Edmonton Housing and Rental Trends – Spring/Summer 2022

At the beginning of 2022, Edmonton was one of the last major Canadian cities where the average price of a detached home was less than $500,0000. As of March 2022 that is no longer the case, and prices have continued to rise in April.

In April 2022:

• The average cost of a single-family home in Edmonton is now $510,988. This is up 11.4% year-over-year, and up 1.4% compared to March 2022. 

• The average condo is now priced at $237,249, up 3.7% year-over-year and 3.2% month-over-month. 

• Duplexes have seen the most dramatic price increase, up 17.8% year-over-year, with the average price of a duplex sitting at $409,428, up 5.2% from March 2022.

There is growing speculation that real estate investors from other Canadian cities are cashing in on profits they’ve made and re-investing in Alberta. This is lowering the number of houses on the market and driving housing prices up.

Edmonton’s rental market:

Edmonton’s primary rental market is one where purpose-built rentals (buildings with 3 units or more constructed with the intention of being rented out) outweigh the supply of rental properties on the secondary market. The secondary market consists of rental properties (under 3 units) that are bought by property owners who then rent them out.

According to CMHC, in 2021 3,700 new purpose-built rental units were added to the market in Edmonton. Even with the increase in supply, the vacancy rate in Edmonton for these types of rentals was stable in 2021 at 7.1%.  For the secondary market, vacancy rates also remained stable at 5%. 

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So with the increasing supply, and the rising price of housing, what is making Edmonton’s rental market remain stable?

There are two main factors:

1. People started moving to Alberta at the end of 2021 and a good portion of them moved to Edmonton. Newcomers tend to rent before buying a home. 

2. With the economy opening back up, there is increased demand for rental units. This includes students who are attending school in person again. Here are some tips on how to market your property to university and college students.

Two other trends to keep an eye on:

1. New supply tends to drive up the average cost of rental units as newer units tend to go for a higher price. The rest of the market tends to follow suit, increasing rental prices – this is something to keep an eye on when pricing your unit for rent.

2. As people continue to work from home, two-bedroom units are likely to stay desirable with people seeking an extra room to work from. You can charge more for these spaces too.

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The blog posts on this website are for the purpose of general introductory information. They can’t serve as an opinion or professional advice. Speak to a professional before making decisions related to your circumstances.