Edmonton Leads the Nation in Real Estate Activity

While much of Canada is cooling, Edmonton is quietly leading the nation — not through speculation or hype, but through steady growth, affordability, and resilience.

According to RE/MAX Canada’s 2025 Fall Housing Market Update, Edmonton remains one of the country’s brightest real estate markets, defying national slowdowns thanks to affordability and interprovincial migration.

Even though resales are expected to decline about 4% year-over-year by the end of 2025, the market still favours sellers, with demand continuing to outpace supply — especially for well-priced, move-in-ready homes.

RE/MAX projects the average home price will rise about 6% by year’s end, reaching roughly $488,000. That’s a far cry from markets like Vancouver or Toronto, where single-family homes can exceed $1.9 million, making Edmonton one of the few major cities in Canada where homeownership remains within reach.

“Out-of-town buyers are still continuing to play a big role in Edmonton’s sales,” says Don Kottick, President of RE/MAX Canada. “We anticipate that will continue for the balance of the year.”

Affordability Is Edmonton’s Superpower

In a national market defined by high costs and hesitation, Edmonton stands out as Canada’s affordability success story.

With the average detached home at around $570,000, up roughly 4.5% year-over-year, Edmonton offers more value per square foot than almost anywhere else in the country.

That’s attracting buyers from Toronto, Vancouver, and even Calgary, where detached homes average $781,000.

This unique mix of high median incomes, lower cost of living, and steady employment makes Edmonton a magnet for families, first-time buyers, and investors seeking long-term stability.

Trends in the Edmonton Housing Market

The Edmonton housing market continues to evolve as one of Canada’s most balanced and opportunity-rich.

Market Outlook

• Average sale price: expected to rise 6%

• Number of sales: forecast to drop 4%

• Market type: remains a seller’s market, though balance is improving

While out-of-province buyers continue to drive demand, local families and couples are also stepping in with confidence. The city’s strong employment base and ongoing infrastructure development make Edmonton ideal for those seeking something lasting — not just a short-term investment.

Inventory & Buyer Behaviour

The biggest challenge right now? Not enough quality inventory that aligns with what buyers want. There are homes on the market, but many aren’t meeting modern expectations for updates, layout, or value.

At the same time, condos are beginning to sit longer, as a surge of new construction units comes online. Sellers holding firm on unrealistic pricing are finding that buyers are no longer willing to chase the market.

Still, urgency remains among those looking to buy before construction and renovation costs climb again — a lesson many remember from the post-pandemic years.

Iconic Neighbourhoods to Watch

• Gold Bar: A charming, established community with tree-lined streets, great schools, and proximity to the river valley. Buyers are drawn to its sense of stability and mid-century homes ready for modern updates.

• Prince Rupert: Gaining attention for its affordability and central location, with growing interest from buyers seeking character homes close to downtown and NAIT.

• Rundle Heights: Offering a balance between affordability and access to green space, this neighbourhood is ideal for first-time buyers and families who value parks, schools, and a strong community feel.

These central communities continue to attract a diverse mix of residents — from young professionals to retirees — all drawn to Edmonton’s authentic charm and long-term livability.

Edmonton’s Construction Boom: Building the City of Tomorrow

According to the CBC, Edmonton is building more homes than ever before — issuing over 15,000 building permits in 2024, the highest since 2005.

More than 75% of those permits were for communities between 41st Avenue SW and Anthony Henday Drive, including The Orchards, Keswick, and Chappelle.

That surge reflects Edmonton’s population growth of more than 100,000 people in just two years, a testament to its reputation as one of Canada’s most livable and affordable cities.

While much of the new housing is happening at the city’s southern edge, Mayor Amarjeet Sohi emphasizes that half of future growth should occur within established neighbourhoods — areas like Griesbach, which is leading redevelopment efforts with new mid- and high-density projects.

“I’m very proud of what we’ve achieved,” says Sohi. “But the need continues, and we need to build more.”

What It Means for Buyers and Sellers

For Buyers

• Act now while Edmonton remains one of Canada’s most affordable major markets.

• Explore growing communities like Keswick, Orchards, and Griesbach for long-term value.

• Watch interest rates — with the Bank of Canada expected to ease, affordability could improve through early 2026.

For Sellers

• Price strategically. Overpricing can cost valuable time in a market where buyers are data-savvy and discerning.

• Presentation matters. Homes that show well — staged, decluttered, and professionally marketed — continue to command premium offers.

• Timing is opportunity. Fall remains active as buyers aim to close before winter, with fewer listings creating a competitive edge.

Edmonton’s Strength Is Its Balance

While many cities are struggling to correct after years of rapid appreciation, Edmonton’s growth is measured, sustainable, and real.

The city continues to build, attract, and retain — offering buyers and sellers alike the rare opportunity to move confidently in a market that values both stability and opportunity.

For homeowners, investors, and newcomers alike, Edmonton isn’t just a great place to live — it’s a smart place to plant roots.

