In a recent study, it was revealed that buyers could secure multiple average-priced condos in Edmonton for the cost of a single average-priced home in Canada, highlighting the exceptional value and opportunities present in Edmonton's resale condo market.
The newest report from real estate platform Zoocasa found that housing sales in both of Alberta’s major cities exploded by 146% between 2020 and 2024. Edmonton’s MLS home sales reached 13,518 in 2024, compared to 5,498 sales in 2020. While the numbers far outpace most cities in Canada, they make sense when considering the province’s population surge over the past few years.
The Alberta population increased by 4.4% when 202,234 people flocked to the province in a single year between January 2023 and 2024. Zoocasa notes this significant increase is the highest the province has seen since 1981 and “is a positive indicator of the region’s future growth potential.” The report also cites Alberta Government statistics tracking interprovincial migration, which found that Alberta was the only province in Canada with significant net gains from people migrating from different regions and territories, with 12,482 people in the first quarter of 2024.
The government’s “Alberta is Calling” campaign also took advantage of the province’s affordable housing market compared to other major Canadian cities. According to many former Vancouverites, the comparatively low cost of living in Alberta was a major draw. As of May 2024, the non-seasonally adjusted residential home prices in Edmonton are $392,700, while in Calgary, they are $587,100.
The Zoocasa report details just how far your money can go in Edmonton. With the cost of an average single-family detached home in Canada at $735,900, Edmonton buyers could purchase three average-priced condominiums—each about $207,000—and still have over $100,000 to spare.
This resurgence is partly driven by demand from out-of-town investors and people moving from larger cities to Edmonton, who see the local condo market as a bargain compared to other major cities. The Zoocasa study notes Edmonton is the most affordable condo market among all 17 cities it surveyed. By comparison, the average price of a condo in Greater Vancouver is over $776,000, while in Toronto, it’s nearly $731,000.
While investors from other cities are active in the market, so too are first-time buyers who can purchase an affordable condominium with a mortgage payment substantially less than monthly rent.
At Iconic YEG, we pride ourselves on being the best choice for real estate professionals in Edmonton. Whether you’re buying or selling, our team’s expertise, market knowledge, and dedication to client satisfaction ensure you get the most value out of your investment. Join the many satisfied clients who have found their perfect home with us and discover the unmatched benefits of working with Iconic YEG.
Contact us today to explore your options and make the most of Edmonton’s vibrant real estate market.