In Edmonton, the year-over-year comparisons highlight a strong overall performance. Residential sales and prices remain elevated compared to last year, signalling continued interest despite a month-over-month slowdown after a very strong July market.
Total Residential Market
Sales
In August 2024, according to the Realtors® Association of Edmonton, the Greater Edmonton Area saw 2,591 residential sales, an 11.8% decrease from July 2024, but still 15.8% higher than August 2023. While sales have cooled compared to July, the year-over-year increase shows that the market remains relatively strong, with steady activity across all property types.
Listings
New residential listings totalled 3,467 in August, reflecting a 7.0% decline from July but a 7.7% increase from August 2023. The overall inventory saw a slight 1.2% decrease month-over-month and is currently 13.8% lower than the previous year.
Prices
The average residential price in Edmonton was $435,094 in August, down 1.2% from the previous month but 9.1% higher than August 2023.
Market by Housing Type
Detached Homes
Detached home sales reached 1,468 units in August, a 14.1% decrease from July but 12.5% higher than the previous year. The average price for detached homes was $546,101, representing a 10.2% increase year-over-year, with a slight 1.1% drop from July 2024. Despite the monthly dip, detached homes remain a strong sector of the Edmonton market.
Semi-Detached Homes
Semi-detached sales decreased by 7.0% month-over-month but rose 18.8% compared to August 2023. The average price for semi-detached properties was $414,526, reflecting a 1.9% increase from July and a 10.9% increase year-over-year.
Row/Townhouses
Row/townhouse sales fell by 3.5% from July but posted a strong 19.2% increase over the previous year. The average price for rowhouses was $290,569, down 0.5% from July but up 14.7% from August 2023.
Apartment Condominiums
Apartment condominium sales were 22.6% higher than August 2023 but saw a 14.5% decrease from July 2024. The average price for apartments was $203,742, a modest 0.3% drop month-over-month, and 5.1% higher year-over-year.
Employment Trends
Edmonton’s unemployment rate climbed to 8.6% in August 2024, a 0.6% increase from the previous month, which is higher than Canada’s unemployment rate overall of 6.6%. Full-time employment increased by 3,000 jobs, though a loss of 4,400 part-time positions resulted in a net decrease of 1,400 jobs in August.
Consumer Confidence
Consumer confidence in the prairie regions improved slightly in August 2024 according to the Conference Board. Most respondents expect stability in their household finances over the next six months, though concerns about job market prospects remain. Sentiment regarding major purchases, such as homes or cars, remains cautious, but there has been a slow increase in optimism.
Rental Market Overview
According to Zumper, the median rent in Edmonton reached $1,600 as of September 2024, an increase of 14% compared to the previous year. While Edmonton’s rent prices remain 20% below the national average, the city is seeing significant growth in rental demand.
Rent breakdowns show that one-bedroom apartments averaged $1,464, up 18% year-over-year, while two-bedroom units averaged $1,775, reflecting an 8% increase. Studio apartments had the largest jump, with an average rent of $1,173, up 21% year-over-year.
