A new report from Royal LePage suggests that spillover from Calgary’s market is intensifying Edmonton’s housing situation, with prices expected to rise “aggressively” next year.
In the 2025 market survey forecast, the real estate company analyzed trends and price data to provide an update and outlook on Canada’s housing market.
The report predicts that the aggregate price of a home in Edmonton will increase by 9% by the fourth quarter of 2025, reaching $494,860, up from an estimated $454,000 in Q4 of 2024.
The outlook becomes even more bleak when broken down by housing type. The aggregate price of a single-family detached home is expected to rise by 12% to $554,288, while condos are projected to see an 8% increase, reaching $214,488.
Royal LePage
“Compared to our Western Canada counterparts, Edmonton is expecting much more aggressive price appreciation in 2025. As the city continues to hit unprecedented sales volumes, 2024 may be one of the busiest years on record. We anticipate that this momentum will be carried into next year, especially as the local population continues to grow, adding to real estate demand,” said Tom Shearer, broker and owner with Royal LePage Noralta Real Estate.
“Price appreciation will be driven by a shortage of inventory in 2025. Most homes hitting the shelves are being quickly scooped up, leaving supply significantly diminished. It is unlikely that inventory can be replenished to a healthy level by spring when the next big wave of demand is expected.”
Shearer pointed out that Edmonton is absorbing spillover buyer and renter demand from Calgary, further fueling pressure on prices. Although Calgary has seen rental prices recently decline and apartment construction increase, many continue to relocate to Edmonton for its more affordable real estate market and overall cost of living.
Nationally, the aggregate price of a home in Canada is forecast to increase 6% year-over-year to $856,692 by the fourth quarter of 2025.