Particle.news
Download on the App Store
4 ARTICLES
·
last mo.

Edmonton Sees Small Slide in Housing Affordability as Prices Rise

Rising median home and condo prices have nudged mortgage costs higher, and growing inventory with fewer buyers could ease pressure if the spring trend continues.

Edmonton's downtown skyline is visible over the river valley, Wednesday July 17, 2024.
In May, the average price of a home in Calgary was $665,695.
The median price of a condo in Edmonton was about $292,000 in the first quarter of the year.
Home sales were down, year over year, in May across most major Canadian markets.

Overview

  • A National Bank of Canada analysis found Edmonton’s median home price rose about 5% year‑over‑year to roughly $491,773 and condo medians increased about 3.6% to near $292,000, producing a slight drop in affordability.
  • Measured by mortgage payments as a share of median income, the bank calculated Edmonton at about 33% for the median-priced home, which keeps the city relatively affordable compared with Canada’s priciest markets.
  • Local market data from the Realtors Association of Edmonton show the average all-residential price was near $492,000 in May, up about 6% year‑over‑year, while sales fell more than 13% year‑over‑year.
  • New listings have jumped—RAE data show a near 22% rise from April—and agents say properties are staying on the market longer as many buyers take a wait-and-see approach, giving buyers a modest advantage.
  • Nationally, the National Bank report found major expensive markets have seen affordability improve mainly because incomes rose and prices eased there, a contrast to Edmonton’s price-driven affordability setback.