Work With the ICONIC YEG Team

At Iconic YEG, we don’t just sell homes — we help you build a future.
Whether you’re buying, selling, or investing, our team brings deep market insight, strategic marketing, and a people-first approach to every move.

Let’s make your next step an ICONIC one.

Connect with Caitlin Heine

Buying, selling, or just curious about where you fit in Edmonton’s changing market?
I’m here to help you make confident, informed moves — whether that’s finding your first home, listing your property, or exploring investment opportunities in central Edmonton.

Let’s talk about your next chapter.

Caitlin Heine

REALTOR® & CEO, Iconic YEG Real Estate Team
RE/MAX Real Estate

📍 200-10835 124 Street NW, Edmonton, AB T5M 0H4
📞 587-336-3176
📧 caitlin@iconicyeg.com
🌐 iconicyeg.com

Disclaimer: This article is for general informational purposes only and does not constitute legal advice. As REALTORS®, our role is to help clients understand market realities, risks, and opportunities, and to connect them with qualified professionals when needed. Always consult a real estate lawyer before pursuing restrictive covenants or any legal strategy.

Edmonton’s New Housing Reality

City Council’s 2023 zoning reform changed the landscape across central Edmonton. As of January 1, 2024, most mature neighbourhoods are now zoned RS (Small Scale Residential).

That means many lots once reserved for single-detached homes can now be redeveloped as:

• Semi-detached homes

• Row houses

• Garden or secondary suites

• Multiplexes (up to 4 units)

The City’s stated goal: expand supply, support affordability, and make better use of infrastructure.

What Is a Restrictive Covenant?

A restrictive covenant is a legal condition registered on a property’s title that limits what can be built.

• Runs with the land: It binds future owners.

• Private enforcement: The City does not enforce it; neighbours must.

• Subject to court oversight: Under Alberta’s Land Titles Act (s.48(4)), courts may discharge or modify covenants that conflict with zoning or public interest.

👉 In theory, a covenant could block a multiplex. In practice, enforceability is often contested and expensive to defend.

The Carruthers Caveat – Glenora’s Historic Shield

Glenora offers a rare example: the Carruthers Caveat (1911).

• Covers 400+ homes, requiring large yards and character homes.

• Has blocked development, including secondary suites, when challenged.

• Works because of collective enforcement by neighbours.

📌 Important: Just because the Carruthers Caveat endures doesn’t mean new covenants today will be equally durable.

Crestwood and the New Wave

Inspired by Glenora, Crestwood residents are beginning to register covenants aimed at blocking multiplexes. Communities like Grovenor and McKernan are exploring similar strategies.

Neighbourhood covenants are stronger than one-off restrictions, but still face the reality of municipal policy and court oversight.

Case Law: When Courts Step In

• Howse v. Calgary (2023): Alberta Court of Appeal ruled covenants can be discharged if they conflict with zoning and the public interest in densification.

• New Casa Holdings (2021): A century-old covenant was upheld — showing that clarity and history matter.

Property Values: The Heart of the Concern

For most Edmonton homeowners, the issue isn’t just density — it’s value.

• Infill often supports values: Replacing aging stock with new homes raises the quality baseline.

• Resale demand improves: Central, walkable neighbourhoods with fresh housing options attract younger families.

• Broader buyer pool: Multiplexes and row houses make areas more accessible to more buyers.

• Restricted lots lose appeal: If a covenant bans redevelopment, developers won’t bid — reducing potential sale price.

👉 Translation: Infill done well can strengthen neighbourhood vitality and value. Restrictive covenants, by contrast, can narrow your resale market.

Lessons from Other Cities

• Minneapolis: Broad reform slowed cost growth despite few triplexes.

• Portland: Form-based zoning kept neighbourhood “character” while doubling housing choice.

• Auckland: Wide-scale rezoning produced record supply and stabilized prices.

• California: Legalizing ADUs created thousands of low-impact new homes.

• Tokyo: Permissive zoning + transit keeps supply high and prices stable.

Thought Exercises for Edmonton

• If every generation froze development, would Edmonton look the same today?

• Is “character” about the form of houses, or the people inside them?

• Should some neighbourhoods wall themselves off from affordability efforts?

• What happens if every homeowner blocks density — does the housing crisis worsen?

Key Takeaways for Edmonton Homeowners

• Restrictive covenants can stall redevelopment but are not iron-clad.

• Courts lean toward pro-density outcomes.

• Infill can enhance property values and neighbourhood renewal.

• Alternatives exist: community advocacy, design-focused input, or private sale terms like right-of-first-refusal.

Conclusion

Restrictive covenants are part of Edmonton’s housing conversation, but they’re not a silver bullet. The bigger question is how we balance neighbourhood preservation with fairness, affordability, and growth.

At Iconic YEG, our role is to help homeowners understand market impact, not just paperwork, and to connect them with the right legal and planning resources.

👉 Thinking about selling, buying, or navigating Edmonton’s new zoning rules? Let’s talk.

Contact Caitlin Heine, Iconic YEG