while our home prices are rising fast, we’re still one of the most affordable markets in the country.

After declining prices in the second half of 2023, prices nationwide began to climb again in January and are now 4% higher than they were at the start of the year.

The site says the benchmark price in Canada now sits at $735,900, a number far out of reach for many Canadians.

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